Wikipedia

Banknotes of the Ukrainian hryvnia

TheNational Bank of Ukrainehas issued four banknote series since 1996. All banknotes in denominations of ₴1, ₴2, ₴5, ₴10, ₴20, ₴50, ₴100, ₴200, ₴500 and ₴1,000 issued after 2003 (of the third and fourth series) are consideredlegal tender.All of them depict an important person in Ukraine's history on the obverse and a landmark place on the reverse. The lowest four denominations are no longer issued in banknotes and are intended to be gradually substituted bycoins,though they remain common. There have been four commemorative banknote issues.

History

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InUkraine's history,banknotes denominated inUkrainian hryvnias(Ukrainian:гривня;ISO 4217 code:UAH,symbol:₴) have been issued during two periods. The first of them took place in 1918 and 1919, when theCentral Council of Ukrainedecided to transition to hryvnia fromkarbovanets,another currency that circulated in various periods of the country's history. In practice, the currencies were interchangeable. It became obsolete as the army of theUkrainian People's Republiclost control over its claimed territory as a result of the defeat in theUkrainian War of Independence.

This article covers all hryvnia banknotes issued, or planned to be issued, by government authorities as well as some local issues.Shah(Ukrainian:шаг) stamps as subdivisions of hryvnia and interest coupons denominated in hryvnias and shahs are covered here because they were also printed on paper.

The second period when Ukrainian hryvnia banknotes appeared was in the times ofpost-Soviet independence.In 1991–1996,karbovanets,a successor of theSoviet ruble,also known in Ukrainian askarbovanets,was circulating in newly independent Ukraine, but the currency experiencedhyperinflation.The first post-independence hryvnia banknotes were printed inCanadaandMaltain 1992. In September 1996, they entered circulation, following theirreplacement[ru]by hryvnia at a rate of 100,000:1. All issues of hryvnia banknotes that have been printed in 1994 and later were made in Ukraine.

Notes issued in Ukraine, including hryvnia notes, can be viewed at theMuseum of Money of the National Bank of UkraineinKyiv.

Ukrainian War of Independence

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During the later half of 1917, theCentral Council of Ukrainesought to gain more autonomy from theRussian Republic,which was ultimately asserted at theThird Universal,establishing theUkrainian People's Republic(UNR). With the creation of a new state entity, the country's need for its own currency became urgent.[1]In December 1917, the UNR introducedkarbovanetsas a stopgap measure, until hryvnia were installed as an official currency according to the law of 1 March 1918. The exchange rate was 2 hryvnias to 1karbovanetsissued in 1917 (i.e. 25 and 50karbovanets).It was defined by law to be convertible to gold at a rate of 1 hryvnia = 8.712dolya(0.383328 grams, or about 0.0123243oz t).[2][3]

Hryvnia were subdivided into 100 shah.[2]Sincekarbovanetswere circulating at par with the Russian ruble/Soviet ruble until late 1918, it could not be worth more than them, and these were depreciating due tohyperinflation.[4]Legislative efforts to limit or outright ban the usage of Russian currencies in Ukraine had limited success.[5]Aggravating the situation was a lack ofgold reserves.[6]This meant that the hryvnia was losing value very rapidly.[7]Even though Ukrainian currency was spared from the worst of the hyperinflation,[8]maintaining the gold standard proved unfeasible.

1918

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State Credit Notes

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The law of 1 March 1918 envisaged printing denominations of 2, 5, 10, 20, 50, 100, 500 and 1000 hryvnias, which were to be called State Credit Notes (Ukrainian:Державний кредитовий білет). On 24 March 1918, the UNR signed an agreement to print banknotes via theReichsdruckerei,the German state banknote printer.[a][10]There were some problems with the contractor. Despite ordering 16,000,000 5-hryvnia notes and 9,000,000 20-hryvnia notes, these were not printed. 50-hryvnia notes were not contracted at all.[11]

All of the submitted designs of Ukrainian hryvnia banknotes were tampered with in Germany, changing colours without designers' or government's permission.[10]Heorhiy Narbut, who drew the design of the 500-hryvnia note, lamented their poor quality. TheUkrainian Statedecided to forego 5-hryvnia and 20-hryvnia bills in favour of a new denomination of 2,000 hryvnia,[12]which the Ukrainian government was formally not authorised to issue.[13]

All banknotes contain the following text on the reverse: "State Credit Notes of the Ukrainian People's Republic are guaranteed by all property of the Republic.~State Credit Notes of the Ukrainian People's Republic circulate alongside golden coinage.~Counterfeiting of State Credit Notes is punished bydisfranchisementand prison",as mandated by law (here referred to as" State Credit Note notice ").[2][14]The gold standard notice was also printed, which read: "(One) hryvnia contains 8.712dolyaof pure gold "(Ukrainian:(Одна) гривня містить 8,712 долі щирого золота). All banknotes had anti-counterfeiting protections, such as awatermarkandguillochepattern.[6]

Image Value Dimensions

(mm)

Main colour Description Date of Issued value (quantity ordered)[15][11]
Obverse Reverse Obverse Reverse Designer order issue lapse
2 hryvni 108 × 70 Green,

blue

Denomination,tryzub,name of state ( "УКРАЇНСЬКА НАРОДНЯ РЕСПУБЛІКА"). Centre: Gold standard notice andkarbovanetsexchange notice ( "Дві гривні рівні 1 карбованцю") arranged in a tree-like pattern. Denomination and decorative pattern; State Credit Note notice inside arhombus-like shape Vasyl Krychevsky 24 March 1918 September[16]or October 1918[17] 1920 >5,5 million hryvnias

(ordered 15 million banknotes)

10 hryven' 139 × 89 Red Denomination,tryzubinside a plant ornament,name of state ( "УКРАЇНСЬКА НАРОДНЯ РЕСПУБЛІКА"). Gold standard notice at the banknote's bottom Denomination, name of state and State Credit Note notice in a blank rectangle; all inside a decorative frame. Heorhiy Narbut 24 March 1918 September or October 1918 ?(ordered 12 million banknotes)
100 hryven' 175 × 115 Blue and violet[b] Denomination (in numbers), name of state ( "УКРАЇНСЬКА НАРОДНЯ РЕСПУБЛІКА").

