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Message:: [QUOTE="Uberman, post: 700873, member: 20803"]Ah, an area I am familiar with. Indeed the 1901 25 Kopeck is extremely rare with only 200 estimated proofs issued. Krause lists it around 1250, which is way under-priced. There has been a very strong russian market with collectors of russian heritage that reside in U.S. dropping nice sums of money on truly rare coins. I'd venture at least 2 k, if not 2.5 in the right auction. HOWEVER, and here's a bit "BUT", the coin I am seeing here is nothing like a proof example I have seen before in a collection here in NYC. The strike just does NOT look sharp enough for this coin. Also, there's some visible digs on the rim, which indicate it was used in commerce or aged to look like it has. The example I have seen was flawless and came from an older well-stocked collector that knows his stuff. My guess, it's a"novodel", Russian word for fake. And EXCEPTIONALLY well made fake, in silver. Possibly even post-war re-strike at the mint using an old die. The novodels coming from Eastern Europe are historically very good and have fooled many an experienced collector before. I would STRONGLY suggest having it certified by one of the reputable grading services AND shown to an expert dealer in Russian Imperial coinage. If deemed real, you will be a very happy man with a fatter bank account, possibly courtesy of me.[/QUOTE]