Ukrainian karbovanets
Encyclopedia
The karbovanets has been a distinct unit of currency
in Ukraine
during three separate periods. The name is also used in the Ukrainian language
for the Imperial
ruble
and the Soviet ruble
, but not for the modern Russian ruble
.
In March 1917 in Kiev
some political parties formed the Central Rada which proclaimed on November 20, 1917 the foundation of the Ukrainian People's Republic
.
And by just December 19 of the same year, a temporary law about the issue of state banknotes by the UPR
was adopted. According to this law: "Bank-notes must be issued in karbovanets" . Each karbovanets contains 17.424 parts of pure gold and is divided into two hrivnas or 200 shahs
.
The etymology
of the name "karbovanets" is debatable: by one supposition it originated in Ukraine from the ancient primitive way to carve (karbuvaty) numbers of calculations on a rod, and by another supposition -from the carving (incision) on a rim of a metal rouble
.
On January 5, 1918 the first Ukrainian bank-note with a value of 100 karbovanets was issued. There is an interesting detail: the trident depicted on the bank-note was proclaimed as a National Emblem of the UPR
only 54 days after its appearing on the bank-note, on March 1, 1918. On all issued bank-notes was stated only one series - "AД" and only one number - 185. Combined with the use of ordinary paper (without water-marks) for printing of this bank-note, this led to the appearance of a great number of counterfeit bank-notes in circulation.
On September 20, 1918, the Central Rada proclaimed the issue of bank-notes of the State Treasure in denominations of 5, 10, 25, and 50 karbovanets, to be valid until March 1, 1924. On April 6, the population of Kiev first saw 25-karbovanets bank-notes, and 50 karbovanets bank-notes later appeared, but 5- and 10-karbovanets bank-notes were not released. Primarily this series of bank-notes was issued without designation of series and number. In subsequent issues, the series indicated the place of printing: AK (Kiev) and AO (Odessa
).
After occupation of Odessa by military units of Denikin's Army
in spring, 1919, the printing house of Odessa continued printing bank-notes of 50 karbovanets. The Ukrainian Government was indignant and proclaimed money issued by the Denikinists to be false (series AO, numbers 210 and above).
It is necessary to mention one more detail of the 50-karbovanets issue. In 1920, the Soviet Government of Ukraine printed some dozens of millions of bank-notes for temporary use by Glavrevkom (Head Revolutionary Committee) in the Western Ukraine. This issue of series AO had numbers from 236 to 250.
The next release by the Central Rada was issued on April 19, 1918 and included denominations of 10, 20, 30, 40 and 50 shahs
. The term "shah" is borrowed by the Central Rada from the ancient name of small coins (change) from as long ago as the 16th century. Shahs were printed in Kiev in sheets of 100, perforated in order to simplify tearing off separate bank-notes. "Shahs
" were in circulation until March 1919 when they were abolished by the Soviets. There are many existing bank-notes of this value.
The Congress of Free Hubb'andmen on April 29, 1918 (with the great support of Austrian-German occupants), elected tsarist general P.P.Skoropadsky as Hetman of Ukraine. He proclaimed the overthrow of the Central Rada Government and the foundation of the Ukrainian State.
In Skoropadsky's time, the so-called "paper hryvnias" were introduced in commerce. They were ordered by the Central Rada from Germany.
On August 5, 1918, the first bank-note which appeared in commerce was the 3.6% state-bond with the name "Bank-note of the State Treasure". State-bonds were printed with eight coupons, four coupons on each side. Primarily they were to be issued for the purpose of internal loans. But the general lack of circulating banknotes led to state-bonds and even separate coupons being used as paper money.
On October 17, 1918 Hetman's government received from Germany
another supply of bank-notes with values of 2, 10, and 100 hryvnias, as ordered by the Central Rada. A bit later, bank-notes of 1000 and 2000 hrivnias were received. They were needed by Hetman's Government due to exaggerated inflation in Ukraine. They bore the abbreviation of the Ukrainian State(УД), an official name of Ukraine in Hetman's time.
These hryvnias were issued on October 17, 1918, 59 days before Hetman's overthrow.
The defeat of Germany and Austria-Hungary
in World War I
resulted also in the break-up of Ukraine's occupation regime (Hetman Skoropadsky's government). On the night of November 14, 1918, in Bila Tserkva
, the Government of the Ukrainian Directorate
was formed with V.K.Vynnychenko, S.V.Petlyura and others at its head. Within a month, military forces of the Directorate occupied Kyiv. On January 16, 1919 the Government of the Directorate declared war on Soviet Russia. This action required issuing enormous sums of money.
