An example of the St Anne's Medal, which was once one of Russia's highest accolades, has sold for $59,000 at a December 30 auction in New York - a new record price in the US.

The Order of St Anna was named after Anna Petrovna, daughter of Peter the Great

The previous US record for the medal was $25,000, which was achieved at a 2010 auction in Iowa. The current world record was set in 2008, when a French auction house sold a St Anne's Medal of the third class for $475,000.

Christie's has previously sold a St Anne's Medal of the first class for $39,000 in 2005, according to the auction house.

The Order of St Anna was first established in 1735, with the medal presented by the head of the Imperial House of Russia to those who had led an exemplary career in civil or military service.

First class recipients were entitled to hereditary nobility, while others were given personal nobility. Those who received the medal for military service were also presented with a ceremonial sword.

The medal takes the shape of a red guilloche cross with openwork panels, which are set with 106 rose cut diamonds. It features a removable 18k gold centre ring with a painted enamel image of St Anne at its centre. The gold is marked St Petersburg "56" and displays the arms of the city.

In December 2012, a collection of four letters from the last Russian Tsar, Nicholas II, were sold at auction in Geneva. The collection, which was consigned by the head of the Romanov family, sold for $129,000, making a 757.1% increase on estimate.

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