Ukraine Banknotes: History, Notable Notes, and Collecting Guide
Few countries pack as much history into their paper money as Ukraine. Its first banknotes appeared in 1918 under the short-lived Ukrainian People's Republic, its 1990s coupon notes record one of the harshest inflations of the post-Soviet era, and the modern hryvnia carries a thousand years of national figures. Here is how it all fits together, and how to collect it.
Last updated: July 2026
Ukraine's currency is the hryvnia, introduced in September 1996 to replace the karbovanets, the transitional coupon currency of the early independence years, at a rate of 100,000 karbovantsiv to 1 hryvnia. The full story runs much deeper. Both currency names date back to 1918, when the Ukrainian People's Republic printed its own karbovanets and hryvnia notes during a brief first independence. That means a Ukraine collection can hold two separate declarations of monetary independence, issued nearly eighty years apart, and the notes to prove it.
What were Ukraine's first banknotes in 1918?
Ukraine's first paper money came from the Ukrainian People's Republic (UNR), the state declared during the collapse of the Russian Empire. Its parliament, the Central Rada, adopted a temporary law on issuing state credit notes on December 19, 1917, and the first Ukrainian banknote, a 100 karbovantsiv note, entered circulation on January 5, 1918. It was designed by the graphic artist Heorhiy Narbut, who worked the ancient trident symbol into the design. The following month, on February 25, 1918, the UNR adopted the trident as its state emblem, and it remains Ukraine's coat of arms today.
The system was layered: one karbovanets equaled two hryvnias, and each hryvnia was divided into 100 shahs. Hryvnia-denominated notes followed in values from 2 up to 2,000 hryven. With coin metal scarce, small change took the form of shahivky, stamp-like currency printed on card stock in 10 to 50 shahiv values, with a trident and a notice on the back that they circulated in place of coins. Narbut designed the higher values and Anton Sereda the lower ones. UNR-era notes circulated through years of war and occupation until Soviet control ended the experiment, which is exactly why collectors prize them now.
What was the karbovanets, or kupon?
The karbovanets returned at independence. As Soviet-era shortages deepened, the Ukrainian SSR had issued one-time ration-style coupons in November 1990, and on January 10, 1992 the newly created National Bank of Ukraine put reusable coupon notes, the kupony, into circulation at par with the ruble. On November 12, 1992, the karbovanets became Ukraine's sole legal tender, taking the country out of the ruble zone entirely.
The kupon was meant to be temporary, but it ended up serving for almost five years while inflation hollowed it out. Denominations climbed relentlessly, topping out with a 1,000,000 karbovantsiv note issued in 1995. Because so many late notes were printed and then withdrawn in bulk, most kupony are inexpensive today, even in Uncirculated condition, which makes the series an affordable way to own a complete inflation story.
How severe was Ukraine's 1990s hyperinflation?
Severe enough to make the record books. Per the Hanke-Krus World Hyperinflation Table (Cato Institute), Ukraine's hyperinflation ran from January 1992 to November 1994 and peaked in January 1992 at a monthly inflation rate of 285 percent, equivalent to prices doubling roughly every 15.6 days. The table ties that peak month to the ruble, which was still circulating in Ukraine when the new coupons launched that same month. For how Ukraine compares with Hungary, Zimbabwe, and the other extreme cases, see every hyperinflation ranked.
When did Ukraine introduce the hryvnia?
President Leonid Kuchma signed the decree on monetary reform on August 25, 1996, and the changeover ran from September 2 to September 16, 1996. One hryvnia replaced 100,000 karbovantsiv, both currencies circulated during the two-week window, and banknotes of 1, 2, 5, 10, 20, 50, and 100 hryven entered use. The first notes had actually been printed years earlier, starting in 1992 by the Canadian Bank Note Company to designs by the Ukrainian artist Vasyl Lopata, and they waited in storage until the economy was stable enough to receive them.
| Currency | In use | Exchange | Why collectors want it |
|---|---|---|---|
| UNR karbovanets and hryvnia | 1917 to 1921 | 1 karbovanets = 2 hryvnias | First independence issues with Narbut's trident designs, scarce and historic. |
| Soviet ruble | Soviet era to 1992 | USSR-wide currency | Context pieces for a Ukraine set rather than Ukrainian issues in their own right. |
| Karbovanets (kupon) | 1992 to 1996 | Launched at par with the ruble | The hyperinflation series, climbing to a 1,000,000 karbovantsiv note in 1995. |
| Hryvnia | 1996 to present | 100,000 to 1 | A portrait series spanning a millennium of Ukrainian history. |
What do modern hryvnia banknotes look like?
