Azerbaijani manat facts for kids

Quick facts for kids

Azerbaijani manat


₼1 banknote obverse	Azerbaijani gapik coins

ISO 4217 Code

AZN

User(s)

Azerbaijan

Inflation

8.8%, December 2023

Source

[1]

Subunit

1⁄100

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 (its special code is AZN; its symbol is ₼) is the money used in Azerbaijan. It is split into 100 smaller parts called gapiks.

The first version of the manat was used in Azerbaijan between 1919 and 1923. Back then, the money lost its value very quickly. This is called hyperinflation. Because of this, it was replaced by other types of money, like the Transcaucasian ruble and then the Soviet ruble.

When Azerbaijan became independent from the Soviet Union, it started using the manat again. This new manat also faced high inflation at first. But the manat we use today has been around since 2006. That's when the old manats were replaced with new ones that had different designs and lower values. The manat is usually linked to the US dollar. Today, about ₼1.70 is equal to US$1.

The special symbol for the Azerbaijani manat, ₼, was added to computers and phones in 2013. Before that, people often just used a small letter "m" if the symbol wasn't available.

What Does "Manat" Mean?
The First Manat (1919–1923)
- Banknotes of the First Manat
The Second Manat (1992–2006)
- Coins of the Second Manat
- Banknotes of the Second Manat
The Third Manat (Since 2006)
Images for kids
See Also

What Does "Manat" Mean?

The word "manat" comes from the Latin word "monēta" and the Russian word "монета" (which means "coin"). This word was also used for the Soviet ruble in the Azeri and Turkmen languages.

The First Manat (1919–1923)

Between 1919 and 1923, Azerbaijan had its own money called the manat. It was called "manat" in Azerbaijani and "ruble" in Russian. The money notes had both names on them, and sometimes French too! This manat replaced an older type of money called the Transcaucasian ruble. Later, it was replaced by a new Transcaucasian ruble when Azerbaijan joined a larger group of Soviet republics. Only paper money was made for this first manat; there were no coins.

Banknotes of the First Manat

The first government of Azerbaijan printed notes for 25, 50, 100, 250, and 500 manats. Later, the Soviet government in Azerbaijan printed much larger notes, from 5 manats all the way up to 5 million manats!

The Second Manat (1992–2006)

The second version of the manat was introduced on August 15, 1992. It replaced the Soviet ruble. One new manat was worth 10 Soviet rubles.

From 2002 to 2005, the value of the manat was quite stable against the US dollar. But in 2005, its value started to go up. This was likely because Azerbaijan was selling more oil, and oil prices were high around the world. By 2005, small banknotes (under 100 manats) and gapik coins were hardly used because they were worth so little.

Coins of the Second Manat

Gapik coins of the second manat

Coins were made in 1992 and 1993 for 5, 10, 20, and 50 gapiks. Some early coins were made of brass and cupronickel. Later, they were all made of aluminum. These coins were not often used in daily life.

Banknotes of the Second Manat

Many different banknotes were printed for this version of the manat. They ranged from 1 manat to 50,000 manats. The 1, 5, 10, and 250 manat notes were first printed in 1992. Larger notes like 50, 100, 500, and 1,000 manats came out in 1993. Even bigger notes, like 10,000 and 50,000 manats, were issued in 1994 and 1996. Many of these notes featured the Maiden Tower in Baku.

The Third Manat (Since 2006)

On January 1, 2006, a brand new manat was introduced. This new manat (code AZN) replaced the old one. One new manat was worth 5,000 old manats! To help people get used to it, prices were shown in both old and new manats for a few months. Also, gapik coins, which hadn't been used for a long time due to inflation, were brought back.

The Manat Symbol

The new banknotes and the special manat symbol (₼) were designed by Robert Kalina in 2006. He also designed the euro banknotes! The manat symbol looks a bit like the euro sign (€), but turned on its side. It was added to computer systems in 2013. In Azerbaijan, the manat symbol is usually placed after the amount, like "100₼".

The Manat Code

When the new manat was first added to the international currency list (ISO 4217) in 2005, it was given the code AYM. But this was changed to AZN a few months later. This is because currency codes usually start with the two-letter country code, and "AZ" is the code for Azerbaijan.

Coins of the Third Manat

Today, you can find coins for 1, 3, 5, 10, 20, and 50 gapiks. Many of these coins look and feel similar to euro coins. For example, the 50 gapik coin is made of two different metals, just like the €2 coin. The 10 gapik coin has a unique shape, similar to the 20 euro cent coin. These coins were first used in January 2006 and do not have a year printed on them.

