Silver coinage has a long history in Russia, dating back to before the Soviet era. This is an introduction to its history and the 1852 CNB Russian 1 Ruble Silver Coin.

Origins

More recently, Russian coins were produced during the 1980s within denominations which ranged from three to ten rubles. One of these issues was in commemoration of Russia being chosen to host the Leningrad Olympic Games in 1980. In fact, the Russians were so excited about hosting this event that they increased the appeal of these coins by providing them with a face value, legal tender and silver content which was as high as 90 percent.

When it comes to minting silver coins, Russians are fond of two denominations sizes in particular, one of which is the five ruble coin that is struck using .4824 ounces, and a bigger ten ruble coin which contains .9636 ounces. Aside from these official issues, the Mint of Russia has also produced a number of commemorative coins which do not have a face value or legal tender. Most of the coins are minted in either Moscow or Leningrad (Saint Petersburg).

Even after the collapse of the Soviet Union, silver coins continued to be minted. One of the best examples of this is the Yuri Gagarin Monument 1 ounce silver coin that had a face value of 3 rubles. They were issued in both brilliant uncirculated and proof condition. During the Soviet period, the front or obverse side of the coin would usually depict the coat of arms for Russia as well as a globe underneath a Soviet star. Also featured is a rising sun which is encapsulated by barley. The depiction on the reverse or rear side will depend on the event which is being honored. Most Olympic commemoratives used the motto along with a date.

1852 CNB Russian 1 Ruble Silver Coin

As previously stated, silver was issued in Russia well before the Soviet era, and a classic example of this is the 1852 CNB Russian 1 Ruble Silver Coin. It was issued during Nicholas I’s reign and this particular specimen is available in AU (About Uncirculated) condition. It manifests a light greyish coloration with exceptional tone and detail. It was struck in the Mint of St. Petersburg with a total mintage of 2,560,000 units. These coins were popular among Russian citizens who would not trade them purely based on face value.

Can American IRA Accounts Hold Russian or Soviet Silver Coins?

The IRS (Internal Revenue Service) sets minimum standards regarding silver purity. Currently, in order for silver coins to be eligible for an IRA, it must contain .999 silver. Because most Russian and Soviet silver coins have less than .999, they cannot be added to an Individual Retirement Account. That being said, the coins still have tremendous collection value and will often carry a premium which is significantly higher than their bullion content. So those who intend to purchase these coins will need to hold them privately in a bank vault or safe.