Kopecks – goodbye: The NBU is preparing to introduce a new currency
2 April 20:52
Ukraine is ready to mint the next mintage of 50 kopecks coins in “steps” after the relevant decision of the Verkhovna Rada. This was stated by the head of the National Bank of Ukraine (NBU) Andriy Pyshnyi, "Komersant Ukrainian" reports.
According to him, the NBU has begun preparations for a symbolic but significant step – abandoning the term “kopiyka” and returning to the historical name “shag” for small denominations. The initiative has not only symbolic but also ideological and cultural significance: it is aimed at decolonizing the language space, restoring national traditions and historical memory.
Historical background: kopiyka vs. shag
The word “kopiyka” comes from a Moscow coin depicting a horseman with a spear, a “kopiy”. This name is deeply rooted in the imperial past and was introduced in Ukraine along with the spread of the tsarist and later Soviet monetary system. Instead, “shak” is an old Ukrainian name for a small coin that has been used since the 16th century, especially during the Rzeczpospolita and later in the Ukrainian People’s Republic. At that time, the shah had the status of an official coin of exchange, along with the hryvnia.
What does the NBU plan to do?
According to NBU Governor Andriy Pyshny, the bank is technically ready to mint 50 shah coins, which can replace the usual 50 kopiykas. However, to launch this process, the Verkhovna Rada needs to approve a change in the legislation on cash circulation.
The idea is not a radical replacement, but a gradual transition. The new coins with the inscription “50 steps” should gradually replace worn or damaged 50 kopiyka coins. At the same time, the old coins will not be withdrawn forcibly: both versions will remain in circulation for a long time.
Economic and technical feasibility
This approach will avoid the cost of recycling millions of kopecks. The coins with the “shag” designation will be produced as part of the planned replacement of cash, i.e., at no additional cost to the state. In addition, minting new coins will not require significant changes in production capacity – only an update of the design and inscriptions.
Read also: “Shag” instead of “kopiika”: is it time for a change?
Cultural and political context
The process of de-Russification, which has been unfolding in Ukraine since 2022, covers various areas: education, toponymy, media, art, and now the monetary system. The return of the name “shag” is another step towards the consistent restoration of Ukrainian national codes. It is also a signal to society and the outside world: Ukraine is forming its own identity, rejecting colonial narratives even in everyday things like money.
Read also: What will the new “shagas” coins look like?
What’s next?
If the Verkhovna Rada supports the initiative, the NBU will be able to start minting the first run of 50 shah coins in the near future. Subsequently, other denominations – 10, 25, and 5 shahs – may be renamed as the respective kopecks wear out.
The National Financial Regulator notes that such a step would be another victory in the cultural war against Russian heritage, while not disrupting financial stability or circulation logistics in Ukraine.
Thus, in the near future, we may witness not just a change in the inscription on the coins, but a deeper symbolic act – the return of the national monetary name, which resonates with the history, dignity and new vision of Ukrainian statehood.
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