Platinum coins of the Russian Empire

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The Russian Empire minted platinum coins from 1828 to 1845, with face values of 3, 6, and 12 rubles.

Contents

History

A "new Siberian metal", platinum, became known in Russia in 1819. Though it was first observed only as minor inclusions in rocks, richer deposits were discovered in the late 1824 which were mined beginning in 1825. [1] These discoveries prompted Demidov to start looking for platinum around his Nizhny Tagil plants, where it was quickly found along the river beds. In late 1826, P. G. Sobolevsky (the father of powder metallurgy in Russia) invented a simple way of processing platinum that prompted the idea to use platinum in coins. The decree of 24 April 1828 noted that "among the treasures of the Ural Mountains also occurs platinum, which previously was located almost exclusively in South America. For easy sale of this precious metal, it is desirable to introduce it in coins" and also described the design of new coins. [1]

Minting began with 3-ruble coins, and 6-ruble and 12-ruble coins were added in 1829 and 1830, respectively. [2] 1,371,691 3-ruble coins were minted, along with 14,847 6-ruble and 3,474 12-ruble coins. [1] The first coin was sent to the prominent German scientist Alexander von Humboldt, who was previously asked to evaluate the use of platinum as a currency and confirm its price relative to silver. After his death, the emperor Alexander II bought that coin, and in 1859 it was returned to Russia and later became an exhibit of the Hermitage Museum in Saint Petersburg. [3]

Humboldt's fame as a world famous explorer and geologist created a demand for his advice about the role of platinum in coinage. Count Georg Ludwig Cancrin, the Minister of Finance in the Russian cabinet, addressed a letter to Humboldt on August 15, 1827. "Cancrin wrote to request information about platinum as a possible Russian currency. Platinum had been found in the Ural Mountains five years previously and Cancrin hoped that Humboldt would be able to provide him with information about the platinum currency that was used in Colombia. He knew that Humboldt still had close connections in South America." [4] Count Cancrin also was "requesting information as to the proportionate value of that metal with respect to gold and silver... Humboldt, in his reply, dated November 19, 1827, treated the subject from a truly scientific point of view ; he discountenanced the project of instituting a platinum coinage, on account of the impossibility of its maintaining an unalterable value with respect to gold and silver" [5] In the same letter he mentions having counselled the Mexican Government against the introduction of a platinum coinage. [6]

Discontinuation

The minting was discontinued on 22 June 1845 because of the concerns about possible financial imbalance due to the declining price of platinum; within the next 6 months, platinum coins were withdrawn from circulation. An estimated 883,212 rubles were then in the hands of the population. [1] Platinum coins then were considered neither an investment nor collectible item and were readily exchanged to the "more reliable" gold. [7]

The 11–32 tonnes of platinum, raw and in coins, that had accumulated at the St. Petersburg Mint by 1846 was sold to the British firm Johnson, Matthey & Co. This sale made Britain a platinum monopolist even though it did not produce platinum domestically [8] Russia and Colombia were the only major platinum producers. Other possible reasons for discontinuing the platinum mint were low popularity among the population and the high cost of minting, which was 98 kopeks per 3-ruble coin as compared to less than 1 kopek per gold ruble. [1]

There were fruitless attempts to resume the platinum mint in 1859, which resulted in a scientific study on the usage of platinum in coins by academician Moritz von Jacobi, published in 1860. No country had used platinum for money after 1846, and one reason for that could be that platinum was about 2.5 times cheaper than gold in the 19th century. Currently, the platinum coins of the Russian Empire are rare, especially for the period from 1839 to 1840 when only a few coins were minted. All platinum coins minted in 1840 were bought by the famous numismatist Earl Ivan Ivanovich Tolstoy directly from the Saint Petersburg Mint; [9] on the numismatic auction of the United Bank of Switzerland (UBS Gold and Silver Auction 50) held in autumn 2001 in Basel, one of the two 12-ruble coins minted in 1839 was sold for US$60,500 (with a starting price of $22,000). [9]

Specifications

Minters used the same forms for the platinum and traditional silver coins, but platinum is twice as heavy as silver, [10] and it was approximately 6 times more expensive than silver at the time. The platinum three ruble coin had the same size as the silver 25 kopek (0.25 ruble) coin; it weighed twice as much and was thus valued 12 times higher. For this reason, the coin is specifically marked as "3 rubles per silver" (Russian : 3 рубля на серебро). The same reasoning applied to the 6- and 12-ruble coins. The coins were minted from native Ural platinum. It was not free from such noble metals as iridium and palladium, and thus the accompanying phrase "pure Ural platinum" (Russian : чистой уральской платины) only meant that no metal was intentionally added in production. [9]

Platinum coins of Imperial Russia
Platinum coin12r 1835R.jpg Platinum coin6r 1835R.jpg Platinum coin3r 1828R.jpg
Platunum coin12r 1835.jpg Platinum coin6r 1835.jpg Platinum coin3r 1828.jpg
Date of the issuing decree [11]
12 September 183030 November 182924 April 1828
Weight, g [12]
41.4120.7110.35

Mintages

The following mintages [13] are measured in rubles, not by piece.

Year12-ruble6-ruble3-rubleTotal
1828--6006960069
1829-4968130347135315
1830142851660318078371166
18311755616704259500293760
1832132249012197301219537
183330601812253620258492
183413266272916273114
18351524642415512417678
183613266131256131454
18376361518138909141063
183814472145536145752
18392412642
1840126321
184190010205076352683
18421380726436734438840
18431464762517005519231
18444824643512643584
184524121500615042
Total:41,68889,0824,121,073 [lower-alpha 1] 4,251,843

Related Research Articles

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Precious metal Rare, naturally occurring metallic chemical element of high economic and cultural value

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Coinage Act of 1873 Revision of the laws relating to the Mint of the United States

The Coinage Act of 1873 or Mint Act of 1873, was a general revision of laws relating to the Mint of the United States. By ending the right of holders of silver bullion to have it coined into standard silver dollars, while allowing holders of gold to continue to have their bullion made into money, the act created a gold standard by default. It also authorized a Trade dollar, with limited legal tender, intended for export, mainly to Asia, and abolished three small-denomination coins. The act led to controversial results and was denounced by critics as the "Crime of '73".

