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A major American numismatic auction by Heritage took place from December 6 to 9, 2025. This event can be considered a premium-segment auction, as it featured lots valued from several hundred to hundreds of thousands of dollars.
A major American numismatic auction by Heritage took place from December 6 to 9, 2025. This event can be considered a premium-segment auction, as it featured lots valued from several hundred to hundreds of thousands of dollars.
A total of 289 lots dedicated to Russian coins were offered at the auction. A key feature of American auctions like Heritage and Stacks is the mandatory requirement for coin certification. Absolutely all presented specimens were in slabs, which guarantees their authenticity and condition assessment.
The most expensive lot of the auction was a 1702 3-ducat gold coin from the reign of Peter I. Despite having an NGC AU Details grade due to traces of being removed from jewelry, it was sold for an impressive sum of $720,000, including the 20% auction house commission.
An interesting feature of this lot was the public information about the reserve price. The coin's owner had set an official reserve of $900,000. Since the final price did not reach this threshold, it remains an open question whether the owner will agree to sell for $720,000 or prefer to take the lot back, paying a commission to the auction house in the process.
Among the most expensive lots were large gold coins. One of them was a 25 Ruble coin from 1876, minted during the reign of Alexander II. This rare coin, in Proof quality with an NGC PR62 grade, was sold for $492,000.
In Russian Empire numismatics, coins of Proof quality, from copper to gold, are valued significantly higher than standard issues. This specimen was no exception, achieving a high result.
Another unique coin sold for slightly less — a 37 Rubles 50 Kopecks from 1902 of Nicholas II. A specimen in high preservation, graded MS64, was sold for $480,000. These coins were minted in a small mintage, presumably for a French exhibition, and finding them in good condition is a great rarity.
| Denomination and Year | Grade | Final Price |
| 25 Rubles (2 1/2 Imperials) 1896 | NGC MS63+ | $480,000 |
| 10 Rubles (Imperial) 1897 | NGC MS64 | $408,000 |
Other rare coins from the reign of Nicholas II also attracted high interest from collectors. Two lots reached prices of $480,000 and $408,000, respectively. These results demonstrate the high value of Imperial Russian gold coins in good condition.
The sales results for two key Imperials are presented below.
It is worth noting that the 10-Ruble Imperial of 1897, despite its higher grade, sold for less due to its larger mintage compared to the 25-Ruble coin of 1896.
In addition to gold coins, other numismatic rarities were presented at the auction, including platinum coins. For example, a 12 Ruble platinum coin from 1835 in MS61 grade sold for $126,000. Another interesting lot, a 6 Ruble coin from 1829 in exceptional MS66 condition, was sold for $102,000. Such a grade is extremely high for platinum coins.
The auction demonstrated that high demand exists not only for coins in the highest price segment. Commemorative and rare circulation specimens also showed significant results. For example, the famous 'Gangut' Ruble of 1914, with details but no serious damage, was sold for $13,200.
Another interesting lot was a 25 Kopecks coin from 1901 in Proof quality with a PR58 grade. This coin, being the rarest in the series of Nicholas II's 'chetvertaks' (quarter-rubles), sold for $5,520. The result could have been higher if not for the relatively low preservation for a coin of this type.
A rare variety of the 5 Ruble coin from 1900 (FZ) with a large portrait of the emperor also fetched a high price. In MS66 condition, the coin was sold for $5,520. This highlights how a rare variety and a high degree of preservation affect the final value.
The 5-Ruble coin of Alexander III from 1894 is of particular interest. This year is one of the rarest for this denomination. A specimen in MS61 condition was sold for $4,680, which indicates a growing demand for coins from this period. In AU (About Uncirculated) condition, such coins are already worth thousands of dollars.
Also featured at the auction was an interesting 5-Ruble coin from 1887. Despite its MS62 grade, it raised questions due to its appearance, which is atypical for such a level of preservation. Nevertheless, it was sold for $2,880. The most common year for Alexander III's 5-Ruble coins is 1889, which in AU58 condition sold for $1,440.