Figures of two peasants (woman to the left, man to the right); between them awreath,inside which atryzuband denomination (in words) are located; gold standard notice at the bottom.

A rich plant ornament withtryzubin the middle, extending between twoGreek columns;State Credit Note notice in a blue rectangle and abbreviation of the state's name (У.Н.Р.) at the bottom. Heorhiy Narbut 24 March 1918 September or October 1918 427,989,300 hryvnias

(ordered 3.5 million banknotes)

500 hryven' 185 × 119 Blue,

orange

Name of state ( "УКРАЇНСЬКА НАРОДНЯ РЕСПУБЛІКА") at the top. A woman's head with a wreath on her head (personification of Ukraine), with radially extending rays;tryzubinside a plant ornament on either side of the banknote; gold standard notice A largetryzubwith text of the State Credit Note notice overlaid over it; four moretryzubsin each corner of the banknote; denomination spelt twice on each side of the banknote. Heorhiy Narbut 24 March 1918 September or October 1918 1,683,500 hryvnias

(ordered 340,000 banknotes)

1,000 hryven' 196 × 125 Bright orange,

blue

Name of state ( "УКРАЇНСЬКА ДЕРЖАВА") at the top; denomination spelt in words and numbers;tryzubin the background; all surrounded by a frame withtriglyphs Denomination in large characters; State Credit Note notice and gold standard notice to its left; all surrounded by decorative frame, with "1000" interspersed in it. Ivan Mozalevskyi[uk] After 29 April 1918 17 October 1918 ?(ordered 70,000 banknotes)
2,000 hryven' 204 × 134 Red, green Name of state ( "УКРАЇНСЬКА ДЕРЖАВА") at the top; denomination spelt in words and numbers;tryzubin the background; all surrounded by a decorative frame Denomination in large characters; State Credit Note notice and gold standard notice to the bottom; all surrounded by decorative frame Ivan Mozalevskyi[uk] After 29 April 1918 17 October 1918 ?
These images are to scale at 0.7 pixel per millimetre. For table standards, see thebanknote specification table.

State Treasury Notes

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A close-up view of a 3.6% interest coupon (here denominated at 3.60 hryvnias)

On 30 March 1918, theCentral Council of Ukraineapproved a release of 100 millionkarbovanetsworth of State Treasury Notes (Ukrainian:білєт Державної Скарбниці). The sum was increased to 500 millionkarbovanetson 12 May, which was doubled on 9 July 1918.[18][19]Yakiv Zozulya attributes such rapid increases to a seemingly clientelist agreement withAustria-HungaryandGerman Empire,whereby Ukraine granted a 200 millionkarbovanets"unlimited-term loan" to each of these countries.[20]On the other hand, Pavlo Hay-Nyzhnyk said the money was needed to revive the country's economy anyway.[18]

In essence, State Treasury Notes were 4-year treasurybondsissued in denominations of 50, 100, 200 and 1,000 hryvnias. They yielded 3.6%simple interestper annumpaid every six months, on 1 July and 2 January.[21][19]They had a unified design prepared byHeorhiy Narbut,with a roughly square centre, where the value of the bond was written, plus fourcouponson either side of the note, worth respectively 0.90, 1.80, 3.60 and 18 hryvnias each. The only feature that was different between each of these bonds was colours.[22][23]Due to the enormous size of the notes, as well as due to the location of coupons, they were nicknamed "airplanes" (Ukrainian:аероплани).[23]

The coupons and the notes were not formally intended to belegal tenderin the sense that the possibility to redeem them at banks was limited by the dates in coupons. In practice, due to an acute shortage of small change, these pieces of paper were readily cut out and circulated as plain currency.[22]Even government agencies accepted both the notes and the coupons for payments. The coupons and the State Treasury Notes were thus described as "surrogate banknotes".[24][22]

Image Value

(note)

Value

(coupon)

Dimensions

(mm)

Colour Description Date of
Obverse Reverse Paper Ink Obverse Reverse order issue lapse
50 hryven' 90shahiv

(0.90 hryvnia)

294 × 150

(full);

150 × 150

(note without coupons);

75 × 37

(coupons)

Greenish Red, violet Centre:Inside the frame containing an intricate plant ornament with numbers corresponding to denomination on its left and right sides, atryzubon the top side and an inscription "БІЛЕТ ДІЙСНИЙ ПО 1 СІЧНЯ 1933 р."[c]on the bottom side, the note's denomination spelled in letters, the type of note, signatures and serial numbers.

Coupons:Inside a frame, inscriptions: "Купон білєта Державної Скарбниці","дійсний на протязі 10 літ з",the date (from 1 July 1918 up to 2 January 1922, with semiannual intervals), the number noting the order when coupons become mature, and the respective denomination of the coupon

Inside a frame with denomination in numbers spelled at its corners, text of the 1918 Directive on the State Treasury Notes. Denominations printed at the place of coupons. 30 March 1918 5 August 1918 1920[d]
100 hryven' 1.80 hryvnia Orange Blue, green
200 hryven' 3.60 hryvnia Turqoise Orange
1000 hryven' 18 hryvnias Ochre Pink
These images are to scale at 0.7 pixel per millimetre. For table standards, see thebanknote specification table.

