The first 100 karbovanets banknote, dated 1917 and issued on January 5, 1918, designed by Heorhiy Narbut with Ukrainian baroque ornaments, trident, and multilingual inscriptions.

Creation of the Artistic and Engraving Department

According to paragraph 11 of the law adopted by the Central Rada on the first Ukrainian monetary system, the General Secretary of Finance was granted the right to design samples of credit notes and announce them for public knowledge. Based on this, the Ministry of Finance established a special Artistic and Engraving Department, which was divided into several sections: lithography, multicolor printing (congreve), metal engraving, phototype printing, photo-zincography, and an artistic branch with a museum.

From its founding until June 1919, the department was headed by Ivan Mozalevskyi, later replaced by Podushko. This office developed projects for banknotes, postage stamps, state emblems, and other official papers. More than 20 artists worked there, making the UPR one of the first modern states to actively involve artists in building national financial identity.

Artists Who Shaped the UPR Currency

The State Paper Procurement Expedition regularly held competitions for the design of state securities, banknotes, and stamps. According to Professor Robert Lisovskyi, many leading Ukrainian artists took part, including:

• Mykhailo Boichuk

• Sofiia Nalepynska-Boichuk

• Oleksandr Bohomazov

• Ivan Mozalevskyi

• Hryhorii (Heorhiy) Narbut

• Antin Sereda

• Vasyl Krychevskyi

• And many others

These artists contributed sketches and ideas that reflected both modernist and national styles, combining European trends with Ukrainian symbolism.

The Commission and Rewards

A special commission under the Ministry of Finance decided which projects were accepted. It included Finance Minister Vasyl Mazurenko (head), Professor Dmytro Antonovych, artist Heorhiy Narbut, engravers, and representatives from the Ministry of Education.

The rewards were generous for the time: between 2,000 and 5,000 karbovanets for a banknote project and 700–1,000 karbovanets for a postage stamp. For comparison, the average monthly salary of a government official was 450 karbovanets.

Accepted Banknote Designs

Out of the numerous submissions, the commission approved 23 banknote designs. Among them:

• Heorhiy Narbut: 12 designs, including 100 karbovanets, 10, 100, 500 hryvnias, and fractional currency such as 30, 40, and 50 shahs.

• Oleksandr Krasovskyi: 25 and 50 karbovanets.

• Ivan Mozalevskyi: 1,000 and 2,000 hryvnias.

• Antin Sereda: 10 and 20 shahs.

• Hryhorii Zolotov: 10 and 1,000 karbovanets.

• Vasyl Krychevskyi: 2 hryvnias.

These designs combined national motifs—such as the trident emblem and folk ornaments—with modern graphic trends.

This 1918 issue of shahiv (Ukrainian postage-stamp currency) was designed by artists Anton Sereda and Heorhiy Narbut during the Ukrainian People’s Republic.

The Controversial 5-Hryvnia Note

The 5-hryvnia banknote became one of the most debated issues. It had no single author but was a compilation of fragments from different projects: Zolotov’s oval with the trident, Krasovskyi’s overprint, and Sereda’s sun motif. Unfortunately, due to technical limitations at the Stanislaviv (Ivano-Frankivsk) printing house, the note was poorly executed both artistically and technically.

Despite its flaws, the note remains an important artifact of the UPR’s attempt to establish its own financial identity.

Legacy

The monetary system of the Ukrainian People’s Republic symbolized the nation’s efforts to establish sovereignty not only politically but also economically and culturally. Involving leading Ukrainian artists in the creation of banknotes and stamps turned money into an instrument of national identity.

Today, UPR banknotes are highly valued among historians, collectors, and art scholars as symbols of Ukraine’s early struggle for independence.