Russian ruble Currency of the Russian Federation

The Russian ruble or rouble is the official currency of the Russian Federation. The ruble is subdivided into 100 kopeks. The first Russian ruble replaced the Soviet ruble in September 1993 at parity or 1 SUR = 1 RUR. In 1998, preceding the financial crisis, the current ruble was redenominated with the new code "RUB" and was exchanged at the rate of 1 RUB = 1,000 RUR.

Soviet ruble Currency of the Soviet Union

The Soviet ruble was the currency of the Union of Soviet Socialist Republics (USSR), introduced in 1922, replacing the Imperial Russian ruble. One ruble was divided into 100 kopeks. Soviet ruble banknotes and coins were produced by the Federal State Unitary Enterprise in Moscow and Leningrad.

Ruble Currency of Russia and other countries in Eastern Europe

The ruble or rouble is the currency unit of Russia and some states in Eastern Europe closely associated with the economy of Russia. As of 2022, the three variants of rubles in circulation are—the Russian ruble in Russia, Abkhazia and South Ossetia, the Belarusian ruble in Belarus and the unrecognised Transnistrian ruble in Transnistria.

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Georg Ludwig Cancrin

Count Georg Ludwig Cancrin was a Russian German aristocrat and as a politician best known for spearheading reforms in the Russian financial system early in the 19th century.

Denga

A denga was a Russian monetary unit with a value latterly equal to ½ kopek.

Chervonets is the traditional Russian name for large foreign, and domestic gold coins. The name comes from the Russian term "червонное золото", meaning “red gold" – the old name of a high-grade gold type.

Altyn Historical Russian currency

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United States dollar Official currency of the United States

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The Constantine ruble is a rare silver coin of the Russian Empire bearing the profile of Constantine, the brother of emperors Alexander I and Nicholas I. It was prepared to be manufactured at the Saint Petersburg Mint during the brief Interregnum of 1825 but has never been minted in numbers and never circulated in public. The fact of its existence, classified in Russia until 1886, leaked into European press in 1857.

Saint George the Victorious (coin)

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Three-cent silver US three-cent coin (1851–1873)

The three-cent silver, also known as the three-cent piece in silver or trime, was struck by the Mint of the United States for circulation from 1851 to 1872, and as a proof coin in 1873. Designed by the Mint's chief engraver, James B. Longacre, it circulated well while other silver coinage was being hoarded and melted, but once that problem was addressed, became less used. It was abolished by Congress with the Coinage Act of 1873.

Coinage Act of 1853

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Kopek Currency unit of Imperial Russia and then the Soviet Union, Russia, Belarus, and Ukraine

The kopek or kopeck is or was a coin or a currency unit of a number of countries in Eastern Europe closely associated with the economy of Russia. It is usually the smallest denomination within a currency system; 100 kopeks are worth 1 ruble or 1 hryvnia.

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References

  1. Typo in the source. The correct value is 4121073, not 412,073
  1. 1 2 3 4 5 Mikhail Maksimov (1977). Очерк о золоте [An essay about gold] (in Russian). Moscow: Nedra. p. 83.
  2. Jacob Eckfeldt (1842). A manual of gold and silver coins of all nations struck within the past century: showing their history, and legal basis and their actual weight, fineness, and value, chiefly from original and recent assays. Assay Office of the Mint. pp. 109–111.
  3. А. Portnow. "Платиновая трагедия России" [Platinum tragedy of Russia]. Retrieved 4 September 2009.
  4. "The invention of nature : Alexander von Humboldt’s new world" by Andrea Wulf (2015) p.236
  5. Karl Bruhns (Ed) Life of Alexander Von Humboldt, Vol.I. 1872. p.373, in German. Translated to English in 1873 by Jane and Caroline Lassell. in the Public Domain via Library of Congress Accessed Dec 26,2021 PD-icon.svg This article incorporates  public domain material from websites or documents ofthe Library of Congress .
  6. Karl Bruhns (Ed) Life of Alexander Von Humboldt, Vol.I. 1872. p.49, in German. Translated to English in 1873 by Jane and Caroline Lassell. in the Public Domain via Library of Congress Accessed Dec 26,2021 PD-icon.svg This article incorporates  public domain material from websites or documents ofthe Library of Congress .
  7. Платиновые россыпи Российской Империи [Platinum placers of the Russian Empire] (in Russian). Retrieved 4 September 2009.
  8. N. K. Vysotsky (1923). Platinum and its area of production. Petrograd.
  9. 1 2 3 Платиновые монеты: история, коллекционирование, цены [Platinum Coins: history, collecting, prices] (in Russian). Ювелирные Известия. Retrieved 29 August 2009.
  10. Таблица удельного веса металлов [Metal density table] (in Russian). Uralmet. Archived from the original on 3 May 2009. Retrieved 29 September 2009.
  11. B. B. Uzdennikov (1992). Монеты России [Coins of Russia] (in Russian). Moscow.
  12. Платиновые монеты [Platinum coins] (in Russian). COINSS.RU. Retrieved 11 September 2009.
  13. История чеканки платиновых монет в России [History of platinum coins minting in Russia] (in Russian). Retrieved 29 August 2009.