The St. George the Victorious: Russia's Investment Shield in the Numismatic World

The image of Saint George the Victorious appears on coins of many countries, but Russian investment coins using this religious motif have a special history. They represent a significant tool for preserving and increasing capital.

Investment and collectible coins: key differences

It's important to understand the difference between investment and collectible coins. Investment pieces, which include the gold coins 'Saint George the Victorious,' are usually issued in large quantities. Their minting quality does not exceed the 'brilliant uncirculated' level.

Collectible issues, on the other hand, are limited in mintage and are often minted using 'proof' technology. When purchasing the 'Victorious' investment coin, investors are exempt from VAT, which makes them an attractive asset.

Gold investment coins 'Saint George the Victorious' are of interest both to investors seeking to profit from changes in precious metal prices and to hoarders who use them to protect their savings from inflation.

The birth of the gold 'Victorious' coin with a face value of 50 rubles

The appearance of the gold 'Victorious' coin in 2006 was a logical continuation of the era of minting gold chervonets, issued from 1975 to 1982. After the 'Sower' was recognized as an investment coin, its reserves, accumulated by the Central Bank back in the Soviet Union, quickly sold out.

This created a shortage in the investment coin market, as owners were not in a hurry to return them to banks. At that time, investment coins made of gold with a purity of 'three nines' and higher were actively minted abroad. The Leningrad Mint already had experience working with high-purity gold, issuing series such as 'Russian Ballet' in both standard and 'proof' quality.

The design of the future investment coin "Saint George the Victorious" was first tested in a gold series dedicated to zodiac symbols. These coins had a simple quality, 999 purity, and a concise reverse design, becoming the prototype for the main investment issue. The author of the design was the People's Artist of Russia A.V. Baklanov.

The nominal value of 50 rubles was chosen by the Bank of Russia specifically for gold coins weighing 7.78 grams, which corresponds to a quarter of a troy ounce. Due to minor impurities in the alloy, the total mass of each coin is 7.89 grams. The coin has a thickness of 1.6 mm, a diameter of 22.6 mm, and 134 serrations on its edge.

Mintage Dynamics and Minting Features

The initial mintage of 150,000 coins could not satisfy the increased demand, leading to a severe shortage just one year after production began. In response, the issuer significantly increased production in subsequent years, reaching the maximum number of coins in 2009.

In 2009, two variants of the obverse appeared – with a small and a large Moscow Mint mark. Although the small mark had been in use since year 20, and the large one appeared in 2008, 2008 specimens with the small mint mark have not yet been encountered.

Investment coins "Saint George the Victorious," issued by the Saint Petersburg and Moscow Mints, have a single numbering in the Bank of Russia catalog, without differentiation by minting location or year. Visually, they can be distinguished: Moscow specimens have a completely matte field and design, whereas for Saint Petersburg coins, only the field is matte, and the relief is executed with a mirror-like gleam.

Since 2016, on all Russian coins, including investment coins, the bank logo was replaced with state heraldic symbols. The production of the gold "Saint George the Victorious" was temporarily suspended, and the updated obverse design, developed by sculptor Dolgopolova and artist Kramskaya, was only presented in 2018.

Special Issues of 2012

The 2012 mintage, issued in collector quality, differs significantly from standard batches. During this period, not only regular "St. Georges" were created, but also double coins with denominations of 50 and 100 rubles. Despite the common theme, they had a different catalog number, 5216-00-0039, and were not considered investment coins. Each denomination was minted in an amount of 10,000 pieces.

There are also 2012 investment "St. Georges" which, for some reason, the Bank of Russia attributes to 2013, despite the minted date. Even greater interest is presented by a 2012 batch made from a different metal – a copper-nickel alloy. These coins were supplied in slabs and had a silvery hue. Experts disagree on their status, considering them either trial specimens or a simple custom issue.

Mintages of "St. George the Victorious" Gold Coins

Since "St. George the Victorious" gold coins attract not only investors but also collectors, knowing their annual mintages helps assess the rarity and potential value of each specimen. The data below duplicates information from Bank of Russia catalogs but may differ from the Central Bank's initial plans. For instance, the 2015 mintage was reduced to 30,000 pieces instead of the planned hundreds of thousands, and the 500,000 specimens scheduled for 2016 were never minted. Proof quality mintages are not included in this list.

For 2020, the Central Bank planned an issue of up to 500,000 copies, but the final data will be clarified in the 2021 catalog. Mintage plans for subsequent years have not yet been disclosed.

Interesting Facts about the 'Victorious'

The high fineness of the precious metal in the first issues of the 'Victorious' not only attracted investors but, according to rumors, also interested dental clinics and jewelry workshops. This may have been one of the reasons for the increased value of the 2006 copies.

The design of these coins harmoniously combines the image of Saint George the Victorious, traditionally found on kopeck denominations, and the double-headed heraldic eagle, characteristic of more valuable metal currency. By 2015, 27 tons of pure gold had been used to mint these coins.

Excluding 'proof' quality collector's issues, 4,710,000 copies of the 'Victorious' were minted from 2006 to 2019. If the plans for 2020 are realized, the total number will exceed 5 million coins. Saint George is minted not only in Russia but also in Great Britain, where he is depicted on sovereigns with a sword instead of a spear.

The Importance of Investment Coin Packaging

For investment coins, packaging plays a crucial role. Although their value is primarily determined by the price of the precious metal, the absence of original packaging can significantly reduce their market value. Below is information on how coins from different years of issue were packaged:

Condition and Potential Defects of St. George the Victorious Coins

When selling investment coins, in addition to the quality and condition of the packaging, the preservation of the coin itself is critically important. For example, Sberbank, even with minor defects such as scuffs, scratches, or spots, reclassifies the coin as discounted and purchases it at a significantly lower price.

A particular problem arose with the St. George the Victorious coins from the first mintages, issued by the Saint Petersburg Mint, on which "rust" appeared over time. This raised legitimate concerns about the purity of the precious metal. Banks and dealer companies often refused to buy back such specimens from owners at the standard price.

In response to these claims, experts speculated that the cause could be improper storage conditions – failure to adhere to temperature and humidity regimes, or the opening of protective capsules. It is important to remember that storage rules prohibit direct handling of coins without protective gloves, as fingerprints are extremely difficult to remove, and over time, oily and sweat particles can cause oxidation, especially on proof-quality coins.

Manufacturers explain the phenomenon of gold "rusting" by the peculiarities of the minting technology. On specimens issued by the SPMD (Saint Petersburg Mint), not only brown "rust" but also greenish oxides are found. This indicates a widespread manufacturing defect, which, however, is not acknowledged by the manufacturer.

The well-known businessman German Sterligov encountered this problem after acquiring a batch of gold investment St. George the Victorious coins. During the proceedings, he managed to obtain recognition from the Bank of Russia that the cause of oxidation could be foreign microparticles present in the coins.

If a gold coin begins to "rust," there's no need to panic. Owners are advised to seek out a dealer company that offers the maximum price for a St. George the Victorious coin with such defects. Sales can also be made online, where the value can sometimes exceed the price offered by Sberbank for coins in perfect condition. Furthermore, such "damaged" coins may become rare and more valuable over time, as they are actively withdrawn from circulation for remelting.