The money of the Independence period

At the end of the twentieth century gaining of the independence by Azerbaijan conditioned emission one of the most important attributes of the sovereign state - the national currency.  Thus base for creation and arrangement of money circulation in the country was laid with Decree of the President of Republic of Azerbaijan “On establishment of the National Bank of Azerbaijan” dated Feb 11, 1992   and Decree of the President of Republic of Azerbaijan “On circulation of national currency of Republic of Azerbaijan” dated Jul 15, 1992.

The national currency of the Republic of Azerbaijan - manat was put into circulation in 1992.

In August 1992, money with denominations of 1, 10 and 250 manat, and in November 5, 10, 20 and 50 coins, in December 5 manat, in March of 1993, 50, 100, 500 and 1,000 face value were put into circulation.

Since August 1992, the manat began to be used as a means of payment in face value of 1 manat = 10 rubles in to the territory of the Republic of Azerbaijan in parallel to rubles.  

Only after Decree No. 50 of the President of the Republic of Azerbaijan On declaring of the national currency of the Republic of Azerbaijan as only means of payment in the territory of the Republic dated December 11, 1993, with effect from January 1, 1994, the manta was fixed as single currency in circulation.

Being a single mean of payment of manat in the territory of country was once confirmed by the Constitution Act adopted in the referendum on all-nation voting held in Nov 12, 1995, arranged by State Commission chaired by then President of Republic of Azerbaijan Heydar Aliyev. 

Banknotes emitted in 1992 with denominations of 1, 10 and 250 manat had simple designs, the front side of the Maiden Tower, the back side framed in the national of the ornaments, and words the National Bank of Azerbaijan were described. In 1993, the National Bank emitted banknotes with denominations of 1, 5, 50, 100, 500 and 1000 manat and put them into circulation. In this case, descriptions of banknotes of 1 and 10 manat were changed and adapted to banknotes of 5, 50 and 100 manat. Thus, in addition to  Maiden Tower image background has been added to descriptions. In addition, face values of these banknotes were given in words, too. In the front side of the monetary unit with face value of 500 manat the portrait of the great Azerbaijani poet Nizami, and on 1000 manat units the portrait of the founder of the Democratic Republic of Azerbaijan M. Rasulzade was given. The back side of both banknotes had been prepared similarly in accordance with national ornaments.

Within the framework of the national ornaments the nominal amount was given in words and figures as well. In all banknotes the same water mark - image of three fires was given.  

In 1994 the banknote of 10,000 manat was emitted for the first time. Over them,  the overview of Shirvanshas  complex, and in the back side within the frame under the traditional ornaments the value of banknote was given in words and figure.

In 1996, the banknote with largest value of 50,000 manat was put into circulation. The front side of this banknote described the style of the original architectural monument of Nakhichevan- Momina Khatun tomb, and in the back side within the frame under the traditional ornaments the value of banknote was given in words and figure. 

In design of banknote the complex watermark and a number of new security features is applied. In Azerbaijan banknotes for the first time the serial number of the banknote of 50,000 manat had been given in two colors. If we looked at the historical summary of cash turnover in 1992-2005 in Azerbaijan, it should be noted that, coins made of aluminum with value of 5, 10, 20 and 50 gyapick was in circulation within a short period. However, as a result of economic crisis in 1992 in country, a sharp decline in the exchange rate of the manat, these coins became useless within a short time. 

At present, the national currency of Azerbaijan (manat) in the circulation - one of the outstanding attributes of the State, for purposes of formation of the exchange rate to the world\'s leading currencies, adapting the design of banknotes, its security, nominal structure to international standards, to express clearly the national and historical traditions on the money units, to improve the money circulation in the country, to optimize the scale of the exchange rate and prices, to simplify the accounting and settlement system, in accordance with Decree of the President of the Republic of Azerbaijan On the nominal value of banknotes in the Republic of Azerbaijan and the scale of the price change (denomination) (07.02.2005), w.e.f. from January 1, 2006, in connection with the transition to the new manat, whereas 1 new manat was equal to 5000 old manats, the old manat was kept in circulation during the year 2006, and  from January 1, 2007, the new manat was finally adopted and new manats in coins  of 1, 3, 5, 10, 20, 50  replaced old 1, 5, 10, 20, 50, 100 manats, and put into circulation in stages.