Image		Value	Technical parameters			Description
Obverse	Reverse	Value	Diameter	Mass	Composition	Edge	Obverse	Reverse
		1 gapik	16.25 mm	2.8 g	Copper-plated steel	Plain	Map of Azerbaijan, country name, value	Traditional musical instruments, denomination left
		3 gapiks	18 mm	3.45 g		Smooth with a groove		Books and quill, denomination above
		5 gapiks	19.75 mm	4.85 g		Reeded		The Maiden Tower, denomination below
		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 gapiks	24.25 mm	6.6 g	Brass-plated steel	Segmented reeding		Spiral staircase, Geometry & Geometrical symbols, denomination left
		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 of the Third Manat

The banknotes you see today are ₼1, ₼5, ₼10, ₼20, ₼50, ₼100, ₼200, and ₼500. They were designed by the same person who designed the euro banknotes, Robert Kalina. The designs on the notes are inspired by different themes from Azerbaijan.

In 2009, the National Bank of Azerbaijan changed its name to the Central Bank of Azerbaijan. Newer banknotes (like the ₼1, ₼5, and ₼100 notes) have the new bank name printed on them.

In 2018, a special ₼200 banknote was released to celebrate the 95th birthday of Heydar Aliyev, an important figure in Azerbaijan's history.

In 2021, some banknotes (₼1, ₼5, and ₼50) got a fresh new look, but they kept their original themes. These updated notes are used alongside the older ones. A new special ₼500 banknote was also introduced in 2021.

2005 Series Banknotes

Image		Value	Dimensions	Main Color	Description		Year
Obverse	Reverse	Value	Dimensions	Main Color	Obverse	Reverse	Year
		₼1	120 × 70 mm	Grey	Theme: Culture Azerbaijani folk music instruments (daf, kamancheh, tar)	Ornaments of regional carpets	2005
		₼1	120 × 70 mm	Grey		Ornaments of regional carpets	2009, 2017
		₼5	127 × 70 mm	Orange	Theme: Writing and literature Writers, poets, and books from Azerbaijan, with a written part of the national anthem	Rock drawings of Gobustan, old Turkic writing	2005
		₼5	127 × 70 mm	Orange		Rock drawings of Gobustan, old Turkic writing	2009, 2017
		₼10	134 × 70 mm	Teal	Theme: History Old Baku, the Palace of the Shirvanshahs and the Maiden Tower with the Icheri Sheher wall	Ornaments of regional carpets	2005
		₼10	134 × 70 mm	Teal		Ornaments of regional carpets	2018
		₼20	141 × 70 mm	Green	Theme: Karabakh Symbols of power (a sword, a helmet and a shield)	Symbol of peace (harybulbul flower)	2005
		₼50	148 × 70 mm	Yellow	Theme: History and future Youth, stairs (for progress), the sun (for force and light) and science symbols	Ornaments of regional carpets	2005
		₼100	155 × 70 mm	Mauve	Theme: Economy and development Buildings from old times to today, the manat symbol (₼) and symbols of economic growth	Ornaments of regional carpets	2005
		₼100	155 × 70 mm	Mauve		Ornaments of regional carpets	2013
		₼200	160 × 70 mm	Blue	Theme: Modern architecture The Heydar Aliyev Center, Baku	Ornaments of regional carpets	2018

2020 Refurbished Banknotes

Image		Value	Dimensions	Main Color	Description		Year
Obverse	Reverse	Value	Dimensions	Main Color	Obverse	Reverse	Year
		₼1	120 × 70 mm	Grey	Theme: Culture Azerbaijani folk music instruments (daf, kamancheh, tar)	Map of Azerbaijan	2020
		₼5	127 × 70 mm	Orange	Theme: Writing and literature Writers, poets, and books from Azerbaijan, with the lyrics of the full national anthem		2020
		₼10	134 × 70 mm	Teal	Theme: History Old Baku, the Palace of the Shirvanshahs and the Maiden Tower with the Icheri Sheher wall		2022
		₼20	141 × 70 mm	Green	Theme: Karabakh Symbols of power (a sword, a helmet and a shield)		2022
		₼50	148 × 70 mm	Yellow and brown	Theme: History and future Youth, stairs (for progress), the sun (for force and light) and science symbols		2020
		₼500 (special note)	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

Here's how the manat has been valued against the US dollar over time:

Before February 2015: US$1 was worth about ₼0.78
February - December 2015: US$1 was worth about ₼1.05
December 2015 - April 2017: The value changed a lot.
May 2017 onwards: US$1 has been fixed at ₼1.7. This is called a currency peg.

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