Armenian Dram Banknotes: From the First Series of 1993 to the Hybrid Notes
Armenia printed its first banknotes in the middle of the worst month of its own currency crisis. The dram went into circulation on 22 November 1993, a date the Central Bank of Armenia still marks every year as Armenian Dram Day, and the emergency notes issued that week have since been followed by two more series. The most recent one is not printed on paper at all.
Dram introduced 22 November 1993 Three series: 1993, 1998, 2018 Third series on Hybrid substrate Withdrawn notes exchanged without a deadline
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Last updated: September 2026
Armenia uses the dram, put into circulation on 22 November 1993, and the Central Bank of Armenia divides its banknotes into three series. The first series ran from 1993 to 1995 and was withdrawn in 2004 and 2005. The second began in 1998. The third arrived in 2018, printed on a composite Hybrid substrate rather than plain cotton paper.
What currency does Armenia use?
Armenia uses the dram. The Central Bank of Armenia holds the exclusive right to issue currency, the ISO code is AMD, and one dram is divided into one hundred luma. The bank's own record is precise about the start: "The national currency was put into circulation on 22 November, 1993" (Central Bank of Armenia, banknotes in circulation).
The word dram means money in Armenian, and the launch date has become a fixture in the calendar. The central bank notes that the dram entered circulation on 22 November 1993, "which is why this day is celebrated annually as Armenian Dram Day" (Central Bank of Armenia, Our history). The third series and the country's first collector banknote were both launched on that anniversary, which is a small habit worth knowing when you are dating a note.
The first denominations released were the 10, 25, 50, 100, 200 and 500 dram. Soviet banknotes of the 1961 to 1992 designs, from 1 up to 500 rubles, were allowed to co-circulate alongside the new currency until 17 March 1994 (Central Bank of Armenia, money circulation in the Republic of Armenia). The economic backdrop is covered in full on our page about Armenia's hyperinflation of 1993 to 1994, and the Soviet-era paper that preceded the dram is on our Russia banknotes hub.
What are the first series Armenian banknotes of 1993 to 1995?
The first series is a set of eight notes in denominations of 10, 25, 50, 100, 200, 500, 1,000 and 5,000 dram. The Central Bank of Armenia dates the family 1993 to 1995, because the 1,000 dram is dated 1994 and the 5,000 dram 1995, both arriving with the first aluminium coins. Every denomination was withdrawn during 2004 and 2005.
What stands out about the set is what it leaves off. There is not a single portrait of a living person, and no politicians at all. The 10 dram shows the Yerevan railway station building with the monument to David of Sasoun. The 25 dram carries a lion fresco from the Erebuni fortress and a cuneiform stone. The 50 dram shows the National Art Gallery and History Museum building, with the National Assembly on the back. The 100 dram carries Zvartnots cathedral, built between 641 and 661, with the State Academic Opera and Ballet Theatre behind it. The 200 dram shows Saint Hripsime Church in Etchmiadzin. The 500 dram puts a tetradrachm of King Tigran the Great next to Mount Ararat. The 1,000 dram of 1994 shows the monument to Mesrop Mashtots, who created the Armenian alphabet, with the Matenadaran manuscript repository, and the 5,000 dram of 1995 shows the temple at Garni with the head of the goddess Anahit on the reverse (Central Bank of Armenia, banknotes withdrawn from circulation).
A three-year-old republic choosing archaeology, architecture and an alphabet over faces is a deliberate design decision, and it is the single most useful thing to know about this series. Compare it with the portrait-led programmes described on our portraits on banknotes page.
The first series was withdrawn one denomination at a time. The 50 and 100 dram notes stopped being legal tender on 1 January 2004, the 1,000 dram of 1994 on 1 March 2004, the 10, 25 and 200 dram on 1 April 2004, the 5,000 dram of 1995 on 1 July 2005, and the 500 dram last of all on 1 September 2005 (Central Bank of Armenia, banknotes withdrawn from circulation). The 50 and 100 dram notes of the 1998 second series went at the same time, on 1 April 2004, which is why some second series denominations are older-looking rarities and others were still in wallets last year.
What is the second series of Armenian dram banknotes?
The second series began in 1998 and introduced portraits. Where the first series showed buildings and artefacts, the second put Armenian writers, scientists, composers and architects on the front of every denomination, each with their dates printed beside them, and it ran for two decades before the third series replaced it.
The lineup is a cultural roll call. The 50 dram of 1998 carries the composer Aram Khachatryan with the State Academic Opera and Ballet Theatre, and an episode from the ballet Gayaneh on the back. The 100 dram of 1998 carries the astrophysicist Victor Hambardzumyan with the Byurakan observatory. The 500 dram of 1999 carries the architect Alexander Tamanyan with his Government House of 1926 to 1929. The 1,000 dram of 1999 carries the poet Yeghishe Charents, the 5,000 dram the writer Hovhannes Tumanyan with the book depository of Sanahin monastery, the 10,000 dram of 2003 the poet Avetik Isahakian against Mount Aragats, and the 20,000 dram of 1999 the painter Martiros Sarian against one of his own canvases (Central Bank of Armenia, banknotes withdrawn from circulation).
