The Verkhovna Rada of Ukraine has taken a step towards changing the country’s small denomination coins by voting to rename the kopeyka to the shag. This occurred during a plenary session on Thursday, when 264 members of parliament supported the respective bill in its first reading. This initiative is part of derussification and a symbolic conclusion of the 1996 monetary reform. The proposal was submitted by the Speaker of the Verkhovna Rada, Ruslan Stefanchuk, and other members of parliament.
The name "shag" has deep historical roots in Ukrainian culture, often found in works by prominent writers like Taras Shevchenko and Lesya Ukrainka. It was first used for a small denomination coin in 1918 by the Central Rada but was abolished by the Bolsheviks in 1919. Now, the word "shag" reclaims its rightful place in Ukrainian currency, supporting the break from the Soviet past, as the kopeyka is a legacy of the Moscow empire.
The coins "kopeyka" and "shag" will maintain an equal ratio for a certain period—1:1—and will circulate in parallel, according to information from the National Bank of Ukraine. It is planned that only denominations of 50 shags will be issued, which will last 3-4 years, while all other coins will be in denominations starting from 1 hryvnia. The NBU notes that there are currently around 14 billion small coins in circulation.
The second stage of discussion on the bill is scheduled for December 27, where the Rada will consider the final adoption of this initiative.