In Kiev, the Directorate used reserves of bank-notes which were issued previously by the Central Rada's governments.
The military campaign of the Directorate turned out to be unsuccessful, and the offensive of the Red Army forced the Directorate to leave Kyiv and to settle for some time in Vinnytsia
(February 5, 1919). There the Directorate used 3.6% State bonds for their purchasing power. Under the pressure of Soviet forces, the Directorate retreated still farther to Ternopil
, and then Stanislav (now Ivano-Frankivsk
) by the end of February, 1919. Beginning in March, 1919, one of the most unsuccessful series of bank-notes (5 hryvnias) was issued. Compiled from different elements of earlier Ukrainian banknotes, 5-hryvnia bank-notes were hastily printed on grey paper and contained an error in their text: гривна instead of гривень. Some bank-notes with such misprints entered circulation. The next bastion for the embattled Directorate was Kamanets-Podilsk, where it held out for almost a year and issued a few more bank-notes.
First, in August 1919, banknotes were printed with the value of 100, 250, and 1000 karbovanets. For printing of these bank-notes, they used cliché
s (slugs of type) that had been prepared by the Hetman's government.
One of the best bank-notes among all Ukrainian paper-money is a bank-note of 1000 karbovanets. This bank-note was issued in Kyiv and entered circulation on November 13, 1918. Printing was continued by the Directorate government in October 1919 at Kamyanets'-Podilsk, and in 1920 at Warsaw
. The last issue is unknown.
A bit later, lower denomination notes - 10 karbovanets (August 1919) and 25 karbovanets (October 1919) were put into use. The design of the 10 karbovanets (tank-note) was prepared in Hetman's period and their obverse had the large letters УД which designated the Ukrainian state .
The last bank-notes of the Directorate were prepared in Austria
. The series contained bank-notes of 50 and 1000 hryvnias. But they were never issued (only some specimen copies are known). On November 20, 1920, the Directorial Government was disbanded by S.V. Petlyura's edict and its provision of currency ended.
At the beginning of 1919 in Kharkiv
the government of the Soviet Ukraine was formed. It represented Soviet Russia in its war against the Directorate. By Lenin's direction Russia
financed the Ukrainian Soviet government. However, a period of unprecedented inflation was triggered by the Civil War and resulted in a sharp deficit of circulating money, especially petty bank-notes.
The People's Commissar (narcom) of Finance of the USSR, with the mutual consent of the RSFSR government, decided to use the 10 karbovanets bank-notes of the Directorate. This note's cliché
and artwork (without series and numbers) were captured by the Red Army on February 5, 1919. during the "liberation" of Kyiv from the Petlyurian troops. The Soviet bank-note differed from the Directorate's in paper, ink, water-marks, and the location of their series and numbers.
One more bank-note of 50 karbovanets with Soviet symbolics was printed. On June 1, 1919, the Soviet Ukraine united with the Soviet governments of Russia, Lithuania
, Latvia
, and Belarus in a common revolutionary front, and only one monetary unit was legitimized - the ruble
of the USSR. The necessity of printing separate bank-notes was gone, and the 50-karbovanets bank-note is known only by some specimen copies.
, the German occupying government (Reichskommissariat Ukraine
) issued banknotes denominated in karbovanets (karbowanez in German
). The karbovanets replaced the Soviet ruble
at par and was in circulation between 1942 and 1945. It was pegged to the Reichsmark
at a rate of 10 karbovantsiv = 1 Reichsmark.
, the Ukrainian SSR
introduced one-time coupons, which were distributed to Ukrainian residents. The coupons were needed in addition to Soviet ruble
s in order to buy groceries and living essentials. On January 10, 1992, the karbovanets replaced the Soviet ruble
at par, with the ISO 4217
code being UAK.
