3 Rubles – Russian Federation
Russia
Context
Year: 2017
Country: Russia 
Issuer: Russian Federation
Period:
(since 1991)
Currency:
(since 1998)
Total mintage: 5,000
Material
References
Value
Exchange value: 3 RUB
Bullion value: $89.85
Inflation-adjusted value: 5.88 RUB
Obverse
Description:
On the mirror field: the relief National Coat of Arms of the Russian Federation. Above it, a semicircular rim inscription "РОССИЙСКАЯ ФЕДЕРАЦИЯ" framed by doubled rhombuses. Below: left - metal and fineness, right - fine metal content and mint mark. Centered at bottom in three lines: "БАНК РОССИИ", "3 РУБЛЯ", and "2017 г.".
Inscription:
РОССИЙСКАЯ ФЕДЕРАЦИЯ
Ag 925 31,1
СПМД
БАНК РОССИИ
3 РУБЛЯ
2017 г.
Ag 925 31,1
СПМД
БАНК РОССИИ
3 РУБЛЯ
2017 г.
Translation:
RUSSIAN FEDERATION
Ag 925 31.1
SPMD
BANK OF RUSSIA
3 ROUBLES
2017
Ag 925 31.1
SPMD
BANK OF RUSSIA
3 ROUBLES
2017
Language: Russian
Engraver: Alexandra Arsenyevna Dolgopolova
Designer: Elena Viktorovna Kramskaya
Reverse
Description:
The mirror field features the Saviour's Transfiguration Church of the Svensk Monastery in relief, with the monastery's outline in the background. The rim is inscribed: "ЦЕРКОВЬ СПАСА ПРЕОБРАЖЕНИЯ СВЕНСКОГО МОНАСТЫРЯ" above and "БРЯНСКАЯ ОБЛАСТЬ" below.
Inscription:
ЦЕРКОВЬ СПАСА ПРЕОБРАЖЕНИЯ СВЕНСКОГО МОНАСТЫРЯ
БРЯНСКАЯ ОБЛАСТЬ
БРЯНСКАЯ ОБЛАСТЬ
Translation:
Church of the Savior of the Transfiguration of the Sven Monastery
Bryansk Oblast
Bryansk Oblast
Script: Cyrillic
Language: Russian
Engraver: Alexander Nikolaevich Bessonov
Designer: Lidiya Alexandrovna Evdokimova
Edge
300 corrugations
Categories
| Building> Religious building |
Mints
| Name | Mark |
|---|---|
| Saint Petersburg | (СПМД) |
Mintings
| Year | Mint Mark | Mintage | Quality | Collection |
|---|---|---|---|---|
| 2017 | СПМД | 5,000 | Proof |
Historical background
In 2017, the Russian economy and its currency, the ruble, were in a period of relative stabilization following the severe shocks of 2014-2015. The primary drivers of the earlier crisis—the sharp decline in global oil prices and the imposition of Western financial sanctions following the annexation of Crimea—remained in place, but their acute pressure had eased. The ruble had found a new, weaker equilibrium, trading in a range of roughly 55 to 60 rubles per US dollar for much of the year, which was significantly depreciated from pre-2014 levels but stable. This stability was underpinned by a rebound in oil prices, which averaged around $53 per barrel for Brent crude, and the economy's painful adjustment to the new normal, including a shift towards import substitution.
Monetary policy by the Central Bank of Russia (CBR) was a key factor in this stabilization. Having moved to a free-floating exchange rate in late 2014, the CBR focused decisively on inflation targeting. Throughout 2017, it pursued an aggressive cycle of interest rate cuts, reducing the key rate from 10% at the start of the year to 7.75% by December. This was possible because annual inflation had fallen dramatically to a post-Soviet low of around 3-4%, down from double-digit figures just two years prior. The rate cuts aimed to stimulate lending and economic growth, but were carefully calibrated to avoid triggering a new wave of ruble depreciation and inflation.
Overall, the financial atmosphere in 2017 was one of cautious normalization. The federal budget was adjusted to a "budget rule" that directed oil revenues above a certain threshold into reserves, shielding the ruble from direct hydrocarbon volatility. While structural weaknesses persisted and growth remained anemic at 1.5% GDP growth, the currency crisis was over. The ruble's value in 2017 was largely dictated by the dual anchors of global oil prices and the CBR's credible inflation-focused policy, allowing the government and businesses to operate with greater predictability despite the ongoing geopolitical tensions.
Monetary policy by the Central Bank of Russia (CBR) was a key factor in this stabilization. Having moved to a free-floating exchange rate in late 2014, the CBR focused decisively on inflation targeting. Throughout 2017, it pursued an aggressive cycle of interest rate cuts, reducing the key rate from 10% at the start of the year to 7.75% by December. This was possible because annual inflation had fallen dramatically to a post-Soviet low of around 3-4%, down from double-digit figures just two years prior. The rate cuts aimed to stimulate lending and economic growth, but were carefully calibrated to avoid triggering a new wave of ruble depreciation and inflation.
Overall, the financial atmosphere in 2017 was one of cautious normalization. The federal budget was adjusted to a "budget rule" that directed oil revenues above a certain threshold into reserves, shielding the ruble from direct hydrocarbon volatility. While structural weaknesses persisted and growth remained anemic at 1.5% GDP growth, the currency crisis was over. The ruble's value in 2017 was largely dictated by the dual anchors of global oil prices and the CBR's credible inflation-focused policy, allowing the government and businesses to operate with greater predictability despite the ongoing geopolitical tensions.
✨ Legendary