Two more notes belong to the same family and are still in circulation today: the 50,000 dram of 2001 and the 100,000 dram of 2009 (Central Bank of Armenia). Everything else in the series has now gone. The 500, 1,000, 5,000, 10,000 and 20,000 dram notes issued between 1999 and 2015 ceased to be legal tender on 15 April 2026, which makes this an unusually fresh retirement for a collector to catch.
One note of caution on sourcing. The bank's English summary of the period lists the second series as 50, 100, 500, 1,000, 5,000 and 20,000 dram, while the Armenian-language edition of the same page lists 50, 100, 1,000, 5,000, 10,000 and 20,000 dram (Central Bank of Armenia, Armenian-language edition). The individual note pages settle it, and those are what the dates above come from.
What is the third series, and what is a Hybrid banknote?
The third series was issued in 2018 in six denominations: 1,000, 2,000, 5,000, 10,000, 20,000 and 50,000 dram. The 2,000 dram was a brand-new value. The whole series is printed on a composite substrate rather than ordinary banknote paper, which is the feature that sets Armenia apart from most of its neighbours.
The Central Bank of Armenia describes the series as printed "on a composite substrate with application of technological innovations of security printing" (Central Bank of Armenia, money circulation in the Republic of Armenia). Its own security leaflet is more specific: the note "is printed on Hybrid, a high quality composite substrate on a cotton paper, which is covered with polyester layers on both sides" (Central Bank of Armenia, security features of the 1,000 dram note). That is the middle road between the two options set out on our page comparing polymer and paper banknotes: a cotton core for the feel and the watermark, plastic film for the wear.
The printer has published its own account. G+D Currency Technology says it designed and printed the complete six-note series on Hybrid, produced by Louisenthal, and that the notes carry a 5 mm Galaxy security thread with machine-readable MultiCode elements, a three-dimensional watermark, a LaserCut window and a two-colour iridescent stripe on the reverse (G+D press release, 22 November 2018). Our reference on banknote security features explains what each of those devices does.
The launch was staggered over five weeks. The 10,000, 20,000 and 50,000 dram notes went into circulation on 22 November 2018, on the twenty-fifth anniversary of the dram, and the 1,000, 2,000 and 5,000 dram followed on 25 December 2018 (Central Bank of Armenia, banknotes in circulation). Later printings have been added since: 1,000 dram dated 2022 released 23 January 2023, 20,000 dram dated 2021 released 3 May 2022 and dated 2024 released 27 January 2024, and 5,000 and 10,000 dram dated 2024 released 15 August 2024.
The portraits return to the pattern of the second series. The 1,000 dram carries the poet Paruyr Sevak (1924 to 1971), the 2,000 dram the ninth world chess champion Tigran Petrosian (1929 to 1984) against a chess king coronation scene, the 5,000 dram the writer William Saroyan (1908 to 1981), the 10,000 dram the composer Komitas Vardapet (1869 to 1935), the 20,000 dram the painter Hovhannes Aivazovsky (1817 to 1900), and the 50,000 dram Saint Gregory the Illuminator.
Armenian banknote series at a glance
Series, dates, denominations and designs below come from the Central Bank of Armenia's own banknote pages. Printer and substrate are given only where a source states them.
| Series | Years | Denominations | Portraits and motifs | Substrate and printer |
|---|---|---|---|---|
| First series | 1993 to 1995; withdrawn 2004 to 2005 | 10, 25, 50, 100, 200, 500, 1,000, 5,000 dram | Buildings, monuments and artefacts only: David of Sasoun, the Erebuni lion, Zvartnots, Saint Hripsime, a Tigran the Great tetradrachm, Mesrop Mashtots and the Matenadaran, the temple at Garni | Catalogue lists the printer as G&D, without an imprint on the notes |
| Second series | 1998 to 2015; 500 to 20,000 dram withdrawn 15 April 2026 | 50, 100, 500, 1,000, 5,000, 10,000, 20,000 dram, plus 50,000 dram of 2001 and 100,000 dram of 2009 | Aram Khachatryan, Victor Hambardzumyan, Alexander Tamanyan, Yeghishe Charents, Hovhannes Tumanyan, Avetik Isahakian, Martiros Sarian; King Abgar V on the 100,000 dram | High quality 100 percent cotton paper, per the bank's security notes |
| 2001 jubilee note | Introduced 4 June 2001 | 50,000 dram | Mother Cathedral of Holy Etchmiadzin; Mount Ararat, a Kecharis cross-stone, Saint Gregory the Illuminator and King Trdat the Great | Cotton paper; watermark shows crosses rather than a portrait |
| 2017 collector note | Issued 22 November 2017 | 500 dram | Noah's Ark: a reliquary holding a fragment of the Ark, with Mount Ararat and Etchmiadzin | Hybrid three-layer composite substrate; catalogue lists the printer as G&D |
| Third series | 2018 onward | 1,000, 2,000, 5,000, 10,000, 20,000, 50,000 dram | Paruyr Sevak, Tigran Petrosian, William Saroyan, Komitas Vardapet, Hovhannes Aivazovsky, Saint Gregory the Illuminator | Hybrid composite substrate, cotton core with polyester film; designed and printed by G+D, substrate by Louisenthal |
Which Armenian notes are commemorative or collector issues?
