Spitsbergen, part of the Svalbard archipelago, is a barren mountainous island -- the name means 'pointy peaks' -- that is closer to the North Pole than it is to the Arctic Circle.
Lots of countries squabbled over this territory, mainly due to whaling interests, and in 1920 it was agreed it would go to Norway. As of 2012, the population was just over 2,600.
The Russian mining company Arktikugol set up camp here in 1932, and issued coins (tokens, really) for the workers in 1946, 1993, and 1998.
Spitsbergen on Wikipedia