New Abkhazian banknotes mainly attract numismatists
New Abkhazian Apsar
New 10 and 100 Apsar banknotes have been issued in Abkhazia. However, the main currency in the republic remains the Russian ruble. The Abkhazian Apsar is mostly bought by numismatists and tourists as a souvenir.
By law, the Apsar is recognized as legal tender throughout the territory of the Republic of Abkhazia at face value but cannot be used as a means of payment in retail transactions.
The primary reason for the limited popularity of the Abkhazian currency for direct use is its high cost. According to the established, unchanged exchange rate set by the Bank of Abkhazia, 1 Apsar equals 10 Russian rubles ($0.11 USD). However, the real value of commemorative coins and banknotes is determined by demand in investment and numismatic markets, and it consistently exceeds the official exchange rate.
For example, a 500 Apsar banknote featuring the first President of Abkhazia, Vladislav Ardzinba, is officially valued at five thousand rubles (approximately $56.5 USD), but it sells online for at least fifteen thousand rubles (about $170 USD).
The 10 Apsar banknote features a leopard, while the 100 Apsar banknote features a deer. They were unveiled at the end of June at the largest numismatic exhibition in Asia, held in Hong Kong.
According to the Chairman of the Bank of Abkhazia, Beslan Baratelia, after the exhibition, collectors began sending their dealers who purchased whole boxes of the new banknotes. Within two weeks, they were bought up for 30 million rubles (approximately $339,000 USD). As a result, a significant portion of the circulation of the new banknotes has already been sold.
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