Assignation Bank

Categories / Economy/Finances and Credit
ASSIGNATION BANK, founded in 1769 at the same time as the Assignation Bank in Moscow to distribute banknotes and exchange them for metal coins. Backed by copper coins equal to 500,000 roubles, the bank could only distribute banknotes for the same amount. The increase in public expenses, mostly for military purposes, and the budget deficit made the government expand paper money heavily, which in the end led to devaluation. After putting banknotes for a total of 836,000,000 roubles into circulation, the bank had to stop issuing banknotes in 1817. The bank also accepted private deposits and granted loans from 1771. In 1786, the Assignation Banks of St. Petersburg and Moscow were merged into the State Assignation Bank, and the money was minted in the building of the Assignation Bank in Bankovsky Monetny Dvor (Bank Mint) in 1799-1805. The State Assignation Bank was liquidated in 1847 as banknotes were replaced with state notes during E. F. Kankrin's currency reform of 1839-43 making a silver rouble a basis of money circulation. The building of the Assignation Bank built by architect G. Quarenghi in 1783-90 instead of the burnt wooden Morskoy (Sea) Market is monument of High Classicism architecture. The central 3-storied building with the Corinthian order portico is located in the back of the front yard, with storerooms forming a horseshoe. The yard is fenced in along Sadovaya Street, with the cast iron fence standing on granite posts with spheres on top. The bust of Quarenghi was installed in front of the main facade in 1967. The fence from the side of Griboedova Canal Embankment by architect L. Rusca was erected in 1817; a second storey was added to the facade on the same side in the mid-to-late 19th century. The building now accommodates the University of Economics and Finances.

References: Памятники архитектуры Ленинграда. 4-е изд., перераб. Л., 1975. С. 280-282; Петербург: История банков / Б. В. Ананьич, С. Г. Беляев, З. В. Дмитриева и др. СПб., 2001.

A. A. Alexeev, V. S. Solomko. Quarenghi Giacomo
Rusca Luigi (Aloisy Ivanovich)
Sadovaya St./Saint Petersburg, city, house 21
Sadovaya St./Saint Petersburg, city
Петербург: История банков / Б. В. Ананьич, С. Г. Беляев, З. В. Дмитриева и др. СПб., 2001
Памятники архитектуры Ленинграда. 4-е изд., перераб. Л., 1975 State University of Economics and Finances, St. Petersburg
1769
1790