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Two Varieties of Russian Coins for 2009
 | By Richard Giedroyc, World Coin News
June 30, 2009 |
Economic conditions in Russia appear to be dictating a change in circulating Russian coinage less than midway through the year. This suggests some ruble denominated coins struck during the first quarter may prove to be significantly scarcer than will be coins issued later.
According to a recent statement issued by the Bank of Russia, "Starting from the second quarter of 2009, 1-, 2- and 5-ruble coins made out of steel with a nickel covering will come into circulation."
The statement continues, "The graphic design and the size of the new coins will remain unchanged." No mention was made as to the weight of the coins.
According to the official Bank of Russia Web site, both the 1- and 2-ruble coins issued since 1997 are composed of copper-nickel and have a reeded edge. The weights of these coins are 3.25 grams and 5.1 grams respectively. The 5-ruble coin is a 6.45 gram, copper-nickel clad copper issue with an interrupted reeded edge. All ruble denominated coins depict an uncrowned double-headed eagle on the obverse, while all kopek denominated coins depict St. George and the Dragon on the obverse. The denomination numeral appears on the reverse of all current Russian coins.
Russian coins can be collected by denomination, date and mint mark. The mint marks are the Cyrillic letter M for Moscow or C-II for Saint Petersburg.
No mention was made of any change in the composition of other coins in the Bank of Russia announcement. Russia currently uses copper-nickel clad steel 1- and 5-kopek coins, brass composition 10- and 50-kopek coins, and a ringed bimetal 10 ruble as well. The 10 ruble is composed of a copper-nickel center plug with a brass outer ring.
The 10-ruble coin is quite innovative regarding anti-counterfeiting devices. In addition to a reeded and lettered edge this coin has what the Bank of Russia Web site describes as, "In the center - the indication of the denomination of the coin: "10 ??????" (10 rubles) in two lines. Inside of the figure "0" the hidden pictures - the figure: "10" and the inscription: "???" (rub) visible by turns on changing the angle of vision."
Although no mention of the reason for the upcoming change in metal composition was addressed by the official bank statement, a May 7 Reuters report described the announcement as "a move which could save cash as the economy faces its worst economic crisis in a decade."
The Reuters report said steel now costs about $400 per ton, while copper costs nearly $5,000 per ton. Another problem Russian mints face is the usefulness of the 1-kopek coin, described in the Reuters report this way: "You would need nearly 200 of those just to buy the cheapest box of matches in a Moscow supermarket, and over 1,000 for the least expensive loaf of bread."
There has been talk regarding if production of both the 1- and 5-kopek coins will continue since the cost of producing each of these coins is more than their face values. Reuters indicated Russia spent more than 6 billion rubles or about $182.5 million US striking coins during 2007, but made no mention of the face value of the coins produced. The difference between production costs and the face value of the coins is called seignorage. It is treated as a the profit made by a government for issuing coins.
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