The karbovanets, which suffered from Hyperinflation
, was replaced by the hryvnia
in 1996, at a rate of 100,000 karbovantsiv = 1 hryvnia. When the hryvnia was introduced in 1996, a 15 day period was in effect from September 2-September 16, 1996, during which both the karbovanets and hryvnia were in circulation. The use of the karbovanets for all kinds of payments stopped completely after September 1996 and the only accepted currency after was the hryvnia.
introduced 100 karbovantsiv notes. These were followed in 1918 by State Treasury notes for 25 and 50 karbovantsiv. That year also saw the issue of postage stamp
currency denominated in shah
and various bonds, together with state credit notes in denominations of 2, 10, 100, 500, 1000 and 2000 hryven. The Directorate
issued notes for 100, 250 and 100 karbovanets in 1918, followed by 10 and 25 karbovanets in 1919. State notes for 5, 50 and 1000 hryven were issued in 1920.
stating "falsification of banknotes is punished by imprisoning". The obverse of the notes all featured a portrait, including children, a peasant, a miner, a seaman and a chemist. The Nazi Reichsadler
also appeared.
on reverse. The banknotes did not carry individual serial numbers or signatures. In 1992, banknotes for 100, 200, 500, 1000 karbovanets were issued, which carried serial numbers and were better protected to counterfeiting.
In 1993, banknotes for 2000 and 5000 karbovanets were issued. Having similar design as 1992 banknotes, they were the first to carry the Coat of arms of Ukraine
. In the same year, notes for 10,000, 20,000, 50,000, 100,000 karbovanets were also introduced into circulation, which were bigger in size and pictured the Volodymyr Monument on the obverse and the Kiev Opera
on reverse. Subsequently, banknotes for 200,000 and 500,000 karbovanets were introduced in 1994, followed by 1,000,000 karbovanets banknote in 1995, which pictured Taras Shevchenko
Monument in Kiev.
Currency
In economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply...
in Ukraine
Ukraine
Ukraine is a country in Eastern Europe. It has an area of 603,628 km², making it the second largest contiguous country on the European continent, after Russia...
during three separate periods. The name is also used in the Ukrainian language
Ukrainian language
Ukrainian is a language of the East Slavic subgroup of the Slavic languages. It is the official state language of Ukraine. Written Ukrainian uses a variant of the Cyrillic alphabet....
for the Imperial
Russian Empire
The Russian Empire was a state that existed from 1721 until the Russian Revolution of 1917. It was the successor to the Tsardom of Russia and the predecessor of the Soviet Union...
ruble
Ruble
The ruble or rouble is a unit of currency. Currently, the currency units of Belarus, Russia, Abkhazia, South Ossetia and Transnistria, and, in the past, the currency units of several other countries, notably countries influenced by Russia and the Soviet Union, are named rubles, though they all are...
and the Soviet ruble
Soviet ruble
The Soviet ruble or rouble was the currency of the Soviet Union. One ruble is divided into 100 kopeks, ....
, but not for the modern Russian ruble
Russian ruble
The ruble or rouble is the currency of the Russian Federation and the two partially recognized republics of Abkhazia and South Ossetia. Formerly, the ruble was also the currency of the Russian Empire and the Soviet Union prior to their breakups. Belarus and Transnistria also use currencies with...
.
Bank-notes of the Ukrainian People's Republic
(17 March 1917 - 29 April 1918)In March 1917 in Kiev
Kiev
Kiev or Kyiv is the capital and the largest city of Ukraine, located in the north central part of the country on the Dnieper River. The population as of the 2001 census was 2,611,300. However, higher numbers have been cited in the press....
some political parties formed the Central Rada which proclaimed on November 20, 1917 the foundation of the Ukrainian People's Republic
Ukrainian People's Republic
The Ukrainian People's Republic or Ukrainian National Republic was a republic that was declared in part of the territory of modern Ukraine after the Russian Revolution, eventually headed by Symon Petliura.-Revolutionary Wave:...
.
And by just December 19 of the same year, a temporary law about the issue of state banknotes by the UPR
Ukrainian People's Republic
The Ukrainian People's Republic or Ukrainian National Republic was a republic that was declared in part of the territory of modern Ukraine after the Russian Revolution, eventually headed by Symon Petliura.-Revolutionary Wave:...
was adopted. According to this law: "Bank-notes must be issued in karbovanets" . Each karbovanets contains 17.424 parts of pure gold and is divided into two hrivnas or 200 shahs
Ukrainian shah
Shah was the name of several currencies used in Ukraine. The name derives from shilling via shelyag . The forms shahy and shahiv are declensional plurals of the noun used in denominations, for example, 2 shahy, 20 shahiv.-17th-19th centuries:The term "shah" was the Ukrainian name of the...
.
