The Ukrainian hryvnia has a history spanning more than three decades, while the country’s paper money tradition goes back much further. Today, Ukrainian banknotes attract growing attention from collectors both in Ukraine and around the world — not only because of their design and advanced security features, but also because of the unique historical context in which they are issued.
What makes a Ukrainian banknote valuable? Which notes are collectors searching for, how much can rare specimens be worth, and what could the new 2,000 hryvnia banknote featuring Vasyl Stus mean for the collecting community?
In this interview, organized by the RBC-Ukraine media group, members of the International Bank Note Society (IBNS) share their insights into the Ukrainian banknote market, its rare and collectible issues, and the growing international interest in the hryvnia.
How highly are Ukrainian hryvnia banknotes valued among banknote collectors?
Interest in Ukrainian banknotes among collectors is genuinely deep and has been steadily growing in recent years. This applies not only to modern hryvnia banknotes, but also to all paper money that circulated in the territory of present-day Ukraine, including Ukrainian People Republic (UPR) banknotes issued in 1917–1920, occupation issues from the Second World War period, karbovanets coupons of 1991–1996, and, of course, the hryvnia from 1996 to the present day. The full-scale war has only strengthened interest in these banknotes, both in Ukraine and abroad.
How unique is their design compared with the currencies of other countries?
Ukrainian banknotes are not absolutely unique in terms of their overall concept, but they have their own distinctive national style that is easily recognizable. At the same time, from a technical perspective, the National Bank of Ukraine has traditionally maintained standards comparable to those of the world’s leading issuers. The new 2,000 hryvnia banknote confirms this: it is the first banknote in the world to feature a combination of the Anima™ Colour security thread and the SPARK element.
Which banknotes are collectors hunting for the most? What exactly is valued — years of issue, design, special serial numbers, or banknotes that are no longer in circulation?
To be completely honest, it is difficult to single out one or several banknotes that everyone is looking for, because collectors often specialize in specific themes. However, each collector will be looking for banknotes that are rare, have a limited print run, or feature some special characteristic of their issue.
Banknotes marked “Specimen.” These examples were not intended for circulation but were used for training bank employees and demonstrating new issues. Due to their limited numbers, they are highly valued among collectors.
Banknotes with unusual serial numbers. The most valuable are those with very low serial numbers, from 000000001 to 000000100, and/or banknotes whose serial numbers consist entirely of identical digits, such as 777777777. Serial numbers forming sequences such as 123456 can also be of interest.
Banknotes with printing errors. These may include misaligned printing, inverted elements, missing individual colors, or other rare defects. Such examples are extremely uncommon and can be worth significantly more than ordinary banknotes.
Commemorative issues. For example, the special banknote set issued for the 30th anniversary of Ukraine’s independence, featuring anniversary symbols and a limited mintage of 30,000 sets, is in high demand.
The collector community expects the National Bank of Ukraine to issue a set of collectible banknotes to commemorate the 35th anniversary of Ukraine’s independence.
How much do collectible banknotes cost?
The value of collectible Ukrainian banknotes varies greatly depending on the particular banknote. Some modern banknotes can cost around UAH 100,000 per specimen. Certain banknotes from the period of the Ukrainian People’s Republic (UPR) and the German occupation period can be worth between EUR 2,000 and EUR 15,000 per banknote. However, I would like to emphasize, so as not to mislead readers, that this does not apply to every banknote from these periods.
It is also worth noting that banknotes marked “Specimen,” proof issues, and examples with printing errors can be worth tens of thousands of hryvnia, and in some cases even more. Everything depends on the rarity of the particular banknote or printing error.
What is the most expensive banknote in your collection?
This is a very interesting question that is somewhat difficult to answer. When you start collecting something, you often focus primarily on the monetary value of individual items. But over time, price tends to become less important, while uniqueness and the special character of a collection become more important — something that other collectors may not have.
For one collector, it may be a banknote with serial number 0000000001; for another, a banknote from the UNR period or a very rare printing error. You may not believe it, but some banknote collectors also collect the signatures of National Bank of Ukraine governors on banknotes. I think many collectors would love to have such gems in their collections.
Where do collectors look for unique banknotes?
First of all, it depends on what exactly you are looking for. If you are searching for banknotes that are no longer in circulation, the best places to look are specialized auction platforms, both online and offline, online stores, antique shops, collectors’ meetings, and collector groups on various social networks. Occasionally, you can also find something interesting on classified-ad websites and at flea markets.
If our focus is on banknotes that are currently in circulation, they can be found almost anywhere by checking change received in shops or withdrawing cash from ATMs and banks. Of course, such banknotes are unlikely to be in high-grade condition.
I would emphasize, however, that when it comes to finding genuinely rare Ukrainian hryvnia banknotes, most experienced collectors prefer specialized auctions and collector communities, because this is where banknotes with rare series, printing errors, or perfect condition are most likely to appear.
From my own experience, I can say that joining the International Bank Note Society gave me the opportunity to meet a huge number of collectors around the world and, when necessary, obtain advice of various kinds.
Are foreign collectors hunting for hryvnia banknotes?