Shahivkyfractional currency

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Shahivky(шагівки) were named so aftershah,the subdivision of hryvnia, and served as small change because of the strong deficit of metals to mint coins. On 18 April 1918, the government authorised to issue paper "coins" of 1, 2, 4, 6, 10, 20, 30, 40 and 50shahiv.[25]The first four denominations have never been issued, nor are they known to have ever been printed.[26]According to various estimates, the other fiveshahivkyaccounted for about 24-38 million hryvnia in circulation.[27]Among those issued, the 30shahivstamp was rarer than the other denominations.[28]

Shahivkywerepostage stamp-sized, and they were sometimes used as postage stamps due to the dearth of "real" postage stamps.[29]

Unlike the postage staps, which were all imperforate, the five pieces of postage stamp currencies were usuallyPerf. 11 ½ stamps.[29]40 and 50shahivimperforate stamps are known to exist but are much rarer than theperforatedversions.[30][31]The currency was printed on thicker paper than the stamps, and the notice saying that the post stamps "circulate alongside metal coinage" appeared on the reverse, unlike in stamps, where the other side was blank.[27][32]Due to their weak protections,shahivkywere often counterfeited, particularly the top two denominations.[28][30]

Due to their lightness and their propensity to be blown away by the wind, they earned atongue-in-cheeknickname of "butterflies" (Ukrainian:метелики). They were also known as "postage stamps" (Ukrainian:марки) in reference to their size and appearance.[29]The shops of the time were known to give out change in bundles qof hundreds of such stamp "coins".[33][34]

Image Value Dimensions

(mm)

Main colour Description Date of
Obverse Reverse Obverse Reverse Designer first printing issue lapse
10shahiv 30 × 25 Light brown Inside flower ornaments, a bigtryzubilluminated by the sun. The base of thetryzubtouches the outline of Ukrainian borders as shown on the globe. Name of state above the composition, denomination below it Inside a single- or double-striped frame, atryzub,under which a notice reading: "Ходить нарівні з дзвінкою монетою". Anton Sereda[uk] 17 April 1918 8[33]or 18[25]July 1918 1920
20shahiv Dark brown Inside an oval, apeasantwith ascythelooking attryzub.Name of the state above the peasant, denomination below him Anton Sereda[uk]
30shahiv Ultramarine

or grey-violet (rare)

Head of a young woman with a wreath (identical to 500 hryvnia banknote, see above) inside an octagon. Two stylisedtryzubfigures at the top corners andpost hornsat the bottom. Denomination at the very top; name of state at the bottom. Heorhiy Narbut
40shahiv Green A bigtryzubsurrounded by awreath.Name of the state at the top of theshahivka,denomination and post horns below Heorhiy Narbut
50shahiv Red Inside a wreath, denomination in large characters. Post horns above the denomination, name of state at the very bottom of the stamp. Heorhiy Narbut
These images are to scale at 2.5 pixels per millimetre.For table standards, see thebanknote specification table.

Directorate

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In 1918, following the fall of theUkrainian Stateand the return to theUkrainian People's Republic,represented by theDirectorate,the government tried to shift focus to either of the two concurrent currencies in Ukraine, and declared hryvnias to be the "national currency".[35]However, many more denominations were issued inkarbovanetsthan in hryvnia in 1919.[35]The government only managed to issue a so-called State Treasury Exchange Note (Ukrainian:Розмінний знак Державної Скарбниці) worth 5 hryvnias with a hastily prepared primitive design.[36]It was the only state-sanctioned banknote ever printed on the territory ofWest Ukrainian People's Republic(ZUNR), or, to be exact, in Stanislaviv, nowIvano-Frankivsk.[37]The banknotes were mostly circulated ineastern Galicia.[38]

In 1920, the circulation of the Ukrainian currency started to be curtailed. In January 1920,the Communists,who controlled most of Ukraine, ordered the banks to stop accepting all money issued by previous Ukrainian governments, including hryvnias, and removed the obligation to accept Ukrainian currency by private parties.[39]At the end of 1920, they forbade circulation of all Ukrainian money.[40]The last known issue of Ukrainian currency in 1917–1920, were State Credit Notes, denominated at 50 and 1,000 hryvnias, which were printed inVienna.[41]Few proofs (German:Muster) of these banknotes are known to exist.[42]They became obsolete before they could be circulated, as Petliura dissolved the Directorate's government in November 1920 in light of the lack of control of Ukrainian territories.[43]

Image Value Dimensions

(mm)

Main colour Description Date of
Obverse Reverse Obverse Reverse Designer issue lapse
5 hryven' 98 × 58[37]

or 100 × 60[44]

Black-and-white Inside a frame composed of small circles, a bigtryzubto the left side, separated by a thin line from the rest of the banknote. On the right side, text: "РОЗМІННИЙ ЗНАК / ДЕРЖАВНОЇ СКАРБНИЦІ/У.Н.Р.",denomination and handwritten signature On the right side, legal notice concerning the banknote, denomination to the left; symbol of theUkrainian People's Republicand seal of theUkrainian Stateboth appear

Aversion with an error( "ПЯТЬ ГИВЕНЬ" ) also exists.

