Paper Money of Ukraine Since 1990, Catalog, Volume III
Authors: Maksym Zagreba and Serhii Yatsenko
Publisher: Maksym Zagreba, Kyiv, Ukraine, 2025–2026. Hardcover, full color, 220 × 305 mm. 224 pages. ISBN 978-617-95488-0-2. Language: Ukrainian.
Price: 850 UAH (approximately USD 19)
Review by Serhiy Trushyn (LM-259)
This book is the third volume in the Paper Money in Circulation in Ukraine series, which has been published since 2019. The catalog is dedicated to Ukrainian banknotes that have circulated, or are currently circulating, from 1990 to the present day. Printed on high-quality coated paper with full-color illustrations, it represents a thoroughly revised and expanded second edition.
Across its 224 pages, the catalog presents a substantial amount of information on modern Ukrainian banknotes. Numerous specialists in banknote studies contributed to the project, helping ensure that the publication is as comprehensive, accurate, and up-to-date as possible. Their names are listed at the beginning of the book, and it is particularly gratifying to see that many active members of the IBNS participated in its development.
The catalog is organized into chapters corresponding to the different types of banknotes that circulated in Ukraine between 1991 and 2025. It includes consumer coupons issued in 1990–1991, karbovanets notes (1992–1996), and all four generations of the hryvnia series (1992, 1994, 2003, and 2014).
Even readers who do not speak Ukrainian will be able to identify banknotes and determine their approximate market value using this catalog. In addition to serving as a pricing guide, the book contains a wealth of historical information related to the design, production, and circulation of Ukrainian banknotes.
Special recognition should be given to the quantity and quality of the illustrations. Each banknote variety is represented by full-color images of both the front and back sides, making visual identification straightforward and reliable.
The information is highly detailed, including valuations for every issued series in three grades of preservation (VF, XF, and UNC). Compared with the previous edition, the catalog reflects a noticeable increase in the valuations of many Ukrainian banknotes, highlighting the growing interest of collectors in this field of notaphily.
The prices listed in the catalog are somewhat higher than current market levels. In my opinion, the authors intentionally take a forward-looking approach, incorporating anticipated market growth into their valuations so that the information remains relevant not only at the time of publication but also in the years that follow. Experience with previous editions has shown that market prices tend to move closer to catalog values over time. For this reason, the catalog can be regarded as an important reference point reflecting price trends within the market, albeit with occasional exceptions.
The catalog also includes sections devoted to privatization and compensation certificates, as well as souvenir issues produced by the National Bank of Ukraine for collectors in recent years. In addition, it contains a useful table identifying the signatures of all Governors of the National Bank of Ukraine appearing on banknotes.
For readers seeking more specialized information, the section entitled Notaphilic Extravaganza presents photographs and descriptions of printing errors, counterfeit notes, and banknotes bearing the autographs of National Bank Governors.
As a suggestion for future editions, I would encourage the authors to place greater emphasis on the international market. If a complete English translation is not feasible, it would still be beneficial to provide bilingual chapter headings and a dedicated page explaining the catalog’s structure, terminology, and navigation for English-speaking readers.
In my opinion, this is one of the most comprehensive and up-to-date publications devoted to Ukrainian banknotes issued during the last 35 years. For collectors specializing in Ukraine, it represents a valuable reference work and a worthwhile addition to any numismatic library.
Those interested in purchasing the catalog may contact one of the authors directly at: shop@numismatics.kiev.ua.
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