William Pole to Faraday   12 November 1835¹

3 Stone Buildings | 12 Nov. 1835.

My dear Sir

Many thanks for your 10th series² which I presume goes far to exhaust the subject if any subject in nature can be so.

Enclosed is the 6 rouble piece I mentioned to you on Tuesday which I have great pleasure in presenting to you. This completes your series of Platinum coins as issued in Russia³. You have the 12 rouble piece the 6 rouble piece & the 3 rouble piece (so called respectively). No others have been coined. The rouble here meant is the silver rouble in contradistinction to the common rouble in which latter all money transactions are carried on. Originally the Paper (or common) rouble was equivalent (or intended to be) to the silver (or then common) rouble. Paper however fell to 375 per cent discount (this year it is about 373 discount) & so the silver rouble is worth 3 rouble 75 Kopeck's in common parlance. The silver rouble exists in circulation but in common language has lost its name. A rouble is 100 Kopecks - a copper coin. 10 Kopecks = an English penny hence a rouble = 10d English. A silver rouble = 3/1d English & a 12 rouble piece = 37s/ English. 6 rouble piece = 18/6 English & so on.

I was informed by mercantile persons in Russia that as soon as the present lease of the Platinum mines (now of some few years standing) is expired either Platinum will be withdrawn from circulation or a great change must take place in the coin arising from the great increase in the production of the mines there & from America which has taken place during the existence of the lease as compared with its consumption. In Petersburg & Moscow I never saw Platinum in circulation. I was 800 miles & upwards in the interior & came 450 miles through Finland and never saw the coin in use altho' I looked for it & this altho' notes from 5 roubles (4/2 English) & upwards are in abundant use. I was told however that they are in current use in Siberia & the more out of the way places. Govt feels itself obliged to keep issuing Platinum coins in the present (original) size & value to give a factitious value to the metal the rest of the mines being paid principally if not entirely in kind. The importation of Platinum for the same reason is strictly forbidden. Excuse this long story but I thought this history of the metal as applied to monetary purposes might interest you.

Yours very truly | Wm Pole

Address: Michael Faraday Esq | Royal Institution