KAZAKHSTAN'S NATIONAL CURRENCY IS 28 YEARS OLD
Kazakhstan celebrates National Currency Day on November 15. Kazakhstani tenge is 28 years old.
On November 15, 1993, the first Kazakhstani tenge came into circulation, replacing the Soviet ruble. And this was preceded by a difficult situation that had developed by that time between Russia, Kazakhstan and other republics of the former Soviet Union.
So, in July 1993, the Central Bank of Russia held an action to withdraw from circulation Soviet banknotes of the 1961-1992 model, as well as Russian banknotes of 5 and 10 thousand rubles of the 1992 model. Which, in fact, meant the collapse of the old ruble zone.
The flow of old-style Soviet rubles, canceled by the Central Bank of Russia, poured in large volumes into the former Soviet republics, including Kazakhstan. This led to a new round of inflation, and later - to hyperinflation. To get out of the current crisis situation as soon as possible, it was necessary to carry out a radical monetary reform.
On November 12, 1993, the President of the Republic of Kazakhstan Nursultan Nazarbayev signed a decree “On the introduction of the national currency of the Republic of Kazakhstan”. However, this was preceded by a rather lengthy and serious preparation.
The name for the new currency was chosen symbolic and reflecting the historical essence. The word “tenge” comes from the medieval Turkic silver coins “dengue” or “tanga”, from which, in turn, the name of the Russian coin "money" and the word "money" itself originated. The smaller denomination of the currency was called “tiyn”.
The first coins looked like this, and they made up the first series of coins of the 1993 model.
The preparation of the tenge design was entrusted to the team of authors under the leadership of T. Suleimenov. It was decided to place on the front side portraits of the largest figures of Kazakhstan from various fields of culture, science and politics, in combination with national ornament, and on the back side - architectural monuments and picturesque views of Kazakhstan.
An order for the production of banknotes in denominations of 1, 3, 5, 10, 20, 50 and 100 tenge was made by one of the English companies – HARRISON AND SONS.
The national currency of Kazakhstan has its own symbol (〒). This graphic image of tenge is a symbol of the ancient Türkic alphabet, denoting in transcription the sound “t” with which the word “tenge” begins, as well as the word “tengri”, which translated into Russian means “a deity personifying the sky”, which was sacred to all Turkic peoples.
On November 15, 1993, the first series of banknotes was put into circulation, which can be conditionally called “Portraits”:
1 tenge - a portrait of al-Farabi, 3 tenge - a portrait of Suyunbai, 5 tenge - a portrait of Kurmangazy, 10 tenge - a portrait of Chokan Valikhanov, 20 tenge - a portrait of Abay Kunanbayev, 50 tenge - a portrait of Abulkhair Khan, 100 tenge - a portrait of Abylai Khan.
The crisis in the country's economy, high inflation and devaluation of the tenge in the early years of the national currency, as well as an increase in household income and the development of a number of economic sectors that followed in the late 1990s and early 2000s, led to the need to issue banknotes of a larger denomination. These banknotes made up the second series - Al-Farabi.
In parallel with the issuance of banknotes of a larger denomination, measures were taken to improve the already issued banknotes of the Al-Farabi series. They were issued in the following order:
March 1, 1994 - 200 tenge;
July 27, 1994 - 500 tenge;
February 14, 1995 - 1000 tenge;
November 15, 1996 - 2000 tenge;
November 15, 1999 - 5,000 tenge;
September 1, 2000 - the first modification of 200 and 500 tenge banknotes;
November 2, 2001 - modification of 1000 and 2000 tenge banknotes;
December 16, 2001 - partial modification of 100 and 5000 tenge banknotes;
November 15, 2002 - the second (partial) modification of 200 and 500 tenge banknotes;
July 28, 2003 - 10,000 tenge.
Simultaneously with banknotes of the Portraits series, paper tiyins with denominations of 1, 2, 5, 10, 20, 50 were issued.
At the beginning of 1994, tenge coins were put into circulation in denominations of 1, 3, 5, 10 and 20 tenge, and to replace paper tiyn - coins with denominations of 2, 5, 10, 20 and 50 tiyn.
