Illustrated Specimen Details: 1 Hryvnia "Archangel Michael"
Example Specimen: 1 hryvnia (bullion coin "Archangel Michael"), 2022
Authority: Issued by the National Bank of Ukraine (NBU). This non-circulating bullion coin represents the modern investment standard of Ukraine. While silver versions carry a nominal value of 1 ₴, gold versions are issued in denominations of 2, 5, 10, and 20 hryvnias. The design of the coins is identical, differing only in metal type and weight specifications. Currently, two major design generations exist: the original 2011-2019 variety and the modernized version introduced in 2020.
Design & Inscriptions: The obverse features the Coat of Arms of Ukraine, surrounded by a laurel wreath and a pattern of stylized medieval hryvnias — the historical monetary and weight unit of Kyivan Rus'. The denomination 1 ₴ and the NBU Mint logo are placed below. The reverse depicts the Archangel Michael with a sword, surrounded by lines from Taras Shevchenko's epic poem "Haidamaky": "…ЗА НАС І ДУШІ ПРАВЕДНИХ, І СИЛА АРХІСТРАТИГА МИХАЇЛА" (For us the souls of the righteous and the power of Archangel Michael).
Denomination: 1 Hryvnia
Date: 2022
Metal: Silver (Ag 999.9)
Mintage: 10,000
Weight: 31.1 g (1 troy oz) | Diameter: 38.61 mm
Estimated value: 70$
DENOMINATION GUIDE — WHERE & WHEN (coins catalog: by names & emitents)
- UKRAINE (since 2011): silver 1 hryvnia and gold 2, 5, 10, 20 hryvnias — Archangel Michael investment coins
- South Africa — Krugerrand
- United States of America — American Eagle
- United Kingdom — Britannia
- Australia — Australian Gold Nugget
- Canada — Maple Leaf
- China — Chinese Panda
- Mexico — Libertad
- Austria — Vienna Philharmonic
- Ukraine — Archangel Michael
- Poland — White-tailed Eagle
- Armenia — Noah's Ark
BULLION COINS as a coin name: Also known as Investment coins or Specie — coins made of precious metals used primarily for saving and wealth protection. The term "Bullion" originates from the Anglo-Norman term for a melting-house and the French bouillon ("boiling"), referring to the refining process of precious metals.
History, Purpose, and Global Context of Bullion Coins
Bullion coins are a specific class of legal tender whose value is determined not by their face value, but by the high-purity precious metal they contain. While they are technically legal tender, they are never used in daily cash payments due to their high intrinsic worth.
The "Archangel Michael" Series in Ukraine
The National Bank of Ukraine launched the "Archangel Michael" series in 2011. Since the era of Prince Vsevolod of Kyiv (13th century), Archangel Michael has been considered the patron saint of Kyiv. His image as a heavenly protector is a central symbol of the Ukrainian capital, famously represented by the statue on Independence Square (Maidan Nezalezhnosti) and the historic St. Michael's Golden-Domed Cathedral.
An interesting numismatic detail: on the 2022 silver issue, the technical specifications Ag 999.9 - 31.1 indicate that the coin contains exactly one troy ounce of the purest possible silver. This makes it a globally recognized investment asset, comparable to the most famous international issues.
Investment Logic and Pricing
The face value of bullion coins is intentionally set significantly lower than the market value of the metal. For instance, the silver 1 ₴ coin contains metal worth much more than one hryvnia. The final price of such a coin fluctuates with the global metal "spot price," supplemented by seigniorage (production costs) and, in some cases, an additional numismatic premium for "Proof" quality specimens.
Comparison with World Standards
Ukraine's Archangel Michael belongs to an elite group of world bullion coins.
Each country chooses a unique theme:
- South Africa: The iconic Krugerrand (since 1967), which lacks a currency denomination, stating only its gold weight.
- USA: The American Eagle, issued in silver (1 dollar) and gold.
- Austria: The Vienna Philharmonic, which transitioned from schilling to euro denominations in 2002.
- Mexico: The Libertad, which uses "Onza" (ounce) as its primary denomination format.
The Ruble-Hryvnia Analogy
Interestingly, the etymology of monetary terms often points to "pieces" or "parts". For example, the ruble was historically a cut-off part of the ancient hryvnia weight bar used in Kyivan Rus'. Bullion coins represent a return to this "specie" tradition — where the value lies in the weight of the metal itself rather than a government's promise.
Market Liquidity and Force Majeure
Issuing banks typically guarantee the buyback of bullion coins. However, extraordinary events, such as the full-scale invasion of Ukraine in 2022, can lead to temporary suspensions of these buyback programs by the NBU. Despite such tragic force majeure circumstances, the coins remain a stable long-term hedge against inflation and currency devaluation.