Jefimok Ruble’s and The Monetary Reform of Alexios I

[ChrisB]

I recently made a purchase that required me to do a bit of research. I like it when that happens. As many of you know, I have a thing for Wildman thalers. At this point I have a relatively significant collection of them, and it has become difficult to find new pieces to add to my collection.

Technically, the coin I purchased would be considered a Russian coin. The countermarked coins described below are scarce on their own. I had come across them on several occasions, but I never got the “buy me now” vibe from any of them. That is, until I found one counter stamped on a Wildman thaler.

Adapted from “La Reforma Monetaria de Alexei Mikhailovich” by Federico de Ansó

Michael Feodorovich (1613-1645) was the initiator of the last Romanov dynasty that would reign in the Russian Empire until the Bolshevik revolution of 1917 brought a tragic end to the imperial family through the execution of Tsar Nicholas II, his wife Tsarina Alexandra and their children in Yekaterinburg on 07/16/1918.

From a very young age, Alexios had the training and influence of the boyar Boris Morózov, a shrewd politician who was his mentor. During his reign (1645 - 1676) it was up to this monarch to carry out several important reforms, legislative, monetary and a no less controversial religious one.

In the legislative and social sphere, he promoted the reform that the National Assembly adopted a new legal body in 1649 and that would last two centuries, whose main characteristic was the establishment of the definitive servitude of the Russian peasantry. Regarding monetary matters, let us remember that since the second half of the 14th century in the Duchy of Moscow, a small silver coin called denga was minted, coming from silver rails stamped with the seal of the reigning prince.

 

In English they are known as wire money or wire money. The metal was obtained from the foundry of European talers of various origins, from which the Treasury obtained a yield of 20 to 30%.

Originally, the denga was legally equivalent to 1/200 of a 204-gram silver bar, that is, half a Russian ruble. Therefore, its legal weight was 1.02 grams of silver. But like so many other currencies, it suffered successive devaluations and revaluations. Thus, around 1430 its weight was 0.78 grams, and in 1434 it reached 0.94 grams to fall in 1455 to just 0.425 grams. In 1500 it went to a weight of 0.39 grams and in 1534 it reached 0.34 grams since the size was then 600 pieces per bar.

In 1535 an important revaluation took place, bringing the denga to double its previous weight, that is, to 0.68 grams and a size of 300 per bar. Likewise, the image of a warrior mounted with a spear was stamped on its obverse, so this new coin was renamed kopeck and its half continued to be called denga.

Being the ruble equivalent to 200 dengas and this, at half a kopeck, the ruble was then valued at 100 kopecks. Resulting in the ruble then, as Mitchell points out, the first monetary unit divided into one hundred parts.
Michael's successor was his son Alexey Mikhailovich Romanov (1629 -1676).

A first attempt consisted of minting coins of high nominal value, but Russia did not have, at that time, the necessary technology for this. Therefore, they began by countermarking various European talers.
 

 

The first decision was made in 1654 to put into circulation the old silver kopecks and additionally to circulate devalued rubles through the countermark of thalers introduced by foreign merchants from the Baltic trade at the end of the Hanseatic League. After obliterating their original designs, the so-called "Yefimki" were stamped on all types of European currency such as rijksdalder, philipsdalder, speciedaler, patagones, lionsdaler, etc.

Usually, two and even three countermarks were stamped on those crown-sized European species. One of the stamps showed the image of the tsar on horseback with a spear, which personifies Saint George spearing the dragon. The other sign corresponds to the year of issue. 1655 is by far the most common date. 

You can find these counter stamps on a wide variety of European coinage. Almost always it is found on crown sized coins. Frequently the counter stamping process would result in cracked or otherwise damaged coins. This is not the most visually appealing coin but most of them aren't. I'm quite happy with this purchase.

Please feel free to post anything related especially if you have any of these to share. 
 

 

[ChrisB]

Here's a better view of the counter mark. Looks a lot like the later wire money.

 

[robinjojo]

20 hours ago, ChrisB said:

I recently made a purchase that required me to do a bit of research. I like it when that happens. As many of you know, I have a thing for Wildman thalers. At this point I have a relatively significant collection of them, and it has become difficult to find new pieces to add to my collection.

Technically, the coin I purchased would be considered a Russian coin. The countermarked coins described below are scarce on their own. I had come across them on several occasions, but I never got the “buy me now” vibe from any of them. That is, until I found one counter stamped on a Wildman thaler.

Adapted from “La Reforma Monetaria de Alexei Mikhailovich” by Federico de Ansó

Michael Feodorovich (1613-1645) was the initiator of the last Romanov dynasty that would reign in the Russian Empire until the Bolshevik revolution of 1917 brought a tragic end to the imperial family through the execution of Tsar Nicholas II, his wife Tsarina Alexandra and their children in Yekaterinburg on 07/16/1918.

From a very young age, Alexios had the training and influence of the boyar Boris Morózov, a shrewd politician who was his mentor. During his reign (1645 - 1676) it was up to this monarch to carry out several important reforms, legislative, monetary and a no less controversial religious one.

In the legislative and social sphere, he promoted the reform that the National Assembly adopted a new legal body in 1649 and that would last two centuries, whose main characteristic was the establishment of the definitive servitude of the Russian peasantry. Regarding monetary matters, let us remember that since the second half of the 14th century in the Duchy of Moscow, a small silver coin called denga was minted, coming from silver rails stamped with the seal of the reigning prince.

