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Azerbaijani manat facts for kids

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Azerbaijani manat
₼1 banknote obverse Azerbaijani gapik coins
₼1 banknote obverse Azerbaijani gapik coins
ISO 4217 Code AZN
User(s)  Azerbaijan
Inflation 8.8%, December 2023
Source [1]
Subunit
1100 Gapik
Symbol
Plural The language(s) of this currency does not have a morphological plural distinction.
Coins 1, 3, 5, 10, 20, 50 gapiks
Banknotes
Freq. used ₼1, ₼5, ₼10, ₼20, ₼50, ₼100, ₼200
Rarely used ₼500

The manat (ISO code: AZN; sign: ; abbreviation: m) is the currency of Azerbaijan. It is subdivided into 100 gapiks.

The first iteration of the currency emerged in the Azerbaijan Democratic Republic and its successor, the Azerbaijan Soviet Socialist Republic, with the issues happening in 1919–1923. The currency underwent hyperinflation, and was eventually substituted by the Transcaucasian ruble, which, in its turn, was converted to the Soviet ruble.

When Azerbaijan gained independence from the Soviet Union, it substituted the Soviet ruble with the manat, which also went through a period of high inflation in the first years, rendering the coinage obsolete. The current manat in circulation exists since the redenomination in 2006, when old manats (AZM) were substituted with lower face values and new design. The currency has mostly been pegged to the US dollar, at what is now the rate of ₼1.70 to US$1.

The Azerbaijani manat symbol was added to Unicode as Error using : Input "20BC" is not a hexadecimal value. in 2013. A lowercase m was used previously, and may still be encountered when the manat symbol is unavailable.

Etymology

The word "manat" is derived from the Latin word "monēta" and the Russian word "монета" ("moneta") meaning "coin". It was used as the name of the Soviet currency in Azeri (Azerbaijani: манат) and in Turkmen.

First manat, 1919–1923

The Azerbaijan Democratic Republic and its successor, the Azerbaijani Soviet Socialist Republic issued their own currency between 1919 and 1923. The currency was called the manat (منات) in Azerbaijani and the ruble (рубль) in Russian, with the denominations written in both languages (and sometimes also in French) on the banknotes. The manat replaced the first Transcaucasian ruble at par, and was replaced by the second Transcaucasian ruble after Azerbaijan became part of the Transcaucasian Soviet Federal Socialist Republic. No subdivisions were issued, and the currency only existed as banknotes.

Banknotes

The Democratic Republic issued notes in denominations of 25, 50, 100, 250, and 500 manats, whilst the Soviet Socialist Republic issued notes in denominations of 5, 100, 1,000, 5,000, 10,000, 25,000, 50,000, 100,000, 250,000, 1 million, and 5 million manats.

Second manat, 1992–2006

The second manat was introduced on 15 August 1992. It had the ISO 4217 code AZM and replaced the Soviet ruble at a rate of Rbls 10 to 1 manat.

From early 2002 to early 2005, the exchange rate was fairly stable (varying within a band of 4,770–4,990 manats per US dollar). Starting in the spring of 2005 there was a slight but steady increase in the value of the manat against the US dollar; the reason most likely being the increased flow of petrodollars into the country, together with the generally high price of oil on the world market. At the end of 2005, one dollar was worth 4,591 manats. Banknotes below 100 manats had effectively disappeared by 2005, as had the gapik coins.

Coins

Second manat coins
Gapik coins of the second manat

Coins were issued in denominations of 5, 10, 20, and 50 gapiks, dated 1992 and 1993. Although brass and cupronickel were used for some of the 1992 issues, later issues were all in aluminium. These coins were rarely used in circulation.

Banknotes

The following banknotes were issued for this currency

  • 1, 5, 10, 250 manats (all first issued on 15 August 1992)
  • 50, 100, 500, 1,000 manats (all first issued in early 1993)
  • 10,000 manats (first issued in August 1994)
  • 50,000 manats (first issued in May 1996)
Image Value Size

(mm)

Main colours Description Print
Obverse Reverse Obverse Reverse
AzerbaijanP11-1Manat-(1992) f-1.jpg AzerbaijanP11-1Manat-(1992) b-1.jpg 1 manat 125×63 pink Maiden Tower in Baku inscription

«AZƏRBAYCAN MİLLİ BANKI»

1992
1 manat 1993, Azerbaijan (obverse).jpg AzerbaijanP14-1Manat-(1993) b-1.jpg yellow, blue inscription «AZƏRBAYCAN MİLLİ BANKI»

and denomination «BİR manat»

