Central Bank Launches New 1-Ruble Coin
Published: June 18, 2014 (Issue # 1816)
Russia's Central Bank on Tuesday began circulating its newly designed one-ruble coin, according to an announcement on the regulator's website.
The coin, which is made of steel and coated in nickel, is the first to bear the new ruble sign — the Latin letter "P" with a horizontal score through it — which was chosen by the public in December after a competition run by the Central Bank.
The coin, unveiled Tuesday, features the traditional double-headed eagle on one side, with the ruble symbol — accompanied by the word "ruble" and a floral pattern — printed on the other.
In total, 100 million of the coins will be put into circulation, the Central Bank said in its online statement.
The decision to seek an internationally recognizable symbol for the ruble comes as Russia strives to extend its global economic reach, with Prime Minister Dmitry Medvedev among those backing calls for the ruble to become one of the world's reserve currencies.