Watch List notes:

RUSSIA. 37-1/2 Rubles (100 Francs), 1902-(★). St. Petersburg Mint. Nicholas II. NGC MS-62.
Fr-170; KM-Y-B65; Bit-315 (R2); Sev-578 (RRR). Mintage: 235. Undoubtedly a titan of Russian numismatics, especially from the waning years of the empire and among the 20th century strikings, this large-format issue surpasses other gold denominations in terms of size and RARITY. Presenting the czar's familiar head on the obverse, this type displays the denomination on the reverse in both Rubles and Francs, owing to the French-focused banking interests within the imperial court. Extremely lustrous and tantalizing, with flashy mirroring in the fields and a subtle frosting upon the devices that yields an enticing prooflike cameo nature. Undoubtedly a specimen that will generate immense enthusiasm and endless fascination.

Struck at a time shortly after Russia went onto the international gold standard, the piece is heavily influenced by foreign banking interests. Beginning in the late 18th century, and becoming more pronounced as the 19th century progressed, Russia increasingly relied upon foreign banking consortia to float Russian bonds. At first, funds were raised primarily in Amsterdam, then in Germany, and, by late in the 19th century, almost exclusively in France. The inclusion of "100 Francs" in the reverse legend--denoting the coin's adherence to the Latin Monetary Union--also clearly demonstrated the economic ties that Russia had with lenders in France. The Rothschild banking empire based in Paris, where many Russian bonds were placed, was a major participant in underwriting the Russian bond offering floated in early 1901, and may well be the source of the gold within the coin offered here. Containing the exact same gold content of a contemporary French 100 Francs and struck in the same 0.900 fine gold alloy, this 37 Rubles and 50 Kopeks piece would have been interchangeable at par in circulation. Bitkin describes the coin as a "donative," suggesting the coins were never intended to circulate, but instead were meant as gifts to gain influence while conducting official Russian state business. S. I. Chizhov, in his book Outline of Certain Types of Russian Coins in Past Two Centuries, states: "These coins were not struck for circulation but selected for high dignitaries in the amount of 225 specimens. In all, 200 pieces were presented to His Majesty for personal gifts on special occasions. The remaining 25 specimens were turned over to H. I .H. Grand Duke George Mikhailovich." To view all items from the Rothschild-Piatigorsky Collection, click here. To learn more about the collection, click here.

From the Rothschild-Piatigorsky Collection.

Estimate: $150000 - $250000