1993
AzerbaijanP15-5Manat-(1993)-donatedfr f.jpg 5 manat 1993, Azerbaijan (reverse).jpg 5 manats 125×63 brown, violet Maiden Tower in Baku inscription «AZƏRBAYCAN MİLLİ BANKI»

and denomination «BEŞ manat»

1993
AzerbaijanP12-10Manat-(1992) f-donated.jpg AzerbaijanP12-10Manat-(1992) b-donated.jpg 10 manats 125×63 brown Maiden Tower in Baku надпись

«AZƏRBAYCAN MİLLİ BANKI»

1992
AzerbaijanP16-10Manat-(1993) f-1.jpg AzerbaijanP16-10Manat-(1993) b-1.jpg teal inscription «AZƏRBAYCAN MİLLİ BANKI»

and denomination «ON manat»

1993
AzerbaijanP17a-50Manat-(1993) f-1.jpg AzerbaijanP17a-50Manat-(1993) b-1.jpg 50 manats 125×63 red, grey Maiden Tower in Baku inscription «AZƏRBAYCAN MİLLİ BANKI»

and denomination «ƏLLİ manat»

1993

1999

AzerbaijanP18a-100Manat-(1993) f-1.jpg AzerbaijanP18a-100Manat-(1993) b-1.jpg 100 manats 125×63 pink, blue Maiden Tower in Baku inscription «AZƏRBAYCAN MİLLİ BANKI»

and denomination «YÜZ manat»

1993

1999

AzerbaijanP13b-250Manat-(1992) f-1.jpg AzerbaijanP13b-250Manat-(1992) b-1.jpg 250 manats 125×63 green Maiden Tower in Baku inscription

«AZƏRBAYCAN MİLLİ BANKI»

1992

1999

500 manat 1993, Azerbaijan (obverse).jpg AzerbaijanP19b-500Manat-(1993) b-1.jpg 500 manats 125×63 brown, blue and orange Portrait of Nizami Ganjavi inscription «AZƏRBAYCAN MİLLİ BANKI»

and denomination «BEŞ YÜZ manat»

1993

1999

1000 manat 1993, Azerbaijan (obverse).jpg AzerbaijanP20a-1000Manat-(1993) b-1.jpg 1,000 manats 125×63 brown and blue Portrait of Mahammad Amin Rasulzade inscription «AZƏRBAYCAN MİLLİ BANKI»

and denomination «min 1000 manat»

1993

1999

1000 manat 2001, Azerbaijan (obverse).jpg 1000 manat 2001, Azerbaijan (reverse).jpg blue Oil industry theme inscription «AZƏRBAYCAN MİLLİ BANKI»

and denomination «MİN 1000 manat»

2001
AzerbaijanP21b-10000Manat-(1994) f-1.jpg AzerbaijanP21b-10000Manat-(1994) b-1.jpg 10,000 manats 130×65 brown Palace of the Shirvanshahs inscription «AZƏRBAYCAN MİLLİ BANKI»

and denomination «ON MİN 10 000 manat»

1994
AzerbaijanP22-50000Manat-1995-donatedir f.jpg AzerbaijanP22-50000Manat-1995-donatedir b.jpg 50,000 manats 132×66 green Momine Khatun Mausoleum inscription «AZƏRBAYCAN MİLLİ BANKI»

and denomination «ƏLLİ MİN 50 000 manat»

1995

Third manat, 2006

Further information: Redenomination of Azerbaijani manat

On 1 January 2006, a new manat (ISO 4217 code AZN, also called the "manat (national currency)") was introduced at a ratio of 1 new manat to 5,000 old manats. From 1 October 2005, prices were indicated both in new manats and in old manats to ease the transition. Coins denominated in qəpik, which had not been used from 1993 onward due to inflation, were reintroduced with the re-denomination. The former manat (ISO code 4217 AZM) remained in use through to 31 December 2006.

Symbol

The new banknotes and Azerbaijani manat symbol, ₼, were designed by Robert Kalina in 2006, and the symbol was added to Unicode (U+20BC) in 2013, after failed addition proposals between 2008 and 2011. The final Azerbaijani Manat symbol design was inspired by the design of the Euro sign (€), based on an initial proposal by Mykyta Yevstifeyev, and resembles a single-bar Euro sign rotated 90° clockwise. The manat symbol is displayed to the right of the amount in Azeri and Russian.

Code

The new manat was initially assigned the code AYM on being added to the ISO 4217 standard on 1 June 2005, with an effective date of 1 January 2006. However, this was removed and replaced by AZN on 13 October 2005 as it did not comply with the ISO 4217 currency coding standardization rules (which state that currency codes must begin with the ISO 3166-1 alpha-2 code for the relevant country).

