The hryvnia has been the official currency of Ukraine since September 2, 1996. It replaced the Ukrainian karbovanets at a rate of 1 hryvnia per 100,000 karbovantsiv. Its symbol is ₴ and its ISO code is UAH. The hryvnia is divided into 100 kopecks (singular: kopiyka, plural: kopiyky). Its name has historical roots, dating back to the 11th century, where it designated a 2.5 kopeck copper coin and a 10 kopeck silver coin used in Kievan Rus'. The term "grivna" can also refer to a silver bar of approximately 200 grams in Novgorod, Russia, which was often divided into parts called "rubles". The etymology of the word refers to the torque, a metal necklace worn by both the Slavs and the Celts.