1 Ruble – Russian Empire

In 1737, the Russian Empire's currency system was defined by the copper kopeck as the primary circulating coinage, a legacy of the monetary reforms of Peter the Great. The silver ruble remained the official unit of account, but a severe shortage of silver meant that large transactions and state finances relied heavily on cumbersome copper money. This created a practical disconnect, as the populace dealt primarily in heavy bags of copper coins, while state accounting and international trade were conducted in a silver standard that had limited physical presence.

The system was under significant strain due to the ongoing Russo-Turkish War (1735–1739), which placed enormous fiscal pressure on Empress Anna Ioannovna's government. Military expenditures were funded through increased minting of copper coins at state-owned mints, a process that risked inflation. Furthermore, the empire contended with widespread counterfeiting and the circulation of inferior, lightweight "thieves' money" (vorovskie den'gi), which further eroded public trust in the currency and complicated commerce.

Consequently, the monetary policy of the period was largely reactive and focused on maintaining stability. The government enforced strict laws against counterfeiting and attempted to regulate the weight and purity of copper coins to preserve their value. However, the fundamental structural issues—the lack of silver, the reliance on war-driven copper issuance, and the dual system of account versus circulation—remained unresolved, setting the stage for future monetary crises and reforms later in the 18th century.