History of Russia (1721–96) mounting financial difficulties and Elizabeth's death in 1762. Her nephew and successor, Peter III (grandson of Peter I), took Russia out of the war. Peter III reigned for a mere six months before his wife, Catherine II, led a coup against him. He was born and raised in Germany in the court of his father, the Duke of Holstein-Gottorp, and did not come to live in Russia until he was fourteen. It is difficult to ascertain his character because there exist many contradictory accounts. Catherine's journals describe him as incompetent bordering on retarded, yet his acts as emperor illustrate a
Peter III of Russia most popular reforms was the manifesto of February 1762 that exempted the nobility from obligatory state and military service (established by Peter the Great) and gave them freedom to travel abroad. On the day Peter submitted this manifesto, the parliament proposed building a pure gold statue of him, but Peter refused, saying that there must be much better uses for gold in the country. Peter III's economic policy reflected the rising influence of Western capitalism and the merchant class or "Third Estate" that accompanied it. He established the first state bank in Russia, rejected the nobility's monopoly on trade and