Technical parameters of the new generation of bank notes were prepared with the technical support of the Swiss National Bank. The quality of banknotes has been established in the level 

to the highest international standards and comparable to leading countries money units.  The new protection system of Azerbaijani manat has been prepared in accordance with special philosophy of enforcement as a result of cooperation with the Swiss National Bank. Thus, the new generation banknotes have 4-level protection system. 1st level is determined by the population without special equipment required, 2nd level by enterprises of the trade using the simple devices and 3rd level with special equipment by the banks and 4th level only by the bank-issuer (Central Bank).

Comparing with the old generation banknotes the optically changed modern protection elements were applied in new banknotes.

1 manat - dedicated to culture theme. The banknote has been printed on white paper with 120 x 70 mm size. The front side of the banknote has description of Azerbaijan national musical instruments - Tar, Kamancha. In the background, there are ancient carpet patterns. Azerbaijan\'s integration into Europe was described with maps and the national ornaments at the back side of the banknote.

Security elements: There are gold digit of the nominal, digit of nominal visible in the light and design (watermark), visible in the light “MANAT”, miracle digit (from green to dark red), special exact lines, relief nominal, elements visible on the ultra-violet light on the front size of the banknote, there is metal thread and magic lines on the back side.

5 manat - Dedicated to writing and literature subject. The banknote was printed on the white paper dimension 120 × 70 mm. On the front size of the banknote there are images of literary personalities, ancient books and fragment from state national anthem. On the back side of the banknote are images of map showing integration Azerbaijan in Europe, history of development of Azerbaijan – hieroglyphs from Gobustan’s rock, Orkhon-Yenisey alphabet and our modern writing.

Security elements: There are gold digit of the nominal, digit of nominal visible in the light and design (watermark), visible in the light “MANAT”, miracle digit (from green to dark red), special exact lines, relief nominal, elements visible on the ultra-violet light on the front size of the banknote, there is metal thread, magic lines on the left side and elements visible in the ultra-violet light on the back side.

10 manat - Dedicated to the history subject. The banknote was printed on the white paper dimension 134 × 70 mm. There are images of Ancient Baku, Shirvanshakh Palace, Maiden Tower are on the background of the old Castle walls on the front size of the banknote. On the back side of the banknote printed images of map showing integration Azerbaijan in Europe and typical decorations of Azerbaijan carpet.

Security elements: There are gold digit of the nominal, digit of nominal visible in the light and design (watermark), visible in the light “MANAT”, miracle digit (from green to dark red), relief nominal, holographic nominal, on the front size of the banknote, there is metal thread, magic lines on the left side and elements visible in the ultra-violet light on the back side.

20 manat -Dedicated to Garabagh subject. The banknote was printed on the white paper dimension 134 × 70 mm. There are images of token power – sword, helmet, shield and symbol of the peace “Nightingale” on the front size of the banknote. There are images of map showing integration Azerbaijan in Europe and national patterns of Azerbaijan on the back side of the banknote.

Security elements: There are gold digit of the nominal, digit of nominal visible in the light and design (watermark), visible in the light “MANAT”, miracle digit (from green to dark red), relief nominal, holographic nominal, on the front size of the banknote, there is metal thread, magic lines on the left side and elements visible in the ultra-violet light on the back side.

50 manat -Dedicated to education and future subject. The banknote was printed on the white paper dimension 148 × 70 mm. There are images of future examples, signs of growth ladders, token of power and light, sun, symbol of scient, chemistry and physicals symbols on the front size of the banknote. There are images of map showing integration Azerbaijan in Europe and ornaments of Ancient Azerbaijan carpets on the back side of the banknote.

Security elements: There are gold digit of the nominal, digit of nominal visible in the light and design (watermark), visible in the light “MANAT”, miracle digit (from green to dark red), relief nominal, holographic nominal, on the front size of the banknote, there is metal thread, magic lines on the left side and elements visible in the ultra-violet light on the back side.

100 manat - Dedicated to economy and development subject. The banknote was printed on the white paper dimension 155 × 70 mm. There are images of architectural emblems of development from ancient times till present, symbols of Azerbaijan manat and economy growth on the front size of the banknote. There are images of map showing integration Azerbaijan in Europe and typical decorations of traditional Azerbaijan carpet on the back side of the banknote.

Security elements: There are gold digit of the nominal, digit of nominal visible in the light and design (watermark), visible in the light “MANAT”, miracle digit (from green to dark red), relief nominal, holographic nominal, on the front size of the banknote, there is metal thread, magic lines and elements visible in the ultra-violet light on the back side.