The article examines the features of the monetary system of the Russian state at the beginning of the XVI century. Based on the description given by the Austrian diplomat Sigismund Herberstein in his work «Notes on Muscovy». Special attention is paid to the types of silver coins, as well as the value ratio between them. The paper analyzes the external differences between the coins of the Moscow, Novgorod, Tver and Pskov coinage, as well as their differences in weight and value. The issue of using foreign gold coins is being considered separately. The research conducted in the article is based on a comparison of the text of the «Notes on Muscovy» with historical and numismatic sources and allows us to trace the main characteristics and problems of the pre- reform monetary system of the Russian state.
Bulavkin et al. (2025) studied this question.