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Armenia was part of the Russian Empire when the Russian civil war broke out. Armenia was part of the short-lived Transcaucasian Republic from September 20, 1917 to May 26, 1918. Armenia remained independent until November 12, 1920 when Soviet forces formed the Armenian Socialist Soviet Republic. On March 12, 1922 it became part of the Federative Union of Soviet Socialist Republics of Transcaucasia, which became a founding component of the Soviet Union on December 30, 1922. It was part of the Transcaucasia SSR until December 5, 1936 when the Armenia SSR was established. Armenia declared its independence from the Soviet Union on September 23, 1991.

Russian Rubles (RUEP) were used in Armenia until 1918. The Transcaucasian Republic (ZKVR), the Armenian Republic (AMR), the Federation of Socialist Soviet Republics of Transcaucasia (ZKSR) and the Transcaucasia SFSR (ZKSR) each issued their own banknotes (but not coins), all in the form of rubles. Each of these currencies was independent of the Russian Federation Ruble. Transcaucasia suffered the highest inflation of any SSR, issuing a 1,000,000,000 Ruble note in 1924. In each case, the Ruble was divisible into 100 Kopeks. The Transcaucasian Commissariat issued the Transcaucasian Republic Rubles, the Government Bank at Yerevan issued the Armenian Ruble, the Armenian Socialist Soviet Republic issued the Armenian Soviet Ruble, and the Transcaucasian Socialist Federal Soviet Republic issued the Transcaucasian SFSR Ruble.

After 1924, Soviet rubles were used. The Chervonetz (SUC) was introduced on December 27, 1922, which was backed 25% by gold, and eventually replaced the Ruble Sovnazki as a unit of account. The Gold Ruble (SUG) was introduced on March 7, 1924 equal to 1/10 Chervonetz. A New Ruble (SUN) replaced the Gold Ruble on December 29, 1947 at the rate of 1 New Ruble equal to 10 Gold Rubles. On January 1, 1961, the Hard Ruble (SUR) replaced the New Ruble at the rate of 1 Hard Ruble equal to 10 New Rubles. Under the Soviet Union, the State Treasury and by the State Bank (Gosbank) issued banknotes.

After gaining its independence on December 25, 1991, Armenia continued to use the Russian Ruble (RUR). The Russian Ruble was replaced with the Armenian Dram (AMD) on November 22, 1993 at the rate of 1 Dram equals 200 Russian Rubles. The Dram is divisible into 100 Luma. Banknotes were issued by the Armenian Republic Bank beginning in 1993 until 1998, and by the Central Bank of the Republic of Armenia beginning in 1998.

This 1993 dated note is valued at 10 Dram. The note is Dark brown, light blue and pale orange on multicolor underprint. The obverse features the Statue of David from Sasoun to the right, and the main railway station in Yerevan in the center. The reverse depicts Mount Ararat in the center. The note has a watermark showing crude outlined arms, or
refined arms. Printer: G&D (without imprint)

• Krause# Pick-33

Reverse

Here is a 1998 dated 50 Dram note. The note is brownish pink and slate blue on multicolored underprint. The obverse features Aram Khachaturian (born June 6, 1903 and died May 1, 1978. Aram was a Soviet-Armenian composer whose works were often influenced by Armenian folk music) to the left, and the opera house to the right. The reverse depicts a scene from Gayaneh Ballet (a four-act ballet with music by Aram Khachaturian) and Mt. Ararat (the tallest peak in east Turkey). The National coat of arms is present as a watermark.

• Krause# Pick-42

Reverse

• Krause# Pick-

Reverse