Coins

Coins in circulation are 1, 3, 5, 10, 20 and 50 gapiks. Most coins closely resemble the size and shape of various euro coins. Most notably the bimetallic 50 gapik (similar to the €2 coin) and the 10 gapik (Spanish flower, like the 20 euro cent coin). Coins were first put into circulation during January 2006 and do not feature a mint year.

Image Value Technical parameters Description
Obverse Reverse Diameter Mass Composition Edge Obverse Reverse
1 Azerbaijani qəpik Obverse.jpg
1 Azerbaijani qəpik Reverse.jpg
1 gapik 16.25 mm 2.8 g Copper-plated steel Plain Map of Azerbaijan, country name, value Traditional musical instruments, denomination left
3 Azerbaijani qəpik Obverse.jpg
3 Azerbaijani qəpik Reverse.jpg
3 gapiks 18 mm 3.45 g Smooth with a groove Books and quill, denomination above
5 Azerbaijani qəpik Obverse.jpg
5 Azerbaijani qəpik Reverse.jpg
5 gapiks 19.75 mm 4.85 g Reeded The Maiden Tower, denomination below
10 Azerbaijani qəpik Obverse.jpg
10 Azerbaijani qəpik Reverse.jpg
10 gapiks 22.25 mm 5.1 g Brass-plated steel Smooth with seven indentations Military helmet of the region of Nagorno-Karabakh, denomination left
20 Azerbaijani qəpik Obverse.jpg
20 Azerbaijani qəpik Reverse.jpg
20 gapiks 24.25 mm 6.6 g Segmented reeding Spiral staircase, Geometry & Geometrical symbols, denomination left
50 Azerbaijani qəpik Obverse.jpg
50 Azerbaijani qəpik Reverse.jpg
50 gapiks 25.5 mm 7.7 g Bi-Metallic Brass-plated steel center in Stainless Steel ring Reeding over lettering (AZƏRBAYCAN RESPUBLIKASI) Two oil wells, denomination left

Banknotes

Banknotes in circulation are ₼1, ₼5, ₼10, ₼20, ₼50, ₼100, ₼200, and ₼500. They were designed by Austrian banknote designer Robert Kalina, who also designed the current banknotes of the euro and the Syrian pound. The notes look quite similar to those of the euro, and the choice of motifs was inspired by the euro banknotes.

In 2009, the Azərbaycan Milli Bankı (National Bank of Azerbaijan) was renamed the Azərbaycan Respublikasının Mərkəzi Bankı (Central Bank of Azerbaijan). In 2010, the ₼1 banknote was issued with the new name of the issuing bank, in 2012 a ₼5 banknote was issued with the new name of the issuing bank and in 2017 a 100₼ banknote dated 2013 was issued with the new name of the issuing bank.

In 2011 Azerbaijan's Ministry of Finance announced it was considering issuing notes of ₼2 and ₼3 as well as notes with values larger than ₼100. In February 2013, the Central Bank of Azerbaijan announced it would not introduce larger denomination notes until at least 2014.

In 2018, a ₼200 banknote was issued to commemorate Heydar Aliyev's 95th birthday.

Redesigned ₼1, ₼5, and ₼50 banknotes were introduced in 2021, preserving the same motifs but with updated designs. These circulate in parallel with existing notes.

A new commemorative ₼500 banknote was introduced in 2021.

2005 series

Image Value Dimensions Main Color Description Year
Obverse Reverse Obverse Reverse
1 Azerbaijani manat in 2005 Obverse.jpg
1 Azerbaijani manat in 2005 Reverse.jpg
₼1 120 × 70 mm Grey Theme: Culture

Azerbaijani folk music instruments (daf, kamancheh, tar)

Ornaments of regional carpets 2005
1 Azerbaijani manat in 2017 Obverse.jpg
1 Azerbaijani manat in 2017 Reverse.jpg
2009, 2017
5 Azerbaijani manat in 2005 Obverse.jpg
5 Azerbaijani manat in 2005 Reverse.jpg
₼5 127 × 70 mm Orange Theme: Writing and literature

Writers, poets, and books from Azerbaijan, with a written excerpt of the national anthem (Namusunu hifz etmeyə, Bayrağını yükseltməyə, Çümlə gənclər müştaqdır! Şanlı Vətən! Şanlı Vətən! Azərbaycan! Azərbaycan!) and letters from the contemporary Azerbaijani alphabet (ə, ö, ğ, ş)

