Abundance period: The Central Bank will double the issue of investment coins in 2026
The Bank of Russia wants to double the issue of investment coins amid record gold prices. In 2026, the regulator plans to sell 2 million units, while this year it is 1 million, Izvestia found out. The largest banks have confirmed that there is a growing demand for such a savings tool among buyers. Especially in a situation where the stock market is falling, the dollar is volatile, and real estate investments start with large amounts. What will happen to gold prices and what are the pros and cons of investing in investment coins — in the material of Izvestia.
Why Buy Investment Coins
The Bank of Russia plans to increase the issue of investment coins next year. The total circulation will be up to 2 million units. We are talking about the "George the Victorious" coin: they are going to issue up to 1 million silver and up to 1 million gold pieces, according to the statistics of the regulator, which was studied by Izvestia.
— The maximum print runs for 2026 have been increased, taking into account demand from Russian distributors (banks and specialty stores. — Ed.) in recent years. This makes it possible to quickly respond to emerging fluctuations in consumer demand for coins," the Bank of Russia told Izvestia.
For comparison, in 2025, the Central Bank will issue half as many coins — up to 1 million. In 2024, 2023 and 2022, the total circulation was 900 thousand, 1.2 million and 905 thousand units, respectively. That is, in 2026, the figure may become a record for at least five years.
In 2024, Russians purchased the maximum amount of gold since 2013, according to a report by the World Gold Council. We are talking here not only about investment coins, but also about jewelry and bullion. In total, they bought 75.6 tons of precious metals. This is 6.2% more than in 2023.
As the press service of Zenit Bank told Izvestia, there is a demand among customers for St. George the Victorious gold coins with a face value of 50 rubles. However, the interest in the silver investment coin "George the Victorious" is low, so there is no reason to expand its circulation, they said.
The press service of the PSB stressed that the demand for gold investment coins increased in March – April 2025. Over the past 1.5 months, the bank's retail customers have purchased about 10,000 coins, and over 80,000 for the whole of 2024. This is due to the fact that over the past month alone, precious metals on world markets have risen in price by 8%, to $3,220 per ounce, amid instability due to trade wars.
In addition, in the bank "Dom.The Russian Federation clarified that the demand for coins usually increases on the eve of holidays — New Year, February 23, March 8 — or memorable dates for customers. Most often, citizens choose them as souvenirs, and the most liquid ones are quoted, such as "George the Victorious" and "Sower" of the 999th sample. Standard gold bars are also purchased in investment funds, the credit institution said.
— Investment coins are an alternative to bank deposits. Most likely, the Central Bank will start reducing the key rate this year, because of this, the profitability of deposits has already begun to decrease only while waiting for the start of this cycle. People are now running out of bank deposits opened at 21-22% per annum, and many will not prolong them at lower interest rates. Because of this, citizens will start looking for alternative options, and the demand for investment gold in Russia is increasing," says Vladimir Chernov, analyst at Freedom Finance Global.
The expert added: the more interest rates are lowered, the more actively consumer demand will be redistributed from bank deposits to investment gold. Predicting this in advance, the regulator increases the circulation.
How and where are investment coins sold
Investment coins are bought through banks participating in the Central Bank's program, in specialized stores or from authorized dealers, said Vladimir Chernov. According to the latest data, the regulator has concluded distribution agreements with 140 organizations.
It is recommended to keep them in a safe or a safe deposit box to avoid damage or theft. For collectible coins, it is important to keep the packaging and the certificate. Nevertheless, if you lose the coin itself, you can lose your savings — the Central Bank will not restore it or compensate for the cost even if you have proof of ownership, said Andrey Smirnov, an expert on the stock market at BCS World Investments. However, it can be insured.
The cost of an investment coin varies depending on the precious metal and the rarity of the product. For example, the silver "George the Victorious" (31.1 g) costs about 4.5 thousand rubles, and the gold one — of the same mass — "crossed" the 300 thousand mark.
Coins can greatly outpace precious metals themselves in value, by about 25-30%, said Alexander Abramov, head of the Laboratory for the Analysis of Institutions and Financial Markets at the Institute of Applied Economic Research of the Presidential Academy. In particular, "George the Victorious", containing 7.78 g of pure gold, costs about 92 thousand rubles, while an ingot of the same weight and metal will cost about a third cheaper.
What is the best way to invest in 2025
In the context of anti-Russian sanctions, as well as a new round of trade wars, it has become less profitable to invest in foreign currency, as it is too volatile. For example, according to the Central Bank, since the beginning of 2025, the ruble has strengthened by almost 20% to 82.7 rubles/$.
The stock market is also too unpredictable — it has good growth potential when sanctions are eased, but otherwise it may remain under pressure, says Vladimir Chernov of Freedom Finance Global. Since the beginning of the year alone, the Moscow Exchange index first jumped by 20% (to 3370 points at the end of February), and then fell to January values (2800 points).
Real estate investments, in turn, almost always outpace inflation and bank deposit yields over a long period of time, Vladimir Chernov added. However, real estate has increased dramatically in price, and it is quite difficult to save up for the purchase. And banks raise the initial payment up to 30% of the cost of housing.
Therefore, it is now more profitable for citizens to invest in precious metals and investment coins. In particular, gold prices are near historical highs of $3,200 per ounce amid ongoing uncertainty around US trade duties. As Izvestia wrote earlier, the quotes are likely to continue to rise to $3,400 per ounce.
Now gold looks like the fastest growing asset due to trade wars, explained independent expert Andrey Barkhota. Nevertheless, the trend may reverse on the horizon of 6-18 months due to the return of capital to risky assets.
It is more profitable to purchase bullion for long-term investments and large investments, said Mikhail Gordienko, Professor of the Department of Finance for Sustainable Development at Plekhanov Russian University of Economics. In addition, he continued, it is easier to store and sell it in large volumes through specialized banking services. Small short-term investments can be provided by investment funds. However, over time they acquire collector's value.
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