Subsequently, inflationary processes took tiyns out of circulation, as they lost their purchasing power.
The relatively large size of the coins - tenge and the small image of the denomination on individual coins created inconveniences during calculations and storage. In this connection, in 1997 a new series of tenge coins was approved, which replaced the previous coins and banknotes of small denominations.
These coins were issued on November 11, 1998. By the end of 2001, small denominations of banknotes and old coins were completely replaced by coins of the 1997 sample.
Subsequently, the coin series of 1997 was replenished with two denominations: 2 tenge and 100 tenge.
Since 2013, circulating coins with denominations of 1, 2, 5 and 10 tenge have been produced from carbon steel with a galvanized brass coating, and a 20 tenge coin - from carbon steel with a galvanized nickel coating.
In 2019, for the first time in Kazakhstani history, circulating coins of the national currency in denominations of 1, 2, 5, 10, 20, 50 and 100 tenge began to be issued using Latin graphics in inscriptions in the state language.
Let's go back to banknotes. On November 15, 2006, banknotes of 200, 500, 1000, 2000, 5000 and 10,000 tenge denominations were put into circulation in a new design. Similar denominations of the old design of banknotes remained legal tender for another year. The rest of the denominations of banknotes have lost their payment from the specified date. This is how a family of new banknotes appeared, linked by a single idea, concept and execution.
On December 1, 2015, a banknote of 20,000 tenge was put into circulation, dedicated to the 20th anniversary of the introduction of the national currency.
The main images on the front of the banknote are the Kazakh Eli monument, the winged horse and the Mangilik El triumphal arch (then Astana). On the back - a panorama of the capital Astana with the buildings of Akorda, parliament and government, the inscription Tenge 20 zhyl, the outline of the map of Kazakhstan.
A year later, Kazakhstanis were impressed by the new banknote - on December 1, 2016, in honor of the Day of the First President, a commemorative banknote of 10,000 tenge was issued in a limited edition, dedicated to the 25th anniversary of the Independence of the Republic of Kazakhstan.
The main images are the monument Kazakh Eli, the tree of life - a fragment of the headdress of the Golden Man from the Issyk burial mound. On the back - a portrait of the First President of the Republic of Kazakhstan, Leader of the Nation - Nursultan Nazarbayev.
It should be noted that in the manufacture of banknotes, great attention has always been paid to their protection. Thus, on banknotes of the 2006 model, the maximum possible number of security elements are used, which can be determined without special means - visual and visible to the light, as well as determined by touch. In addition, there are hidden elements on the banknotes, which are recognizable with the help of special technical means, but the main emphasis is on the quick and easy authentication of the banknote.
Since 2011, the National Bank has made a gradual replacement of large denomination banknotes of the 2006 model with banknotes of the new Samruk series, a distinctive feature of which is the presence of the image of the Kazak Eli monument (Samruk bird) on the front side of the banknotes.
Obviously, some banknotes of this series still underwent changes after another replacement of old-style banknotes with new ones took place in 2016. But this was not done at once.
As a result, during the functioning of the national currency, a number of banknotes have been formed from seven denominations of banknotes and seven denominations of coins. The nominal series is built in such a way that it includes the advantages of the binary and decimal systems of calculation - the most common scheme for constructing the nominal number of currencies of different countries, both now and in the past.
Today the banknote range is represented by denominations of banknotes in denominations of 200, 500, 1,000, 2,000, 5,000, 10,000 and 20,000 tenge. The coin range is a sequential multiple structure of 1-2-5-10-20-50 and 100 tenge.
The banknotes are produced by the Banknote Factory, located in Almaty, and the Mint, based in Ust-Kamenogorsk.
I would especially like to note the anniversary and commemorative coins, they are in great demand among numismatists and have a solvency in accordance with the denomination indicated on them.
But their main purpose is cultural and educational. As a rule, they are produced in a strictly limited edition and are intended for sale in Kazakhstan and abroad at a collection cost.
Новостной портал – ATPress