 Unlike the gold coins minted in Russia from the 15th to the 17th centuries, which were used as awards only, the chervonets of Peter I took their place in the monetary system and were used in foreign trade.Chervontsy were minted until 1757, when they were displaced by the golden ruble (with a lower alloy) and by counterfeits of the Dutch ducat, which by then met the demand for trade in gold coins.Under Nicolas II, the finance minister Sergei Witte conducted a currency reform and 10-ruble gold coin (Nicolas II chervonets) started to be used in parallel with gold imperial (15-ruble gold coin) as a principal legal tender of the Russian golden standard.