The earliest coins found in Armenia date back to the 6-5th centuries BC. These are two silver diobols struck in the Ionian city of Miletus, which have been found in Erebuni excavation.
Coins were in use in Armenia starting from the 3rd century BC. At the Hellenistic age, military campaigns and cross-border trade facilitated the appearance of coins of Alexander the Great, as well as of Seleucid, Athenian, Parthian, Roman, Cappadocian coins on to Armenian market.
Starting from the second half of the 3rd century BC Armenian kings of the Yervandian dynasty began striking copper coins in Sophene, which are the earliest Armenian coins known to us today.
Pic 1. Kingdom of Sophene, King Arsames, third quarter of the 3rd century BC, a copper coin
Obverse: the profile of King Arsames, wearing pointed tiara with drapes covering neck.
Reverse: the king on horseback, holding two spears in his left hand and hurling the third spear at a leaping lion; above – Greek inscription “BAΣIΛEΩΣ / APΣAMOY” (Of King Arsames).
Pic 2. Kingdom of Sophene, King Arsames, third quarter of the 3rd century BC, a copper coin
Obverse: the profile of King Arsames.
Reverse: the hats of the Dioskouroi twins surmounted by crosses; on both sides – Greek inscription “ΒΑΣΙΛΕΩΣ ΑΡΣΑΜΟΥ” (Of King Arsames).
In the period of Artaxiad kingdom (189 BC - 1 AD) Armenian kings struck copper and silver coins in Greater Armenia. Under the reign of Tigran II the Great (95 - 55 BC) coins were minted in many cities of the kingdom – Artashat, Tigranakert, Mtsbin, Antioch Damascus, and elsewhere.
Pic 3. Greater Armenia, Artaxiad Kingdom, Tigranes II the Great, 95-55 BC, a silver tetradrachm
Obverse: the profile of King Tigranes II the Great, wearing an Armenian tiara with five peaks decorated with a star between two eagles inverted and facing each other.
Reverse: the goddess Tyche, wearing a wall-shaped crown, seated on a rock, holding a palm branch, at her feet the god of Orontes river swimming. Greek inscription: “BAΣIΛEΩΣ / BAΣIΛEΩN /TIΓPANOY” (Of King of Kings Tigranes).
Pic 4. Greater Armenia, Artaxiad Kingdom, Tigranes II the Great, 95-55 BC, a silver tetradrachm
Obverse: the profile of King Tigranes II the Great, wearing an Armenian tiara with five peaks decorated with a star between two eagles inverted and facing each other.
Reverse: the goddess Tyche, wearing a wall-shaped crown, seated on a rock, holding a palm branch, at her feet the god of Orontes river swimming. Greek inscription: “BAΣIΛEΩΣ / BAΣIΛEΩN /TIΓPANOY” (Of King of Kings Tigranes).
Pic 5. Greater Armenia, Artaxiad Kingdom, Tigranes II the Great, 95-55 BC, a silver drachm
Obverse: the profile of King Tigranes II the Great, wearing an Armenian tiara with five peaks decorated with a star between two eagles inverted and facing each other.
Reverse: the goddess Tyche, wearing a wall-shaped crown, seated on a rock, holding a palm branch, at her feet the god of Orontes river swimming. Greek inscription: “BAΣIΛEΩΣ / BAΣIΛEΩN /TIΓPANOY” (Of King of Kings Tigranes).
Engraves and inscriptions of the Armenian coins designed in the Hellenistic style were entirely in line with the spirit of the time. The coins normally depicted the portrait of the monarch on the obverse and mythological symbols as well as the king’s name and title on the reverse in Greek.
Pic 6. Greater Armenia, Artaxiad Kingdom, Artavasdes II, 55-34 BC, a silver tetradrachm
Obverse: the profile of King Artavasdes II wearing an Armenian tiara with five peaks decorated with a star.
Reverse: a crowned figure driving quadriga to the left, Greek inscription: “BAΣIΛEΩΣ / BAΣIΛEΩN / AΡTAΥAZΔOΥ / ΘΕΙΟΥ” (Of King of Kings Artavasdes, Heavenly).
Pic 7. Greater Armenia, Artaxiad Kingdom, Artavasdes II, 55-34 BC, a silver drachm
Obverse: the profile of King Artavasdes II wearing an Armenian tiara with five peaks decorated with a star.
Reverse: a crowned figure driving quadriga, Greek inscription: “BAΣIΛEΩΣ / BAΣIΛEΩN / AΡTAΥAZΔOΥ” (Of King of Kings Artavasdes).
Pic 8. Greater Armenia, Artaxiad kingdom, Artaxias II, 30-20 BC, a copper coin
Obverse: the profile of King Artaxias II wearing an Armenian tiara with five peaks.
Reverse: an amage of a dog, Aramaic inscription.
At the end of ruling of Artaxiad dynasty the municipal copper coins with depiction of Tikhve (Goddess of Artashat capital), ear of grain and other images were minted, unique examples of which represent the Artashat coin mintage.
Pic 9. Artaxata inner-city issue, a copper coin
Obverse: the crowned profile of the city-goddess Tyche.
Reverse: the goddess Nike holding a wreath in her right hand, Greek inscription։ “APTAΞICATωN MHTPOΠOΛEωC” (From community of the City Artaxata).
There are not particularly known coins of the Arsacid dynasty coins of the neighboring countries Roman Empire and Parthian Kingdom were in circulation in Armenia.
The coins of Sassanid Empire, Persia, were put into circulation in Armenia starting from the second half of the 3rd century and the coins of Byzantine Empire, from the end of the 5th century.
