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Russia is known officially as the Russian Federation, and the country is the world’s largest by land area. Russia covers well over 6.5 million square miles, and its lands stretch across multiple time zones. The majority of Russian citizens live in the western portion of the nation, and Russia’s capital city of Moscow is one of the world’s largest. The nation’s government consists of a federal semi-presidential constitutional republic. The official language of the country is Russian, although numerous other languages are also spoken throughout the nation.
The official currency of Russia is the Russian Ruble. The ruble can be subdivided into 100 smaller units of currency called kopeks. The ruble is legal tender throughout Russia and is also the currency used in the two partially recognized republics of South Ossetia and Abkhazia. It is also utilized in the two unrecognized republics of Luhansk and Donetsk. The ruble has been the currency of both the Russian Empire as well as the Soviet Union. In the early 1700s, the ruble became the first currency to be decimalized . The Russian Ruble replaced the Soviet Ruble in 1992.
The Bank of Russia, otherwise called the Central Bank of the Russian Federation, is tasked with both issuing and controlling the nation’s currency. The central bank was founded in 1860 and is currently headquartered in the capital city of Moscow. The central bank is its own separate entity, but under Russian law must turn over a significant portion of its profits to the federation’s budget.
Russia has some of the largest mineral deposits in the entire world, which should come as no surprise given the nation’s massive size. The Russian mining industry accounts for a relatively small portion of the nation’s overall GDP, but it does make up a significant portion of the country’s exports. The nation’s mining industry is the second largest in the country, behind oil and gas. Mining operations are primarily owned by private companies while the oil and gas industry is primarily state owned.
There are numerous mints located in various locations in Russia. The Saint Petersburg Mint, located in the city of Saint Petersburg, is one of the world’s largest mints. The mint was founded by Peter the Great in 1724, and is one of the oldest enterprises in the city. The mint produces a number of products including coins, medals, tokens, pins and badges and more.
The mint even produces bullion bars of varying weights including 5,10 and 31.1 grams. The mint can also produce bullion bonds of gold or silver, which are modeled after Russian and Soviet banknotes.
Whatever products you choose can make a solid addition to any metals portfolio or collection. Some products may be significantly more collectible than others, and may carry substantially higher overall premiums compared to standard, large mintage bullion coins or bullion bars. Unique Russian designs can add a lot of flavor to a collection, and may be a great choice for those looking to add some diversity to their portfolios.