Alaska, Russian-American Company Banknotes, Ca. 1816-32

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**Pioneers of Russian America**
Aleksandr Andreevich Baranov First Governor and Chief Mgr Russian-American Co.	Grigorii Ivanovich Shelikhov Early Pioneer of RAC Co-founder of Precursor Co.	Innokentii [Ioann Veniaminov] Bishop of RAC Colony, Metropolitan of Moscow	Nikolai Petrovich Rezanov Full Chamberlain and Plenipotentiary of the RAC

Printer: Imperial Printing Works, St. Petersburg

P.UNL 50 Kopek 1816 Ussuri Boards 6.6.2002 Lot 1146 Lyn Knight Currency Auctions
P.UNL, K.53.1* 10 Kopeks ND No. 25008, Mäkitie Collection	Back This is the most common denomination.
P.UNL, K.53.2 25 Kopeks ND ex.Agathon Fabergé This note to be auctioned by Hellman Auctions Ltd. March 3rd 2007	Back
P.UNL, K.53.2* 25 Kopeks ND Image Courtesy: R.M .Smythe & Co, The above note sold for $7,187 at Memphis,TN June 2003	Back Image Courtesy: R.M .Smythe & Co, The above note sold for $7,187 at Memphis,TN June 2003
P.UNL, K.53.2 25 Rubles ND Image Courtesy: A. Denissov From a Private Collection	Back Image Courtesy: A. Denissov From a Private Collection
P.UNL K.53.4* 1 Ruble ND Russian State Historical Museum	68x47mm
P.UNL, K.53.4* 1 Ruble ND ex. Fred Howard Collection	Back
P.UNL K53.5* 5 Rubles ND Russian State Historical Museum	71x52mm
P.UNL K53.6* 10 Rubles ND 80x57mm, Russian State Historical Museum	Back
P.UNL, K.53.6* 10 Rubles ND Enlarge Supersize	Back Enlarge Supersize
P.UNL, K.53.6* 10 Rubles ND Enlarge Supersize	Back Enlarge Supersize
P.UNL K53.7* 25 Rubles ND ex. Ted Uhl Collection	Back Greyscale image

RAC Site, Sitka 1805

Signing the Treaty of
Cessation, 30.3.1867

RAC Sealskin Drying Station

**A Short History of the Russian-American Company**
Russian Czar Paul I signed a decree providing a initial 20 year charter for the Russian-American Company (RAC). It was founded on July 8, 1799 at Irkutsk, Siberia and capitalized with 724,000 Rubles divided in 724 shares. Because of the success of a precursor company established by G.I.Shelikhov and I.L.Golikov, the royal family had high confidence in the venture and invested their personal assets in shares of RAC. They were said to have donated their dividends to charity. Their participation had the effect of ensuring responsive government support whenever possible. RAC was given a monopoly to handle all of Russia's trade in its American colony. It used natives instead of Russians for hunting and trapping in order to minimize the possibility of conflict with other nations active in the Americas. RAC's first governor of Russian America and chief manager was Aleksandr Andreevich Baranov (b.1746-d.1819). Baranov had outstanding credentials for such a position. He was a manager and trader in Irkutsk, Siberia for 10 years and was elected a member of the Free Economic Society in 1787. In 1790 Baranov became the chief manager of the precursor Shelikhov-Golikov company. He managed this company until Shelikhov's death in 1795 and continued operating the venture with Shelikhov's son-in-law N.P.Rezanov. It was amalgamated and re-chartered as the Russian American Company. Baranov was under the control and an employee of the Russian government, although he was given a great deal of independence. He sometimes thought that his total control of the colony was absolute, although at times he had hoped for more help from the government. Life in early Russian America was extremely difficult for Baranov. He established the Russian American capital initially at Kodiak and moved it to Sitka in 1808 where there was an abundance of sea otters. With rapidly accelerating trade in furs the share price climbed from 1000 Rubles to 3727 Rubles in the first year alone. Baranov served as Governor of the RAC for the longest period (1799-1818). RAC banknotes have been called "walrus or sealskin money" as some were printed on walrus skins, although most issues are found on parchment, issued from about 1816 until 1832. These tokens were issued at Baranov suggestion, "in order to facilitate settling accounts with the hunters, the board of directors sent the colonies parchment tokens{marki} with the governments permission. They were to take the place of money and were distinguished in color and shape according to their value-1, 5, 10 or 25 paper rubles, and 10, 25, or 50 kopeks. Baranov was ordered to pay the salary of each employee in the colonies with these tokens. Goods and supplies in the companies stores were to be sold in exchange for the tokens, with certain restrictions on alcoholic beverages (the sale of which was rationed) and luxury articles. On payday, when the tokens were distributed, company stores were to return the tokens they had received during that period. Forgers of the tokens were to be treated as criminals."₍₁₎ During this period 7 denominations have been reported: 10, 25 and 50 Kopeks; 1, 5, 10 and 25 Rubles. Initially made from waterproof walrus skin bags which were used to ship otter skins, later issues were reportedly made from parchment. The notes, known as "Kozhanye", circulated as far south as Fort Ross, which is just north of present day San Francisco. Baranov retired in 11.1.1818 having served as Chief of RAC for 19 years. He planned to return to Russia but he died while crossing the Indian Ocean during the return sea voyage. L.A. Hagemeister(1818), S.I.Ianovskii(1818-1820), M.I.Murav'ev(1820-25), P.E.Chistiakov(1825-30), Baron Ferdinand Petrovich von Wrangel(1830-35), I.A.Kupreanov(1835-40), A.K.Etholen(1840-45), M.D.Teben'kov(1845-50), N.I.Rosenberg(1850--53), A.I.Rudakov(1853-54), S.V.Voevodskii(1854-59), I.V.Furuhjelm(1859-63), Prince Dmitrii P. Maksutov(2.12.1863-18.10.1867) were subsequent chief managers and governors of RAC. The fur trade declined by the 1860's and the Russian-American Company ceased to exist in 1867 when Alexander II sold Alaska to the United States for 7 million dollars (14 million rubles) or about 2 cents per acre. A 1981 census compiled by World Paper Money dealer, Ted Uhl, identified 53 pieces known to have survived. A recent census indicates between 150 and 200 pieces remain. In 1868 all outstanding notes were exchanged for State Currency. The 5, 10 and 25 Rubles notes are the most rare with just one or two pieces known of each. All "walrus skin/sealskin" notes are extremely rare and frequently sell in the $5,000 to $20,000 range when they come on the market. References: (1) P.A. Tikhmenev: A History of the Russian American Company, Vol. 1, St. Petersburg, 1861 K.T. Khlebnikov: Baranov, Chief Manager of the Russian Colonies in America, 1832 Hector Chevigny: Russian America, The Great Alaskan Venture 1741-1867, Viking Press ,New York 1965 Russian History in Coins, S. Melnikova, Moscow 1994 Russia + America = 200 years, Bicentenary of the Russian-American Company 1799-1999", Moscow 1999 Photo Credits: Alaska Library

**ACKNOWLEDGEMENT**
Our sincere thanks to Dr. Ilkka Mäkitie for providing background information and banknote images used in this section.

**CATALOG REFERENCES**
* Kardakoff, N., "Katalog der Geldscheine von Russland und der Baltischen Staaten 1769-1950." Berlin, 1953

**ALASKA LINKS**
	The Russian-American Company
	A Russian-American Company "Sealskin" Note
	University of Alaska Press
	The Russian-American Company
	Explore North, Russian-American Co. in Hawaii
	Fort Ross
	Sea Otter
	Library of Congress-RAC
	Russian-American Company Flag

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