After being conquered by Arab Caliphate (second half of the 7th century) coins of the Umayyads and, later on, of the Abbasids were used in circulation in Armenia. Of the money of Arabic Caliphate, silver dirhams, copper fals and a very limited number of gold dinars were in circulation in Armenia.
At the end of the 10th century Arabian silver dirhams were replaced by the Byzantine gold coins and copper follises which then took a lead role of money in the region at the time. In the 11th and 12th centuries, coins of Seljuk and other Muslim rulers began penetrating into circulation.
Coins were not struck during the reign of theBagratiddynasty (885 - 1045), although we know about the copper coins issued under King Kyurike II (1048 - 1089), a descendant of the Bagratid dynasty reigning in a small kingdom of Tashir-Dzoraget. Those coins resembled the Byzantine copper follises, though they had engraved names of the king. These are the first coins on record, which bear Armenian inscriptions.
Pic 10. Armenian Kingdom of Tashir-Dzoraget, Kyurike II, 1048-1089, a copper coin
Obverse: the bust of Christ, holding the Gospels Book. Armenian inscription ՅՍ-ՔՍ (Jesus Christ).
Reverse: Armenian inscription: «+ՏՐ ՕԳՆԷ ԿՈՐԻԿԷԻ ԿՈՐԱՊԱՂԱՏԻՆ» (May the Lord help Kyurike the Kօuropalates).
At the end of the 11th century an Armenian state was established in Cilicia, which lasted around three hundred years (1080 - 1375). Under the princedom (1080-1198) some princes of the Rubenid dynasty issued copper coins which were influenced by Crusader-era illustrations but were in Armenian inscriptions. Under the kingdom (1198-1375), starting from the reign of the king Levon I (1198-1219), a great number of coins were minted in silver and copper and, sometimes, in billon (an alloy with a smaller content of silver).
The silver coins were called “dram”, “tagvorin”, and copper coins – “dang”, “qartez”, “pogh”. The coins of Cilicia stand out for their original iconography that combine Armenian, European and Oriental elements and for Armenian inscriptions. They all are cross-decorated.
Pic 11. Cilician Armenian Kingdom, Levon I, 1198-1219, a silver dram
Obverse: King Levon I sitting on a lion-crowned throne, Armenian inscription: «ԼԵՒՈՆ ԹԱԳԱՒՐ ՀԱՅՑ» (Levon King of the Armenians).
Reverse: a cross between two lions, Armenian inscription: «+ԿԱՐՈՂՈՒԹԲՆ ԱՍՏՈ ՈՅ» (By the power of God).
Pic 12. Cilician Armenian Kingdom, Hethum I, 1226-1269, a silver dram
Obverse: Queen Zabel and King Hetoum I holding a long-rodded cross, Armenian inscription: «ՀԵԹՈԻՄ ԹՈԳԱՒՈՐ ՀԱՅՈՑ» (Hetoum King of the Armenians).
Reverse: a crowned lion, holding a long-rodded cross, Armenian inscription: «+ԿԱՐՈՂՈԻԹԻՒՆՆ ԱՅԷ» (By the power of God).
Early in the 13th century copper coins of Georgian kings, Queen Tamar in particular, were in circulation in the northern and eastern parts of Armenia.
Coins of Mongolian khans appeared in circulation starting fromthe second half of the 13th century
From the 16th century until 1820s, coins of Iranian shahs dominated in circulation in the eastern part of Armenia. There were copper, silver and gold coins minted in many Iranian towns and Yerevan.
After annexation of Eastern Armenia to the Russian Empire in 1828 the empire’s monetary issuance in gold, silver and copper were put into circulation. The paper notes (banknotes) of the Russian Empire were introduced for the first time. In the aftermath of the February revolution in 1917, the banknotes issued by the Russia’s Provisional Government began circulating in Armenia.
Pic 13. Russian Empire, a state credit note of 500 rouble denomination
Pic 14. Russian Empire, a banknote of 50 kopeck denomination
More information related to the materials of this Section can be found from literature available in the Library of the Central Bank of Armenia:
- Խ. Ա. Մուշեղյան, Հայաստանի դրամական գանձերը, Հայկական ՍՍՀ ԳԱ, Հայաստանի պատմության պետական թանգարան, Երևան, 1973
- Paul Z. Bedoukian, Coinage of Cilician Armenia, American Numismatic Society, Danbury, Connecticut, 1979
- Խ. Ա. Մուշեղյան, Դրամական շրջանառությունը Հայաստանում (մ.թ.ա V դ. – մ.թ. XIV դ.), Հայկական ՍՍՀ ԳԱ, Հայաստանի պատմության պետական թանգարան, Երևան, 1983
- Ռ. Վարդանյան, Արտավազդ II-ի դրամները, Հայաստանի Հանրապետության Գիտությունների ազգային ակադեմիայի հնագիտության և ազգագրության ինստիտուտ և Հայաստանի պատմության թանգարան, Երևան, 2004
- Ռ. Վարդանյան, Գ. Մուղալյան, Ա. Վարդանյան, Ա. Զոհրաբյան, Հ. Հովհաննիսյան, Հայաստանի դրամաշրջանառության պատմությունը, Հայաստանի Հանրապետության կենտրոնական բանկ, Երևան, 2018
- Ռ. Վարդանյան, Սիլլոգե հայկական դրամների, Հայաստան, Կիլիկիա. հատոր V, Լևոն IV, Կի, Կոստանդին III, Կոստանդին IV և Լևոն V, Հայաստանի պատմության թանգարան, Երևան, 2020
- Ա. Զոհրաբյան, Հայաստանի դրամական տնտեսությունը III-X դարերում (սասանյան և արաբական ժամանակաշրջաններ), Հայաստանի պատմության թանգարան, Երևան, 2021