Around the World: Ukraine Renames Coin
As Ukraine continues to distance itself from Russian influence, the renaming of the kopek reflects how currency can serve as a powerful symbol of sovereignty, history, and national identity.
There is that saying, “Sticks and stones may break my bones, but words will never hurt me.” Maybe that’s true among kids, but if you live in war-torn Ukraine, even words, especially those in Russian, will likely bring consequences.
Ukraine is shedding anything culturally, historically, or linguistically that it can from Russia since the annexation of Crimea in 2014. This has especially been escalating since the start of the war between the two countries in 2022.
The latest step in de-Russianizing Ukraine involves renaming the lowly kopek or (in Ukrainian) the kopikya coin. In early November 2025, National Bank of Ukraine Governor Andriy Pyshnyi said this name change, “should finally complete … monetary reform and remove any affinity, any connection with Moscow. Because we have our own [name]. And the time has come to finally take it back.”
According to the central bank governor, the kopek was used in only three of the 15 former Soviet republics: Russia, Belarus, and Ukraine.
The kopek denomination will be renamed the shah. According to the Ukrainian government, the word shah means step. The shah was a 16th- and 17th-century Ukrainian monetary term for the Polish-Lithuanian silver obol and grosz coinage then in use in Ukraine.
Shah or shahivky was also a subdivision of the hryvnia monetary term for the karbovanets or kupon-denominated bank notes that were issued during the Ukrainian revolution of 1917 to 1921. Shahivky paper “coins” were to be issued in 1, 2, 4, 6, 10, 20, 30, 40, and 50 shahiv, although it does not appear that the first four denominations were ever printed. Ukraine was unable to retain independence at that time and became part of the Soviet Union. Ukraine’s current hryvnia currency system was introduced in 1996, five years after Ukraine gained independence from the then-crumbling Soviet Union. It takes 100 kopeks to equal one hryvnia.
There was an attempt to financially unite the former Soviet republics at the time of the Soviet Union’s fall. The Bank of Russia encouraged the other former republics to use the Russian ruble as a common currency. Ukraine eventually decided to issue its own independent currency. Neighboring Belarus has been attempting to substitute Russian rubles for those of Belarus for years; however, due primarily to economic disparities, Russia continues to fend off Belarus’ desired currency union.
No information was immediately available regarding design changes planned to be made to the former kopek to separate it from the shah. Most Ukrainian coinage was struck at the Luhansk Cartridge Factory until 2001. The Italian State Mint struck 1-, 5-, 10-, and 25-kopek coins for Ukraine the following year. All current Ukrainian coins have been struck at the mint of the National Bank of Ukraine, and all circulating Ukrainian coins were designed by Vasyl Lopata.
Ukraine’s wartime currency liberation began on August 5, when the Board of the NBU adopted Regulation No. 95. Under this regulation, businesses can repatriate dividends distributed from profits earned as far back as 2023, extending the previous cut-off date from 2024 for dividends that can be repatriated. This supports investor confidence and compliance with Ukraine’s commitments within International Monetary Fund programs.
The National Bank of Ukraine began withdrawing 10-kopek coins from circulation on October 1 to reduce state expenditures. According to national bank information, the decision to gradually withdraw the coins “will reduce the costs of the state and participants in cash circulation for the production, processing, transportation, storage, and circulation of such coins. Once they enter banks, such coins will no longer return to circulation but will be withdrawn and transferred to the national bank for further counting and disposal.”
According to bank statistics, Ukraine needs 20 million new 50-kopek coins for circulation during 2025. There has been a notable decrease in the use of 10-kopek coins during the year. Overall, there are 1.4 billion 50-kopek coins and 4.1 billion 10-kopek coins in circulation. The 10 kopek represents 27.4% of the total number of coins in use. The bank has projected a steady need for the 50 kopek. Rounding rules that are already in effect for the now withdrawn 1-, 2-, 5-, and 25-kopek coins are to be applied where necessary regarding a value near 10 kopeks.
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