Watch List notes:

RUSSIA. Kopek, 1796. Catherine II (The Great). PCGS EF-45 Gold Shield.
Bit-H949?; Brekke-11. "Cipher Series" Struck over a kopek of the monogram/St. George type (KM C57) of uncertain date and mint. Vertically reeded edge. A little rough from the restriking. Attractive brown surfaces, with even wear from circulation.

Brekke notes that the "cipher kopek" was part of a recoinage of Russian copper ordered by Catherine II just before her death. The plan was to redeem overissued paper currency with coppers that had been doubled in face value. Her successor, Paul I, who had opposed this ill-advised project, reversed her edict and none made their way into circulation except for a few smuggled examples such as this one. The SCWC lists this as a novodel, which assuredly exists, but this one clearly circulated. The catalog numbers we have given are for the variety with obliquely reeded edge.

Estimate: $2000.00- $4000.00