10 Hryven (Olha Kobylianska Music and Drama Theatre) – Ukraine
Non-circulating coins
Commemoration: Centenary of Olha Kobylianska Music and Drama Theatre in Chernivtsi
Ukraine
Context
Year: 2005
Issuer: Ukraine 
Issuing organization: National Bank of Ukraine
Period:
(since 1991)
Currency:
(since 1996)
Total mintage: 5,000
Material
References
KM: #Click to copy to clipboard372
Numista: #94044
Value
Exchange value: 10 UAH
Bullion value: $86.66
Obverse
Description:
A sculptural composition of Melpomene adorns the theater portal. To its right are the small National Emblem of Ukraine and semicircular inscriptions: УКРАЇНА above and ДЕСЯТЬ ГРИВЕНЬ below. Beneath the sculpture are: Ag 925, 31.1 g, the NBU Mint logotype, and 2005.
Inscription:
УКРАЇНА
ДЕСЯТЬ ГРИВЕНЬ
2005
ДЕСЯТЬ ГРИВЕНЬ
2005
Translation:
UKRAINE
TEN HRYVNIAS
2005
TEN HRYVNIAS
2005
Script: Cyrillic
Language: Ukrainian
Engraver: Sviatoslav Ivanenko
Reverse
Description:
The coin depicts the theater building with the Olha Kobylianska monument in front. The circumference reads: "ЧЕРНІВЕЦЬКИЙ МУЗИЧНО-ДРАМАТИЧНИЙ ТЕАТР ім. О.КОБИЛЯНСЬКОЇ," and beneath the monument is the inscription "100 РОКІВ."
Inscription:
ЧЕРНІВЕЦЬКИЙ МУЗИЧНО-ДРАМАТИЧНИЙ ТЕАТР ім. О.КОБИЛЯНСЬКОЇ
100 РОКІВ
100 РОКІВ
Translation:
CHERNIVTSI MUSIC AND DRAMA THEATER named after O. KOBYLYANSKA
100 YEARS
100 YEARS
Script: Cyrillic
Language: Ukrainian
Engraver: Sviatoslav Ivanenko
Edge
Reeded
Mints
| Name | Mark |
|---|---|
| National Bank of Ukraine Banknote Printing and Minting Works | — |
Mintings
| Year | Mint Mark | Mintage | Quality | Collection |
|---|---|---|---|---|
| 2005 | — | 5,000 | Proof |
Historical background
In 2005, Ukraine’s currency situation was defined by a period of remarkable stability and strength for the hryvnia (UAH), following the tumultuous economic reforms and volatility of the late 1990s and early 2000s. The National Bank of Ukraine (NBU) maintained a managed float exchange rate regime, successfully keeping the hryvnia tightly pegged at approximately 5 UAH to 1 USD for the entire year. This stability was a key achievement of President Viktor Yushchenko’s new government, which took power after the Orange Revolution, and it bolstered business confidence and helped curb inflation.
The stability was underpinned by several factors, most notably strong export revenues from steel and chemical industries amid a favorable global market, which led to a significant current account surplus. Furthermore, substantial foreign direct investment inflows and growing remittances from Ukrainian workers abroad increased the supply of foreign currency. The NBU actively intervened in the market to purchase excess foreign currency, which allowed it to build up international reserves robustly, reaching a record high of over $19 billion by year’s end, more than doubling from the start of the year.
However, this stable facade concealed underlying vulnerabilities. The economy remained heavily dependent on a few cyclical export sectors, making it susceptible to global price shocks. Additionally, the fixed exchange rate, combined with loose fiscal and credit policies, contributed to a rapid growth in domestic demand and imports, which began to widen the trade surplus. Economists warned that maintaining the peg was becoming increasingly costly for the NBU and risked fueling inflation, setting the stage for the pressures that would challenge the currency in the coming years.
The stability was underpinned by several factors, most notably strong export revenues from steel and chemical industries amid a favorable global market, which led to a significant current account surplus. Furthermore, substantial foreign direct investment inflows and growing remittances from Ukrainian workers abroad increased the supply of foreign currency. The NBU actively intervened in the market to purchase excess foreign currency, which allowed it to build up international reserves robustly, reaching a record high of over $19 billion by year’s end, more than doubling from the start of the year.
However, this stable facade concealed underlying vulnerabilities. The economy remained heavily dependent on a few cyclical export sectors, making it susceptible to global price shocks. Additionally, the fixed exchange rate, combined with loose fiscal and credit policies, contributed to a rapid growth in domestic demand and imports, which began to widen the trade surplus. Economists warned that maintaining the peg was becoming increasingly costly for the NBU and risked fueling inflation, setting the stage for the pressures that would challenge the currency in the coming years.
✨ Legendary