When the Ukrainian karbovanets became sole legal tender
Obverse of a Ukrainian 1,000-karbovanets coupon banknote dated 1992; a currency example, not a photograph of the November 1992 decree or transition.
In November 1992, Ukraine completed a distinct stage in leaving ruble circulation. The decree On Reform of Ukraine’s Monetary System specified that ruble circulation would end at 11 p.m. on November 12, with the Ukrainian karbovanets becoming sole legal tender. In cash, it was represented by the NBU coupon.
The document date differs from the change’s effective date: Decree No. 549/92 was signed on November 7. The karbovanets covered both cash and non-cash payments, while the hryvnia arrived only in September 1996. The coupon karbovanets was therefore a separate transitional currency, rather than an early hryvnia design. [1, 2]