3 Rubles – Russian Federation
Non-circulating coins
Commemoration: The XXII Olympic Winter Games and the XI Paralympic Winter Games of 2014 in the City of Sochi
Russia
Context
Year: 2013
Country: Russia 
Issuer: Russian Federation
Period:
(since 1991)
Currency:
(since 1998)
Total mintage: 300,000
Material
Weight: 31.5 g
Silver weight: 31.47 g
Thickness: 4.2 mm
Shape: Rectangular
Composition: 99.9% Silver
Standard: Silver ounce
Magnetic: No
Technique: Milled
Alignment: Medal alignment
flip
References
Value
Exchange value: 3 RUB
Bullion value: $91.43
Inflation-adjusted value: 8.37 RUB
Obverse
Description:
Central relief of the Russian Federation's coat of arms (a double-headed eagle with crowns, holding a sceptre and orb, bearing a shield with a horseman slaying a dragon). Above: "РОССИЙСКАЯ ФЕДЕРАЦИЯ". Below: denomination and date. Along the bottom rim: mint mark, metal/fineness, and fine metal content.
Inscription:
РОССИЙСКАЯ ФЕДЕРАЦИЯ
3 РУБЛЯ
2013 г.
ММД Ag 999 31,1
3 РУБЛЯ
2013 г.
ММД Ag 999 31,1
Translation:
RUSSIAN FEDERATION
3 ROUBLES
2013
MMD Ag 999 31.1
3 ROUBLES
2013
MMD Ag 999 31.1
Language: Russian
Engraver: Alexandra Arsenyevna Dolgopolova
Designer: Elena Viktorovna Kramskaya
Reverse
Description:
A relief of Hare, the 2014 Sochi Olympics mascot, with "SOCHI 2014" and the Olympic rings below.
Inscription:
СОЧИ
2014
2014
Translation:
SOCHI
2014
2014
Script: Cyrillic
Language: Russian
Designer: Elena Viktorovna Kramskaya
Edge
256 corrugations
Categories
| Sport> Winter Olympic Games |
Mints
| Name | Mark |
|---|---|
| Moscow Mint | (ММД) |
| Saint Petersburg | (СПМД) |
Mintings
| Year | Mint Mark | Mintage | Quality | Collection |
|---|---|---|---|---|
| 2013 | ММД | 300,000 | ||
| 2013 | СПМД | — |
Historical background
In 2013, the Russian ruble exhibited relative stability, marking a period of calm before the significant volatility that would characterize the following years. The currency traded in a managed float within a dual-currency basket band (55% USD, 45% EUR) set by the Central Bank of Russia (CBR). This stability was underpinned by high global oil prices, which averaged over $100 per barrel for much of the year, ensuring strong foreign currency inflows from hydrocarbon exports. Consequently, Russia maintained substantial foreign exchange reserves, exceeding $500 billion, which provided a robust buffer against external shocks and allowed the CBR to intervene smoothly to curb excessive fluctuations.
However, underlying structural vulnerabilities and external pressures were mounting beneath this stable surface. The Russian economy was experiencing a pronounced slowdown, with GDP growth decelerating to just 1.3% for the year, its weakest pace since the 2009 global financial crisis. This stagnation was driven by a lack of investment, poor productivity growth, and a deteriorating business climate, highlighting the economy's deep dependence on commodity revenues. Furthermore, geopolitical tensions were beginning to simmer, with debates over Ukraine's potential association agreement with the European Union creating unease in financial markets, though the full-scale crisis was still ahead.
By the end of 2013, the ruble's stability was increasingly perceived as fragile and contingent on sustained high energy prices. The CBR was in a transitional phase, gradually widening the ruble's trading band as part of a long-stated policy move towards a free float, aiming to insulate its reserves and shift to inflation targeting. This period, therefore, represented the final chapter of relative calm, with the economy's fundamental weaknesses and looming geopolitical events setting the stage for the currency turbulence that would erupt in 2014 following the annexation of Crimea and the concurrent collapse in oil prices.
However, underlying structural vulnerabilities and external pressures were mounting beneath this stable surface. The Russian economy was experiencing a pronounced slowdown, with GDP growth decelerating to just 1.3% for the year, its weakest pace since the 2009 global financial crisis. This stagnation was driven by a lack of investment, poor productivity growth, and a deteriorating business climate, highlighting the economy's deep dependence on commodity revenues. Furthermore, geopolitical tensions were beginning to simmer, with debates over Ukraine's potential association agreement with the European Union creating unease in financial markets, though the full-scale crisis was still ahead.
By the end of 2013, the ruble's stability was increasingly perceived as fragile and contingent on sustained high energy prices. The CBR was in a transitional phase, gradually widening the ruble's trading band as part of a long-stated policy move towards a free float, aiming to insulate its reserves and shift to inflation targeting. This period, therefore, represented the final chapter of relative calm, with the economy's fundamental weaknesses and looming geopolitical events setting the stage for the currency turbulence that would erupt in 2014 following the annexation of Crimea and the concurrent collapse in oil prices.
✨ Legendary