3 Rubles – Russian Federation
Non-circulating coins
Commemoration: The International Arctic Year
Russia
Context
Year: 2007
Country: Russia 
Issuer: Russian Federation
Period:
(since 1991)
Currency:
(since 1998)
Total mintage: 10,000
Material
References
Value
Exchange value: 3 RUB
Bullion value: $89.22
Inflation-adjusted value: 14.15 RUB
Obverse
Description:
Central design: Bank of Russia emblem (two-headed eagle, wings down, with "BANK OF RUSSIA" inscription). Encircled by dots and text: top - "THREE ROUBLES"; bottom left - metal and fineness; centre - "2007"; right - fine weight and mint mark.
Inscription:
ТРИ РУБЛЯ
БАНК РОССИИ
• Ag 925 • 2007 г. • 31,1 СПМД •
БАНК РОССИИ
• Ag 925 • 2007 г. • 31,1 СПМД •
Translation:
THREE RUBLES
BANK OF RUSSIA
• Ag 925 • 2007 yr. • 31,1 SPMD •
BANK OF RUSSIA
• Ag 925 • 2007 yr. • 31,1 SPMD •
Language: Russian
Designer and engraver: Alexander Vasilyevich Baklanov
Reverse
Description:
Four explorers with a flag stand before a stylized Arctic map, with a polar station tent to the right. Below, the rim reads: «МЕЖДУНАРОДНЫЙ ПОЛЯРНЫЙ ГОД» (THE INTERNATIONAL ARCTIC YEAR).
Inscription:
МЕЖДУНАРОДНЫЙ ПОЛЯРНЫЙ ГОД
Translation:
International Polar Year
Script: Cyrillic
Language: Russian
Engraver: Anton Dmitrievich Schablykin
Designer: Alexander Vasilyevich Baklanov
Edge
300 corrugations
Mints
| Name | Mark |
|---|---|
| Saint Petersburg | (СПМД) |
Mintings
| Year | Mint Mark | Mintage | Quality | Collection |
|---|---|---|---|---|
| 2007 | СПМД | 10,000 | Proof |
Historical background
In 2007, the Russian Federation's currency situation was characterized by robust strength and significant accumulation of reserves, marking the peak of a multi-year boom driven by high global commodity prices. The Russian ruble (RUB) experienced a sustained appreciation against a bi-currency basket of the US dollar and the euro, as the Central Bank of Russia (CBR) pursued a managed float policy. This policy involved regular interventions to curb excessive ruble strength, which threatened export competitiveness, leading to a steady increase in foreign exchange and gold reserves, which soared to a record $478.8 billion by year's end, making Russia the world's third-largest holder.
This financial strength was fundamentally underpinned by record-high prices for oil and natural gas, Russia's key exports. Urals crude oil averaged approximately $69 per barrel in 2007, flooding the state coffers with revenue and creating a large balance of payments surplus. The government's fiscal discipline, exemplified by the creation of the Stabilization Fund in 2004 (split into the Reserve Fund and National Welfare Fund in 2008), helped sterilize part of this petrodollar inflow, mitigating inflationary pressures. However, inflation remained a persistent concern, ending the year at 11.9%, driven by strong domestic demand, wage growth, and capital inflows.
Looking ahead, the prevailing sentiment in 2007 was one of optimism and stability, with the ruble increasingly seen as a symbol of Russia's economic resurgence. The focus was on continued liberalization of the currency regime, with discussions about making Moscow an international financial center and potentially easing capital controls. However, this apparent stability was built on a vulnerable mono-structural foundation. The global financial crisis, which began in 2008, would soon expose these vulnerabilities, triggering a sharp devaluation of the ruble, a dramatic fall in reserves, and a stark reversal of the trends that defined the seemingly prosperous currency situation of 2007.
This financial strength was fundamentally underpinned by record-high prices for oil and natural gas, Russia's key exports. Urals crude oil averaged approximately $69 per barrel in 2007, flooding the state coffers with revenue and creating a large balance of payments surplus. The government's fiscal discipline, exemplified by the creation of the Stabilization Fund in 2004 (split into the Reserve Fund and National Welfare Fund in 2008), helped sterilize part of this petrodollar inflow, mitigating inflationary pressures. However, inflation remained a persistent concern, ending the year at 11.9%, driven by strong domestic demand, wage growth, and capital inflows.
Looking ahead, the prevailing sentiment in 2007 was one of optimism and stability, with the ruble increasingly seen as a symbol of Russia's economic resurgence. The focus was on continued liberalization of the currency regime, with discussions about making Moscow an international financial center and potentially easing capital controls. However, this apparent stability was built on a vulnerable mono-structural foundation. The global financial crisis, which began in 2008, would soon expose these vulnerabilities, triggering a sharp devaluation of the ruble, a dramatic fall in reserves, and a stark reversal of the trends that defined the seemingly prosperous currency situation of 2007.
💎 Very Rare