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Issues of 2008
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The old and the new “efimok”
According to a well-known German traveller and scientist Adam Olearius; (1599/1603–1671), in XVII century in Nizhny Novgorod a hen or fifteen eggs cost one kopeck (or six pfennigs in Meissen currency), while a sheep cost twelve, fifteen or eighteen kopecks. On the one hand, people desperately needed smaller token coins. Silver kopek as a basic currency did not meet the requirements of merchants as well, as they often had to deal with significant sums of money. Thus, they turned to more convenient foreign currency. Big silver coins “jokhimsthalers” (weight 27,2 g, later 26,39) first appeared in XVI century in the Czech town of Jokhimstahl. The coins quickly spread across the Europe and became the popular example for minters of many European states. Although, in different countries those coins were called differently, in the majority of European states the second part of the coin’s name was preserved or slightly altered (we can recall thaler, daller and then dollar). The coin was accepted in Russia too; soon it became a kind of international convertible currency. The Russians changed its name (“jokhimsthaler”) in their own fashion and called it “efimok”. In the second half of XVII century during the reign of Tsar Alexei Mikhailovich efimok was very close to become the Russian national currency. In 1654, the government initiated a reform of the monetary system. Nonstandard rouble coins were minted in addition to old silver kopecks (they remained in operation). Those roubles were produced from thalers acquired from foreign merchants. The obverse of the new coin featured depiction of the Tsar with a scepter in his right hand riding a horse. The circular inscription in the coin said: “By the grace of God the sovereign, tsar and grand duke of Grand and Small Russia (the Ukraine)”. The reverse of efimok featured the double-headed eagle with a crown, and inscriptions “year 7162” and “rouble”. Interestingly, it was the first Russian coin to name the new title of the Russian ruler (appeared in connection with newly obtained territories): “tsar and grand duke of Grand and Small Russia”. Besides roubles, they also minted the so-called “polupoltina” (1/4 of a rouble = 25 kopecks) — a piece of a thaler cut in four parts. The 1654 silver rouble was equal in its weight and value to sixty-four old kopecks, while polupoltina — to sixteen kopecks. At the same time, the government minted “copper efimok” coins — round-shaped half-rouble coins (50 kopecks). That coin looked almost the same as the rouble coin. Coins of other denominations were minted as well: from “poltina” (half-rouble coin) to “altyn” (three kopecks) and “grosh” (two kopecks). Alas, only copper poltinas have managed to survive up to nowadays. However, the majority of population continued paying taxes in old currency (due to heavy expenses of the Russian-Polish war). The newly minted copper coins were used in the European part of Russia only, while in Siberia any payments had to be made in old and new silver currency.
Naive authors of the monetary reform believed that the Tsar’s order would transform copper into silver. According to a Russian chronicler, the government started to pay salaries to officials and military men in copper coins instead of silver currency. In 1655, the Tsar ordered to mint copper kopecks, which looked like the silver ones and were equal to them in value. At the same time, mints continued producing silver money. Kopecks for a total 400 roubles were made from sixteen kilograms of copper. At that time, the government founded the State Mint (the so-called “English Mint” as it was located in the building once belonged to the former English Company). Several hundreds of employees worked at the Mint. Different money rate of silver and copper coins caused breakdown of monetary system, drop in the living standards of the majority of population, and finally led to uprising in Moscow in 1662 — the so-called “Copper riot”. After the Moscow riot, the previous monetary system was restored. Due to low technical level, the Moscow mint, which was oriented on manual labor, failed to produce round coins. Special stamp machines and other equipment got quickly broken. Soon, production of silver and copper round coins was stopped. Still, mints continued making copper “altyns” and “groshes” using the old tried and true method. In the beginning of 1655, the government stopped minting “rouble-efimok” coins and returned to the old system of silver kopecks. In the same year the so-called “efimok with indication” — thalers with two extra marks: a rectangular mark with a date “1665”, and a round kopeck stamp depicting an equestrian was introduced in circulation. From 800,000 to one million “efimok” coins were minted during 1655. The earlier rouble coins dating 1654, for instance, were equaled in value to “efimok”. Sometimes the Moscow Mint used thalers cut in halves. Those “coins” were marked and stamped as well. They were valued as half an “efimok” — 32 kopecks. The Mint stopped marking thalers in the late 1665 or in the early 1656. All of the minted “efimoks” had the date “1655” stamped on them. After the efimoks were introduced in circulation, some people started forging that big foreign silver coins yet little known for the majority of Russian population. To prevent attempts of forging, the government issued an edict that prohibited usage of “efimoks” by foreign merchants in various trade operations on the territory of Russia. European traders had to use old silver kopecks only. Researchers know several types of quite rare “efimok” coins with forged marks. The majority of fakes were made from “lowenthalers” — big silver coins resembling true thalers in size and look, but having lesser silver ingredient. The Russian government purchased such coins largely for the needs of jewelry industry. They were equal in value to thirty-eight kopecks and were called “levak” (from the Russian word “lev” — lion — because of depiction of a lion stamped in them). Some Russian documents of XVII century called “efimok” as “tarel” (similar to thaler). “Efimok” coins remained in circulation up to the early 1659, when the government bought them back for copper money (like roubles and polupoltinas dating 1654). Though marked “efimok” coins were withdrawn from circulation in Russia, they were used in the Ukraine for a long time after that. In the late XVIII century Emperor Paul I tried to “animate” “efimok” coins. It is still unclear why the Emperor decided to do this. Researchers are not aware of his motives as no documents and notes relating to that question survived up to now. Here are some suggestions concerning the Emperor’s idea. The Emperor ordered to mint new rubles (silver content 28.39 g) instead of earlier roubles of lower purity (silver content 18 g). Thus, the new Russian rouble could be an analogue to the so¬called “albertusthaler” — the Dutch coin that played a role of international currency in a number of European countries. That reform would effectively ease Russian foreign trade and make the rouble hard currency. However, those plans failed to be realized, as the Russian Empire lacked natural reserves of silver. Russia had to use West¬European thalers as raw material. At the age of Empress Catherine II, a thaler cost one rouble and forty kopecks. As the new rouble differed from thalers only in appearance, there was a temptation to remint roubles in thalers and sell then again, thus earning 50 per cent of the original rouble price. That is why the Emperor’s 1796 project was rejected, and the government restored the monetary system established during the age of Empress Catherine II. However, the idea to introduce the “European rouble” continued quickening imagination of Russian rulers. The government suggested to mint another silver efimok (equal to 1,5 roubles) of the same weight and silver content as the “alberthaler”. The test sample of the new efimok was minted in 1798. Unfortunately, that project remained unrealized as well, as after the beginning of Napoleonic wars, the West-European thaler significantly decreased in value.
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