The National Bank of Ukraine (NBU) has introduced into circulation 50-hryvnia bills, as well as 5-hryvnia coins that will gradually replace the respective banknotes.
This is a part of optimizing and upgrading the banknote and coin series of hryvnia by means of:
- enhanced secure, better protection from counterfeiting,
- more convenience for cash payments, and less costs to the state.
Since 2014, the NBU has been upgrading the hryvnia and streamlining cash settlements. Optimization of the banknote and coin series of hryvnia is expected to be completed in 2020 after 200-hryvnia banknotes are introduced into circulation alongside 10-hryvnia coins.
Due to comprehensive changes, eventually, the hryvnia series will be optimized to 12 denominations. The new denomination series will have six coins (10 and 50 kopiikas, and 1, 2, 5, and 10 hryvnias) and six banknote denominations (20, 50, 100, 200, 500, and 1,000 hryvnias).
Replacement procedure
First of all, the NBU intends to introduce 5 million of 50–hryvnia banknotes and 5-hryvnia coins. The first batch of means of payment had already been distributed to NBU regional offices.
“As of today, banks can receive upgraded means of payment from the NBU and distribute such to the customers,” noted Viktor Zaivenko, Director of the Cash Circulation Department, “The 50-hryvnia banknote and the 5-hryvnia coin are now an effective means of payment in Ukraine, and can be used in retail stores or for bank transactions.”
The NBU has catered to the needs of the public, since customers will not be required to exchange the current 5- and 50-hryvnia bills for new coins and banknotes. No time limits will be imposed on the simultaneous use of new and previous banknotes in payments.
The 5- and 50-hryvnia banknotes of the previous design will be gradually replaced with coins and new banknotes as they wear out. The number of upgraded bills and coins will gradually increase in circulation, depending on the economy’s needs.
Design and security of new money
The new 50-hryvnia banknote mimics the design features of the new-generation 20-, 100-, 500-, and 1,000-hryvnia bills already in circulation.
The new 50 hryvnias have preserved the main images of the 2004 banknote. In particular, the portrait of Mykhailo Hrushevsky is depicted on the obverse, while the Ukrainian Central Council building remains on the reverse. Mykhailo Hrushevsky’s portrait was moved to the banknote’s center (which was previously on the right side). The size of the new banknote hasn’t changed, remaining 69х130 mm. The color range is the same.
“At the same time, security of the 50 hryvnia was upgraded in contrast to the previous banknote version: the UV and IR protection of the bills has also been improved. The serial number is printed in black – using a font in which characters vary in height – runs vertically down the right edge of the bill’s reverse,” explained Viktor Zaivenko.
The new circulating coin of 5 hryvnia is small and lightweight of 22.1 mm in diameter and 5.2 grams. The coin is made of galvanized nickel-plated zinc alloy. Due to a bigger diameter and polygon shape users will easily distinguish it from coins of other denominations.
The coin’s visual and tactile security features include the special design of the obverse and reverse, the type of edge used, as well as small obverse and reverse elements that are difficult to reproduce using crude methods.
During automated processing of coins with the use of special equipment for coin authentication the following technical specifications such as size and weight are applied, as well as spectral signature i.e. a material-specific emittance.
For reference:
Detailed information on new circulating coins and their technical parameters can be found here.
For more information on security of the upgraded 50-hryvnia banknote go to the designated source.
For pictures of the upgraded banknote and coins go to the Flickr account of the NBU.