The coin of 37 rubles and 50 kopecks is a valuable masterpiece of Russian numismatics with a non-standard denomination

The coin of 37 rubles and 50 kopecks was indeed minted in the Russian Empire in 1902 with a limited mintage of 236 specimens. This coin is a unique masterpiece of world numismatics, for which collectors are willing to pay huge sums at auctions today. What does this unusual monetary unit represent, and what real historical events led to its creation?

Coin 37 roubles 50 kopecks. Obverse

The coin of 37 rubles and 50 kopecks is made of 900-carat gold, featuring the portrait of the Russian Tsar Nicholas II and the inscription "Б. М. НИКОЛАЙ II ИМПЕРАТОРЪ И САМОДЕРЖЕЦЪ ВСЕРОСС." on the obverse, and the state coat of arms with the inscription "37 РУБЛЕЙ 50 КОПЕЕКЪ, 1902 Г. 100 ФРАНКОВЪ" on the reverse. The diameter of this coin is 33.5 mm, and it weighs 32.26 grams.

Coin 37 roubles 50 kopecks. Reverse

History of the coin of 37 rubles and 50 kopecks

The coin of 37 rubles and 50 kopecks has a remarkable history, but the exact reason for its creation is still unknown. Most numismatics experts adhere to the theory that minting this gift coin with an unusual denomination was the desire of the highest leadership of the Russian Empire to strengthen friendly relations with its strategic ally, France. According to another popular numismatic theory, the coin of 37 rubles and 50 kopecks was supposed to become the official means of payment for international financial settlements of Russia.

Coin 37 roubles 50 kopecks. French President Emile Loubet, who led the French delegation in 1902

In favor of the first theory is the fact that the minting of the coins took place on the eve of the arrival in St. Petersburg of an impressive delegation from the French Republic, headed by President Émile Loubet, in May 1902. The gold rubles were intended as gifts for high-ranking officials who came from abroad to participate in official negotiations, but for unknown reasons, the last Russian emperor suddenly decided not to lavish foreign dignitaries with generous presents.

Coin 37 roubles 50 kopecks. Russian Empress Alexandra Feodorovna, who initially received 200 unique coins

Nevertheless, the St. Petersburg Mint had already fulfilled the monarch's order and produced the specified quantity of the gold currency. Nicholas II, as befits the all-powerful ruler of a vast empire, handled the rubles at his discretion. The Tsar presented all the coins to close members of his family, namely:

• 200 - to his spouse, the Empress.
• 25 - to his first cousin, Prince Georgy.
• 10 - to his first cousin once removed, Prince Vladimir.

Coin 37 roubles 50 kopecks. Grand Duke George Mikhailovich, who originally received 25 unique coins

Another monetary token was minted two years later for the Hermitage Treasury. It still remains in the collection of valuables of the most famous domestic museum located in St. Petersburg.

Coin 37 roubles 50 kopecks. Grand Duke Vladimir Alexandrovich, who initially received 10 unique coins

Current value of the antique coin of 37 rubles and 50 kopecks

The coin units minted in limited numbers are of great value to collectors nowadays. They consistently generate significant interest at auctions and find new owners. The price of the specimens offered for sale usually ranges from $100,000 to $150,000 USD.

Here are the results of the last five auctions as of the beginning of 2022:

• Künker Numismatik AG Auction No. 359 (January 26, 2022) - 105,000 Euros.
• Stack's Bowers & Ponterio Auction (October 14, 2021) - $115,000 USD.
• Bruun Rasmussen Auction No. 897 (November 2-3, 2020) - 120,847 Euros.
• MDC Monaco Auction (October 31, 2020) - 127,000 Euros.
• Editions V. GADOURY Auction (October 31, 2020) - 120,000 Euros.

Coin 37 roubles 50 kopecks. St. Petersburg Mint, where the famous coins were minted

The coin of 37 rubles and 50 kopecks, minted in 1902, has been in circulation for 120 years. This magnificent work of domestic numismatics has immense historical value today and is a coveted item for many collectors worldwide.