History of national currency

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HISTORY OF NATIONAL CURRENCY

Currency in circulation in the territory of Azerbaijan until the XX century

Coins minted by Albans and Athropatenians in resemblance to coins brought by Alexander in the second half of the III century BC

Albania, imitations of coins by Alexander of Macedonia, III century BC

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Tetradrachm and drachm, silver

Coins of the Byzantine Empire (III – VI centuries) found in the territory of Azerbaijan.

Byzantine, Theodosius II 408-450

Heraclius and Heraclius Constantine 610- 641

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Solid, gold (4.55 gr)

Hexagram, silver (6.2 gr)

Silver coin minted in the Sassanid Period in 600s AD.

The Sassanid Period, Khosrow II, 591-628, Darband, 618

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Drachm, silver

Gold coin minted when Azerbaijan was a part of the Arab Caliphate.

The Period of Tamamis, Khuzaima ibn Hazm, Aran 786-787

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Dinar, gold

Silver coins minted in Azerbaijan starting from 991 during the reign of Shirvanshah Yezid II and Shirvanshah Manuchehri I.

The Shirvansahs, Yezid II 991-1027

The Shirvansahs, Manuchehri I,
1027-1034

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Dirham, silver

Coins minted during the reign of Shaddadis and Seljuks.

The Period of Shaddadis, Shavir,
1049-1067

The Period of Great Seljuks, Melikshah, 1072-1092

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Dirham, billon

Dinar, gold

Copper coins (dirhams) minted during the Azerbaijani state of Atabeys (Eldagizs) in 1136-1225.

The Period of Atabeys, Eldaniz, 1136-1175

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Dirham, copper

Silver dirhams called ‘kaanik’ with engraved ‘fair kaan’ minted in Azerbaijan in the XIII century during the Mongol invasion.

The Period of Chingizis, 1244-1245

The Period of Chingizis, Tabriz,
1247-1248

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Dirham, silver (2.84 gr.)

Silver coins minted during the reign of the Shirvansahs, the states of Garagoyunlu and Aggoyunlu.

The Period of the Shirvanshahs, Shamakhi, Ibrahim I, 1382-1417

Garagoyunlu, Pirbudag, 1408-1418

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Tenge, silver

Dirham, silver

Aggoyunlu, Tabriz, Baysungur 1490-1492

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Tenge, silver

Coins minted in the period of the Safavids.

The Safavids, Tabriz, shahi, silver.

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Shahi, 1501

5 shahis, 1507-1508

2 shahis, 1507-1508

Silver and copper coins minted during the khanates of Azerbaijan.

The Garabagh khanate, Panahabad,1806-1807

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Sahibgiran, silver

Panabadi, silver

Fulus, copper

The Shirvan khanate, Shamakhi,
1770-1771

The Shaki khanate, Nukha,
1808-1809

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Abbasi, silver

Abbasi, silver (crowned)

The Guba khanate, Guba

Darband khanate, Darband,
1805-1806

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Abbasi, silver

Bakı khanate, Badkuba

Nakhchivan khanate, Nakhchivan,
1767-1768

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4 gazbeyi, fulus, copper

Abbasi, silver

The Irevan khanate, Irevan

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4 gazbeyi, fulus, copper

Money economy in Azerbaijan early in the XX century

History of the independent money economy and circulation in Azerbaijan starts from the banknotes issued by the Baku Municipality in 1918 after a hundred-year break.

Small banknotes denominated 5, 15 and 50 gapiks and large municipal currency denominated 1, 3, 5, 10 and 25 manat issued to circulation in January – April 1918 vary in terms of their color and size.

New banknotes denominated 10, 25 and 50 manats were urgently developed and issued to circulation by the resolution of the Baku City Council established in 1918. Although lost validity after the Baku Commune resigned in 31 July 1918, these banknotes were used as a circulation facility in 1918-1919.

National currency issued to circulation over the period of the Azerbaijan Democratic Republic

The Azerbaijan State Bank issued to circulation banknotes denominated 25, 50, 100 and 250 manat over the period of the Azerbaijan Democratic Republic (ADR). Several copies of 100 manat of the first banknote issued to circulation during the said period; 25 manat (I-VII series), 50 manat (I-XI series), 100 manat (I-VIII series), 250 manat (I-VII series) issued in the middle of the same year; and the largest denomination – 500 manat (I-IV series) issued to circulation early 1920 are exhibited at the Museum of History of Azerbaijan. The name of the Republic of Azerbaijan and denomination on the last banknote is mentioned in the Azerbaijani, Russian and French languages.

The State Bank was authorized to issue currency. Total 2 billion 345 million ruble worth of currency was issued over the period of the ADR.

Soviet-era currency in circulation in Azerbaijan

A second time money was issued into circulation in Azerbaijan on behalf of the Azerbaijan Soviet Socialist Republic in 1920. Within this emission, a first banknote – 1000 (in a big format), later 5 (in 2 options), 100 (in 2 options) and 1000 (in a small format) rubles and four denominations in a new format – 5000, 10000, 25000 (in 2 options) and 50000 rubles were issued into circulation in 1921.

3 new banknotes – 100000 (in 3 options), 250000 (in 2 options) and 1000000 (in 2 options) rubles were issued into circulation in 1922 and a 5 million ruble denominated banknote was issued into circulation early in 1923.

In 1923-24 the Trans Caucasus Soviet Federative Republic (TSFR) carried out 4 money emissions – a 1st release included banknotes in 5000, 10000, 50000, 100000, 250000, 500000, and 1000000, 2nd release –500, 10000, 50000, 100000, 250000, 500000, 1000000, 5000000 and 10000000, 3rd release –10000, 25000, 50000, 100000, 250000, 500000, 1000000, 5000000 and 10000000 rubles. Early in 1924, the TSFR decided to issue into circulation banknotes in 25, 50, 75, 100, 250 million and 1 billion denominations.

Over the period, the TSFR issued into circulation a banknote denominated 10 billion – first ever in the history of global cash circulation.

According to the 1936 Constitutional Act, because the names of all 11 republics were on the State Coat of Arms, the name and denomination on banknotes issued into circulation were in 11 languages. The banknotes remained in circulation until the money reform of 1947.

The Soviet era witnessed three monetary reforms (1947, 1961, and 1991).

Banknotes in circulation in Azerbaijan in 1947-1991

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Currency in Azerbaijan over the new period of independency

Currency in circulation in 1992-2006

Currency currently in circulation in Azerbaijan

Commemorative coins

Source: materials of the Central Bank of the Republic of Azerbaijan, Presidential Library of the Administrative Department of the President of the Republic of Azerbaijan and the National Museum of History of Azerbaijan of the Azerbaijan National Academy of Sciences.