Poltina - Peter I

The 1723 poltina occupies an awkward moment in Peter's monetary reforms — the tsar had been systematically overhauling Russian coinage since 1700, but silver fractional denominations remained inconsistent in both alloy and weight throughout his reign. The .728 fineness here reflects a deliberate debasement from earlier issues, a pragmatic concession to the chronic silver shortages plaguing the treasury during the ongoing Northern War's financial aftermath.

KM#161.1 distinguishes this as the first major die variety of the type. Peter died in February 1725, leaving this among the last poltina designs produced under his direct authority.