The Moscow Copper Riot of 1662: Russia's Forgotten Financial Disaster | Sleep State

Welcome back to Sleep State, where we explore the hidden corners of the past and the economic disasters that shaped our world. In today's deep dive, we delve into a pivotal yet often overlooked chapter of Russian history: The Moscow Copper Riot of 1662. This event represents a catastrophic failure of monetary policy and a violent clash between the Romanov state and its subjects. The story begins during the grueling Russo-Polish War, also known as the Thirteen Years' War, a conflict that drained the imperial treasury and forced Tsar Alexis to seek desperate financial measures to keep the army in the field. In 1654, the Russian government made the fateful decision to introduce copper coins to supplement the scarce silver kopeks. Initially, the government mandated that copper and silver be exchanged at a one-to-one ratio, despite copper's significantly lower intrinsic value. This artificial pegging created a massive economic bubble that was destined to burst. As more copper was minted to pay for military campaigns and administrative costs, the value of the new currency plummeted. By the early 1660s, hyperinflation had gripped the nation. Merchants refused to accept copper for goods, or they raised prices so high that ordinary citizens could no longer afford basic necessities like bread. The crisis was exacerbated by reports of massive corruption, with high-ranking officials like Ilya Miloslavsky accused of counterfeiting and embezzling funds for personal gain. The tension reached its breaking point on the morning of July 25, 1662. Anonymous posters, known as 'listy', appeared across Moscow, listing 'traitor' boyars who were blamed for the economic misery of the common people. A mob of thousands, comprised of soldiers, artisans, and peasants, marched from Moscow to the Tsar's summer residence in the village of Kolomenskoye. This brings us to a core mission here at Sleep State, which is to uncover the human stories behind these massive economic shifts and provide a voice to those forgotten by the passage of time. When the crowd reached the Tsar, they demanded he hand over the corrupt officials. Alexis, initially caught off guard and isolated without his full guard, spoke to the leaders of the crowd and promised an investigation. However, as the crowd grew more restless and a second wave of protesters arrived from the city, the Tsar's patience evaporated. He ordered his elite Streltsy guards to suppress the uprising with lethal force. What followed was a massacre. Estimates suggest that thousands were killed, drowned in the Moskva River, or executed in the immediate aftermath. The brutality of the state's response sent shockwaves through Russian society, marking a dark turn in the reign of Alexis 'the Quietest.' Despite the violent crackdown, the uprising forced the government's hand. Recognizing that the copper currency system was beyond repair and that the social fabric was tearing, the Tsar issued a decree in 1663 to abolish the copper coins and return to the silver standard. This transition was painful but necessary to restore economic stability to a crumbling empire. The Moscow Copper Riot serves as a stark reminder of the dangers of fiat currency mismanagement and the power of public discontent when livelihoods are destroyed by inflation. Here at Sleep State, we strive to bring these complex historical narratives to life, exploring how the mistakes of the past continue to resonate in our modern financial systems. Beyond the immediate death toll, the riot influenced the later legal codes of the Russian Empire, reinforcing the Tsar's absolute power while also signaling the need for tighter fiscal control. The 17th century was a time of immense transformation for Russia, as it sought to expand its borders and modernize its institutions. Yet, the Copper Riot showed that the foundations of the state were still fragile and that the peasantry could only be pushed so far. We must look at the specific families affected, the soldiers who were paid in worthless metal, and the merchants who saw their livelihoods vanish overnight. The story of the 1662 riot is not just about money;

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