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Kurr
1000+ Penny Miser Member
2906 Posts |
 Posted - 06/07/2009 : 09:02:03
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Boris Gryzlov, the speaker of the Russian Parliament, the State Duma, said that the participants of the Economic Forum in St. Petersburg would discuss a possibility of making ruble coins from precious metals.
"We could offer the world the Russian ruble made of palladium. It would be a very strong currency. One may recollect the golden ruble, which Russia had during the tsarist times. It was a freely convertible currency and was circulating very well,” Gryzlov told reporters Thursday.
The President of the Association of Russian Banks, Garegin Tosunyan said that the coins made of precious and semi-precious metals would obviously be in demand on the market. “It has little to do with convertibility, but it would be quite normal as a measure against inflation and devaluation. Why not?” he said.
State Duma deputy Anatoly Aksakov believes that such a measure would not be effective.
“Such coins will become a numismatic rarity, a must-have for private collectors. Golden ten-ruble coins used to play a positive role in domestic and international settlements indeed, although it was the period of hyperinflation. The Russian economy should be modernized to make the ruble attractive.
Palladium is a rare and lustrous silvery-white metal that was discovered in 1803 by William Hyde Wollaston, who named it after the asteroid Pallas, which in turn, was named after the epithet of the Greek goddess Athena, acquired by her when she slew Pallas.
Palladium, along with platinum, rhodium, ruthenium, iridium and osmium form a group of elements referred to as the platinum group metals (PGMs). Platinum group metals share similar chemical properties, but palladium has the lowest melting point and is the least dense of these precious metals. The cost of one gram of palladium makes up about $8.
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The silver [is] mine, and the gold [is] mine, saith the LORD of hosts. Hag 2:8 [/b]
He created it. He controls it. He gave it to us for His use. Why did we turn from sound scriptural currency that PROTECTS us?
KJV Bible w/ Strong's Concordance: http://www.blueletterbible.org/
The book of The Hundreds: http://www.land.netonecom.net/tlp/ref/boh/bookOfTheHundreds_v4.1.pdf
The Two Republics: http://www.whitehorsemedia.com/docs/THE_TWO_REPUBLICS.pdf
Good reading: http://ecclesia.org/truth/government.html
A number of people are educated beyond, sometimes way beyond, their intelligence. - Tenbears
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Country
1000+ Penny Miser Member
USA
3121 Posts |
Posted - 06/07/2009 : 09:31:35
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I think I agree with "Duma deputy Anatoly Aksakov believes that such a measure would not be effective." The coins will not circulate. They will be acquired by those who have the links to the Russian government and then they will be exported out of Russia.
I don't think the Russian people will ever see them. Paper rubles are spent as soon as received on anything tangible for fear of state devaluation of the currency. |
---> Come to the new and improved realcent: http://realcent.org
The things that will destroy America are prosperity-at-any-price, peace-at-any-price, safety-first instead of duty-first, the love of soft living, and the get-rich-quick theory of life.
– Theodore Roosevelt
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Edited by - Country on 06/07/2009 09:54:22 |
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Copper Catcher
Administrator
USA
2092 Posts |
Posted - 06/07/2009 : 09:45:28
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| I agree it would never been in circluation....I do remember a coin some time ago i.e. made out of palladium, maybe it was a Franklin Mint piece, that was Russian. It was not very well received and sold for spot or close to it. |
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Neckro
1000+ Penny Miser Member
Saudi Arabia
2080 Posts |
Posted - 06/07/2009 : 10:08:06
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| I dunno, but if it was made artistically, I'd buy them. |
Trolling is an art. |
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keys
Penny Collector Member
383 Posts |
Posted - 06/07/2009 : 14:06:19
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1 gram of palladium sells for about $8 or roughly 248 Rubles.
(One Ruble = .0323 US Cents per Kitco)
If the coin weighed 5 grams, its melt value would be $40, or 1240 Rubles
So in order for the coin to circulate, to encourage its use as money and discourage its being melted for its metal content, its face value would have to be at least 1500 Rubles, or $48.50.
2000 Roubles ($64.60) would be a better face value to allow for the possible increase in the price of palladium in the future.
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I change with the times-
but like silver coins found in your change
I stay the same.
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The United States of America started out as the new Republic of Rome.
Will The United States of America end up as the New Imperial Rome? |
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Lemon Thrower
1000+ Penny Miser Member
USA
1588 Posts |
Posted - 06/07/2009 : 15:08:31
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| russia made a ballerina coin in the 80's i believe that was palladium. you sometimes see it on ebay or apmex. |
Buying:
Peace/Morgan G+ at $15.00
copper cents at 1.3X
wheat pennies at 3X
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horgad
1000+ Penny Miser Member
USA
1641 Posts |
Posted - 06/08/2009 : 08:28:46
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They should make it like a forever stamp.
1. By law spendable at any place that excepts rubles
2. Adjustable face value set by the government quarterly
3. Face value always a round, easy to remember number like by 5's
4. Guarentee it to never fall below minimal face value
Government makes money selling palladium above face. Buyers get protection from both inflation and deflation and there is no reason that it should fall out circulation because the melt value is never allowed to go above face.
Also supports paper rubles instead of just competing with them, because people need the paper to make change and for smaller purchases.
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keys
Penny Collector Member
383 Posts |
Posted - 06/08/2009 : 09:32:39
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A "Forever Coin"
That is a neat idea horgad.
I guess it could be stamped with the denomination
'2000 Rubles minimum'
and have a daily denomination listing in the business section of major newspapers.
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I change with the times-
but like silver coins found in your change
I stay the same.
*****************
The United States of America started out as the new Republic of Rome.
Will The United States of America end up as the New Imperial Rome? |
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Russian ruble to go palladium
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