Gold Chervonets
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Chervonets 1976 Reverse
Chervonets 1976 Obverse
Gold Chervonets is a Russian gold coin that was issued both for circulation and as a trade or bullion coinage, but in different times. The first Russian Gold Chervonets was minted in 1701 under Peter the Great, but the term "Chervonets" was used even before, but only for foreign gold coins and in particular Dutch Ducats. The origins of the word are derived from the word "Chervonny", meaning in Russian literally "Red" but also "of a High Quality" and likely was used in regards to foreign gold coins as they had a high gold content.
The first issue of Gold Chervonets coins minted under Peter the Great had gold composition of 0.986 and weighed 3.47 g. – the same as the Ducats. The coin was in circulation for over 50 years until it was replaced in 1757 by the gold roubles with lower gold composition.
The second appearance of Gold Chervonets happened in 1922 while young Soviet Russia was trying to improve its social economics. The Rouble was still the primary currency of the Soviet Union, but secondary parallel currency was introduced and that was the Chervonets. Gold chervonets minted at that time was larger and weighted 8.6 g. with a gold composition of 0.900. About the same time Chervonets banknotes started to be issued as well. The attempt to strengthen Soviet economics with the "hard" currency backed by the gold reserve was not successful due to political reasons and the issue of 1923 was the only one for Chervonets gold coins as a circulation or trade currency.
There was another attempt in 1925 to strike more Gold Chervonets coins, but only a few known to exists at our time. From 1975 to 1982, the Soviet Union was issuing Chervonets gold coins using the old design but with the new dates in relatively modest amounts as a bullion coinage. Interestingly enough, Gold Chervonets coins were the only gold coins of the Soviet Union until 1977 when a series of coins including gold ones were issued for Moscow Olympics.
The Gold Chervonets issued by Soviets was equal to 10 Roubles. Even though Gold Chervonets coins were not issued for circulation after 1925, there were banknotes issued with denomination from one to ten chervonets starting from 1922. The chervonets system was abandoned after a monetary reform of 1947, but 10-Rouble coins and banknotes are still called "Chervonets" in Russia even now.
You can see current listings for Gold Chervonets coins here:
