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7/25/2022
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Over the past decade precious metals have been in high demand, this has spawned numerous new bullion issues from world mints as well as expansions to existing series. Ukraine is just one of many countries and minting facilities including Rwanda, Czechoslovakia, The Netherlands, The Mint of Poland, Komsco and The Scottsdale Mint to name a few of the opportunists who have jumped in on the Bullion Bandwagon. The Ukrainian Archangel series was one of the first newcomers and quickly expanded in size and diversity as more numismatists discovered the series. Although the series has been scaled back in recent years, with the suspension of the gold fractionals the one ounce silver and gold offerings are still highly popular.
Starting in 2011 the National Bank of Ukraine (hereafter referred to as the NBU) began a bullion coin series, the archangel series. The bullion offerings in the first year consisted of a 1oz silver coin along with 1 and ¼ ounce gold issues. The next year (2012) the NBU expanded its gold bullion range to include two more fractionals, 1/10 and 1/2 ounce archangel coins. The mintages of the silver Archangels has been as high as 40,000 (2018) while the mintages of the gold coins has never surpassed 10,000 coins in any of the various weights. The coins are often priced at a point (outside of Ukraine) that is far above the spot price of the precious metal content, meaning that most investors cannot afford or do not wish to invest in the coins, as a result the mintage figures remain miniscule due to low demand internationally. In 2017 the NBU suspended production of all gold Archangel bullion coins, making 2017 the only year, since the series launch in 2011, that the NBU did not mint a gold bullion Archangel. In 2018 the NBU brought back the 1 oz. gold Archangel after a one year hiatus and minted a record number of 10,000, after which the 1 oz. gold Archangel was again shelved. The NBU did eventually bring back the 1/10 gold fractional Archangel in 2020, and again in 2021, which coincided with a redesign of the obverse for the entire Archangel series. The 1/2 oz. and 1/4 oz. gold Archangel coins have not been minted since 2016 and there is no signs of them returning anytime soon.
The silver Archangel coins have been issued since the beginning of the bullion series, starting with the lowest mintage of the series to date, 10,000, in 2011. The mintage was doubled the next year followed by minimal increases for the next three years, in 2016 the mintage was scaled back to 20,000 only to be followed by mintage increases of 10,000 the next two years making 2018, with a mintage of 40,000 the largest issue to date. There has only been one proof issue so far, in 2017 10,000 proof coins were minted with only 5,000 being made available to purchase outside of Ukraine. In 2016 there were several error coins struck on .925 sterling silver planchets, the total number is unknown. Since 2013 the NBU has issued coins for the Fabulous 15 coin sets, each of these coins was struck with a F15 privy mark.
All Archangel coins are produced by the NBU, which has the dual role of producing the nation’s circulating currency, implementing its monetary policies, as well as striking bullion coins for investment purposes. Located in the capital city of Kiev, the NBU was formed in 1992 following the fall and separation of states within the Soviet Union. Originally serving as a central bank for the region during Soviet occupation, the bank today serves the independent Ukrainian government in the production of paper currency and coinage for circulation, as well as commemorative precious metals.
The designers of the Archangel bullions coins (obverse and reverse) are Volodymyr Taran and twin brothers Serhii and Oleksandr Kharuk this triumvirate constitutes the artistic group ARTTRIUM, which has designed a great number of commemorative Ukrainian coinage and notes. The group ARTTRIUM have also won several awards for their design work on Ukrainian coins, including multiple Ukrainian Coins of the Year, along with international recognition for their work on such coins as the 2012 EUFA dual coin with Poland and a first place finish in the annual competition held by the Mint of Japan. The name ARTTRIUM has a duel meaning the first being atrium, a glass-covered space located within a building providing light to the interior. The artists see themselves as conductors of light bringing excitement and a spirit of hope, harmony and togetherness into a sometimes routine life. ARTTRIUM can also be interpreted as art trio – a union of three artistic minds.
Known for winning victory over evil, the Archangel Michael is the patron Saint and protector of Ukraine and the capitol city of Kiev. The Archangel Michael is known in many religions, his names and titles include Saint, Taxiarch and the right hand of God. The Archangel Michael is seen as a healer, leader of the army of God and protector of children. Artistic depictions and religious iconography vary in their portrayals of Michael. The Archangel Michael is sometimes seen with a full suite of Roman-inspired armor, a flaming sword, shield and outstretched wings. Being one of the most powerful and respected figures in many religious cultures and teachings, as well as holding a special place in Ukrainian religion and culture along with being a symbol of strength, power, purity and goodness the Archangel Michael is a perfect choice to adorn Ukraine’s first national bullion issue.
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