Yes, and this interest has become noticeably stronger since 2022. Foreign collectors are interested in the hryvnia as the “currency of a country at war,” as well as in commemorative issues of the National Bank of Ukraine dedicated to resistance and defense. This has become a separate niche of demand abroad.
Many collectors both in Ukraine and abroad are waiting for the continuation of the National Bank of Ukraine’s thematic banknote series, which currently consists of two banknotes:
20 hryvnia commemorative banknote, 2023: “Remember! Let’s not forgive! Never!”
50 hryvnia commemorative banknote, 2024: “Unity saves the world.”
How valuable are commemorative banknotes on the market? How much can their value exceed their face value?
As of today, the National Bank of Ukraine has not issued very many commemorative banknotes. Currently, the most valuable among collectors are the 50 hryvnia banknote of 2011 commemorating the 20th anniversary of the NBU and the banknote set dedicated to the 30th anniversary of Ukraine’s independence.
For example, the 50 hryvnia banknote of 2011 commemorating 20 years of the NBU is worth more than UAH 100,000, meaning that its value on the collector market exceeds its face value by approximately 2,000 times.
Have you ever encountered high-quality counterfeits?
According to information from the National Bank of Ukraine, counterfeits of modern banknotes do appear from time to time, although they are relatively rare. Modern hryvnia banknotes have multiple layers of security, including watermarks, security threads, microtext, intaglio printing, optically variable elements, and other features that make counterfeiting considerably more difficult.
Most counterfeit banknotes detected by law enforcement agencies and banks are of low or medium quality and can be easily identified during inspection. At the same time, well-made counterfeits occasionally enter circulation, but their share is very small. In terms of its level of protection, the Ukrainian hryvnia is considered one of the most secure currencies in Europe.
How will the introduction of the 2,000 hryvnia banknote featuring Vasyl Stus affect the Ukrainian banknote collecting market and collectors’ interest in high-denomination banknotes of the new generation?
The introduction of the 2,000 hryvnia banknote featuring Vasyl Stus will significantly increase interest in Ukrainian banknotes both in Ukraine and around the world. In the global banknote collecting community, the release of a new banknote is always a small celebration, as it provides an opportunity to add new material to a collection.
Collectors will begin searching for circulation varieties, printing errors, and other distinctive features.
How much could a new 2,000 hryvnia banknote from the AA series with serial numbers starting from 0000001 be worth?
It is very difficult to estimate the value of such a banknote. In a sense, it could be a unicorn — a truly unique item. Therefore, the value of such a banknote could only be determined through an auction.
Do you consider the choice of Vasyl Stus’s portrait for the highest denomination of Ukrainian currency justified from the perspective of its global historical and numismatic significance?
Vasyl Stus is a figure who unites Ukraine, so we believe that his appearance on a banknote during wartime is an extremely important element of Ukrainian cultural identity.
To what extent does the presence of sophisticated security features in the new 2,000 hryvnia banknote — the Anima™ Colour animated security thread and the SPARK element — increase the interest of security-printing specialists in the banknote?
Security technologies themselves do not automatically make a banknote rare. The greatest collectible value will be associated with the first series, low serial numbers, limited issues, and banknotes in UNC condition.
How could the controversies surrounding the fonts used in the design of recent Ukrainian banknotes, particularly the 1,000 and new 2,000 hryvnia notes, affect their future numismatic reputation?
If a controversial font is viewed not simply as a design decision, but specifically as a printing error or a design variant that was corrected in subsequent issues, its impact on collectible value could be much stronger.
In banknote collecting, such deviations often become the subject of intense searches, especially if the error was discovered and corrected quickly and the number of such banknotes in circulation is limited.
For example, if a limited number of 2,000 hryvnia banknotes with the “controversial” font enter circulation, while an unlimited number of 2,000 hryvnia banknotes with the corrected font are subsequently issued, collectors will eagerly hunt for the first variety.
How does the overall trend toward digitalization and the declining use of cash affect the prestige and future value of collectible paper hryvnia banknotes?
The declining role of cash due to digitalization will, on the contrary, most likely increase interest in collectible paper hryvnia banknotes. As banknotes gradually cease to be everyday means of payment, they are increasingly perceived as historical artifacts, symbols of an era, and works of printing art.
For collectors, this means that first issues of the new generation of hryvnia banknotes, rare series, commemorative banknotes, and examples with unique serial numbers may become particularly valuable.
In the long term, the decline in cash circulation could make high-quality paper banknotes more attractive to collectors, because newcomers will no longer have the opportunity to find banknotes for their collections in everyday circulation. At the same time, digitalization itself does not guarantee an increase in prices: rarity, condition, historical context, and collector-market demand will remain the decisive factors.
The interview was organized by the RBC-Ukraine media group.
The responses to the interview questions were prepared by members of the International Bank Note Society (IBNS):
Vitalii Hashchak, #13053-R
Evgen Likhatskyy, #11932-R
Yevhen Riabenko, #12670-R
Dmitry Kopaev, #12696-R
To stay up to date with our projects, please subscribe to our newsletter.
