47/4. Olga Zubko

Olga Zubko

candidate of historical sciences, senior laboratory assistant at the Department of World History and Archaeology

Donetsk National University named after V. Stus

ORCID: https://orcid.org/0000-0002-7052-1472

DOI: 10.17721/2522-4611.2023.47.4


 KRONES AND FOREIGN CURRENCY IN THE WALLETS OF

UKRAINIAN EMIGRANTS IN INTERWAR CZECHOSLOVACZCZYNA (1918 – 1939)


The aim of the study. Characteristics of the Czechoslovak and Austrian krones, the German mark, the Polish zloty, the American dollar, and the Soviet ruble (chervinets) as the main currencies in interwar Czechoslovaczczyna; their «presence» in the wallets of Ukrainian emigrants. The research methodology is based on the principles of specifically historical, problematically chronological, objectivity and integrity and on the use of methods of analysis and synthesis. The scientific novelty consists in description the official bank exchange rates of the Czechoslovak, Austrian krone, Polish zloty, German «golden» mark and Reichsmark, and the Soviet Ruble-Chervonets in relation to the American dollar, the acquisition of one or another currency of the gold standard. Conclusions. In 1918 - 1925 and 1923 - 1939 both Austrian and Czechoslovak crones were in circulation on the territory of the First Republic of Czechs and Slovaks. The koruna česká was most desired in the wallets of the «Prague Ukrainians». In the interwar CzSR banknotes in denominations of 1, 5, 10, 20, 50, 100, 500, 1,000, and 5,000 krones were in circulation. They were printed in Prague. Among the coins, geler denominations of 5, 10, 20, and 50 were common. The coins were minted in the town of Kremnica (Eastern Slovaczczyna). At first, from 1918 to 1925, Austrian crowns prevailed on the territory of the Czechoslovak Republic.

After the collapse of Austro-Hungary Czechoslovaczczyna assumed the role of stabilizer of the Austrian crone. In 1918 - 1921, one Czechslovak crone was worth six Austrian crones (1:6). In 1921 - 1923, one Czechoslovak crone was equal to fourteen Austrian crowns (1:14). In 1924-1925 the correlation crones was 1:60. After 1925 the Austrian krone was completely withdrawn from Czechoslovak monetary circulation. The formation of the Czechoslovak krone took place in 1923. Since the Czechoslovak krone did not have a gold standard until 1929, it was «pegged» to the American dollar. In 1923 - 1935 the ratio of the Czechoslovak crone to the American dollar was 100:2.96 (100:3).

The ratio of the «golden» German mark to the American dollar in 1921 was 75:1. In 1924, the Reichsmark was put into circulation in Germany in order to overcome hyperinflation. Until 1936, the Reichsmark did not have a gold standard, so its exchange rate against the American dollar in 1924 was ̶ 4 Reichsmarks 20 pfennigs for 1 American dollar. In 1924 - 1936 one Reichsmark «rose» in price to ten crones (1:10).

As for the Polish zloty, there is no reliable information about its correlation to the Czechoslovak crown in the interwar period. We have the bank rate of the Polish zloty on the eve of the Second World War (from January to August 1939): 10.57:100.

Until 1922, together with the Soviet ruble, there was a Chervonets in international currency circulation, which had 7.74234 g of pure gold in the gold standard, which corresponded to the pre-revolutionary gold coin with a denomination of 10 ruble. In 1923, the Chervonets strengthened its position and the minting of Chervonets coins of the appropriate weight (the so-called «Seeder») began. This Chervonets was used for settlements with European countries. And this is what changed the international authority of the Soviet currency. Until 1925, Chervonets wos in demand on international exchanges, but in 1927 their minting was stopped. In the same year 1927, it was forbidden to import and export Chervonets outside the USSR. In 1922 - 1924, one Soviet Chervonets equaled two American dollars and twenty cents (1:2.20). From 1925 to 1928, the ratio of the Chervonets to the dollar was slightly lower - 1:1.94. Since 1928, the Chervonets was completely removed from international circulation, and the Soviet ruble remained unconverted. According to the data of the State Bank of the USSR in 1936, 5 Soviet rubles and 6 kopecks were equal to 1 American dollar in calculations through the Swiss franc.

Key words: Ukrainian emigration, interwar Czechoslovaczczyna, Czechoslovak krone, Austrian krone, German «gold» mark, Reichsmark, Polish zloty, Soviet Ruble-Chervonets.


Received by the editorial board: 27.10.2022 

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REFERENCES:

Chykalenko, Ye. (2016). Shchodennyk (1925–1929). [Diary (1925–1929)]. Uporiadkuvannia, peredmova ta komentari I. Starovoitenko. K.: Tempora.  448 р. [in Ukrainian].