The Stack’s Bowers Galleries August ANA World’s Fair of Money auction in Philadelphia has stellar auction highlights which we continue to share with you. Following last week’s ancient coin preview today we are shifting focus to world coins, specifically those of Imperial Russia. This highlight is a rarely offered Imperial Russia’s 19th century platinum coin. The name platinum is a derivative of the Spanish word platina which means "little silver" and at first glance the two seem visually similar. This similarity would be a factor in its eventual failure as a circulation coinage in Russia. In fact, Russia remains the only country to have ever struck platinum coins for circulation.
The discovery of platinum in the Urals of Western Siberia resulted in the production of three new Russian decimal coinage denominations. By the imperial decree of April 24, 1828, platinum coinage was initiated for circulation; however, the initial minting was only of the 3 Ruble denomination. The decree authorizing the production of 6 and 12 Rubles came later. The planchet size for this platinum issue was consistent in diameter to that of the silver Ruble. The minting of platinum coinage in 19th century Russia was done on a very limited basis and for a period of less than two decades. The new coinage denominations were not well-received by the public, as they were produced in a pale white metal that was unfamiliar in circulation. In 1845, an imperial decree was issued ordering the minting of platinum coinage to cease. Simultaneously, the existing pieces were ordered to be recalled within a six month period. For this reason, much of the original mintages were redeemed and destroyed, which accounts for their rarity today. As the allowable six month period was too short for all the platinum issues to be redeemed and destroyed, it is largely responsible for the examples known today.
The obverse for this platinum 12 Ruble solely features a large motif of the Imperial Coat of Arms: the Imperial double headed eagle, each head crowned with an additional crown above. The left claw holds a scepter, representing monarchial power, and the globus cruciger in the right claw demonstrates the religious authority of the emperor. The Order of Saint Andrew, the highest honorary order in Imperial Russia, appears around the arms of Moscow showing Saint George mounted and defeating the dragon. A total of six provinces constitute the Russian Empire, and their Coat of Arms are displayed on the eagle’s wings: (left to right) Kazan, Astrakhan, Siberia, Finland, Tauric Chersonesus, and Poland.
The reverse depicts all of the pertinent information required for circulating coinage, with the outer layer designating: "9 parts Gold, 68 parts pure Urals platinum." This phrasing was used to allow for the inclusion of the other noble metals iridium and palladium. The central inscription states: "12 Rubles per Silver," wording used to link this platinum series to the familiar silver ruble. Just below this inscription appear the date of 1833 and the St. Petersburg mintmark. This example, entirely pleasing for the assigned About Uncirculated grade, is the epitome of wholesome, with bright reflectivity retained throughout the fields and handling that, while present, is evenly distributed, minimizing the visual impact. Slight high point softening contributes minimally to the appearance as the initial strike was quite bold. All considered, this is a fantastic opportunity for the collector of elite type issues.
We are accepting consignments of world and ancient coins as well as world paper money for our August 2018 ANA Auction, our October 2018 Collector’s Choice Online Auction and the January 2019 New York International Auction. In addition, we are currently taking consignments of Chinese and other Asian coins and currency for our August 2018 Hong Kong Showcase Auction. Time is running short, so if you are interested in consigning your coins and paper currency (whether a whole collection or a single rarity) contact one of our consignment directors.
