Paper Money

Ukraine is revising its currency system with new notes, coins

The National Bank of Ukraine is revising its coinage and paper money, including adding a 1,000-hryvnia bank note.

Images courtesy of National Bank of Ukraine.

The National Bank of Ukraine is revising its coin and paper money issues by reducing the total number of denominations from 17 to 12 within the next three years. 

It is eliminating three low-value coins, the 1-, 2- and 5-kopeck pieces, and will gradually withdraw the 25-kopeck coin. The Ukrainian hryvnia is equal to about four U.S. cents and is made up of 100 kopecks. 

The bank will also be adding a 1,000-hryvnia bank note (the equivalent of $38.96), which will become the highest value in circulation. The note will be issued on Oct. 25, 2019. 

The face of the blue 160-millimeter by 75-millimeter note is dominated by a portrait of Volodymyr Vernadsky, called in the bank’s announcement the most famous Ukrainian scientist, one of the few universalist scholars of the last century, a thinker and natural scientist. A mineralogist and geochemist, he is considered to be one of the founders of geochemistry, biogeochemistry, and radiogeology. 

He was also one of the founders and the first president of the Ukrainian Academy of Sciences. In his memoir he wrote, “You know how dear Ukraine is and how deep the Ukrainian revival penetrates into my national and my own worldview. ...”

The building of the National Academy of Sciences of Ukraine is depicted on the back of the note.
The new issue has many modern security features. They include color-changing ink, a watermark of Vernadsky, a tape with a transparent image, ultraviolet fluorescence, a magnetic code, intaglio devices, microprinting, and features that reveal themselves only when held up to light. 

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