Archaeologists working in western Russia have uncovered a remarkable treasure from the final years of the Russian Empire: a hoard of 409 gold coins hidden beneath the foundation of a historic house in Torzhok. Experts believe the coins were likely concealed during the political chaos surrounding the Russian Revolution of 1917, when many residents attempted to protect their wealth by hiding valuables underground.

The discovery was made during archaeological rescue excavations conducted in 2025 ahead of the construction of a new residential building. The work was carried out by researchers from the Institute of Archaeology of the Russian Academy of Sciences together with specialists from the All-Russian Historical and Ethnographic Museum.

Historic Site Reveals Unexpected Treasure

The excavation took place on Sadovaya Street in Torzhok’s historic left-bank district, an area that has been inhabited for centuries. Archaeologists opened a dig covering around 252 square meters in a neighborhood historically known as the Dmitrievsky quarter.

Historical records show that wooden houses have stood on this land since at least the 17th century. Many of these buildings were constructed on durable stone foundations, which helped preserve layers of the past beneath them.

The excavation site lies approximately 60 meters west of the former Dmitrievskaya Church, which was destroyed in the early Soviet period in the 1930s.

During the dig, archaeologists examined the foundation of a house that had been destroyed during the World War II. After the war, a new wooden structure had been built on the same stone base.

While dismantling part of the building’s extension, researchers discovered fragments of a ceramic container hidden beneath the stones. As the damaged vessel was uncovered, dozens of gold coins spilled out, quickly revealing the presence of a much larger treasure.

Coins Hidden in a Traditional Clay Vessel

Further examination showed that the coins had originally been stored inside a small glazed clay vessel known as a “kandyushka.” This type of container typically resembles a small pot or mug with a narrow neck and a rounded handle near the top.

The ceramic vessel was covered with a brown-yellow glaze and had likely been carefully placed beneath the foundation to conceal it from view. Over time, the pot broke apart, but the coins remained protected beneath the building for more than a century.

Coins From the Last Russian Tsars

Researchers later confirmed that the hoard contains 409 gold coins minted between 1848 and 1911. The earliest coin dates back to the reign of Nicholas I, while most of the coins were produced during the rule of Nicholas II.

The majority of the coins are gold pieces with a denomination of 10 rubles, one of the most widely used gold currencies in the Russian Empire during the late 19th and early 20th centuries. The newest coin in the hoard was minted in 1911.

Based on these dates, archaeologists believe the treasure was likely buried during the turbulent period of the 1917 revolution, when the Russian monarchy collapsed and political instability spread across the country.

According to researchers, the discovery represents what specialists call a “return hoard.” This term refers to valuables intentionally hidden by their owners with the expectation of retrieving them later. However, dramatic historical events often prevented owners from returning to recover their possessions.

Who Owned the Gold?

Despite the significance of the find, the identity of the treasure’s owner remains unknown.

Archival documents reveal that the street where the coins were discovered once contained at least 24 different households. Between 1914 and 1921, the residents included priests from the nearby church, merchants, accountants, craftsmen, clerks, tailors, and laborers.

Unfortunately, historical property records use a numbering system that does not match modern addresses, making it difficult to determine exactly which family lived on the excavation site.

For now, historians can only speculate about the individual who hid the gold coins and why they never returned to reclaim them.

Important Discovery for Researchers

Experts say the Torzhok treasure represents one of the largest hoards of gold coins from the late imperial period ever discovered during archaeological excavations in Russia.

For numismatists—the specialists who study coins—the find provides valuable information about the monetary system and circulation of currency in the final decades of the Russian Empire.

The coins also help researchers better understand how people attempted to protect their wealth during times of crisis and political upheaval.

Treasure to Be Exhibited in a Museum

Following its study by archaeologists, the gold coin hoard will soon be transferred to the All-Russian Historical and Ethnographic Museum.

Museum specialists plan to conserve and prepare the coins for a future public exhibition. Once restoration work is completed, visitors will be able to see the historic treasure up close.

For archaeologists, the discovery is not only valuable because of the gold itself, but also because of the human story behind it—a story of uncertainty, hidden wealth, and a turbulent moment in history that changed the fate of an entire empire.

Institute of Archaeology of the Russian Academy of Sciences (IA RAS)

Cover Image Credit: Institute of Archaeology of the Russian Academy of Sciences (IA RAS)