Rare Copper Pulo Coin: Tver & Grand Duchy of Moscow

Illustrated Specimen Details: Copper Pulo (Tver)

Example Specimen: Pulo, early 16th century (Grand Duchy of Moscow, Tver)

Authority & Identification: This miniature copper coin is a pulo, issued in the Principality of Tver during a transitional historical period around the beginning of the 16th century. The Principality of Tver existed from the 13th to the 15th centuries and strongly rivaled Moscow before eventually decaying and being annexed by the Grand Duchy of Moscow in 1485. While some numismatic sources claim this specific type was issued before 1485, it is most commonly attributed to the rule of Ivan III Vasilyevich, the Grand Duke of Moscow (1462-1505). The obverse of the coin features the Cyrillic inscription "ПУЛО ТВѢРСКОЕ" (pulo tverskoe). The reverse displays a detailed griffin — a mythical winged creature — surrounded by a circular border of decorative dots or pearls. This specimen perfectly captures the era when Tver had become part of Muscovy but had not yet completely dissolved into its monetary uniform.

1. PRINCIPALITIES OF NORTH-EASTERN RUS' (nowadays Russia) — Principality of Dmitrov, Principality of Gorodets, Principality of Tver, Principality of Uglich, Principality of Mikulin, Principality of Nizhny Novgorod-Suzdal, Grand Duchy of Moscow (14th-16th centuries): pulo = 1/60 denga (the ratio was not stable)

PULO as a coin name. Pulo is a miniature copper coin minted in the lands of modern Russia during the 14th-16th centuries. The issuers were the separate principalities of North-Eastern Rus', including Moscow, Tver, Pskov, Ryazan, Nizhny Novgorod-Suzdal, and Smolensk. A characteristic distinguishing feature of the coin is the indication of the place of manufacture in a typical format: "pulo moskovskoe" (пуло московское), "pulo tverskoe" (пуло твѣрское), "pulo pskovskoe" (пуло псковское), and others. The name of the coin was borrowed directly from the Golden Horde, where the Golden Horde pūl served as its historical prototype. The word translates as coin, money, or small change. Interestingly, the etymology of the modern Afghan coin pul is entirely different.

History and Evolution of the Pulo

Origins and Linguistic Roots

The pulo emerged during a historical period when the principalities of northeastern Rus' were developing their own distinct coinage traditions under the political and economic influence of the Golden Horde. The name of the coin derives directly from the Turkic and Mongol monetary term "pul", which translates simply to coin, money, or small change. This identical linguistic root appears in numerous monetary traditions across Central Asia, Persia, the Caucasus, and the Golden Horde itself, reflecting the strong interconnected monetary culture that heavily influenced medieval Rus'.

Monetary System and Economic Role

In the medieval monetary system, the pulo functioned as a low-value copper coin meant for everyday commercial use. A commonly cited relationship is that 1 pulo equaled 1/60 denga. However, this exchange rate was notoriously unstable, and the value varied considerably depending on the specific principality, the historical period, and local economic conditions. While silver denga coins served as the principal monetary unit for significant trade, the copper pulo acted as the smallest regularly circulating coin. It filled an essential role in retail trade, food markets, and artisan commerce, becoming indispensable as urban commerce rapidly expanded across the major centers of northeastern Rus'.

Physical Characteristics and Numismatic Legacy

Pulo coins were typically minted in copper and are universally characterized by being extremely small, thin, and often crudely struck. Despite their rough manufacture, their designs are remarkably diverse. They frequently feature animals, birds, horsemen, tamga-like symbols, geometric motifs, and Cyrillic inscriptions. Because many issues were locally produced, they vary considerably in visual appearance. Today, pulo coins stand among the most characteristic copper issues of medieval Rus'. Their proper attribution often depends heavily on partial inscriptions, regional symbols, and specific minting styles. Many types are considered exceptionally rare due to their small size and the intensive circulation they endured. Collectors particularly value clearly identified princely issues, animal-type pulo coins such as the griffin, and rare local mint varieties.