Mix of three designs July 1919 1920
50 hryven' 116 × 57 Green and blue Baroque-styled architectural and plant decorations, in which the year of printing and tryzub appear. A female and a male peasant sitting on top of the decorations, inside which the type of note, denomination and signatures appear Portrait ofPetro Doroshenko(1627 – 1698), Hetman ofRight-bank Ukraine(1665 – 1672) inside a richly decorated frame to the left side. To the right side, denomination with a big blue "50", above which the country of issue is spelled out. Bottom contains legal notices (gold standard and a shortened State Credit Note notice). Heorhiy Narbut not issued

(printed 1920)

1,000 hryven' 168 × 84 Blue and orange To the top, figures ofCossacks;to the left, stylised lettersУ.Н.Р.andtryzubin orange ink, surrounded by a Baroque-styled architectural frame withsunflowers;type of note, denomination and signatures at the bottom right Portrait ofBohdan Khmelnytsky,inside a window of a Baroque-like decoration; in two adjacent windows,tryzubsand stylised acronyms "УНР".The decoration itself is between two swaths of wheat; in the empty area to the left, another printedtryzub.Denomination and country of issue at the top. Gold standard and a shortened State Credit Note notice printed in two other fields with denominations.
These images are to scale at 0.7 pixel per millimetre. For table standards, see thebanknote specification table.

Local issues

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Apart from state-issued banknotes, there were also hundreds oflocal currencypaper currency units, notes, coupons etc., issued by municipal authorities. Over 300municipalitieswithin current Ukrainian borders once issued a total of over 1,500 variously named currency substitutes, mostly rubles,karbovanetsand hryvnia.[45]Some of the paper currency denominated in hryvnia is shown in the gallery below.

Post-Soviet Ukraine

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History

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As Ukraine was nearing independence in 1991, the government of thenUkrainian SSRbegan preparations to introduce a new currency named hryvnia.[f][47]In April 1991,Leonid Kravchuk,thenleader of the Supreme Soviet of Ukrainian SSR,ordered the preparation of designs for the new national currency.[47]It was initially planned to issue banknotes in denominations of ₴1, ₴3, ₴5, ₴10, ₴25, ₴50, ₴100 and ₴200, mimicking the denominations of theSoviet ruble.[48]The decision for the design of the currencies was adopted on 11 September 1991. On that day it was decided to change a planned ₴3 note to ₴2, and ₴25 notes to ₴20, as well as to set aside ₴200 as a reserve denomination.[47][49]

It was then that the general outline of banknotes was chosen, with a prominent person fromUkraine's historyon the obverse and a landmark building on the reverse, in most cases directly related with the person displayed.[49]The choice of the people portrayed met with some reservations, as Kravchuk feared that inclusion ofIvan Mazepaon the banknotes might incense Moscow. The candidacy ofMykhailo Hrushevskyiwas also politically sensitive, but it was approved and stayed in banknote designs.[46][50]

The first series was developed by Ukrainian artistsVasyl Lopataand Borys Maksymov, who used relatively uncommon depictions of Taras Shevchenko and theKievan Rus'rulers.[51]Lopata was drawing the portraits and the buildings, while Maksymov designed the rest of the banknote.[46]Lopata proposed his versions of 500 and 1,000 hryvnias, withHryhorii SkovorodaorDaniel of Galiciaon the former denomination andPeter Mogilaon the latter, but his idea was not supported.[47][48][46]

As the preparations for the first series were made, it became apparent that Ukraine lacked appropriate domestic facilities to print banknotes.[52]Therefore, banknotes of the first series of hryvnias were made by theCanadian Bank Note Company.[50]50, 100 and 200 hryvnias, which made part of the second series, after some problems connected with print quality and delays with the Canadian contractor, were eventually ordered from theMaltesebranch ofDe La Rue,which was also producingkarbovanetsbanknotes until thenational banknote printing facility[uk]started operation in 1994.[46][53][54][g]

By the time the banknotes arrived,the economic crisisbecame so deep andinflationso bad that the government decided to stick with thekarbovanets.[55]It was only on 2 September 1996 that the first series of hryvnia banknotes, up to 20 hryvnias, was introduced into circulation by theNational Bank of Ukraine(NBU).[56]

In 1996, the 1, 50, and 100 hryvnia notes of the second series were introduced. The 1 hryvnia note was already produced in Ukraine in the brand new printing factory, as would all subsequent banknotes,[53]while the two higher denominations were still printed by De La Rue and had better security features in comparison with the first series. Most of the other denominations went into circulation in 1997.[57]The 200 hryvnia note, which was seen at the time as worth too much, was released in 2001, just before the tenth anniversary ofUkraine's independence.[58]

The second series was quickly found to have several drawbacks, so plans to replace it were approved as early as 1999.[59]Serhiy Tihipko,then governor of theNational Bank of Ukraine,noted that 2, 10 and 20 hryvnias were hardly distinguishable from each other.[60]Artists have pointed to several design flaws and inaccuracies in the banknotes. Lopata was, for instance, not happy with the De La Rue banknotes,[46]and the National Bank of Ukraine wanted to introduce new security features.[60]In 2003, the ₴20 note became the first banknote of the third series of the Ukrainian hryvnia. Other denominations quickly followed suit.[61]It was also then that the ₴500 bills, which became among the most common banknotes in Ukraine, were introduced into circulation.

