The currency of a nation that exists primarily in collectors' albums

Wealth & Business · Published 18 October 2026 Swipe more like this →

In short: While the apsar is the official legal tender of Abkhazia, it is rarely used for daily commerce. Instead, these coins and notes serve as a vessel for national identity, minted in precious metals and limited quantities to honor historical victories and cultural heritage rather than to facilitate trade.

Named after the Apsars, a group cited within The Georgian Chronicles as Middle Ages residents of this area, the apsar takes its title from these people. These people are believed to be the ancestors of the modern Abkhaz people. This deep historical connection provides the cultural foundation for a currency that functions more as a symbolic artifact than a medium of exchange.

In practical daily life, the Russian ruble is the dominant currency used in Abkhazia. While the Bank of Abkhazia has issued various denominations—including coins ranging from 1 to 100 apsars and banknotes from 10 to 500 apsars—their circulation is strictly limited. Many of the most significant issues are produced specifically for collectors, characterized by high-value materials and extremely low production runs.

Two main collections have been launched by the bank: "The patriotic war of the Abkhaz nation 1992–1993" and "Outstanding personalities of Abkhazia." Specifically, gold is used for 25 and 50 apsar pieces, whereas silver constitutes the 10 and 100 apsar denominations. To maintain their prestige, the production numbers are intentionally small, with only 2,000 silver coins and 1,000 gold coins minted. Even when banknotes are produced for commemorative events, such as the 500 apsar note issued in 2018 or the 25 apsar note in 2023, they are often not released for general circulation.

Recent years have seen a continued focus on commemorative releases. This includes the 2024 introduction of 10 and 100 apsar banknotes and the 2025 release of a 500 apsar note. By focusing on historical monuments, writers, and military victories, the National Bank of the Republic of Abkhazia uses the apsar to curate a tangible narrative of national history.

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