 

In English they are known as wire money or wire money. The metal was obtained from the foundry of European talers of various origins, from which the Treasury obtained a yield of 20 to 30%.

Originally, the denga was legally equivalent to 1/200 of a 204-gram silver bar, that is, half a Russian ruble. Therefore, its legal weight was 1.02 grams of silver. But like so many other currencies, it suffered successive devaluations and revaluations. Thus, around 1430 its weight was 0.78 grams, and in 1434 it reached 0.94 grams to fall in 1455 to just 0.425 grams. In 1500 it went to a weight of 0.39 grams and in 1534 it reached 0.34 grams since the size was then 600 pieces per bar.

In 1535 an important revaluation took place, bringing the denga to double its previous weight, that is, to 0.68 grams and a size of 300 per bar. Likewise, the image of a warrior mounted with a spear was stamped on its obverse, so this new coin was renamed kopeck and its half continued to be called denga.

Being the ruble equivalent to 200 dengas and this, at half a kopeck, the ruble was then valued at 100 kopecks. Resulting in the ruble then, as Mitchell points out, the first monetary unit divided into one hundred parts.
Michael's successor was his son Alexey Mikhailovich Romanov (1629 -1676).

A first attempt consisted of minting coins of high nominal value, but Russia did not have, at that time, the necessary technology for this. Therefore, they began by countermarking various European talers.
 

 

The first decision was made in 1654 to put into circulation the old silver kopecks and additionally to circulate devalued rubles through the countermark of thalers introduced by foreign merchants from the Baltic trade at the end of the Hanseatic League. After obliterating their original designs, the so-called "Yefimki" were stamped on all types of European currency such as rijksdalder, philipsdalder, speciedaler, patagones, lionsdaler, etc.

Usually, two and even three countermarks were stamped on those crown-sized European species. One of the stamps showed the image of the tsar on horseback with a spear, which personifies Saint George spearing the dragon. The other sign corresponds to the year of issue. 1655 is by far the most common date. 

You can find these counter stamps on a wide variety of European coinage. Almost always it is found on crown sized coins. Frequently the counter stamping process would result in cracked or otherwise damaged coins. This is not the most visually appealing coin but most of them aren't. I'm quite happy with this purchase.

Please feel free to post anything related especially if you have any of these to share. 
 

 

That's wonderful, historic and very rare coin!  The countermarks are excellent.  

I've looked at those coins, when they are available, and they are always out my range, financially.

Congratulations! 

Edited March 5, 2023 by robinjojo

[John Conduitt]

Really nice coin. I've also been looking for a while, but they quickly go high in auctions. Here's a wire kopek of Michael I, with the horseman wearing a crown.

Mikhail I Feodorovich, Kopek, 1618-1625

Moscow. Silver, 0.46g. Horseman with spear; oM. ЦРЬ I (BE-/Л)ИKI KH(SЬ) /MИXЯ(IЛO Ф-)/EAДPOB(IЧ-/Ь) BCE(Я P-)/УС(И) (Tsar and Gr-/and Prince /Mikhail F-/eadrovich /of all R-/ussia (KG 482, obverse die 20, reverse die 24).

Some of Alexis I's coinage reforms did not go down well at all. He issued large numbers of emergency copper kopeks in 1654 (valued at the equivalent of silver kopeks) to fund his wars, but this led to a severe financial crisis. Angry Moscow residents revolted in the 1662 Copper Riot, which was put down violently.

Alexis I ‘Copper Riot’ Emergency Kopek, 1654-1663

Moscow Old Mint. Copper, 0.45g. Horseman with spear; MO below. Царь и Великий князь Алексей Михайлович Всея Руси (Tsar and Grand Duke Alexey Michailovich of All Russia) (Grishin 1116).

Edited March 5, 2023 by John Conduitt

[ChrisB]

3 hours ago, robinjojo said:

That's wonderful, historic and very rare coin!  The countermarks are excellent.  

I've looked at those coins, when they are available, and they are always out my range, financially.

Congratulations! 

I have been looking at these for a while as well. If it hadn't been a Wildman I probably still wouldn't have one. Surprisingly, to me, was that it was on the low end of the price range these fall in. I just happened to have the funds available at the right time. My timing isn't usually that good.

[ChrisB]

3 hours ago, John Conduitt said:

Really nice coin. I've also been looking for a while, but they quickly go high in auctions

Fortunately, I was able to find this one at a fixed price from a dealer. 

[robinjojo]

I've seen them in various conditions, and your coin is well above average, with a interesting host coin and well placed countermarks.  Most of the examples that I have seen are countermarked Dutch and Spanish Low Lands crowns of various types.  I guess they countermarked any crown was available.

[I_v_a_n]

On 3/5/2023 at 2:54 AM, ChrisB said:

Please feel free to post anything related especially if you have any of these to share. 

I've seen this thread from your @ChrisB Top list of 2023 and decided to take a part. Now I have to keep only one russian coin, this 1/4 ducat from year 1654, because it was minted with the main purpose to award a troops of Bogdan Khmelnitsky, so related to Ukrainian history. "Yefimok" is a consequense of monetary reform of 1654 with fiat rouble also connected with the process of joining of Ukraine and russia (1654 roubles includes ukrainian (Small Russia) titul of Moscow tsar). And the main area of circulation of "Yefimoks" was Ukraine until the end of XVII c.  In Moscow they was restricted for circulation very soon - at year 1659.