Refurbished versions of these banknotes, with even more anti-counterfeiting techniques, were released starting from 2014 (₴100), followed by ₴500 regular issue and a ₴20 commemorative note in 2016, ₴20 regular bill in 2018 and the rest of the banknotes, including the new ₴1000, in 2019 and early 2020.[62]

All descriptions taken from the site of the National Bank of Ukraine.[62]

First series

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Image Value Dimensions

(mm)

Main colour Description Date of
Obverse Reverse Obverse Reverse first printing issue withdrawal lapse
₴1 135 × 70 Dark green Volodymyr the Great(c. 958 – 1015)

Prince of NovgorodandGrand Prince of Kiev

Ruler ofKievan Rus'in 980–1015

Ruins ofChersonesos

(now inSevastopol)

1992 2 September 1996 1 October 2020 30 September 2023
₴2 Terracotta Yaroslav the Wise(c. 978 – 1054)

Prince of NovgorodandGrand Prince of Kiev
Ruler ofKievan Rus'in 1019–1054

Saint Sophia CathedralinKyiv
₴5 Dark blue Bohdan Khmelnytsky(c. 1595 – 1657)

Hetman of Ukrainian Cossacks(1648–1657)

A church in the village ofSubotiv,Cherkasy Oblast
₴10 Violet Ivan Mazepa(1639 – 1709)

Hetman of Ukrainian Cossacks (1687–1708),patron of the arts

Kyiv Pechersk Lavra
₴20 Olive Ivan Franko(1856 – 1916)

Poet, writer and political activist

Lviv Opera and Ballet Theatre
[1] [2] ₴50 Red Mykhailo Hrushevsky(1866 – 1934)

Historian and politician; head of theCentral Council of Ukraine(1917–1918)

TheCentral Council of Ukrainebuilding (currentlyTeacher's HouseinKyiv) Never issued
[3] [4] ₴100 Green Taras Shevchenko(1814 – 1861), according to Lopata's portrait[63]

Poet and artist; author ofKobzar

Buildingof theVerkhovna Rada(parliament)
These images are to scale at 0.7 pixel per millimetre. For table standards, see thebanknote specification table.

Second series

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Image Value Dimensions

(mm)

Main colour Description Date of
Obverse Reverse Obverse Reverse issue printing withdrawal lapse
₴1 133 × 66 Green and brown Volodymyr the Great Ruins ofChersonesos

(nowSevastopol)

2 September 1996 1994, 1995 1 October 2020 30 September 2023
₴2 Orange and Terracotta Yaroslav the Wise Saint Sophia CathedralinKyiv 1 September 1997 1995, 2001
₴5 Blue Bohdan Khmelnytsky A church in the village ofSubotiv,Cherkasy Oblast 1 September 1997 1994, 1997, 2001
₴10 Bluish-grey (obverse)

Pink, violet (reverse)

Ivan Mazepa Kyiv Pechersk Lavra 1 September 1997 1994, 2000
₴20 Brown, green Ivan Franko Lviv Opera and Ballet Theatre 1 September 1997 1995. 2000
₴50 Yellow, violet Mykhailo Hrushevsky Buildingof theVerkhovna Rada(parliament) 2 September 1996 ?[h]
₴100 Rose, green Taras Shevchenko(1814 – 1861) according to an 1871 portrait byIvan Kramskoi[64]

Poet and artist; author ofKobzar

Saint Sophia CathedralinKyiv 2 September 1996 ?[h]
₴200 Blue, peach Lesya Ukrainka(1871 – 1913)

Poet and writer

Entrance tower ofLutsk Castle 22 August 2001 ?[h]
These images are to scale at 0.7 pixel per millimetre. For table standards, see thebanknote specification table.

Current banknotes

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Since October 2020, all banknotes from the first and the second series were withdrawn from circulation and are only exchanged in banks. Banknotes from ₴1 to ₴10 are being substituted by a new set of coins. Like all the banknotes of the third and fourth series, these remain legal tender.[65][66]The banknotes usecottonas a substrate.[67]The ₴20 commemorative banknote was the first to uselinenfibres.[68]The ₴1000 banknote includes 20%linen.[67]

As of 1 July 2021, almost 2.94 billion notes worth more than ₴580 billion are in circulation. Almost a quarter of all banknotes are in ₴200 notes, followed closely by ₴500 notes. ₴1 notes are also relatively common, even as these were initially circulating alongside big 1hryvnia coinsand, since 2018, are increasingly substituted by new smaller coins. Banknotes from ₴2 to ₴20 are relatively rare compared with other denominations, at about 5% of the total quantity of banknotes each.[69]

The detected number ofcounterfeithryvnia banknotes was hovering around 3 forged bills per 1 million genuine ones in 2015–2019. This sharply increased to 5.5 counterfeit banknotes per million in 2020, which the NBU attributed to theCOVID-19 pandemic.[70][71]The vast majority of forgeries (96%) occurred among the third series banknotes. The majority of the illicitly produced notes belonged to the two highest denominations of the series.[71]

All descriptions taken from the site of the National Bank of Ukraine.[62]

Third series

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Obverse image Reverse image Value Dimensions

(mm)

Main colour Obverse Reverse Date of issue Printing Withdrawal
₴1 118 × 63 Green-black Volodymyr the Great;

A depiction of saints

Volodymyr's Fortress Wall inKyiv

Contemporary military equipment, decorations and a cross

1 December 2004 2004, 2005 1 October 2020[i]
₴1 118 × 63 Yellow-blue Volodymyr the Great;

A depiction of saints

Volodymyr's Fortress Wall inKyiv

Contemporary military equipment, decorations and a cross

22 May 2006 2006, 2011, 2014
₴2 118 × 63 Terracotta Yaroslav the Wise

Contemporary silver coin

A paraphrase of part ofYaroslav's deathbed will[uk]as it appears in thePrimary Chronicle[j]

Saint Sophia CathedralinKyiv

Contemporary military equipment, decoration and household items;Russkaya Pravda

24 September 2004 2004, 2005, 2011, 2014
₴5 118 × 63 Blue Bohdan Khmelnytsky

Familycoat of arms,fragment of Khmelnytsky's signature

A church in the village ofSubotiv,Cherkasy Oblast

Cossacks' munitions andkleinody(symbols of power)

14 June 2004 2004, 2005, 2011, 2013, 2015
₴10 124 × 66 Crimson Ivan Mazepa

Kurcz[pl]coat of arms

Pinkwatermarkfield

Quote from one of hispoems[uk][k]

