1991 Ukraine 1 Karbovanets Control Coupon Issue Banknote P# 81a Grades Gem+ CU. In 1991, following the collapse of the Soviet Union, Ukraine issued the Third Karbovanets. The Third Karbovanets was Ukraine's first currency issue as an independent country since the First Karbovanets of 1917, which was retired in 1920 when Ukraine became part of the Soviet Union. The Second Karbovonets was issued by the occupying German government during WWII, rather than Ukraine itself, and was pegged 10:1 to the Reichsmark. The Hryvnia replaced the Third Karbovanets as Ukraine's national currency in 1996.