A bit about Ukrainian Money - Odesa Tourist Portal

Letter code: UAH
Numeric code: 980

The history of the Ukrainian currency dates back to the times of Kyivan Rus and originates from the word “hryvna” – an ancient neck ornament, as well as a unit of weight, accounting, and coinage that was widespread in the territories of present-day Ukraine.

The hryvna remained a monetary unit in Rus until the 14th century. During the Mongol-Tatar invasion (from the second half of the 13th century), silver hryvnias began to be cut and chopped in half. This is how rubles appeared (from the word “to chop,” meaning a piece of a hryvnia), which became the main monetary unit in the Ukrainian lands within the Grand Duchy of Moscow, the Tsardom of Moscow, and the Russian Empire until the 20th century. In the remaining Ukrainian lands that belonged to other states during this period, currencies such as Ottoman akçes, Polish thalers, groszy and złotys, Dutch leeuwendaalders, German marks, Hungarian and Austro-Hungarian guldens, florins, crowns, and others were in circulation.

The Ukrainian People’s Republic was declared “an independent state, dependent on no one” in the Fourth Universal on January 22, 1918, and on March 1, 1918, the Central Rada adopted a law on the introduction of a new monetary unit – the hryvnia, which was divided into 100 shahs. The hryvnia existed until the proclamation of the Ukrainian Soviet Republic.

The Act of Declaration of Independence of Ukraine, adopted on August 24, 1991, opened the way for the introduction of the young state’s own national currency. In order to continue the traditions of Kyivan Rus and the period of the Ukrainian Revolution of 1917–1921, it was decided to name the currency the hryvnia.

Today, coins with denominations of 10, 25, 50 kopecks, and 1 and 2 hryvnias, as well as banknotes with denominations of 1, 2, 5, 10, 20, 50, 100, 200, 500, and 1000 hryvnias, are in circulation. On July 1, 2018, the National Bank of Ukraine ceased the issuance of coins with denominations of 1, 2, 5, and 25 kopecks. On October 1, 2019, coins of 1, 2, and 5 kopecks ceased to be legal tender in Ukraine, while 25-kopeck coins temporarily remained such but would gradually be withdrawn from circulation. During 2018–2020, coins with denominations of 1, 2, 5, and 10 hryvnias were introduced, which will gradually replace banknotes of corresponding denominations. On October 25, 2019, a banknote with a denomination of 1000 hryvnias was put into circulation. After the completion of the restructuring of the nominal series of coins and banknotes of the hryvnia, the coins in circulation will be 10 and 50 kopecks, and 1, 2, 5, and 10 hryvnias, and the banknotes will be 20, 50, 100, 200, 500, and 1000 hryvnias.