The Holy Dormition Cathedral of theKyiv Pechersk Lavra

Items connected with Mazepa's life

1 November 2004 2004, 2005
₴10 124 × 66 Crimson Ivan Mazepa

Kurcz[pl]coat of arms

Whitewatermarkfield

Quote from one of hispoems[uk][k]

The Holy Dormition Cathedral of theKyiv Pechersk Lavra

Items connected with Mazepa's life

August 2006 2006, 2011, 2013, 2016
₴20 130 × 69 Green Ivan Franko

A mountainous landscape in the background

Facsimilefrom one of hispoems

Lviv Opera and Ballet Theatre

Sculpture symbolising Glory from the theatre's roof in close-up

1 December 2003 2003, 2005, 2012, 2014, 2017 Current
₴50 136 × 72 Violet Mykhailo Hrushevskyi

Ornaments from Hrushevskyi'sHistory of Ukraine-Rus'

TheCentral Council of Ukrainebuilding (currentlyTeacher's HouseinKyiv)

Statues of a peasant and a worker

29 March 2004 2004, 2005, 2011, 2013, 2014[l]
₴100 142 × 75 Yellow, olive Taras Shevchenko(image according to 1840 self-portrait)[64]

Face of the woman depicted in Shevchenko'sKateryna[uk]

Facsimilefrom one of hispoems

Taras HillnearKaniv,Cherkasy Oblastand the figures of akobzarwith his guide boy 20 February 2006 2006, 2012, 2014
₴200 148 × 75 Pink Lesya Ukrainka

Outline of her country house inKolodiazhne,Volyn Oblast

Quote from one of herpoems

Entrance tower ofLubart's CastleinLutsk,awhite storkflying 28 May 2007 2007, 2011, 2013, 2014[l]
₴500 154 × 75 Brown Hryhorii Skovoroda(1722 – 1794), philosopher and composer

Skovoroda's illustration to his philosophical thesis

TheKyiv Mohyla Academyold main building[uk]and anegativeof its seal in the background

"Pythagoreantriangle "as seen by Skovoroda, often interpreted as aMasonicsymbol[72]

15 September 2006 2006, 2011, 2014, 2015
These images are to scale at 0.7 pixel per millimetre. For table standards, see thebanknote specification table.

Fourth series

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Obverse image Obverse image Value Dimensions

(mm)

Main colour Obverse Reverse Date of issue Printing Withdrawal
₴20[m] 130 × 69 Green Ivan Franko,a mountainous landscape in the background

Facsimileof one of hispoems
A stylised flower inoptically variable ink

Lviv Opera and Ballet Theatre

Sculpture symbolising Glory from the theatre's roof in close-up

25 September 2018 2018, 2021 Current
₴50 136 × 72 Violet Mykhailo Hrushevskyi

Ornaments from Hrushevskyi'sHistory of Ukraine-Rus'
A stylisedflag of Ukraineinoptically variable ink

TheCentral Council of Ukrainebuilding (currentlyTeacher's HouseinKyiv)

Statues of a peasant and a worker

20 December 2019 2019, 2021
₴100 142 × 75 Olive Taras Shevchenko

Dnieperas seen fromTaras Hill

Quote from one of hispoems

Apaletteand apaintbrushinSPARK

Red University Building 9 March 2015 2014, 2019,[n]2021
₴200 148 × 75 Pink Lesya Ukrainka

Quote from one of herpoems

A stylisedwater lilyinSPARK

Entrance tower ofLubart's CastleinLutsk

Motion of the flight of awhite stork

25 February 2020 2019, 2021
₴500 154 × 75 Brown Hryhorii Skovoroda

Skovoroda's illustration to his philosophical thesis
A book with a letter and a feather inSPARK

TheKyiv Mohyla Academyold main building[uk]and anegativeof its seal in the background 11 April 2016 2015, 2018, 2021
₴1,000 160 × 75 Light blue Vladimir Vernadsky(1863 - 1945),mineralogist,geochemist,philosopher; founder of theNational Academy of Sciences of Ukraine

Composition of acrystal lattice structureand a plant ornament inSPARK

Seat of the Presidium of the National Academy of Sciences of Ukraine 25 October 2019 2019
These images are to scale at 0.7 pixel per millimetre. For table standards, see thebanknote specification table.

Commemorative issues

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Obverse image Reverse image Denomination Dimensions

(mm)

Main colour Obverse Reverse First printing Date of issue Quantity
₴50 136 × 72 Violet As inthird seriescommon circulation banknote;

NBU- 20 YEARS (Ukrainian:НБУ - 20 РОКІВ) added inSPARK

As inthird seriescommon circulation banknote 2011 5 October 2011 1,000
₴20 130 × 69 Green General outline as infourth seriescommon circulation banknote.

Added windowsecurity threadwith motion effect
Quote swapped places with a security feature - instead of anOVIflower, aSPARKinscription "160 years from the birth" [of Ivan Franko] (Ukrainian:160 років від дня народження) appears

As infourth seriescommon circulation banknote 2016 1 September 2016 1,000,000
₴100 142 × 75 Olive As infourth seriescommon circulation banknote

Added anOVMIinscription "30 years of Ukraine's Independence" (Ukrainian:30 років Незалежності України) in the watermark area

