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). 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", circuwhich is just north of present daylated as far south as Fort Ross, 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 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 the late 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 most recently a high grade note sold for $44,062.50 (including buyers commission) in Stack's Bowers Galleries -
March 2015 Baltimore, USA Auction, lot# 2001.

Russia decided to sell Alaska to the United States and the purchase was concluded on October 18, 1867. A Treasury Warrant,
shown below,  for $7.2 Million Dollars was signed on March 30, 1867.