TheHobbyist's Blog

02 May 2021

Money BIG and BOLD - World Coins - Russian Rubles

National Coin Week | TheHobbyist

Hello fellow collectors,

In this article, I would like to share about the currency in Russia, the Rubles. During the Soviet era, Soviet Ruble was the currency. One ruble has 100 kopeks (like dollar with cents). In USSR (Union of Soviet Socialist Republics), only the states were authorized to buy and sell precious metals. Given that some coins were made of precious metals, these were considered to be part of precious metals exchange and individuals or private investors were not part of numismatics as it not permitted. There were national institutions and coin museums though. Individuals could collect coins made of copper or bronze. In 1920s, most of the silver coins were melted including rare coins.

The Moscow Numismatic Society was reestablished in 1987 with more than 500 plus members. After the breakup of USSR, Soviet Ruble was continued to be used in post Soviet states. In September1993, the Soviet Ruble was replaced by the Russian ruble. The word 'ruble' means 'to chop' as it was made of metal chopped off a silver ingot.

History of Soviet Rubles

In 1919, the first rubles issued were in the bank note form with various denominations starting from 1 ruble through 100,000 rubles. In 1922 and 1923, new ruble banknotes were introduced, and some redenomination happened between old and new rubles. Under Joseph Stalin (ruled from 1927 to 1953), third redenomination happened by introducing a gold ruble. The new gold ruble was equivalent to 50000 old rubles.

The first coins were minted from 1921 to 1923. These were made of silver with the following denominations10, 15, 20 and 50 kopecks and 1 ruble. These coins had the emblem of Russian Socialist Republic and had the famous slogan 'Workers of the World, Unite'.

Present day

Since 1997, the Moscow-based Bank ofRussia started issuing the current set ofRussian coins. As of today, numismatics is not of much prevalent in Russia. Coin collecting is subject to the same restrictions that apply to transacting with other precious metals. Collectable coins in Russia are taxed at 18% VAT (Value added tax). So every time, a coin exchanges hands its price keeps on increasing. Also, coins are considering to be an art object and its export needs to be approved by the Ministry of Culture. There are no coin fairs in Russia but there are many auction houses. Numismatic exchanges also happen via the internet platform.


I shared with you some information on the Soviet Rubles and Russian Rubles. Attaching few pictures of these coins. See you next time. Happy collecting! !




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