Ukrainian karbovanets
Ukrainian karbovanets український карбованець (Ukrainian) |
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ISO 4217 Code | UAK | ||||
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User(s) | Ukrainian People's Republic (1st) Reichskommissariat Ukraine (2nd) Ukraine (3rd) |
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Subunit | |||||
1/100 | kopiyka (копійка) | ||||
Plural | karbovantsi (nom. pl.), karbovantsiv (gen. pl.) | ||||
kopiyka (копійка) | kopiyky (nom. pl.), kopiyok (gen. pl.) | ||||
Banknotes | 1, 3, 5, 10, 25, 50, 100, 200, 500, 1000, 2000, 5000, 10 000, 20 000, 50 000, 100 000, 200 000, 500 000, 1 000 000 karbovantsiv | ||||
Central bank | National Bank of Ukraine | ||||
Website | www.bank.gov.ua | ||||
This infobox shows the latest status before this currency was rendered obsolete. |
The karbovanets (Ukrainian: карбованець, karbovanets’, plural: карбованці, karbovantsi or карбованців, karbovantsiv) has been a distinct unit of currency in Ukraine during three separate periods. The name was also used in the Ukrainian language for the Soviet ruble.
Contents |
History
First karbovanets, 1917-1920
Bank-notes of the Ukrainian People's Republic
(17.03.1917 - 29.04.1918)
On March 1917 in Kyiv some political Parties formed the Central Rada which proclaimed on November 20, 1917 the foundation of the Ukrainian People's Republic.
And already on December 19 of the same year a temporary law about issue of state banknotes of the UPR was adopted, and according to this law: "Bank-notes must be issued in karbovanets" (Ukrainian: Карбованець). Each karbovanets contains 17,424 parts of pure gold and is divided into 2 hrivnas Ukrainian: Гривня or 200 shahs (Ukrainian: Шаг). Etymology of the name "karbovanets" is debatable: by one supposition it is originated in the Ukraine from the ancient primitive way to carve ("karbuvaty", Ukrainian: Карбувати) numbers of calculations on a rod, by another supposition -from carve (incision) on a rim of a metal rouble.
On January 5, 1918 the first Ukrainian bank-note of the value of 100 karbovanets was issued. There is an interesting detail: the trident depicted to be continued in few minutes in 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. In all issued bank-notes was stated only one series - "AД" and only one number - 185. This circumstance and using ordinary paper (without water-marks) for printing of this bank-note provoked the appearance of a great number of false bank-notes in turnover.
On September 20, 1918 the Central Rada proclaimed issue of the bank-notes of the State Treasure of the value of 5, 10, 25, 50 karbovanets with the period of validity till March 1, 1924. On April 6 the population of Kiev firstly saw 25-karbovanets bank-note, a bit later 50 karbovanets bank-notes appeared, but 5- and 10-karbovanets bank-notes were not issued. Primarily the bank-notes were issued without designation of series and number. Later in subsequent issues on the bank-notes series were indicated in dependence of the place of printing: AK (Kyiv) and AO (Odesa).
After occupation of Odesa by military units of Denikin's Army in spring 1919, the printing-house of Odesa continued printing bank-notes in value of 50 karbovanets. The Ukrainian Government indignated by this proclaimed money issued by Denikinists false (series AO, numbers 210 and above).
It is necessary to mention about one more detail depending 50-karbovanets bank-note issue. In 1920 the Soviet Government of the Ukraine printed some dozens million bank-notes for temporary use by Glavrevkom (Head Revolutionary Committee) (the Western Ukraine). This issue of series AO had numbers from 236 till 250.
The following emission of the Central Rada was issued on April 19, 1918 and contained values in 10, 20, 30, 40 and 50 shahs. The term "shah" is borrowed by the Central Rada from the ancient name of small coin (change) known as long ago as XVI century. Shahs were printed in Kyiv in sheets by 100 pieces in everyone with perforation in order to simplify tearing off separate bank-notes. "Shahs" were in turnover till March 1919 when they were abolished by the Soviet Power. There were known many bank-notes of this value.
Bank-notes of the Ukrainian State Government
(29.04.1918-14.11.1918)
The Congress of Free Hubb'andmen on April 29, 1918 with great support of Austrian-German occupants tsarist general P.P.Skoropadsky was elected Hetman of the Ukrainian State. He proclaimed overthrow of the Central Rada Government and foundation of the Ukrainian State.
In Skoropadsky's time the so-called paper "hryvnias" were introduced in turnover. They were ordered yet by the Central Rada in Germany.
On August 5, 1918 the first bank-note which appeared in turnover was the 3,6% state-bonds in the name of "Bank-note of the State Treasure". State-bonds were printed with 8 coupons: 4 coupons on each side. Primarily they were to be issued with the purpose of internal loan. But the sharp deficit of Bank-notes formed the situation when state-bonds and even separate coupons were used as paper money.
On October 17, 1918 Hetman's government received from Germany one more emission of bank-notes in value of 2, 10, 100 hryvnias implemented by the order of the Central Rada. A bit later bank-notes in value of 1000 and 2000 hrivnias received. They were ordered already by Hetman's Government in connection with the exaggerated inflation in Ukraine. They had abbreviation of emitent Ukrainian State(УД, Ukrainian: Українська Держава) an official name of Ukraine in Hetman's time). Hrivnias were issued in turnover on October 17, 1918, 59 days before Hetman's overthrow.