Rock drawings of Gobustan, samples of Old Turkic script 2005
5 Azerbaijani manat in 2017 Obverse.jpg
5 Azerbaijani manat in 2017 Reverse.jpg
2009, 2017
10 Azerbaijani manat in 2005 Obverse.jpg
10 Azerbaijani manat in 2005 Reverse.jpg
₼10 134 × 70 mm Teal Theme: History

Old Baku, the Palace of the Shirvanshahs and the Maiden Tower against a background of the Icheri Sheher wall

Ornaments of regional carpets 2005
10 Azerbaijani manat 2018 Obverse.jpg
10 Azerbaijani manat 2018 Reverse.jpg
2018
20 Azerbaijani manat in 2005 Obverse.jpg
20 Azerbaijani manat in 2005 Reverse.jpg
₼20 141 × 70 mm Green Theme: Karabakh

Signs of power (a sword, a helmet and a shield)

Symbol of peace (harybulbul) 2005
50 Azerbaijani manat in 2005 Obverse.jpg
50 Azerbaijani manat in 2005 Reverse.jpg
₼50 148 × 70 mm Yellow Theme: History and future

Youth, stairs (as a symbol of progress), the sun (as a symbol of force and light) and chemical and mathematical symbols (as signs of science)

Ornaments of regional carpets 2005
100 Azerbaijani manat in 2005 Obverse.jpg
100 Azerbaijani manat in 2005 Reverse.jpg
₼100 155 × 70 mm Mauve Theme: Economy and development

Architectural symbols from antiquity up to today, the manat currency symbol (₼) and symbols of economic growth

Ornaments of regional carpets 2005
100 Azerbaijani manat in 2013 Obverse.jpg
100 Azerbaijani manat in 2013 Reverse.jpg
2013
200 Azerbaijani manat in 2018 Obverse.jpg
200 Azerbaijani manat in 2018 Reverse.jpg
₼200 160 × 70 mm Blue Theme: Modern architecture

The Heydar Aliyev Center, Baku

Ornaments of regional carpets 2018

2020 refurbishment

Image Value Dimensions Main Color Description Year
Obverse Reverse Obverse Reverse
1 manat - 2020 - obv.jpg
1 manat - 2020 - rev.jpg
₼1 120 × 70 mm Grey Theme: Culture

Azerbaijani folk music instruments (daf, kamancheh, tar)

Map of Azerbaijan 2020
5 manat - 2020 - obv.jpg
5 manat - 2020 - rev.jpg
₼5 127 × 70 mm Orange Theme: Writing and literature

Writers, poets, and books from Azerbaijan, with the lyrics of the full Azərbaycan marşı

10 manat 2022.jpg ₼10 134 × 70 mm Teal Theme: History

Old Baku, the Palace of the Shirvanshahs and the Maiden Tower against a background of the Icheri Sheher wall

2022
Azerbaijan 20 manat 2020 obverse.jpg Azerbaijan 20 manat 2020 reverse.jpg ₼20 141 × 70 mm Green Theme: Karabakh

Signs of power (a sword, a helmet and a shield)

2022
50 manat - 2020 - obv.jpg
50 manat - 2020 - rev.jpg
₼50 148 × 70 mm Yellow and brown Theme: History and future

Youth, stairs (as a symbol of progress), the sun (as a symbol of force and light) and chemical and mathematical symbols (as signs of science)

2020
Azerbaijan 500 manat Karabakh obverse.jpg
Azerbaijan 500 manat Karabakh reverse.jpg
₼500

(commemorative)

165 × 70 mm Brown, red, green and blue Theme: The 2020 Karabakh War

Poppies, Khodaafarin stone bridges

Mausoleum of Molla Panah Vagif; Askeran fortress 2021

Exchange rates

  • Before Feb 2015: US$1 = ₼0.78
  • Feb - Dec 2015: US$1 = ₼1.05
  • Dec 2015 - Apr 2017: Fluctuate
  • May 2017 onwards: US$1 = ₼1.7 (pegged)
Current AZN exchange rates
From Google Finance: AUD CAD CHF EUR GBP HKD JPY USD RUB TRY GEL
From Yahoo! Finance: AUD CAD CHF EUR GBP HKD JPY USD RUB TRY GEL
From XE.com: AUD CAD CHF EUR GBP HKD JPY USD RUB TRY GEL
From OANDA: AUD CAD CHF EUR GBP HKD JPY USD RUB TRY GEL
From fxtop.com: AUD CAD CHF EUR GBP HKD JPY USD RUB TRY GEL

See also

Kids robot.svg In Spanish: Manat azerbaiyano para niños

kids search engine
Azerbaijani manat Facts for Kids. Kiddle Encyclopedia.