Finland’s Golden Coins: Under the Shadow of the Russian Tsars

London – UK

When exploring the rich numismatic history of Finland, the era of the Grand Duchy of Finland (1809-1917) under the Russian Empire yields a fascinating chapter: the gold markkaa coins. These coins offer not only intrinsic value in precious metal, but also a compelling story of Finnish autonomy, imperial influences, and monetary reform. In this article, House of Emirates® examine the origins, design and significance of these gold coins — and why they remain prized by collectors today.

Origins: Finnish Autonomy and the Markkaa Currency

Finland became an autonomous Grand Duchy under the Russian Empire following the Finnish War of 1808-09. Although under Russian rule, Finland retained its own institutions and—importantly—was allowed to issue its own currency.

In 1860, by the edict of Alexander II, Finland received the right to have its own monetary unit, the markka, anchored initially to the Russian rouble.

Over time, Finland shifted from a silver standard (around 1865) to a gold standard in 1878.

The Gold Markkaa: Denominations, Specifications & Purpose

The gold coins of Finland under Russian rule were the 10 markkaa and 20 markkaa issues. For example, the 20 markkaa gold coin of 1878 onward had a weight of about 6.45 g, gold fineness of 0.900, and was struck to a standard comparable to the French 20 francs gold coin.

Similarly, the 10 markkaa gold coin featured a gold weight of about 2.903 g, fineness 0.900.

These coins played a role in Finland’s adoption of the gold standard—Finland joined the Latin Monetary Union system via the gold standard in 1878, even though Russia itself only adopted gold convertibility many years later.

Design and Symbolism

The design of the Finnish gold markkaa coins reflects both Finnish identity and the Russian imperial connection. On the obverse and reverse one typically sees the Finnish coat of arms (a lion) within a shield, and the imperial double-headed eagle of Russia holding sceptre and orb. For example, the 20 markkaa coin shows the Finnish lion on the eagle’s chest.

Such striking imagery encapsulates the dual nature of Finland’s status: a Finnish currency system under the sovereignty of the Russian Tsar.

Historical Context: Why Gold and Why These Coins?

The shift to gold marked a key period in European monetary history. Many nations abandoned silver in favour of gold during the 1870s. Finland followed suit in 1878.

Gold coins served as a stable store of value and interoperable currency in international trade. For Finland, issuing gold markkaa coins under Russian rule signalled economic maturity and monetary credibility. It’s also worth noting that Finland, though under Russian rule, had monetary autonomy: the markka circulated separately from the rouble and bore Finnish inscriptions and design. This autonomy adds an intriguing dimension to these gold coins.

Rarity, Collectability and Value

The gold markkaa coins are sought after by collectors for several reasons:

Metal content and specification: being .900 fine gold with known weights and dates gives them bullion value plus numismatic premium.
Historical significance: minted during a unique period when Finland was under Russian rule but maintained its own currency system.
Design and condition: surviving specimens in high grade (e.g., “very fine”, “extremely fine”) are more desirable. For instance, the 1879 S 20 markkaa coin is catalogued and noted for its rarity.
Limited mintages: for example, the 1879-80 20 markkaa issue had a recorded mintage of 300,000.

Because of this combination of features, gold markkaa coins from this era often trade at significant premiums above their intrinsic gold value.

Key Dates and Minting Years:

1878: Introduction of the gold standard in Finland and first issues of gold markkaa coins.

1879 onward: Significant mintages of 20 markkaa coins (e.g., 1879 S) struck under Tsar Alexander II.

1915: Redemption of banknotes for gold was suspended in Finland when world-war pressures intervened.

1917–1918: Finland declares independence; the era of Finnish coins under Russian rule ends.

Why These Coins Matter for Finland and Collectors

For Finland, the gold markkaa coins represent national economic evolution, a step from Swedish rule (pre-1809) through Russian autonomy (1809-1917) toward full independence. They remind us of a time when Finland balanced self-rule with imperial allegiance.

For collectors, these coins are a blend of bullion and history. They tell a story of monetary policy, sovereignty, and craftsmanship. Whether one is focusing on the 10 markkaa or 20 markkaa gold piece, the appeal is multi-faceted.

The gold markkaa coins of Finland under Russian rule – notably the 10 markkaa and 20 markkaa gold pieces minted between 1878 and the First World War era – represent a compelling intersection of autonomy, imperial power and monetary evolution. They serve as tangible links to Finland’s past as a Grand Duchy within the Russian Empire and now stand as prized collectibles with both bullion and historic value. Whether you’re a collector, historian or investor, these coins offer depth, story and substance.

As you explore Finnish numismatics, the gold coins minted during the Russian-rule era deserve a prominent place in your collection or study. Their blend of artistry, rarity and historic resonance makes them both fascinating and valuable.