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Jefimok Rouble - Alexey Mikhailovich Countermarked over 'Austria Hall Mint Taler 1613'
| Issuer | Russian Empire |
|---|---|
| Year | 1655 |
| Type | Standard circulation coin |
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| Composition | Log in to see details |
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|---|---|
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| Reverse description | The reverse of the host 1613 Hall Mint Taler displays the Imperial double-headed eagle displayed, with wings spread, bearing the Habsburg arms on its breast within an ornate shield. The surrounding Latin legend continues the royal and imperial titulature. The field shows characteristic wear and the surface exhibits the natural patina associated with a coin that circulated extensively prior to countermarking. No additional Russian countermarks are present on the reverse. |
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| Mint | Hall Mint, Tyrol (Austria) |
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| Additional information |
The jefimok policy of 1655 was a fiscal emergency measure. Russia lacked the silver mining infrastructure to produce roubles from domestic metal, so Alexey Mikhailovich's treasury simply bought up Western thalers in bulk and countermarked them into legal tender at one rouble each — a valuation roughly double their intrinsic worth. The arbitrage was unsustainable. By 1659, the issue was demonetized, accepted back by the state at just 64 kopeks apiece.
The Hall Mint taler of 1613 used as the host here was already four decades old when stamped. Innsbruck's Hall an der Inn facility was one of the most prolific in the Habsburg lands, which explains why its output turns up so frequently as jefimok hosts.