MONEY AND STATEHOOD
A new currency for a new state.
After the proclamation of the Ukrainian People’s Republic in November 1917, creating a national currency became part of building its financial system. The first Ukrainian banknotes were denominated in karbovantsi.
March 1918: the hryvnia returns.
On March 1, 1918, the Ukrainian Central Rada adopted a law establishing the hryvnia. It was divided into 100 shahs, with two hryvnias equal to one karbovanets of the 1917 issue. The new banknotes were to be printed in Germany.
The 2,000-hryvnia note.
Printing took time, and the hryvnia notes entered circulation under Hetman Pavlo Skoropadsky. The 1,000- and 2,000-hryvnia designs were prepared after the establishment of the Hetmanate. The 2,000-hryvnia note was printed in Berlin and introduced in October 1918.
Its inscription “Українська Держава” names the Ukrainian State. A trident, elaborate ornament and the large denomination dominate the design. At 204 × 134 mm, it is noticeably larger than the modern 2,000-hryvnia banknote.
Read the sources: Ukrainian Institute of National Memory · Ukrainian Wikipedia.