legal tender. The banknotes use cotton as a substrate, however, the ₴20 commemorative banknote was the first to use linen fibres. As for regular circulation banknote, the ₴1000 banknote includes 20% linen. According to the data provided by the NBU, as of 1 July 2021, almost 2,94 billion notes worth more than ₴580 billion are in circulation. Almost a quarter of all banknotes are in ₴200 notes, followed closely by ₴500 notes. ₴1 notes are also relatively common, even as these were initially circulating alongside (big) 1 hryvnia coins and, since 2018, are increasingly substituted by new (smaller) coins. On the other hand, banknotes from ₴2 to ₴20 are relatively rare compared with other denominations, at about 5% of the total quantity of banknotes each. The detected number of counterfeit hryvnia banknotes was hovering around 3 forged bills per 1 million genuine ones in 2015-2019, which sharply increased to 5.5 counterfeit banknotes per million the following year, which the NBU attributed to the COVID-19 pandemic. The vast majority of forgeries (96%) occurred among the third series banknotes, and the majority of the illicitly produced notes belonged to the two highest denominations of the series. Regular issues All descriptions taken from the site of the National Bank of Ukraine. First series Second series Third series Fourth series Commemorative issues Notes Sources References Books Banknotes of Ukraine