The etymology
Etymology
Etymology is the study of the history of words, their origins, and how their form and meaning have changed over time.For languages with a long written history, etymologists make use of texts in these languages and texts about the languages to gather knowledge about how words were used during...
of the name "karbovanets" is debatable: by one supposition it originated in Ukraine from the ancient primitive way to carve (karbuvaty) numbers of calculations on a rod, and by another supposition -from the carving (incision) on a rim of a metal rouble
Ruble
The ruble or rouble is a unit of currency. Currently, the currency units of Belarus, Russia, Abkhazia, South Ossetia and Transnistria, and, in the past, the currency units of several other countries, notably countries influenced by Russia and the Soviet Union, are named rubles, though they all are...
.
On January 5, 1918 the first Ukrainian bank-note with a value of 100 karbovanets was issued. There is an interesting detail: the trident depicted on the bank-note was proclaimed as a National Emblem of the UPR
Ukrainian People's Republic
The Ukrainian People's Republic or Ukrainian National Republic was a republic that was declared in part of the territory of modern Ukraine after the Russian Revolution, eventually headed by Symon Petliura.-Revolutionary Wave:...
only 54 days after its appearing on the bank-note, on March 1, 1918. On all issued bank-notes was stated only one series - "AД" and only one number - 185. Combined with the use of ordinary paper (without water-marks) for printing of this bank-note, this led to the appearance of a great number of counterfeit bank-notes in circulation.
On September 20, 1918, the Central Rada proclaimed the issue of bank-notes of the State Treasure in denominations of 5, 10, 25, and 50 karbovanets, to be valid until March 1, 1924. On April 6, the population of Kiev first saw 25-karbovanets bank-notes, and 50 karbovanets bank-notes later appeared, but 5- and 10-karbovanets bank-notes were not released. Primarily this series of bank-notes was issued without designation of series and number. In subsequent issues, the series indicated the place of printing: AK (Kiev) and AO (Odessa
Odessa
Odessa or Odesa is the administrative center of the Odessa Oblast located in southern Ukraine. The city is a major seaport located on the northwest shore of the Black Sea and the fourth largest city in Ukraine with a population of 1,029,000 .The predecessor of Odessa, a small Tatar settlement,...
).
After occupation of Odessa by military units of Denikin's Army
Volunteer Army
The Volunteer Army was an anti-Bolshevik army in South Russia during the Russian Civil War of 1918-1920....
in spring, 1919, the printing house of Odessa continued printing bank-notes of 50 karbovanets. The Ukrainian Government was indignant and proclaimed money issued by the Denikinists to be false (series AO, numbers 210 and above).
It is necessary to mention one more detail of the 50-karbovanets issue. In 1920, the Soviet Government of Ukraine printed some dozens of millions of bank-notes for temporary use by Glavrevkom (Head Revolutionary Committee) in the Western Ukraine. This issue of series AO had numbers from 236 to 250.
The next release by the Central Rada was issued on April 19, 1918 and included denominations of 10, 20, 30, 40 and 50 shahs
Ukrainian shah
Shah was the name of several currencies used in Ukraine. The name derives from shilling via shelyag . The forms shahy and shahiv are declensional plurals of the noun used in denominations, for example, 2 shahy, 20 shahiv.-17th-19th centuries:The term "shah" was the Ukrainian name of the...
. The term "shah" is borrowed by the Central Rada from the ancient name of small coins (change) from as long ago as the 16th century. Shahs were printed in Kiev in sheets of 100, perforated in order to simplify tearing off separate bank-notes. "Shahs
Ukrainian shah
Shah was the name of several currencies used in Ukraine. The name derives from shilling via shelyag . The forms shahy and shahiv are declensional plurals of the noun used in denominations, for example, 2 shahy, 20 shahiv.-17th-19th centuries:The term "shah" was the Ukrainian name of the...
" were in circulation until March 1919 when they were abolished by the Soviets. There are many existing bank-notes of this value.
Bank-notes of the Ukrainian State Government
(29 April 1918-14 November 1918)The Congress of Free Hubb'andmen on April 29, 1918 (with the great support of Austrian-German occupants), elected tsarist general P.P.Skoropadsky as Hetman of Ukraine. He proclaimed the overthrow of the Central Rada Government and the foundation of the Ukrainian State.
In Skoropadsky's time, the so-called "paper hryvnias" were introduced in commerce. They were ordered by the Central Rada from Germany.
On August 5, 1918, the first bank-note which appeared in commerce was the 3.6% state-bond with the name "Bank-note of the State Treasure". State-bonds were printed with eight coupons, four coupons on each side. Primarily they were to be issued for the purpose of internal loans. But the general lack of circulating banknotes led to state-bonds and even separate coupons being used as paper money.