As infourth seriescommon circulation banknote 2021 20 August 2021 30,000 of each denomination
₴500 154 × 75 Brown 20 August 2021
₴20 130 × 69 Green 19 November 2021
₴200 148 × 75 Pink 19 November 2021
₴50 136 × 72 Violet 22 December 2021
₴1,000 160 × 75 Light blue 22 December 2021
₴20 165 × 80 Blue and yellow Ukrainian soldiers hoisting the flag of Ukraine, against the backdrop of map of Ukraine (eastern Ukraine and Crimea) and the flags of some countries that lent their support to Ukraine, text in Ukrainian "And on renewed land will not be the enemy...", "Glory to Ukraine", "Glory to the Heroes", text in watermark area in Ukrainian and English Hands tied behind a person's back, poppy in the form of a stylized bullet wound, stylized wings made from candle flames, outlines of destroyed houses, a crown of thorns, an anti-tank hedgehog and guilder rose inSPARK,text in Ukrainian "Remember!", "Let's not forgive!", "Never!" 2023 23 February 2023 300,000
₴50 165 × 80 Purple The map of Ukraine, styalized as a heart. The lines were western military aid comes to Ukraine. Hands put together, which symbolize cooperation, mutual assistance, trust and partnership. 2024 300,000
These images are to scale at 0.7 pixel per millimetre. For table standards, see thebanknote specification table.

Notes

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  1. ^As Martos and Zozulya note, at the time when the banknotes were ordered, there was no suitable equipment to print the money in Ukraine.[9]
  2. ^Grey and violet banknotes of this denomination also appear, but they are very rare
  3. ^Due to a printing error, до (until) was printed as по (after). They were intended to be voided on 1 January 1933.
  4. ^The State Treasury Notes were supposed to be redeemed by 1933, but were rendered obsolete by 1920
  5. ^Proskuriv was among the few cities denominating hryvnia banknotes also in karbovanets
  6. ^Initially, the Communist MPs proposed to stick withkarbovanets,which coincidentially was the official name of the Soviet ruble in Ukrainian, and one MP even suggested to introduce Ukrainian dollars, but the namehryvniastuck.[46]
  7. ^Another important piece of banknote production was thebanknote paper factory[uk],which started operation in 1997 inMalyninZhytomyr Oblast
  8. ^abcNot indicated on banknotes; presumed 1992
  9. ^Began to be withdrawn due to the introduction of new coins in 2018-2020
  10. ^If you are going to leave in kindness to each other, God will be in you (Ukrainian:...якщо будете жити в любові між собою, Бог буде у вас...)
  11. ^abFor your faith you [shall be ready] to die and your liberties you shall defend (Ukrainian:А за віру хоч умріте, і вольностей бороніте!)
  12. ^abTwo issues were made in 2014, one with the signature ofStepan Kubivand the other with the one ofValeria Gontareva
  13. ^See also the ₴20 commemorative note, which preceded the common issue one
  14. ^This issue has a yellowish watermark area, instead of white

