HISTORY of COINS in AZERBAIJANBack to Main

Soviet Azerbaijan (20th Century C.E.)

In the 20th century, modern Azerbaijani currency underwent several major changes. After Azerbaijan declared independence from Russia in 1918, a central bank was established, issuing paper notes tied to the gold standard at a rate of 1 ruble for every 100 kopek (the lowest single denomination of coin). In 1920, Soviet Russia reincorporated Azerbaijan and introduced a Soviet-based currency, rubles, that was not based on the gold standard. The area quickly fell into deep inflation, but due to rigid price-controls and Bolshevik economic and political policies, it stabilized for decades of the USSR’s existence.

Russian Ruble

Russian credit ticket; ruble Russian credit ticket; ruble Russian credit ticket; ruble Russian credit ticket; ruble Azerbaijan Democratic Republic (1918-20). From the Joel and Linda Forman Collection, Karabakh Foundation. Azerbaijan Democratic Republic (1918-20) From the Joel and Linda Forman Collection, Karabakh Foundation Azerbaijan Soviet ruble. From the Joel and Linda Forman Collection, Karabakh Foundation Transcaucasian Soviet Federal Socialist Republic ruble
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COINS and CURRENCY of AZERBAIJAN

Azerbaijan’s historic coinage reflects the nation's complex political history, from ancient times to the modern day. At the historic crossroads between Europe, Asia, and the Middle East, the design and format of Azerbaijani coins and currency have been greatly influenced by frequent invasions and political upheaval in the region. Hellenic, Roman, Parthian, Persian, Arabic, Turkic, and Russian influences can be seen throughout nearly 3,000 years of coinage. Today, Azerbaijan’s coinage reflects the diverse history and culture of the country.