Russian Gold Coins
The lure of gold has proved to be a powerful force throughout history. Before the advent of modern currencies, gold and silver were the medium of exchange and store of value for almost all countries and societies. The rarity and beauty of gold has meant that even in today's sophisticated modern economies it is still one of the most desirable and valuable commodities in the world.
Of all the countries that have issued gold coins, Russia has one of the longest and most distinguished records. The history of gold coin production in Russia stretches back for centuries, beginning almost a thousand years ago and continuing to the present day. Given the popularity of these coins, they are proving to be valuable both to collectors and to those seeking a good investment in troubled times. Before buying Russian coins it is important to gain some knowledge of their history and of the numbers produced at different times. Although the value of gold as a base metal does fluctuate, it is not possible to value coins simply on the basis of the weight of gold in each coin. Rare or particularly sought after coins can be worth far in excess of the price of the gold they contain.
Early Russian Gold Coins
The earliest known Russian coins were minted in the tenth century and were produced mainly from imported gold. At the time there were insufficient gold deposits discovered in the country for large-scale coin production. The coins that were made were used generally as medals or for ornamentation rather than as currency. Known as a zlatnik or zlato, these coins were extremely rare. It was another three hundred years before gold coins were produced in greater numbers in Russia and used as a currency for transactions. Coins from this period are extremely rare and of great value.
Gold Coins of Imperial Russia
Russia's imperial age lasted up until the Bolshevik Revolution of 1917 and saw gold coins produced in large quantities compared to the previous age. Having previously relied almost completely on imported gold, the discovery of significant amounts of gold in the Ural Mountains meant that Russia was able to start producing enough coins to put into circulation as a general means of exchange. The first of these coins, known as chervonets, were minted in the reign of Peter the Great. Although later replaced by the rouble, these coins were in general circulation for fifty years during the eighteenth century. They also made a brief reappearance after the revolution of 1917, when an unsuccessful attempt was made to introduce them as a gold-backed hard currency.
When the rouble was produced as a replacement for the chervonet, it appeared in various denominations, from one rouble coins all the way up to 37.5 rouble coins. One of the most common coins of this time was called the Imperial, which was originally a ten-rouble coin but later increased to fifteen roubles.
Gold Coins after the Russian Revolution
Post-revolution Russia, when it became known as the USSR, did not engage in large-scale production of gold coins. There was, as mentioned, a brief period when the chervonet was re-introduced as a kind of parallel currency to the rouble but this was not a success and was quickly abandoned. These coins were also produced for a few years in the 1970s and early 1980s. The only other coins of note produced during this period were various commemorative coins minted for special occasions, such as the Moscow Olympics of 1980.
Modern Russian Gold Coins
After the fall of the USSR, the new Russian Federation started to produce many new editions of gold coins. These coins have been produced with a number of different themes to celebrate various aspects of Russian life, history and culture. There has been a set of coins devoted to subjects such as Russian ballet, endangered animals and Russian military victories. Given the vast gold reserves contained within Russia, it is likely that many more gold coins will be produced in the coming years.
Investing in Russian Gold Coins
It is essential to learn something of the history of Russian gold coins before buying them, whether as a collector or an investor. The actual weight of gold is, of course, an important factor but for older coins in particular the question of how many were originally minted can be even more important. Rarity increases the value of older gold coins substantially, as does their condition. The more you know, the more you can profit from Russian gold coins.
