Banknotes of Southern Russia under A.I. Denikin: Historiographical Review

The aim of the study is to present a historiographical review and identify the peculiarities of the issue and circulation of Rostov paper money signs of A.I. Denikin. The article examines the issuance of various banknotes in Southern Russia during the Civil War years, predominantly focusing on the Don rubles and Denikin’s currency. It is emphasized that, in comparison with other regional currencies, these notes remained relatively stable due to both their higher quality and a stringent exchange rate tied to the German mark (up until early 1919). Furthermore, A.I. Denikin himself understood the significance of the financial issue and endeavored to address the financial difficulties through various measures. However, scientists cite a number of reasons why a full-fledged solution to this issue could not be found, and Denikin’s money quickly lost value because of the unsecured issue. Scientific novelty of the study lies in the fact that there is currently no separate article addressing Denikin’s banknotes which also includes a historiographical overview on this subject.