The Petrograd Provincial Military-Consumer Society was located in Petrograd at the address: Herzen Street, Bolshaya Morskaya, 3/5.
In 1923, the second redenomination took place, reducing the money supply by another factor of 100; as a result, one million old (pre-first-redenomination) units became equal to one new ruble, which made calculations convenient.
The situation was comparable to the German hyperinflation of 1922–1923, but with far greater popular deprivation and suffering. Germany did not face an absolute shortage of food; in blood-drained Russia, an Asian-style famine, with millions of deaths, struck dozens of provinces and the populations of major cities. Hyperinflation severely worsened conditions, hindered the movement of food to famine-stricken areas, intensified hardship, and deepened social stratification.
During this period, the NEP came to the aid of the sovznak. As monetary relations expanded, the economy’s need for money grew, slightly slowing the depreciation of the sovznak. By the end of 1922, the real value of money in circulation turned out to be even higher than at the end of 1921. The agony of the sovznak continued throughout 1923 and into the first months of 1924. By then, alongside the decrepit, barely breathing sovznak, a vigorous infant had already appeared—the chervonets.