Egor Frantsevich was born on November 27, 1774, in Hanau. His father, Franz Ludwig Kankrin, moved to Russia after receiving a lucrative offer from the Russian government but left his son in his homeland. Later, he married Ekaterina Zakharovna Muravyeva, and they had two sons, Alexander and Valeryan.

Kankrin received his education in Germany, focusing on legal studies. He studied at the universities of Hesse and Marburg and completed his education in 1794.

In 1797, Kankrin came to Russia to join his father and immediately became his assistant. After a quarrel with his father, he worked for a long time in minor positions, including as an accountant for a merchant, and did not refuse any lowly work. The War of 1812 became a real opportunity for him to prove himself. Joining the headquarters, he quickly attracted the attention of senior officials, including the emperor himself, due to his honesty and intelligence.

After starting to manage the food supplies for one unit, he was soon appointed general purveyor for the entire Russian army. He excelled in his duties, and even in the allied army, there was no one equal to him, so Kankrin was often consulted for advice. For his contributions during the war, he was promoted to lieutenant general.

In 1822, after a scandal, Finance Minister Guryev was dismissed, and on Speransky's recommendation, Alexander appointed Kankrin in his place. At the beginning of his tenure as finance minister, Kankrin focused on improving and managing customs tariffs. In 1822, with his assistance, a new tariff was introduced that somewhat restricted free trade.

As a far-sighted individual, Kankrin understood that at that time, Russia could not afford to fall under the influence of foreign trade. He increased duties, believing that customs could bring significant revenue to restore the state treasury, which was in decline. In the first years of his administration, this yielded results, increasing treasury revenues from 11 million to 26 million rubles in silver.

Unlike his predecessor Guryev, Kankrin opposed loans at high interest rates. He stated that he intended to improve not the state treasury but the welfare of the people. Therefore, he implemented a policy of strict economy, banned loans, and did not allow tax increases. This earned him many enemies among officials, but he was never troubled by it.

Kankrin's main achievement was the monetary reform, which led to the devaluation of banknotes, but his goal was different. At that time, the exchange rate of the ruble was unstable, and there were several rates. Peasants suffered the most, as their rate differed significantly from the state rate, causing them to sell goods cheaply while paying high taxes.

Kankrin decided to establish a single rate, and in June 1839, a law was adopted requiring all transactions to be conducted at one rate. This put an end to fraud and improved the situation for peasants. An important result of the reform was the introduction of paper money, and in the first year, 27 million rubles in paper money, equivalent to silver rubles, were exchanged in the treasury.

Then, together with Nicholas I, credit cards were issued, which quickly came into circulation. The operation to replace silver with paper money was successful, and Kankrin's name is forever associated with monetary reform in Russia.

Kankrin is remembered as a talented financier and public figure who served as finance minister from 1822 to 1844, the only person to hold the position for so long. He died in 1845, a year after his resignation, which he had requested from the tsar back in 1840.