Sources

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References

edit
  1. ^Martynyak 2005,p. 55.
  2. ^abcMartos & Zozulya 1972,p. 34-36.
  3. ^Shust 2009,p. 246-248.
  4. ^Hay-Nyzhnyk 2004,p. 46.
  5. ^Martynyak 2005,p. 62-66.
  6. ^abChorna, Liliya (2017-05-07)."Аналітична записка: 1000 гривень Української держави".National Bank of UkraineAnalytical Commentary.Archivedfrom the original on 2020-04-11.Retrieved2021-09-18.
  7. ^Martos & Zozulya 1972,p. 27-29.
  8. ^Shust 2009,p. 254-255.
  9. ^Martos & Zozulya 1972,p. 12.
  10. ^abHnatyshak 1973,p. 57.
  11. ^abShust 2009,p. 248, 251-2.
  12. ^Shust 2009,p. 253.
  13. ^Martos & Zozulya 1972,p. 36-37.
  14. ^Martynyak 2005,p. 57.
  15. ^Martynyak 2005,p. 58.
  16. ^Martynyak 2005,p. 61.
  17. ^Hnatyshak 1973,p. 59.
  18. ^abHay-Nyzhnyk 2004,p. 55-56.
  19. ^abMartos & Zozulya 1972,p. 45-46.
  20. ^Martos & Zozulya 1972,p. 42.
  21. ^Hnatyshak 1973,p. 77-79.
  22. ^abcMartynyak 2005,p. 60-61.
  23. ^abHnatyshak 1973,p. 18.
  24. ^Martos & Zozulya 1972,p. 14.
  25. ^abHay-Nyzhnyk 2004,p. 62-64.
  26. ^Martynyak 2005,p. 59.
  27. ^abHay-Nyzhnyk 2004,p. 64.
  28. ^abШидловська, Євгенія (2018-01-01)."Українські гроші революції: горпинки, лопатки і паперові монети".BBC News Україна(in Ukrainian).Retrieved2021-09-22.
  29. ^abcHnatyshak 1973,p. 87-88.
  30. ^abKharitonov 2005,p. 21.
  31. ^Cuhaj 2008,p. 1171.
  32. ^Martos & Zozulya 1972,p. 13.
  33. ^abДейнеко, Сергій (2020-10-30)."Гроші Української революції. Марки-шаги великих художників".M. F. Sumtsov Kharkiv Historical Museum(in Ukrainian).Retrieved2021-09-22.
  34. ^Куцаєва, Тамара (2017-05-31)."Монети, які літали, наче метелики".Gazeta.ua(in Ukrainian).Retrieved2021-09-22.
  35. ^abMartynyak 2005,p. 65-66.
  36. ^Martynyak 2005,p. 66.
  37. ^abHnatyshak 1973,p. 69-70.
  38. ^Shust 2009,p. 256.
  39. ^"Обіжник Народного Банку РСФСР фінвідділам, конторам, скарбницям і ощадним касам України про припинення прийому грошових знаків, випущених колишніми українськими урядами".Central State Archive of the Government of Ukraine(in Russian). 1920-01-05.Retrieved2021-09-22.
  40. ^Calyk, Stanislav(2016-05-11)."Блог історика. 1991 рік: власні гроші Української РСР".BBC News Україна(in Ukrainian).Archivedfrom the original on 2016-05-12.Retrieved2021-09-22.
  41. ^Shust 2009,p. 258.
  42. ^Kharitonov 2005,p. 47-48.
  43. ^Martynyak 2005,p. 67.
  44. ^Kharitonov 2005,p. 40.
  45. ^"ГРОШОВИЙ ОБІГ В УКРАЇНІ 1917–1920".Encyclopedia of History of Ukraine(in Ukrainian).Retrieved2021-09-22.
  46. ^abcdef"365 днів. Наша історія. 10 грудня. Як малювали, друкували і перевозили гривню. Дев'ять історій про українські гроші".Новини Полтавщини.Retrieved2021-09-21.
  47. ^abcdShust 2009,p. 348.
  48. ^ab"Як мала виглядати гривня. Ескізи проектів 1990-их".Історична правда(in Ukrainian). 2011-09-02.Archivedfrom the original on 2011-09-27.Retrieved2021-09-21.
  49. ^abLopata 2000,p. 65У мене зберігається цікавий документ — додаток № 2 до протоколу № 53 від 11 вересня 1991 року “Рішення Комісії з питань економічної реформи і управління народним господарством про зразки українських національних грошових знаків”, підписаний головою Комісії В. Пилипчуком. З нього видно, що тільки 11 вересня 1991 року було замінено номінали 3 гривні на 2, 25 — на 20 [...]
  50. ^ab"How hryvnia was born".Archived fromthe originalon 2011-08-23.Retrieved2014-03-13.Podrobnosti.ua(in Russian)
  51. ^"The man who designed Hryvnia".Archived fromthe originalon April 23, 2008..Dzerkalo Tyzhnia(in Russian)
  52. ^Salo, V. I. (2013-04-25)."Грошова реформа 1996 р. - введення національної валюти України - гривні"(PDF).Вісник Української академії банківської справи(in Ukrainian).1(34):24–30.
  53. ^ab"Hryvnia-Immigrant".Archived fromthe originalon 2010-12-29.Retrieved2014-03-13.Dzerkalo Tyzhnia(in Ukrainian)
  54. ^"Від купонокарбованців до гривні: як незалежна Україна запроваджувала власну валюту".www.unian.ua(in Ukrainian).Retrieved2021-09-21.
  55. ^Shust 2009,p. 349-350.
  56. ^"До 18-тої річниці проведення грошової реформи в Україні".National Bank of Ukraine.September 2014.Retrieved2021-09-22.
  57. ^Shust 2009,p. 352.
  58. ^"Про введення в обіг банкноти номіналом 200 гривень".Офіційний вебпортал парламенту України(in Ukrainian).Retrieved2021-09-22.
  59. ^Bilous, Vitaliy; Lazurenko, Natalia; Voronina, Hanna (December 2003)."Новий дизайн гривні"(PDF).Вісник Національного Банку України(in Ukrainian) (12/2003):60–63.
  60. ^ab"Тігіпко не проти бути прем'єром…".Українська правда(in Ukrainian).Retrieved2021-09-21.
  61. ^"Стельмах виводить Тігіпка з обігу. Україна - Новини Рівного та області".Рівне Вечірнє(in Ukrainian).Retrieved2021-09-21.
  62. ^abc"About Banknotes".National Bank of Ukraine.Retrieved2021-09-22.
  63. ^Lopata 2000,p. 240Отож, починаючи роботу над портретом, я теж віддав данину цим аксесуарам — на першому варіанті ескізу купюри поет був у селянському одязі. Цей портрет мене не влаштовував. Я продовжував пошуки, і нарешті в шостому чи в сьомому варіанті мені вдалося втілити такий образ Тараса, який не викликав жодних заперечень з боку всіх членів комісії, голови Національного банку, моїх колег.
  64. ^abVorobyeva, Olga (2015-03-06)."Портреты на банкнотах: Тарас Шевченко в молодости и в зрелые годы".Наука и жизнь(in Russian).Archivedfrom the original on 2015-03-17.Retrieved2021-09-21.
  65. ^"НБУ з жовтня виводить з обігу 25 копійок та вилучатиме старі банкноти: що це означає? | Громадське телебачення".hromadske.ua(in Ukrainian). 2 September 2020.Retrieved2021-09-22.
  66. ^"Національний банк завершує оновлення банкнотно-монетного ряду гривні".National Bank of Ukraine.2019-11-26.Archivedfrom the original on 2020-05-16.Retrieved2021-09-22.
  67. ^ab"В НБУ пояснили, чому в Україні не будуть друкувати полімерні банкноти".ТСН.ua(in Ukrainian). 6 July 2021.Retrieved2021-09-22.
  68. ^"Банкнота номіналом 20 гривень".National Bank of Ukraine(in Ukrainian).Retrieved2021-09-22.
  69. ^"Структура готівки в обігу: Станом на 1.07.2021 в обігу перебувало 585,2 млрд грн готівки".National Bank of Ukraine(in Ukrainian). 2021-07-15.Archivedfrom the original on 2021-09-21.Retrieved2021-09-21– viaFacebook.
  70. ^"Найчастіше у 2019 році підробляли банкноти старого зразка".Національний банк України(in Ukrainian).Retrieved2021-09-21.
  71. ^ab"Old Hryvnias Are Main Targets of Counterfeiters".National Bank of Ukraine.Retrieved2021-09-21.
  72. ^"НБУ прибрав" Всевидюще Око "із 500-гривневої купюри".Збруч(in Ukrainian). 2015-12-25.Retrieved2021-09-16.

Books

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