A rare 12-ruble Russian platinum coin, struck in 1834, graded PCGS Proof 63 Cameo, was sold by Auction World on 23rd April in Tokyo for 17,728,000 Japanese yen.
Platinum was discovered around 1825 in the Ural Mountains. 3-, 6- and 12-ruble platinum coins were issued by Russia in 1828 for Czar Nicholas I. Its value was 1/3rd that of Gold. Platinum was more durable and had very good striking qualities.
Many 3-ruble coins were struck. However, 6 and 12-ruble platinum coins were struck as presentation pieces and other special issues. Experts believe that only 11 examples of the 1834 12-ruble coin were produced.
In 1845, platinum coinage was discontinued in 1845. The remaining coins were melted down as the public was not in favour of these pale metal coins.
Image Courtesy: Auction World