Putin's face is on one side of the 1kg (2.2lb) coin while the other shows a map of the Crimean Peninsula, Moscow daily Komsomolskaya Pravda reports. Factory director Vladimir Vasyuhin explains that by bringing the Crimean peninsula "back home", Putin had "demonstrated the qualities of a wise strategist and politician". In March, Russia formally took over control of Crimea from Ukraine, despite international sanctions.

The limited edition of 500 silver coins has been called The Gatherer of Russian Lands - a phrase traditionally associated with Ivan III - better known as Ivan the Great - who significantly expanded Russia's territories during his rule. The coins haven't been priced yet - some of them may be sold, although they won't be used as currency - and the factory says it is planning to present some of them to the Russian leadership.