Horse and rider, "MO" monogram (for "Moscow") below / Cyrillic inscriptions: "TSAR I VELIKIY KNYAZ ALEXEY MICHAILOVICH VSEYA RUSI" ("Tsar and Grand Duke Alexey Michailovich of All Russia"). 11mmx9mm, 0.39 grams. Moscow mint, minted 1654-1663. Grishin #1103.

A famous fiduciary copper coin which led to the "copper coin riots" in Moscow in 1662.

Because of financial demands of the Livonian and Swedish wars, the Russian economy was in crisis. In 1654, the Russian government decided to begin issuing copper money in large quantities and equated them with silver money. The introduction of these fiduciary copper kopeks (equal in value to silver kopeks) caused a spike in prices and a jump in price of staple goods. In 1662 a major riot, called "Copper Coin Riot" took place in Moscow. The Tsar ordered a merciless suppression of the unrest. As a result, up to 1,000 men were killed, hanged or drowned in the Moscow River. Several thousand people were arrested and later exiled after a brutal investigation. In 1663, copper coinage was abolished.

Aleksey Mikhailovich was the Tsar of Russia during some of the most eventful decades of the mid-17th century. His reign saw the Russian invasion of Poland and war with Sweden during the Deluge, the Raskol schism in the Russian Orthodox Church, and the Cossack revolt of Stenka Razin. Aleksey was also the father of the future Tsar Peter the Great.