The hryvnia series reads like a national biography. Denominations climb through time: Volodymyr the Great on the 1, Yaroslav the Wise on the 2, Bohdan Khmelnytsky on the 5, Ivan Mazepa on the 10, Ivan Franko on the 20, Mykhailo Hrushevsky on the 50, Taras Shevchenko on the 100, Lesia Ukrainka on the 200, and Hryhorii Skovoroda on the 500. A 1,000 hryven note featuring the scientist Volodymyr Vernadsky joined the family on October 25, 2019. Reverses show landmarks tied to each figure, and there is a fitting echo in the 50: Hrushevsky led the Central Rada that issued Ukraine's very first banknotes. Since 2022, the National Bank of Ukraine has also issued commemorative notes marking the country's resistance to Russia's full-scale invasion, beginning with a 20 hryven note in 2023.
Where can you buy Ukrainian banknotes?
Buy from a dealer that documents its sourcing and stands behind authenticity. Planet Banknote's inventory rotates constantly, so rather than promise that any specific Ukrainian note is on the shelf, we point you to the live listings, where you can browse the full country directory and current hyperinflation material.
A sensible first target is a high-denomination kupon from the mid-1990s, which is affordable in Uncirculated condition and carries the whole inflation story in one note. From there, add modern hryvnia notes, and treat 1918 to 1921 UNR material as the long-term goal, since those notes are older, scarcer, and far more condition-sensitive. Our banknote grading guide explains the grades that drive prices at every step.
Frequently asked questions
What is the currency of Ukraine?
Ukraine's currency is the hryvnia, divided into 100 kopiyky. It was introduced during the monetary reform of September 2 to 16, 1996, when it replaced the karbovanets at a rate of 100,000 karbovantsiv to 1 hryvnia. Banknotes currently run from 1 to 1,000 hryven, each carrying a major figure from Ukrainian history.
What was the Ukrainian karbovanets?
The karbovanets, popularly called the kupon, was Ukraine's transitional currency after independence. The National Bank of Ukraine put the coupon notes into circulation on January 10, 1992 at par with the ruble, and on November 12, 1992 the karbovanets became the country's sole legal tender. Inflation pushed denominations up to a 1,000,000 karbovantsiv note in 1995 before the hryvnia replaced the series in September 1996.
Did Ukraine have hyperinflation?
Yes. Per the Hanke-Krus World Hyperinflation Table (Cato Institute), Ukraine's hyperinflation lasted from January 1992 to November 1994 and peaked in January 1992 at a monthly inflation rate of 285 percent, which works out to prices doubling roughly every 15.6 days. The episode began while the ruble still circulated alongside the new Ukrainian coupons.
What was the first Ukrainian banknote?
The first Ukrainian banknote was a 100 karbovantsiv note of the Ukrainian People's Republic, issued on January 5, 1918. It was designed by the artist Heorhiy Narbut, who included the ancient trident symbol in the design. The UNR adopted the trident as its state emblem on February 25, 1918, and it remains Ukraine's coat of arms today.
Are old karbovanets and UNR notes worth anything?
They hold collector value rather than spending value, since both currencies were withdrawn long ago. Most 1992 to 1996 kupon notes are common and affordable, even in Uncirculated condition, because they were printed in enormous quantities. Notes of the 1918 to 1921 Ukrainian People's Republic are older and scarcer, and their value depends heavily on condition, rarity, and authenticity.
Planet Banknote is a family-owned dealership in Sarasota, Florida, founded in 2021. Every note is sourced direct from mints, central banks, and authorized distributors, inspected through our Planet Banknote Verified process, and ships with a free Certificate of Authenticity. US orders ship free via USPS Priority, and every order includes a free bonus gift.