Evolution of the Armenian Dram
Introduction of Armenian Banknotes
On November 22, 1993, the national currency of the Republic of Armenia, the dram, was introduced. The first series comprising 10, 25, 50, 100, 200, and 500 dram banknotes entered circulation. Until March 17, 1994, those banknotes circulated alongside the Soviet ruble and were exchanged at a rate of 1 dram for 200 ruble.
In 1994–1995, the series was supplemented with 1000 and 5000-dram banknotes. The first series of banknotes depicted significant historical, architectural, and cultural monuments of Armenia.
In 1994, the first coins of the Republic of Armenia, made of aluminum alloy, were put into circulation in denominations of 10, 20, and 50 luma, as well as 1, 3, 5, and 10 dram.
Modernization of Armenian Banknotes
The second series of Armenian banknotes, ranging from 50 to 100 000 dram denominations, was introduced in 1998 with a new design concept. This series features portraits of prominent figures who have made a significant contribution to Armenia’s cultural and historical heritage: composer Aram Khachatryan (50 dram), astrophysicist Viktor Hambardzumyan (100 dram), architect Alexander Tamanyan (500 dram), writers Yeghishe Charents (1000 dram), Hovhannes Tumanyan (5000 dram), Avetik Isahakyan (10 000 dram), and artist Martiros Sarian (20 000 dram).
In 2001, a jubilee 50 000 dram banknote was issued to mark the 1700th anniversary of the adoption of Christianity as the state religion in Armenia. In 2009, a 100 000 dram banknote depicting King Abgar V was put into circulation.
The quality of printing in this series was brought into line with international standards, and with each reprint, the Central Bank of Armenia introduced enhanced security features.
In 2003–2004, new 10, 20, 50, 100, 200, and 500 dram coins, made of various metal alloys, were introduced. These coins remain in circulation to this day.
Modern Series of Armenian Banknotes
On November 22, 2018, on the occasion of the 25th anniversary of the introduction of the Armenian dram, the Central Bank of Armenia issued the third series of banknotes. These banknotes incorporate advanced security features and are printed on durable composite substrate. The series also introduced a new 2000 dram denomination to ensure an optimal structure of the currency system.
Continuing the tradition of portraying prominent Armenians, the series features: poet Paruyr Sevak (1000 dram), world chess champion Tigran Petrosyan (2000 dram), writer William Saroyan (5000 dram), composer Komitas Vardapet (10 000 dram), marine painter Hovhannes Aivazovsky (20 000 dram), and Saint Gregory the Illuminator (Grigor Lusavorich) (50 000 dram).
The modern series is distinguished by its bright and clearly visible security features. This facilitates recognition and verification of authenticity of the banknotes by population.
Numismatic Values of the Republic of Armenia
In addition to circulating banknotes and coins, the Central Bank of Armenia issues collector coins dedicated to important state, historical, cultural events and prominent figures, and also commemorative and investment coins reflecting national values.
On November 22, 2017, marking the 24th anniversary of the introduction of the Armenian dram, the Central Bank of Armenia issued the “Noah’s Ark” collector banknote in 500 dram denomination.