The article offers a chronological and analytic review of the monetary reform in the Soviet Russia in the period 1922-1924. The author thoroughly discusses the economic and monetary situation in Russia before the reform, starting with the period before the First World War, during the war, the revolution and the civil war that followed. A special emphasis is given to the representatives of the new, Bolshevik government headed by Lenin. The article offers a detailed description how the new government managed to cope with such a monetary chaos, with several currencies of different value and stability, and introduce a monetary reform with a hard currency as one of the most important preconditions of the stability of entire economy and economic development.