The birthday of the hryvnia is celebrated on September 2. It was on this day in 1996 that the monetary reform began. Over the course of two weeks, rubies were exchanged for hryvnias in all populated areas of Ukraine. We have collected the most interesting facts about the national currency.
Production of hryvnias abroad and in Ukraine
After the restoration of independence in the 90s, Ukraine did not have its own money production, so the first hryvnia banknotes were produced in Canada.
Today, the hryvnia is completely produced by its own modern and powerful Ukrainian Mint. By the way, not every country in the world can boast of having its own currency production.
Unbreakable hryvnia
Banknote paper, in turn, is produced by the NBU Banknote Paper Factory in Malyn, Zhytomyr region. After a full-scale invasion, she was evacuated to a safe location and fully operational again. Since 2016, the paper for banknotes has included linen of Ukrainian origin.
The paper on which money is printed must have high wear resistance. To measure this indicator, the Banknote Paper Factory uses a special standard – the number of double folds. For the hryvnia (as well as for any other currency), this indicator is 4 thousand.
Four generations of the national currency
Today, the fourth generation of the hryvnia is in circulation – with a strengthened protection system and the most modern protective elements.
The first generation, released in 1992. Banknotes of five denominations were in circulation: 1, 2, 5, 10 and 20 hryvnias. Larger banknotes were produced (50 and 100 UAH) and designed (200 UAH), but they did not enter circulation. These banknotes were legal tender until October 1, 2020, but were withdrawn from circulation in 2003.
The second generation, released in 1994-2001. Banknotes with denominations from 1 hryvnia to 200 hryvnias were in circulation. The largest denomination was introduced in 2001. They were also gradually phased out and ceased to be means of payment in October 2020.
The third generation, released in 2003-2006. A denomination of UAH 500 was added and the entire series was radically updated. All banknotes are still in circulation.
Fourth generation, release 2014-2019. Denominations of UAH 1, 2, 5, and 10 were no longer issued, they began to be replaced by coins. In October 2019, a 1,000 UAH bill appeared.
This year, on the occasion of the 33rd anniversary of the Independence of Ukraine, the National Bank announced on the issue of modified hryvnia banknotes. The slogan “GLORY TO UKRAINE! will appear on the new banknotes of all denominations. GLORY TO THE HEROES!” placed at the top right of the reverse side. The introduction of modified banknotes into circulation will take place in stages. Modified banknotes will be issued within the planned issue to replace worn and damaged banknotes.
Symbol
The graphic sign for the Ukrainian currency was approved by the National Bank of Ukraine on March 1, 2004.
The hryvnia symbol consists of two elements. The first and main one is based on the handwritten version of the Cyrillic letter “г”, which denotes the first letter in the word “hryvnia”. The second element is two horizontal parallel lines that embody the idea of monetary unit stability, high potential and growth of the national economy of Ukraine.
The only woman on the hryvnia
Lesya Ukrainka is the only woman honored with an image on Ukrainian banknotes. The 200-hryvnia banknote with the image of the Ukrainian poetess was the most common in Ukraine for a long time.
As of July 2024, the most in cash circulation are 500 hryvnia banknotes and 10 kopeck coins. The smallest are banknotes with a denomination of 50 hryvnias and coins with a denomination of 10 hryvnias.
Metal instead of paper
Annually, the NBU withdraws about 800 million banknotes of all denominations due to physical wear and tear. Paper banknotes last only one year, while coins last up to 20 years. That is why, since 2018, the process of transition from paper banknotes with a denomination of 1 to 10 hryvnias to new circulating coins with a denomination of 1, 2, 5 and 10 hryvnias has been ongoing in Ukraine.
From jewelry to currency
The hryvnia is one of the oldest monetary units in Europe, because its roots go back to Proto-Slavic times.
Etymologists believe that the word “hryvnia” comes from the Old Slavic “hryvnia”, which meant a necklace or a bracelet. In the historical period before Kievan Rus, there was a “neck hryvnia” ornament – a golden hoop decorated with precious stones, which was worn around the neck. The presence of such an ornament testified to a certain high status of a person in society. Metal medallions were sometimes also called “hryvnias”.
In Kievan Rus, the “hryvnia” was initially a unit of weight, and later a unit of account. In the hryvnia weight, silver was weighed in ingots, jewelry or scraps. Later, silver bars of standard shape and weight became coins. The hryvnia coin has been known since the middle of the 11th century.
Hryvnia and dollar
After the monetary reform of 1996, the Ukrainian currency was quite strong. The exchange rate was 1.8 hryvnias for 1 dollar, and it lasted almost until the economic crisis of 1998. Then the exchange rate remained at the level of 5 hryvnias per dollar for a long time.