Bank-notes of the Ukrainian Directorate
(14.11.1918 - 1920, June)
Defeat of Germany and Austria-Hungary in the World War the 1st resulted also in breaking-up of occupation regime (Hetman Skoropadsky's government) in the Ukraine. 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. In a month military parts of Directory occupied Kyiv. On January 16, 1919 the Government of Directory declared war on the Soviet Russia. This action called for issuing enormous sum of money.
In Kyiv the Directory used reserves of bank-notes which were issued previously by the Central Rada's and the Directorat's governments.
Military Campaign of Directorate turned out to be unsuccessful and the offensive of the Red Army made the Directory to leave Kyiv and to settle for sometime in Vinnytsia (February 5, 1919). There the Directory used the high-above described 3,6% of Statebonds of the internal loan as purchasing power of money. Under the pressure of the Soviet forces the Directory retreated still farther in Ternopil, then in Stanislav (now Ivano-Frankivsk) just there at the end of February - beginning of March 1919 one of the most unsuccessful bank-notes (5 hrivnias) was issued. Compilated from different elements of the Ukrainian banknotes which were issued earlier 5-hrivnia bank-notes were hastily printed in grey paper. Apparently printed in hurry they committed an error in the text of bank-notes: гривна instead of гривень. Some bank-notes with such misprints came in turnover. The last residence of the Directory - Kamyanets'-Podilsk, where it held out for almost a year and issued a few more bank-notes.
Firstly in August 1919 there were printed banknotes in value of 100, 250, and 1000 karbovanets. For printing of these bank-notes they used clichés prepared yet by Hetman's government.
One of the best bank-notes among all Ukrainian paper-money is a bank-note in value of 1000 karbovanets. This bank-note was issued in Kyiv and came into turnover on November 13, 1918. It had been continued printing by the Directory government in October 1919 in Kamyanets'-Podilsk and in 1920 in Warsaw. The last issue is unknown.
A bit later bank-notes of less nominals - 10 karbovanets (August 1919) and 25 karbovanets (October 1919) were put in turnover. Matrix of 10 karbovanets tank-note was prepared in Hetman's period therefore an obverse (right side) they had great literas УД which designated the Ukrainian state (Ukrainian: Українська Держава).
The last emission of the Directory was prepared in Austria. It contained bank-notes in value of 50 and 1000 hryvnias. But they were not issued (only some specimen copies are known) because on November 20, 1920 the Directorial Government was disbanded by S.V. Petliura's edict and the necessity of own currency did not exist more.
Bank-notes of the Ukrainian SSR
(1919-1920)
At the beginning of 1919 in Kharkiv the government of the Soviet Ukraine was formed. It took part of Soviet Russia in its war against the Directory. By Lenin's direction Russia financed the Ukrainian Soviet government. Nevertheless the period of un precedented inflation aroused by the Civil War and foreign invasion stipulated the sharp deficit of money especially petty bank-notes.
People's commissar (narcom) of finance of the USSR by mutual consent with the government of the RSFSR decided to use 10 karbovanets bank-notes of the Directory. This note's cliché and a part of drawing of this bank-notes which were prepared for issue, but without series and numbers, were captured by the Red Army on February 5, 1919. during the "liberation" of Kyiv from the Petliurian troops. The Soviet bank-note differed from the Directorian one by paper, printer's ink, water-marks and the place of marking series and number.
One more bank-note in value of 50 karbovanets with the Soviet symbolics was issued. But after the 1st of June 1919 when the Soviet Ukraine united with the Soviet governments of Russia, Lithuania, Latvia, Belorus in common revolutionary front of struggle one monetary unit was legitimized - rouble of RSFSR. Necessity of printing of own bank-notes had fallen out and 50-karbovanets bank-note is known only by some specimen copies.
Second karbovanets, 1942-1945
During the Nazi occupation of Ukraine in World War II, 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.
Third karbovanets, 1992-1996
In November of 1990, in the time of collapse of the Soviet planned economy, the Ukrainian SSR introduced one-time coupons, which distributed to Ukrainian residents. The coupons were needed in addition to Soviet rubles 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 very high inflation, was replaced by the hryvnia in 1996, at a rate of 100,000 karbovantsi = 1 hryvnia. When the hryvnia was introduced in 1996, a 15 day period was in effect from September 2-16, 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.
Banknotes
First karbovanets
In 1917, the Central Rada of the Ukrainian People's Republic 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.
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 Ukrainian 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.
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 observe, and the Sophia Cathedral 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.
See also
- Ukrainian hryvnia, the national currency of Ukraine since 1996
- Ukrainian shah, historical currency
- Economy of Ukraine
External links
- Don's World Coin Gallery - Ukraine
- Ron Wise's World Paper Money - Ukraine Mirror site
- The Global History of Currencies - Ukraine
- Global Financial Data currency histories table ( Microsoft Excel format)
- Chernoivanenko, Vitaliy. History of paper money in Ukraine (1917-1920) in Zerkalo Nedeli, September 22-28, 2001. Available in Russian and Ukrainian
- History of Ukrainian money in Zerkalo Nedeli, September 2-8, 2006. Available in Russian and Ukrainian
- History of Hryvnia on National Bank of Ukraine website