24 years of the Ukrainian hryvnia – interesting facts about the national currency

24 years of the Ukrainian hryvnia – interesting facts about the national currency

Do you know the Ukrainian hryvnia used to be a decoration and even conquered the world? And this is absolute truth! There are many interesting facts in the history of our currency you have not heard.

What does the word “hryvnia” mean and when did it appear?

The old rubles ceased to exist in September 1996, and the official national currency, the hryvnia, appeared. Is it the first time ? Of course not! If you delve deeper into the study of the documents, you can find out that:

✅ The Central Rada adopted and introduced such a currency as the hryvnia in 1918. This was a new breakthrough in independence. Then our currency was worth half a ruble. There was no such thing as a penny, instead there were shagi.

✅ If you dig further, it turns out the word “hryvnia” existed during the times of Kievan Rus. It had several meanings. They have been assigned a certain object weight, coin and the difference between things.

✅ And even earlier, the hryvnia existed in India. It did not have its current value. It denoted an accessory made of precious metal worn around the neck.

What attracted people to the most ordinary Ukrainian money?

We need to turn to history to understand this. The authorities of our Motherland expressed a desire to secede from the Soviet Union in 1990 as you know.

The laws were formed, the attributes of independence were established in those years. One of the signs of sovereignty was its own currency. But it was necessary to come up with its format, design, protect it from the possibility of forgery, and also print it out. This is a difficult, long and responsible process.

After disputes and many attempts, it were unable to develop a format for the national currency. At the initiative of the ambassador Levko Lukyanenko, a Canadian banknote company began to mint Ukrainian coins in 1992.  They developed banknotes of 1, 2, 5, 10, 20 UAH denominations. The hryvnia was put into circulation only in 1996 because it was necessary to withdraw rubles in full and manage to print a large amount of currency.

The International Finance Bank holds a “beauty contest” for money every year. It evalutes:

? The range of colors used, their balance and harmony;

? New technologies of protection methods;

? Beauty and originality of design;

? The contrast of the banknote image.

Ukrainians have repeatedly run for the title of the most beautiful currency in the world. We managed to get into the top five along with Bulgarian, American, Australian money and the euro in 2008.  Our 500 hryvnia entered the top twenty in 2016. We plan to take part in this is a competition again. The new contender will be Vladimir Vernadsky with a nominal value of 1,000 hryvnia.

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