Gold 0.21%
£3,218.85 OZ
Silver -2.37%
£48.59 OZ
Platinum -0.49%
£1,361.10 OZ
The Silver Britannia is capital gains tax free in the UK, making is a very popular choice with UK investors
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Often regarded as a 10 Ruble coin, the Russian Gold Chervonetz is actually not a 10 Ruble coin, the confusion likely due to their equal values and Gold content. This Russian Gold coin has a fascinating history and is often misquoted or misrepresented by numsmatic commentators. Firstly, ‘Chervonetz’ does not have any direct translation in English, the name ‘Chervonetz’ is derived from “chervonnoye zoloto” which translates as “Red Gold” in English
Most investors will only think of the Ruble when describing Russian currency but the chervonets also functioned as currency alongside the Ruble and was actually quoted on foreign exchanges in the 1920s. Gold Chervonetz coins were first minted between 1701 and 1716 which was under Peter I’s reign, the coins were based on the Ducat in terms of specifications. The coins did not display the denomination as their value would fluctuate periodically
The name ‘Chervonetz’ was fazed-out in 1947 following a money reform in Russia. Old Chervonetz money was exchangable for 10 new Rubles at a rate of 10 Rubles for 1 Chervonetz
This is likely to be why many believe that a Chervonetz is the same as 10 Rubles. When the modern Chervonetz Gold coin was released in 1923, it contained the same amount of Gold as a 10 Ruble coin which further entanged the two currencies
When Chervonets were first introduced in Russia, the initial value of one chervonets was two roubles, proving this was a standalone currency and not a set denomination of Ruble
Investors may wonder why so many Gold Russian Chervonetz are see in excellent condition, and why there are so many coins that have achieved a high Mint State grade. There are several reasons to why these coins are typically seen in excellent condition:
The Gold Chervonetz coins post-1923 were mostly used by the Russian government for foreign-trade operations rather than high-volume domestic commerce. This meant that the average Russian was not using the coins for trade which would otherwise have led to the degregation the coin’s condition. Therefore, a very large sample of the coins were able to retain their mint condition to this day
The coins were first struck in 1923, but were immediately discontinued. After 50 years the coins were produced again using the original 1923 dies, making nearly all coins seen in today’s market official restrikes. These coins were intended for investment and not circulation. As the owners of the coins were investors and not general public, the coins were well-preserved in a mint state
In 1996 the Central Bank of the Russian Federation sold uncirculated Gold Chervonetz coins to Russian Citizens. These were coins dated 1975-1982 and would have been preserved in a state-owned vault since they were struck. This meant that a wave of mint state Chervonet coins came to market and likely were bought by coin collectors and investors to preserve wealth rather than to trade for goods
The Gold Chervonetz coin is uncommon in the British market but not to the extent that this type is considered as rare. The scarcity of the coin is likely, atleast in part, due to the sanctions placed on Russia following the 2022 invasion of Ukraine. British banks were actively blocking transfers with any mention of words associated with Russia or the Ruble. Auronum saw this first hand when buying Gold Rubles from an overseas supplier. It is likely that these payment barriers due to banking sanctions led to less Russian Gold coins flowing into Europe
The mintage of the Gold Chervonetz coins is high at 9,466,000 of which 2,751,000 were original 1923 strikes. 1,113,200 were minted in 1923 and 1,638,000 in 1924, the coins produced in 1924 were dated 1923. The number of survivors in unknown as it is believed that Russia melted Chervonetz coins but extent of this practice is not well-documented. As the coins were not widely circulated it is likely the Russian government smelted the coins into bullion for international trades and to support the war effort
Peter I featured on Gold Chervonetz and double-Chervonetz coinage. The coins eventually were discontinued and were reinvented as Gold 2 Ruble coins. The Chervonetz coins featuring Peter I were much smaller pieces and were based on the European Ducat, weighing 3.5g of 98.6% Gold
After 1716 Russia only used their Gold to strike 2 Ruble Gold coins, Gold Chervonetz was not minted again until being reintroduced by Peter II in 1729
The Elizabeth Gold Ducat (Chervonets) coin is another historical Russian rarity that was based on the European Ducat. As with Peter I, Elizabeth saw both Chervonetz and double-Chervonetz struck during her reign. The Ducat became a prototype for the first Russian Gold coins which is why this type can be referred to as a Ducat as well as the Chervonet
Interestingly, Elizabeth’s Chervonetz were struck with the month as well as the year in which the coin was minted which is an unusual approach and seldom seen elsewhere
Russian Gold Rubles have increased in popularity in recent years which has seen their premiums edge higher. The coins are available in 5, 10, 7.5 and 15 Ruble denominations
