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HomePaper MoneyUkraine Introduces New 500 Hryvnia Banknote

Ukraine Introduces New 500 Hryvnia Banknote

Ukraine 2015 series 500-hryvnia banknote

By National Bank of Ukraine ….
On December 25, 2015, the National Bank of Ukraine (Національний банк України, NBU) held a presentation to demonstrate the advanced security features of the updated 500-hryvnia (₴500) bank note.

Deputy Chairman of the National Bank of Ukraine Smoliy Jacob said that the updating of Ukrainian banknotes began in 2012 as part of a strategic programme to improve the organization of cash circulation in Ukraine in 2013 – 2018.

He said that the new 500-hryvnia bill will enter into circulation on 11 April 2016 within the planned amount of 2016 production.

The updated ₴500 banknote is legal tender in Ukraine and acceptance of the new bill is mandatory by all natural and legal persons without any restrictions throughout the territory of Ukraine.

“I want to draw your attention to the fact that bills from 2006 and 2015 stay in circulation simultaneously,” said James Resin. “After the issuance of the new 500-hryvnia banknotes, citizens will not need to exchange the 2006 notes for new ones. They will enter into circulation naturally via the replacement of worn-out banknotes.”

According to Resin, experience shows that such replacement takes place gradually. Generally due to physical wear, the National Bank withdraws about 900 million banknotes annually – the majority of which (within 70%) are low denominations banknotes (1 to 20 hryvnia).

“The main factor in the need to update the banknote series is their security,” James Resin said. “According to European standards, banknotes need to be updated at regular intervals to minimize or completely prevent the attempts of fraudsters to counterfeit notes. We are not only changing the design of the new banknotes, but also improving the system of their protection.”

Resin also said that adequate protection is one element of the formation of public confidence in the national currency, for which the National Bank is extremely important.

“Working on the new 500-hryvnia banknotes, the NBU employed the latest innovative technology both in design and in security. Hopefully Ukrainians react with commitment to the results of our careful work and like the new, modernized generation of national currency,” summed up Deputy Chairman of the National Bank of Ukraine Yakov Resin.

NBU Head of Production and Anti-Counterfeiting Vladimir Tischenko spoke in detail about the new security features on the 500 hryvnia and how its design has changed.

“New to the 2015 sample 500 UAH is a dominant beige color. The size of the new bill is similar to the size of the 2006 series of banknotes. The main obverse and reverse imagery remains. The color and size is significantly different from other banknote denominations, which will help the public easily identify the denomination.”

Also, Tishchenko noted that the biggest changes concerned the updating of certain design elements and the implementation of “window” protective tape and the optically-variable element SPARK® technology.

“These two advanced security features, which are also on the 2014 series 100 UAH banknotes, will strengthen the fight against counterfeiting and help citizens easily determine the authenticity of banknotes,” he added.

Ukraine 2015 series 500-hryvnia banknote, reverse

Information detailing all the new security features found on the 2015 series 500-hryvnia banknote will be posted on the official website of the National Bank of Ukraine as of December 30 this year.

Coinweek is the top independent online media source for rare coin and currency news, with analysis and information contributed by leading experts across the numismatic spectrum.

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