50 Hryven – Ukraine
Ukraine
Context
Year: 2010
Issuer: Ukraine 
Issuing organization: National Bank of Ukraine
Period:
(since 1991)
Currency:
(since 1996)
Total mintage: 1,500
Material
References
KM: #Click to copy to clipboard609
Numista: #97349
Value
Exchange value: 50 UAH
Bullion value: $1429.60
Obverse
Description:
The obverse features Ukraine's Small Coat of Arms with the inscription "National Bank of Ukraine." The center depicts a fragment of the Zaporizka Sich heritage site, with a gilded composition of a bandura and Cossack arms and insignia in the foreground. The face value "50 hryvnias" is to the left and the issue year "2010" to the right.
Inscription:
НАЦІОНАЛЬНИЙ БАНК УКРАЇНИ
50 ГРИВЕНЬ
2010
50 ГРИВЕНЬ
2010
Translation:
NATIONAL BANK OF UKRAINE
50 HRYVEN
2010
50 HRYVEN
2010
Script: Cyrillic
Language: Ukrainian
Engravers: Sviatoslav Ivanenko, Volodymyr Demianenko
Reverse
Description:
Against an ornamental stripe, a Cossack drummer (dovbysh) beats a kettledrum, used for celebrations. To the right are lines from Taras Shevchenko's poem "To the Dead and the Living...". Above the stripe, a stylized island is labeled "Khortytsia on the Dnieper—the cradle of Ukrainian Cossacks." Below, to the right, it reads "ZAPORIZHIA / 16th-18th cent."
Inscription:
У нас воля виростала / Дніпром умивалась, / У голови гори слала, / Степом укривалась!
ТАРАС ШЕВЧЕНКО
Острів Хортиця на Дніпрі - колиска українського козацтва
ЗАПОРІЖЖЯ XVI-XVIII ст.
ТАРАС ШЕВЧЕНКО
Острів Хортиця на Дніпрі - колиска українського козацтва
ЗАПОРІЖЖЯ XVI-XVIII ст.
Translation:
Our freedom grew up,
Washed itself in the Dnipro,
Had mountains for its head,
And was covered by the steppe!
TARAS SHEVCHENKO
Khortytsia Island on the Dnipro - the cradle of Ukrainian Cossacks
ZAPORIZHZHIA 16th-18th cent.
Washed itself in the Dnipro,
Had mountains for its head,
And was covered by the steppe!
TARAS SHEVCHENKO
Khortytsia Island on the Dnipro - the cradle of Ukrainian Cossacks
ZAPORIZHZHIA 16th-18th cent.
Script: Cyrillic
Language: Ukrainian
Engravers: Sviatoslav Ivanenko, Volodymyr Demianenko
Edge
Smooth with in-depth legends
Mints
| Name | Mark |
|---|---|
| National Bank of Ukraine Banknote Printing and Minting Works | — |
Mintings
| Year | Mint Mark | Mintage | Quality | Collection |
|---|---|---|---|---|
| 2010 | — | 1,500 | Special Uncirculated |
Historical background
In 2010, Ukraine's currency, the hryvnia (UAH), was in a period of relative but fragile stability following the severe shocks of the Global Financial Crisis. The crisis had forced the National Bank of Ukraine (NBU) to enact a drastic devaluation in late 2008, abandoning its peg to the US dollar after spending nearly a third of its reserves in a failed defense. By 2010, the hryvnia had settled at a new, weaker exchange rate of approximately 8 UAH/USD, a level maintained through heavy administrative interventions and restrictions by the NBU. This stability was largely artificial, propped up by a $15.4 billion Stand-By Arrangement with the International Monetary Fund (IMF), which provided crucial foreign exchange reserves but came with strict conditions for economic reform.
The underlying economic fundamentals, however, remained weak and posed significant threats to the currency's long-term health. President Viktor Yanukovych, who took office in February 2010, pursued policies that increased fiscal pressure, including raising social spending and reinstating energy subsidies that inflated the budget deficit. Furthermore, the country ran a persistent and large current account deficit, meaning it was importing far more than it exported, creating constant downward pressure on the hryvnia. Corruption, a lack of structural reforms, and an over-reliance on steel and chemical exports left the economy vulnerable to external commodity price swings.
Consequently, the stability of 2010 was seen by most economists as a temporary calm. The IMF program was suspended in early 2011 due to the government's failure to meet conditions on gas tariff hikes, cutting off a key source of support. This set the stage for the gradual depletion of reserves and mounting pressures that would eventually lead to a new currency crisis in 2014, following the political upheaval of the Euromaidan Revolution and the outbreak of conflict in the Donbas region. Thus, the currency situation in 2010 was one of managed stability masking deep-seated vulnerabilities.
The underlying economic fundamentals, however, remained weak and posed significant threats to the currency's long-term health. President Viktor Yanukovych, who took office in February 2010, pursued policies that increased fiscal pressure, including raising social spending and reinstating energy subsidies that inflated the budget deficit. Furthermore, the country ran a persistent and large current account deficit, meaning it was importing far more than it exported, creating constant downward pressure on the hryvnia. Corruption, a lack of structural reforms, and an over-reliance on steel and chemical exports left the economy vulnerable to external commodity price swings.
Consequently, the stability of 2010 was seen by most economists as a temporary calm. The IMF program was suspended in early 2011 due to the government's failure to meet conditions on gas tariff hikes, cutting off a key source of support. This set the stage for the gradual depletion of reserves and mounting pressures that would eventually lead to a new currency crisis in 2014, following the political upheaval of the Euromaidan Revolution and the outbreak of conflict in the Donbas region. Thus, the currency situation in 2010 was one of managed stability masking deep-seated vulnerabilities.
Series: Ukrainian Heritage
✨ Legendary