On October 17, 1918 Hetman's government received from Germany
Germany
Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
another supply of bank-notes with values of 2, 10, and 100 hryvnias, as ordered by the Central Rada. A bit later, bank-notes of 1000 and 2000 hrivnias were received. They were needed by Hetman's Government due to exaggerated inflation in Ukraine. They bore the abbreviation of the Ukrainian State(УД), an official name of Ukraine in Hetman's time.
These hryvnias were issued on October 17, 1918, 59 days before Hetman's overthrow.
Bank-notes of the Ukrainian Directorate
(14 November 1918 - June, 1920)The defeat of Germany and Austria-Hungary
Austria-Hungary
Austria-Hungary , more formally known as the Kingdoms and Lands Represented in the Imperial Council and the Lands of the Holy Hungarian Crown of Saint Stephen, was a constitutional monarchic union between the crowns of the Austrian Empire and the Kingdom of Hungary in...
in World War I
World War I
World War I , which was predominantly called the World War or the Great War from its occurrence until 1939, and the First World War or World War I thereafter, was a major war centred in Europe that began on 28 July 1914 and lasted until 11 November 1918...
resulted also in the break-up of Ukraine's occupation regime (Hetman Skoropadsky's government). On the night of November 14, 1918, in Bila Tserkva
Bila Tserkva
Bila Tserkva is a city located on the Ros' River in the Kiev Oblast in central Ukraine, approximately south of the capital, Kiev. Population 203,300 Area 34 km².-Administrative status:...
, the Government of the Ukrainian Directorate
Directorate of Ukraine
The Directorate, or Directory was a provisional revolutionary state committee of the Ukrainian National Republic, formed in 1918 by the Ukrainian National Union in rebellion against Skoropadsky's regime....
was formed with V.K.Vynnychenko, S.V.Petlyura and others at its head. Within a month, military forces of the Directorate occupied Kyiv. On January 16, 1919 the Government of the Directorate declared war on Soviet Russia. This action required issuing enormous sums of money.
In Kiev, the Directorate used reserves of bank-notes which were issued previously by the Central Rada's governments.
The military campaign of the Directorate turned out to be unsuccessful, and the offensive of the Red Army forced the Directorate to leave Kyiv and to settle for some time in Vinnytsia
Vinnytsia
Vinnytsia is a city located on the banks of the Southern Bug, in central Ukraine. It is the administrative center of Vinnytsia Oblast.-Names:...
(February 5, 1919). There the Directorate used 3.6% State bonds for their purchasing power. Under the pressure of Soviet forces, the Directorate retreated still farther to Ternopil
Ternopil
Ternopil , is a city in western Ukraine, located on the banks of the Seret River. Ternopil is one of the major cities of Western Ukraine and the historical region of Galicia...
, and then Stanislav (now Ivano-Frankivsk
Ivano-Frankivsk
Ivano-Frankivsk is a historic city located in the western Ukraine. It is the administrative centre of the Ivano-Frankivsk Oblast , and is designated as its own separate raion within the oblast, municipality....
) by the end of February, 1919. Beginning in March, 1919, one of the most unsuccessful series of bank-notes (5 hryvnias) was issued. Compiled from different elements of earlier Ukrainian banknotes, 5-hryvnia bank-notes were hastily printed on grey paper and contained an error in their text: гривна instead of гривень. Some bank-notes with such misprints entered circulation. The next bastion for the embattled Directorate was Kamanets-Podilsk, where it held out for almost a year and issued a few more bank-notes.
First, in August 1919, banknotes were printed with the value of 100, 250, and 1000 karbovanets. For printing of these bank-notes, they used cliché
Cliché
A cliché or cliche is an expression, idea, or element of an artistic work which has been overused to the point of losing its original meaning or effect, especially when at some earlier time it was considered meaningful or novel. In phraseology, the term has taken on a more technical meaning,...
s (slugs of type) that had been prepared by the Hetman's government.
One of the best bank-notes among all Ukrainian paper-money is a bank-note of 1000 karbovanets. This bank-note was issued in Kyiv and entered circulation on November 13, 1918. Printing was continued by the Directorate government in October 1919 at Kamyanets'-Podilsk, and in 1920 at Warsaw
Warsaw
Warsaw is the capital and largest city of Poland. It is located on the Vistula River, roughly from the Baltic Sea and from the Carpathian Mountains. Its population in 2010 was estimated at 1,716,855 residents with a greater metropolitan area of 2,631,902 residents, making Warsaw the 10th most...
