Early 20th Century
In 1917, banknotes were introduced in the newly independent Ukraine. These were denominated in shah, hryvnia and karbovanets, with 100 shahiv = 1 hryvnia and 2 hryvni = 1 karbovanets.
At the beginning of the 20th century, during World War I (1914—1918), many countries issued currency in the form of stamps. It was done similarly in early independent Ukrainian states: in West Ukrainian National Republic and Ukrainian People's Republic. There, these money stamps were called shahivky (шагiвки, singular: шагiвка, shahivka). Stamps in denominations of 10, 20, 30, 40, 50 shahiv were issued.
These shahivki were printed on perforated 11 ½ card stock, due to a shortage of metals needed for the war effort at the time. Each currency stamp was inscribed on the reverse with a tryzub (trident) and with some words stating that these shahivki circulate in lieu of coins and that they are prohibited to be used as stamps. However, they do appear on some postal envelopes as there was an acute deficiency of "true" stamps. Nevertheless, on July 18, 1918, the independent Ukrainian government authorized its first set of stamp issues, also called shahivki and having nearly identical designs.
The 10 and 20-shah stamps issues of Ukrainian People's Republic were designed by the artist Anton Sereda and the 30, 40, and 50-shah stamps by Heorhiy Narbut, a master graphic artist and president of the Ukrainian Academy of Arts in Kiev.
Read more about this topic: Ukrainian Shah
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