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The Pskovio-Russian Currency System, in which the most valuable currency is the Zolotnik, was instituted in 1432 by a comprehensive monetary reform and the standardization of weights and measures within the Republic of Pskov. The system officially has four separate coins, one gold, one silver and two copper. However, one copper coin/bar is rarely used due to its heavy weight. The main coins instituted in the reform are the gold Zolotnik (rooted in the word "Zoloto" or gold in Russian), the silver Ruble (rooted in the word "Rubit" or chop, i.e. chopped piece), and the copper Grivna (rooted in proto-slavic word for "neck" testament to its shape) and Grivnaya Dolia (literally part of Grivna). The names of the coins correspond directly with a Pskovian weight instituted in 1432, as to try and maintain consistency throughout the years, it is still under debate whether or not the weight is the namesake of the coin, or the coin namesake of the weight. Although the official currency is the Zolotnik, most gold and silver in the central bank's vaults and the Pskovian treasury is stored in the form of gold or silver Grivnias, gold bars weighing about 800 grams, to later be melted down into zolotniks. Since the system's introduction in Pskov, other Russian states have also adopted this for the sake of having one consistent Russian currency.
Intrinsic value of coins
One Zolotnik contains 5.3175 g or exactly 1 Zolotnik of Gold, equivalent to the gold in 3/2 Ducats.
One Ruble contains 15.9525 g or exactly 3 zolotniks (1 Ruble) of Silver
One Grivna contains 797.625 g or exactly 150 Zolotniks (50 rubles or 1 Staraya Grivna) of Copper
One Grivnaya dolia contains 79.9625 g or exactly 15 zolotniks (5 rubles or 1/10 staraya Grivnas grivnas) of Copper
Exchange value of coins
2 Zolotnikov ►3 Ducats
5 Rubles ► 1 Lira
5 Zolotnikov, 17 Rubles, 108 Grivenikh Dol' ► 1 Jin Tael
1 Ruble, 16 Griven ► 1 Imperial Reichtadler
1 Zolotnik ► 11 1/10 Imperial Reichtadler
18 Rubles ► 10 Imperial Reichtadler
Other to come once the actual value is known ...
Note: This is the "official" rate when certified exchange offices (who pay an annual fee to the bank to maintain certification) bring foreign coin currencies to the bank. However, individual offices' rates may be subject to change without notice, they may be higher or lower, depending on the will of the office, each office may have different "buy" and "sell" rates.
Currency Subdenomination system
Base Coin Equivalencies
1 Zolotnik ► 20 Rublei
1 Ruble ► 20 Griven
1 Grivna ► 10 Grivenikh Dol'
1 Grivnaya Dolia ► 10 Kopeek
1 Zolotnik ► 4000 Grivnaya Dolias
1 Zolotnik ► 400 Grivnas
1 Ruble ► 200 Grivnaya Dolias
1 Grivna ► 100 Kopeek
Brief Description of the Coins
- Centered Profile of the Prince of Pskov at the time of minting. 
- writing over head along circumference reads: (Name), П.Ж.В (По желанию веще) князь Псковский (P.Zh.V. Knyaz Pskovskiy) translation: B.W.V(By the Will of the Veche knyaz (prince) of Pskov. 
- below the profile are the initials МДПК standing for монетный двор' псковской казны (translation: Mint of the Pskovian Treasury)
 Subject to change dependent on nation of minting, profile of current head of state.
 Subject to change dependent on the nation of Mint (could me "by the grace of God" if hereditary monarchy).
 Different for every mint, every mint has their own initials.
- The Pskov Seal centered
- The writing один золотник (translation: One Zolotnik) along the circumference above
- The year of minting below Seal
 The Coat of Arms of Nation of Mint(ex. Moscow CoA if minted in Muscovy, Novgorod seal if in Novgorod)
 One Zolotnik written in official language.
Almost the same as ruble, except instead of "one Zolotnik" it reads "One Ruble" on the reverse.
same as Ruble, but Grivnaya Dolia instead of Ruble.
- Long copper bar, weighing 797.625 grams.
- One side of the bar is flat, the rest is somewhat rounded. The flat side has the full name and abbreviated title of the head of state at the top of the flat part.
- Below title in larger font it says "One Grivna".
- Below that is the Full mint's name.
- Below that is year of issue.
- The writing is flanked by the Coat of arms of minting Nation.
Adoption by other States
The zolotnik quickly became a popular currency to use amongst fellow traders due to its consistency and Russian origin. the first state to adopt it was Muscovy, creating a sort of primitive monetary union between them and Pskov only two years after the currency's introduction. in 1440, after years of traders using the currency in Novgorod, the Veche finally approved of the zolotnik as the official currency of Novgorod, with the mint starting production under the eyes of Pskov, at which point all independent Russian states were using the Zolotnik as currency, forming the "Zolotnik Zone". The table below shows the year of adoption of the Zolotnik system by other nations.
|Order||Nation Name||Year Adopted||notes|
|1||Pskov Republic||1432||created system|
|2||Muscovy||1434||Shares official status with Ducat|
Tver and Rostov annexed into Novgorod in 1448
|4||Lithuania||1448||Adopted officially during Muscovian Vassalization|