U.S.2M.K.
Private
Updated:
9/5/2021
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Some of the first commemorative coins issued by the National Bank of Ukraine, (hereafter referred to as NBU). These coins were released throughout the year of 1996, with all being dated as such except for the 50th Anniversary of the U.N. coin, which was minted in 1995 but was not released until March of 96. These coins are the first 1oz silver coins issued by Ukraine since its independence in 1991.
None of the 2,000,000 Karbovanets coins were minted by the NBU or even in the country of Ukraine. These coins were produced at three different mints, The Mint of Poland, The Mint of Moscow and The British Royal Mint on behalf of the NBU.
These coins are grouped in this set by denomination, although some also belong to individual coin series issued by the NBU, such as Rebirth of Ukraine’s Statehood and Sports. The 2,000,000 Karbovanets is the largest denomination (amount not value) issued by the NBU to date.
Karbovanets were used as a monetary unit in Ukraine starting on January 10, 1992 with the releases of 1, 3, 5, 10, 25, 50, and 100 Karbovanets denominations. Soon after on June 22, 1992 after the proclamation of Ukraine’s independence larger denominations were issued with face values of 200, 500 and 1,000 Karbovanets. These were then followed by 2,000 and 5,000 denominations issued on June 9, 1993 then 20,000 on July 9, 50,000 on August 27, and 100,000 on November 17. The next year a 200,000 Karbovanets denomination was issued on May 16, 1994 followed by a 500,000 Karbovanets issue on December 9, and finally 1,000,000 and 2,000,000 Karbovanets denominations were released on May 12, 1995. Karbovanets were legal tender in Ukraine until September 16, 1996 when the monetary reform act was implemented with the introduction of a new monetary unit, the Hryvnia and its 1/100 portion Kopiika. The reform provided for an exchange of 100,000 Karbovanets to 1 Hryvnia, hence Karbovanets denominations of 200,000, 1,000,000, and 2,000,000 were exchanged for 2, 10 and 20 Hryvnia respectively. Since the implementation of the 1996 monetary reform act, all standard coinage, banknotes, commemorative and jubilee coins denominated in Karbovanets can only be used for collecting purposes and are no longer accepted in exchange for goods and services, dropping their function as legal tender in Ukraine. In 1996 during the transition from Karbovanets to Hryvnia the exchange rate of Hryvnia to USD was 1761:1, the last coin issued with a denomination of Karbovanets was the commemorative coin Mykhailo Hrushevskyi with a value of 1,000,000 Karbovanets released on August 9, 1996.
What this set lacks in size, it more than makes up with visual impact and thoughtful designs with substance and meaning. Some of the most beautiful coins issued by the NBU this set is a must have for any collector. The semi low mintages, the relative age of these issues and the country that they were issued in makes these coins harder to find especially in higher grades, soon they will be almost impossible to acquire and if Ukraine becomes entangled with civil unrest or war, or dissolves, these coins could potentially be lost to history. A wonderful set that should be given consideration for your own collections.
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