. The last issue is unknown.
A bit later, lower denomination notes - 10 karbovanets (August 1919) and 25 karbovanets (October 1919) were put into use. The design of the 10 karbovanets (tank-note) was prepared in Hetman's period and their obverse had the large letters УД which designated the Ukrainian state .
The last bank-notes of the Directorate were prepared in Austria
Austria
Austria , officially the Republic of Austria , is a landlocked country of roughly 8.4 million people in Central Europe. It is bordered by the Czech Republic and Germany to the north, Slovakia and Hungary to the east, Slovenia and Italy to the south, and Switzerland and Liechtenstein to the...
. The series contained bank-notes of 50 and 1000 hryvnias. But they were never issued (only some specimen copies are known). On November 20, 1920, the Directorial Government was disbanded by S.V. Petlyura's edict and its provision of currency ended.
Bank-notes of the Ukrainian SSR
(1919–1920)At the beginning of 1919 in Kharkiv
Kharkiv
Kharkiv or Kharkov is the second-largest city in Ukraine.The city was founded in 1654 and was a major centre of Ukrainian culture in the Russian Empire. Kharkiv became the first city in Ukraine where the Ukrainian Soviet Socialist Republic was proclaimed in December 1917 and Soviet government was...
the government of the Soviet Ukraine was formed. It represented Soviet Russia in its war against the Directorate. By Lenin's direction Russia
Russia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
financed the Ukrainian Soviet government. However, a period of unprecedented inflation was triggered by the Civil War and resulted in a sharp deficit of circulating money, especially petty bank-notes.
The People's Commissar (narcom) of Finance of the USSR, with the mutual consent of the RSFSR government, decided to use the 10 karbovanets bank-notes of the Directorate. This note's cliché
Cliché
A cliché or cliche is an expression, idea, or element of an artistic work which has been overused to the point of losing its original meaning or effect, especially when at some earlier time it was considered meaningful or novel. In phraseology, the term has taken on a more technical meaning,...
and artwork (without series and numbers) were captured by the Red Army on February 5, 1919. during the "liberation" of Kyiv from the Petlyurian troops. The Soviet bank-note differed from the Directorate's in paper, ink, water-marks, and the location of their series and numbers.
One more bank-note of 50 karbovanets with Soviet symbolics was printed. On June 1, 1919, the Soviet Ukraine united with the Soviet governments of Russia, Lithuania
Lithuanian Soviet Socialist Republic (1918–1919)
The Lithuanian Soviet Socialist Republic was an early short-lived Soviet republic declared on December 16, 1918 by the provisional revolutionary government, led by Vincas Mickevičius-Kapsukas...
, Latvia
Latvian Socialist Soviet Republic
The Latvian Socialist Soviet Republic was a short-lived socialist republic formed during the Latvian War of Independence. It was proclaimed on 17 December 1918 with the political, economic, and military backing of Vladimir Lenin and his Bolshevik government in the Russian SFSR...
, and Belarus in a common revolutionary front, and only one monetary unit was legitimized - the ruble
Soviet ruble
The Soviet ruble or rouble was the currency of the Soviet Union. One ruble is divided into 100 kopeks, ....
of the USSR. The necessity of printing separate bank-notes was gone, and the 50-karbovanets bank-note is known only by some specimen copies.
Second karbovanets, 1942-1945
During the Nazi occupation of Ukraine in World War IIWorld War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
, the German occupying government (Reichskommissariat Ukraine
Reichskommissariat Ukraine
Reichskommissariat Ukraine , literally "Reich Commissariat of Ukraine", was the civilian occupation regime of much of German-occupied Ukraine during World War II. Between September 1941 and March 1944, the Reichskommissariat was administered by Reichskommissar Erich Koch as a colony...
) issued banknotes denominated in karbovanets (karbowanez in German
German language
German is a West Germanic language, related to and classified alongside English and Dutch. With an estimated 90 – 98 million native speakers, German is one of the world's major languages and is the most widely-spoken first language in the European Union....
). The karbovanets replaced the Soviet ruble
Soviet ruble
The Soviet ruble or rouble was the currency of the Soviet Union. One ruble is divided into 100 kopeks, ....
at par and was in circulation between 1942 and 1945. It was pegged to the Reichsmark
German reichsmark
The Reichsmark was the currency in Germany from 1924 until June 20, 1948. The Reichsmark was subdivided into 100 Reichspfennig.-History:...
at a rate of 10 karbovantsiv = 1 Reichsmark.
