Gold Price Russia
Russia, officially known as the Russian Federation, is the largest country in the world by surface area. Covering over 6,600,000 square miles, Russia covers a substantial portion of the earth’s land area. The vast majority of Russian citizens live in the western portion of the country, and the nation’s capital city of Moscow is one of the world’s largest. The Russian government consists of a federal semi-presidential constitutional republic. The country’s official language is Russian, with many other regional languages also being recognized.
The official currency of Russia is the Russian Ruble. Like many other global currencies, the ruble can be subdivided into 100 smaller units of currency called kopeks. The Russian Ruble is also legal tender for the two partially recognized republics of South Ossetia and Abkhazia as well as the two unrecognized republics Luhansk and Donetsk. The ruble was the currency of both the Russian Empire as well as the Soviet Union. The ruble was the first currency to be decimalized in 1704. The Russian Ruble replaced the Soviet Ruble in 1992.
The currency of Russia is issued and controlled by the central bank of Russia, known as the Central Bank of the Russian Federation or Bank of Russia. The central bank was founded in 1860 and is currently headquartered in the capital city of Moscow. The Bank of Russia is an independent entity that according to Russian law must contribute half of its profits into the country’s federal budget.
Due to its massive land area, Russia has some of the largest mineral deposits in the world. Russia is one of the largest producers of gold in the world. Not only is the nation a major player in production, but it has some of the largest gold reserves in the world as well, and much of those reserves remain undiscovered. The first discovery of gold in Russia dates back to the mid 1700s, when a peasant found flakes of gold near the Ural Mountains
The Russian mining industry reportedly accounts for approximately five percent of the nation’s GDP and a much larger percentage of its exports. The industry is the second largest in the country behind oil and gas. The Russian oil and gas industry is primarily state owned, while its mining industry is primarily owned by private companies
Russia has multiple mints within its borders, and the Moscow Mint was founded in 1942. The mint was originally opened to produce military orders and medals. Today, the Moscow Mint produces high quality subsidiary coins as well as commemorative and investment coins. The mint produces coins of gold, silver and base metals, and makes coinage not only for the Bank of Russia but for other countries as well.
The mint has earned a reputation for producing very high quality products featuring unique designs.
Coins produced by the Moscow Mint and others can make an excellent addition to any portfolio or collection. Coins are easily transported and can be stored in a safe, bank safe deposit box or depository.