BONISTIC LEGACY AND THE INTENDED INTRODUCTION OF COINAGE REGALITY BY THE NATIONAL GOVERNMENTS DURING THE UKRAINIAN REVOLUTION OF 1917–1921

Grygoriy Mykhaylovych GOLYSH, Larysa Grygorivna LYSYTSYA

Abstract


Introduction The production and issue of banknotes by the national governments during the Ukrainian Revolution is one of the important understudied problems of the twentieth century Ukrainian history. Its relevance is determined by the dynamics of the past and modern currency circulation processes in Ukraine and the practical potential of applying the past century’s historical experience in this field.

Purpose The purpose of the current article is to analyze the peculiarities of the currency circulation during the Ukrainian Revolution (19171921) based on the published and bonistic sources, while providing a systematic overview of the bonistic legacy of the national governments of this period as well as their intentions to introduce coinage regality.

Results Based on the empiric data and a legal regulatory framework analysis, the author has attempted to reconstruct the financial reform process and money creation by the Ukrainian People’s Republic, Hetmanate and Directory governments and find out what difficulties they faced and what the achievements were. He identified the main characteristic of the national currency and the reasons, which prevented the intended introduction of coinage regality.

Originality The bonistic legacy of the national governments of the Ukrainian Revolution period and their intentions to introduce coinage regality have been comprehensively analyzed in conjunction with the historical circumstances of the turbulent revolutionary times.

Сonclusіon Despite the unfavorable conditions, the national governments of the Ukrainian Revolution period have acquired a truly unique experience of financial reform in an independent state, which virtually cannot be compared to any other case in the global bonistic and numismatic practice. This topic needs further elaboration and offers huge gnoseological perspectives.


Keywords


bon (bon pour); coins; banknotes; money creation; banknotes production, coinage regality, issuer, currency, currency circulation, financial reform, karbovanets, hryvnia, shah

References


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