Third karbovanets, 1992-1996
In November 1990, with the collapse of the Soviet planned economyPlanned economy
A planned economy is an economic system in which decisions regarding production and investment are embodied in a plan formulated by a central authority, usually by a government agency...
, the Ukrainian SSR
Ukrainian SSR
The Ukrainian Soviet Socialist Republic or in short, the Ukrainian SSR was a sovereign Soviet Socialist state and one of the fifteen constituent republics of the Soviet Union lasting from its inception in 1922 to the breakup in 1991...
introduced one-time coupons, which were distributed to Ukrainian residents. The coupons were needed in addition to Soviet ruble
Soviet ruble
The Soviet ruble or rouble was the currency of the Soviet Union. One ruble is divided into 100 kopeks, ....
s in order to buy groceries and living essentials. On January 10, 1992, the karbovanets replaced the Soviet ruble
Soviet ruble
The Soviet ruble or rouble was the currency of the Soviet Union. One ruble is divided into 100 kopeks, ....
at par, with the ISO 4217
ISO 4217
ISO 4217 is a standard published by the International Standards Organization, which delineates currency designators, country codes , and references to minor units in three tables:* Table A.1 – Current currency & funds code list...
code being UAK.
The karbovanets, which suffered from Hyperinflation
Hyperinflation
In economics, hyperinflation is inflation that is very high or out of control. While the real values of the specific economic items generally stay the same in terms of relatively stable foreign currencies, in hyperinflationary conditions the general price level within a specific economy increases...
, was replaced by the hryvnia
Ukrainian hryvnia
The hryvnia, sometimes hryvnya or grivna ; sign: ₴, code: , has been the national currency of Ukraine since September 2, 1996. The hryvnia is subdivided into 100 kopiyok. In medieval times, it was a currency of Kievan Rus'....
in 1996, at a rate of 100,000 karbovantsiv = 1 hryvnia. When the hryvnia was introduced in 1996, a 15 day period was in effect from September 2-September 16, 1996, during which both the karbovanets and hryvnia were in circulation. The use of the karbovanets for all kinds of payments stopped completely after September 1996 and the only accepted currency after was the hryvnia.
First karbovanets
In 1917, the Central Rada of the Ukrainian People's RepublicUkrainian People's Republic
The Ukrainian People's Republic or Ukrainian National Republic was a republic that was declared in part of the territory of modern Ukraine after the Russian Revolution, eventually headed by Symon Petliura.-Revolutionary Wave:...
introduced 100 karbovantsiv notes. These were followed in 1918 by State Treasury notes for 25 and 50 karbovantsiv. That year also saw the issue of postage stamp
Postage stamp
A postage stamp is a small piece of paper that is purchased and displayed on an item of mail as evidence of payment of postage. Typically, stamps are made from special paper, with a national designation and denomination on the face, and a gum adhesive on the reverse side...
currency denominated in shah
Ukrainian shah
Shah was the name of several currencies used in Ukraine. The name derives from shilling via shelyag . The forms shahy and shahiv are declensional plurals of the noun used in denominations, for example, 2 shahy, 20 shahiv.-17th-19th centuries:The term "shah" was the Ukrainian name of the...
and various bonds, together with state credit notes in denominations of 2, 10, 100, 500, 1000 and 2000 hryven. The Directorate
Directorate of Ukraine
The Directorate, or Directory was a provisional revolutionary state committee of the Ukrainian National Republic, formed in 1918 by the Ukrainian National Union in rebellion against Skoropadsky's regime....
issued notes for 100, 250 and 100 karbovanets in 1918, followed by 10 and 25 karbovanets in 1919. State notes for 5, 50 and 1000 hryven were issued in 1920.
Second karbovanets
Banknotes were introduced in June, 1942 in denominations of 1, 5, 10, 20, 50, 100, 200 and 500 karbovanets. The banknotes were in dark colour, carrying nearly all inscriptions in German, and a warning in both German and UkrainianUkrainian language
Ukrainian is a language of the East Slavic subgroup of the Slavic languages. It is the official state language of Ukraine. Written Ukrainian uses a variant of the Cyrillic alphabet....
stating "falsification of banknotes is punished by imprisoning". The obverse of the notes all featured a portrait, including children, a peasant, a miner, a seaman and a chemist. The Nazi Reichsadler
Reichsadler
The Reichsadler was the heraldic eagle, derived from the Roman eagle standard, used by the Holy Roman Emperors and in modern coats of arms of Germany, including those of the German Empire, the Weimar Republic and Nazi Germany...
also appeared.
