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The first Russian coins were minted in the 10th and 11th centuries. In 1534, the first State Mint was founded in Moscow, and it minted coins until 1776. Peter the Great founded the St. Petersburg Mint in 1724, and it minted continuously until February 27, 1918, when a shortage of metal forced it to seize operations until 1921. In 1941, the St. Petersburg (Leningrad) Mint shut down because of World War II, but resumed operations again in 1942. Today, it is one of the world's largest mints in operation. On April 25, 1942, the Moscow Mint started manufacturing orders, medals, badges, and watch casings. In 1980, with the Moscow Olympic Games, they started to produce commemorative coins in silver and gold. Since 1982 they have also been striking circulating coinage. Both mints are part of the Goznak State-owned corporation.

On December 20, 1991, the State Bank of the USSR was dissolved, and all its assets, liabilities, and property were transferred to the Central Bank of the new Russian Federation. With its issues, the CBR has followed traditional coin designs, although the hammer and sickle emblem was replaced by a decorated denomination sign.
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