Alaskan Yefimok (Russian America)

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Alaskan Yefimok
Аляскинский Ефимок (Russian)
25 Yefimok Banknote
ISO 4217 code	AKY
Central bank	State Reserve Bank of Alaska
Website	gosrezbank.gov.ak
User(s)	Alaska
Subunit
1/100	sotenka
Symbol	ефк, е, ɇ
sotenka	ст, с, ȼ, ¢
Nickname	kozha
Coins	1, 3, 5, 10, 25, 50 ст, 1, 3 ефк
Banknotes	5, 10, 25, 50, 100, 300, 500, 1000 ефк
Printer	Office for the Procurement of State Papers
Website	uzgb.gov.ak
Mint	New Archangel Mint and Ross Mint

The yefimok (Russian: ефимок; abbreviation: ефк or е.; code: AKY) is the official currency of Alaska. The yefimok is subdivided into 100 sotenkas (сотенка). The issuance of the currency is controlled by the State Reserve Bank of Alaska (colloquially known as Gosrezbank), which acts as the nation's central bank.

Etymology

The word yefimok originates from the "Joachimsthaler," which were a series of silver coins made in the town of Joachimsthal in modern-day Czech Republic. These coins would form the basis for many currencies across the world today, including the dollar (which originates from the "thaler" portion of the name Joachimsthaler). With their introduction into the Russian Empire in the 1650s, the Russians used the first part of the name (Joachim) instead of the second part (thaler). All-in-all, the name yefimok roughly translates as "Little Yefim," from the Russian equivalent to Joachim (Yefim) and the suffix -ok (turning the noun into a diminutive).

The word sotenka is derived from the Russian adjective sotenny, which can translate as one hundredth. Therefore, it can be seen as a calque of the English cent, the French centime, and the Spanish centavo. The word is also a cognate of the South Slavic stotinka (such as the subdivisional unit of the Bulgarian lev).

History

Russian Colonization

1 ruble scrip issued by the RAC.

The early period of Russian America was dominated by several currencies and other means of trade. This was due to the Russian ruble being rare in the territories, due to a low and isolated populace.

It was because of this that the Russian-American Company issued parchments which would be equated to rubles. These parchments could only be redeemed at company-owned general stores and were often the primary means of payment for those under the employment of the RAC (particularly fur traders). While initially printed on thick card stocks, they were later printed on sealskin and walrus skin. It was from this that the modern nickname kozha (lit. "skin") came into use in Alaska.

As population and trade began to increase by the 1830s, foreign currencies were increasingly used. These included the British pound, the Mexican peso, and the United States dollar. The dollar and peso (especially) became alternate means of payment in Oregon and Sonoma, with both currencies colloquially being referred to as yefimoks (a Russian equivalent to dollars and pesos).

With the discovery of gold in 1849, population and trade in Russian America would increase to the point that the Russian Empire needed to step in. A mint is opened in Ross to handle the influx of gold and to supply the colonies with rubles. Over time, the use of RAC scrips and foreign currencies would stop. In 1856, the British would introduce a colonial currency for Columbia, which would continue to be used until the Columbia Sale. A second mint was opened in New Archangel in the early 1900s as a consequence of the Klondike Gold Rush.