Paper money in Ukraine

The territory of today’s Ukraine was under the changing foreign rule of Poland, Austria-Hungary and Russia. Ukraine gained independence in 1917 and the Ukrainian People’s Republic and the West Ukrainian People’s Republic were established. However, both states only lasted a short time. After the invasion of the Red Army in 1920, Ukraine became part of the Soviet Union.

After independence, the two states each issued paper money. They used different currencies for this. The karbovanet circulated in the Ukrainian People’s Republic, whereas the hryvnia circulated in the West Ukrainian People’s Republic. In addition, small change was issued in the form of stamps, as there was presumably a shortage of coins. From 1920, Soviet Union banknotes were in circulation as means of payment. The State Bank of the Soviet Union issued paper money in the currency Soviet rouble.

From 1942 to 1944, the German Reich occupied Ukraine. During this period, the specially established Central Bank of Ukraine issued banknotes. After the liberation of Ukraine, the Soviet Union’s paper money circulated again.

>> This collection is part of the holdings of "Paper money in Europe" of the Giesecke+Devrient Stiftung Geldscheinsammlung (Giesecke+Devrient foundation: collections of bank notes).