Georgia. New Set of Collector Coins Celebrate 30th Anniversary of the Lari Currency

Following the declaration and restoration of Georgia's independence in April 1991 and the subsequent dissolution of the former Soviet Union in December that same year, work began on creating the first fully-fledged national currency. The provisional government of Georgia agreed the currency would be referred to as the Lari, an ancient Georgian word whose meaning is derived from the word treasure or property. The lari is divided into one hundred Tetri another ancient Georgian monetary term meaning 'white' and used in the ancient state of Colchis – on the eastern coast of the Black Sea, in present-day western Georgia and from the 6th century BC.

With the organising of monetary and credit reforms, the former Soviet ruble was with the kuponi, equal in exchange to the ruble in April 1993 with only banknotes and no subdivisions. As hyper-inflation claimed most of the kuponi’s value, the revised currency was replaced with the more stable Lari in September 1995 and at a rate of one million kuponi to one new Lari. Consisting of coins ranging from one to fifty tetri and banknotes from one to one hundred lari, the new currency was declared the country’s sole legal tender one month later. As the lari became both a stable monetary instrument and trusted mode of national currency, Georgia’s national finances took a significant step towards a market economy which has remained steady and greater political reforms rooted in democratic principles and independence.

 The introduction of the Lari was a significant step in the history of our country, marking the formation of a state governed by the principles of a market economy, politically and economically independent. A new series of banknotes was introduced between 2016 and 2019 in denominations from 5 to 100 lari with new 1 and 2 lari coins replacing notes of the same value in 2006. In December 2013,

The National Bank of Georgia announced a nation-wide competition to design a symbol for the Lari. The decision of what the symbol would be determined by representatives of National Bank, the Budget and Finance Committee of the Parliament of Georgia, the State Council of Heraldry, the Ministry of Culture and Monument Protection of Georgia and the Ministry of Education and Science of Georgia. In July 2014, they unveiled the winning design submitted by artist Malkhaz Shvelidze whose concept was based on the arched letter ‘ლ’ known as Lasi which is the twelfth letter in the Georgian alphabet. Along with the revised letter, two parallel vertical lines cross the letter and is accompanied with one horizontal line underneath, resulting in the sign ₾. Internationally, the currency is denoted as GEL as per ISO standards.

The commemorative BU and proof quality coins are produced by the Mennica Polska – Mint of Poland at their facilities in Warsaw on behalf of the National Bank of Georgia. Designed by designed by Mariam and Shorena Chachanidze through an open nation competition, the obverse side of the gold, silver and base metal coins includes elements and motifs from the security features found on all five denominations of the lari banknotes arranged and positioned on the right side. On the left half, a stylised inscription in Georgian script is placed vertically and reads ქართული ლარი (Georgian Lari). In the field, the numeral 30 along with the inscription წელი (30 years) is featured. On the sterling silver proof coins, this element has gold and green colour applied to its surface. The reverse side features a combination of the numeral 5 and the Lari symbol ₾ which is centred along with the inscription ხუთი and ლარი (Five Lari) placed on either side and surrounded by a linear circle. The inscription საქართველო (Georgia) and GEORGIA 1995-2025 is placed around the primary design along the rim and separated by detail found on the reverse of Tetri coins.

Available from the 4^th June, the gold and silver proof coins are encapsulated and presented in a custom case accompanied with a certificate of authenticity. The base metal BU coins are enclosed in a blister-pak with informative text and illustrations. For additional information, please visit the e-webshop of the National Bank of Georgia’s money museum.