Third karbovanets
In 1991, notes were introduced in denominations of 1, 3, 5, 10, 25, 50, and 100 karbovanets. All 1991 banknotes were of the same design, picturing Lybid from the monument of the founders of Kiev on the obverse, and the Sophia CathedralSaint Sophia Cathedral in Kiev
Saint Sophia Cathedral in Kiev is an outstanding architectural monument of Kievan Rus'. Today, it is one of the city's best known landmarks and the first Ukrainian patrimony to be inscribed on the World Heritage List along with the Kiev Cave Monastery complex...
on reverse. The banknotes did not carry individual serial numbers or signatures. In 1992, banknotes for 100, 200, 500, 1000 karbovanets were issued, which carried serial numbers and were better protected to counterfeiting.
In 1993, banknotes for 2000 and 5000 karbovanets were issued. Having similar design as 1992 banknotes, they were the first to carry the Coat of arms of Ukraine
Coat of arms of Ukraine
The state coat of arms of Ukraine or commonly the Tryzub is the national coat of arms of Ukraine, featuring the same colors found on the Ukrainian flag; a blue shield with yellow trident, called the tryzub...
. In the same year, notes for 10,000, 20,000, 50,000, 100,000 karbovanets were also introduced into circulation, which were bigger in size and pictured the Volodymyr Monument on the obverse and the Kiev Opera
Kiev Opera
The Kiev Opera group was formally established in the summer of 1867, and is the third oldest in Ukraine, after Odessa Opera and Lviv Opera. Today, the Kiev Opera Company performs at the National Opera House of Ukraine named after Taras Shevchenko in Kiev....
on reverse. Subsequently, banknotes for 200,000 and 500,000 karbovanets were introduced in 1994, followed by 1,000,000 karbovanets banknote in 1995, which pictured Taras Shevchenko
Taras Shevchenko
Taras Hryhorovych Shevchenko -Life:Born into a serf family of Hryhoriy Ivanovych Shevchenko and Kateryna Yakymivna Shevchenko in the village of Moryntsi, of Kiev Governorate of the Russian Empire Shevchenko was orphaned at the age of eleven...
Monument in Kiev.
See also
- Ukrainian hryvniaUkrainian hryvniaThe hryvnia, sometimes hryvnya or grivna ; sign: ₴, code: , has been the national currency of Ukraine since September 2, 1996. The hryvnia is subdivided into 100 kopiyok. In medieval times, it was a currency of Kievan Rus'....
, the national currency of Ukraine since 1996 - Ukrainian shahUkrainian shahShah was the name of several currencies used in Ukraine. The name derives from shilling via shelyag . The forms shahy and shahiv are declensional plurals of the noun used in denominations, for example, 2 shahy, 20 shahiv.-17th-19th centuries:The term "shah" was the Ukrainian name of the...
, historical currency - Economy of UkraineEconomy of UkraineThe economy of Ukraine is an emerging free market, with a gross domestic product that fell sharply for the first 10 years of its independence from the Soviet Union and then experienced rapid growth from 2000 until 2008...
External links
- Chernoivanenko, Vitaliy. History of paper money in Ukraine (1917–1920) in Zerkalo NedeliZerkalo NedeliZerkalo Nedeli , usually referred to in English as the Mirror Weekly, is one of Ukraine’s most influential analytical newspapers published weekly in Kiev, the nation's capital. It was founded in 1994, and as of 2006 its print circulation was 57,000. It offers political analysis, original...
, September 22–28, 2001. Available in Russian and Ukrainian - History of Ukrainian money in Zerkalo NedeliZerkalo NedeliZerkalo Nedeli , usually referred to in English as the Mirror Weekly, is one of Ukraine’s most influential analytical newspapers published weekly in Kiev, the nation's capital. It was founded in 1994, and as of 2006 its print circulation was 57,000. It offers political analysis, original...
, September 2–8, 2006. Available in Russian and Ukrainian - History of Hryvnia on National Bank of UkraineNational Bank of UkraineNational Bank of Ukraine is the central bank of Ukraine. Its headquarters building, constructed between 1902 and 1934, is located at no. 9 Institutska St., in Kiev-History:...
website