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Among the gold coins of Nicholas II, there are both recognized and hidden rarities. The former include, for example, the 5-ruble coin of 1909. It is traditionally considered rare and is marked with the letter 'R' in most catalogs, including the Bitkin catalog.
Among the gold coins of Nicholas II, there are both recognized and hidden rarities. The former include, for example, the 5-ruble coin of 1909. It is traditionally considered rare and is marked with the letter 'R' in most catalogs, including the Bitkin catalog.
Most surviving specimens of this coin are in good condition, which allows them to receive high ratings, or grades, from specialized companies. For example, the specimen shown here, graded MS 62 by an American grading company, is an uncirculated coin. Overall, any 5-ruble coin from 1909 is considered quite rare and is a familiar rarity for collectors.
| Denomination | Degree of Rarity |
| 10 Rubles | Found, though not extremely often |
| Rubles and Poltinas | Are extremely rare |
| 5 Rubles | Also extremely rare |
Unlike known rarities, there are coins whose rarity is not obvious. A prime example is the 5-ruble coin of 1901 with the letters 'АР'. In most catalogs, this coin is not marked as rare, yet finding it in good condition can be many times more difficult and expensive than a 1909 specimen.
The letters 'АР' are the initials of mintmaster Alexander Redko, who took this post at the mint in 1901. Coins with his initials are generally uncommon, and their rarity depends on the denomination.
The main problem with these coins is their preservation. Extremely few specimens have survived in decent condition, without signs of wear from circulation or defects from a worn-out minting die. Over several years, Russian grading companies have assigned the MS (Mint State) category to only a few such coins. This is precisely what makes it a hidden rarity.
Another hidden rarity is the 5-ruble coin of 1897. This was the first 5-ruble coin issued in the new, smaller size under Nicholas II, and it features the characteristic 'first type' portrait. Although the coin is not rare by mintage, it is a rarity by condition.
The vast majority of these coins are found in a heavily worn state. Finding a specimen in a high grade of preservation is a great collector's fortune. The search for such a coin can take months, as they appear on the numismatic market very infrequently.
Other portrait varieties from this year also exist, such as the so-called 'large heads,' which were possibly intended for foreign trade. However, it is the most common and characteristic coins from the first year of mintage that are extremely rare in high quality, making them a desirable item for many collectors.
