Watch List notes:

RUSSIA. 1/4 Ducat (1/4 Ugorsky), 16(54). Alexei Mikhailovich. PCGS MS-62 Gold Shield.
Fr-46; KM-40; Petrov-Pl. 11 # 114; Spassky-Pg.131 Fig.94 #5. VERY RARE in this state of preservation. Obverse: Double headed eagle; Reverse: Six-line inscription. A well struck example on an oblong compact planchet. Most of the double-headed Imperial eagle is clear, but portions of the wings and tail are off the flan. Overall a handsome example of a seldom seen type in stellar condition.

Though not intended for circulation, the gold issues of Alexei Mikhailovch were meant as soldiers decorations rather then payment. Dependent upon ones social status would determine the size of the decoration. The fractional issues such as the present example appear to be the result of the Treaty of Pereyaslav, concluded by Bogdan Khmelnitsky (Bohdan Khmelnytsky) in 1654. This treaty stipulated that Khmelnitsky would pledge his allegiance to the Tsardom of Russia for military protection.

We sold an inferior example, PCGS AU-50, in our January 11, 2018 NYINC auction Lot # 21317 for an astonishing $7,000- plus the buyers fee.

Estimate: $8000.00- $12000.00