Torgsin

Torgsin (Russian Торгсин ) was a retail chain with the same name convertible currency in the Soviet Union 1929-1936.

The name was an acronym for the state's " All-Union Society for trade with foreigners " ( торговля с иностранцами ). It opened in 1929 under Michael Sklar. Unlike the later Beryozka stores the Torgsin stores for Soviet citizens were open, provided they possessed foreign exchange, silver, gold or jewels for their purchase. On 5 July 1931, then Torgsin checks, nominally in rubles, introduced by the chairman of the Sovnarkom, Molotov by decree and banned again on 1 February 1936. The gold or Torgsin ruble could be bought as a gift coupon booklets in stores and then exchanged against goods there.

In addition to the official exchange rate (U.S. $ 1: ~ 1.12 Torgsin ruble ) there was a black market in which the Torgsin ruble was changed during the Holodomor against 60 or later against 40 paper rubles. In the shops and antiques and former property of murdered or exiled Russian aristocrats were handled. Because of illegal actions with Torgsin - rubles was, inter alia, recalled the first U.S. ambassador to the Soviet Union William C. Bullitt, at the urging of the Sovnarkom 1936.

Other countries established later just such currencies; so the DDR (Forum checks), China (Foreign Exchange Certificate) and Cuba ( convertible peso ) and created business chains in which it or was also paid directly to the foreign currency ( Tuzex, Pewex, Intershop, Corecom ).

References

• Currency Name
• Historical Currency Unit ( Europe)
• Historical Currency Unit ( Asia)
• Complementary currency
• Bill
• Economy (Soviet Union)