Two stand apart from the ordinary series. The 50,000 dram of 2001 is a jubilee banknote marking the 1,700th anniversary of the adoption of Christianity as the state religion in Armenia, and the 500 dram of 2017 is Armenia's first collector banknote, issued for Armenian Dram Day and devoted to Noah's Ark.
The jubilee note was introduced on 4 June 2001, measures 160 by 79 mm and shows the Mother Cathedral of Holy Etchmiadzin on the front, with Mount Ararat, a cross-stone from Kecharis monastery and a scene of Saint Gregory the Illuminator and King Trdat the Great on the back. Its watermark is the odd one out in the whole currency: the bank notes that every other denomination is watermarked with the portrait on the note, "with the exception of 50000 dram banknote, where crosses are reflected" (Central Bank of Armenia, 50,000 dram of 2001).
The Noah's Ark note went into circulation on 22 November 2017, on the twenty-fourth anniversary of the dram. The front shows a reliquary holding a fragment of the Ark against the illustration View of Ararat and the Monastery of Etchmiadzin by F. Parrot, and the back a fragment of the illustration Leaving the Ark by J. Carolsfeld, in the bank's own wording. The bank is explicit that "collector banknotes are issued once, in limited quantities" (Central Bank of Armenia, collector banknotes). It was also Armenia's first note on Hybrid, and it won the Regional Banknote of the Year award for the Europe, Middle East and Africa region at the High Security Printing conference in Warsaw on 21 February 2018 (G+D press release, 27 February 2018).
The 100,000 dram of 2009 has a prize record of its own. Introduced on 24 August 2009 and showing King Abgar V with a first-century regional map, and on the reverse the disciple Thaddeus handing Abgar a canvas bearing the imprinted portrait of Jesus, it took second prize in the International Association of Currency Affairs "Best New Banknote or Banknote Series" contest in 2010 and third prize in the International Bank Note Society's Banknote of the Year award the same year (Central Bank of Armenia, 100,000 dram of 2009).
Can you still exchange withdrawn Armenian banknotes?
Yes, and there is no deadline. The Central Bank of Armenia states that withdrawn banknotes "are no longer legal tender, however, they may be exchanged at the Central Bank of Armenia and at commercial banks operating within the territory of the Republic of Armenia ... without any limits on amount or time period" (Central Bank of Armenia, banknotes withdrawn from circulation).
That open-ended arrangement matters for supply. Notes that can be handed in at any time keep trickling out of drawers and back to the bank, so the surviving collectable population of the 1993 to 1995 series has been shrinking slowly for twenty years rather than being frozen on a deadline day. The opposite model, where a country sets a hard cut-off, is covered on our page about currencies that no longer exist.
The most recent withdrawal is the one to watch. The second series 500, 1,000, 5,000, 10,000 and 20,000 dram notes of 1999 to 2015 left circulation on 15 April 2026, so uncirculated examples of those printings stopped being ordinary change very recently. Turkey went through the same pattern of a series retiring into the collector market, described on our Turkey banknotes hub.
What are old Armenian dram banknotes worth?
Most of the first series is inexpensive, and the exceptions are the top two denominations and anything overprinted SPECIMEN. Catalogue values below are in US dollars from the PMG World Paper Money Price Guide, read in September 2026, at Very Good 8, Very Fine 20 and Uncirculated 60. Catalogue values are a reference point, not a quote.
| Note | Catalogue number | Grades quoted | Values |
|---|---|---|---|
| 10 dram, 1993, issued note | P-33a | VG 8 / VF 20 / UNC 60 | $0.25 / $0.50 / $2 |
| 10 dram, 1993, SPECIMEN overprint | P-33s | UNC 60 | $75 |
| 500 dram, 1993, crude outline arms watermark | P-38a | VG 8 / VF 20 / UNC 60 | $1.50 / $7 / $16 |
| 500 dram, 1993, refined arms watermark | P-38b | VG 8 / VF 20 / UNC 60 | $1.50 / $7 / $16 |
| 500 dram, 1993, SPECIMEN overprint | P-38s | UNC 60 | $75 |
| 5,000 dram, 1995, temple of Garni | P-40 | UNC 60 | $60 |
| 500 dram, 2017 Noah's Ark collector note | P-60 | UNC 60 | $8 |
Two lessons sit in that table. First, the specimen premium: a 10 dram note catalogued at $2 uncirculated is catalogued at $75 with a red SPECIMEN overprint on both sides, the pattern our page on specimen notes explains. Second, the watermark variety on the 500 dram, which the catalogue splits into a crude outline of the arms and a refined version and prices identically, so it is a completeness hunt rather than a value hunt (PMG World Paper Money Price Guide, Armenia 500 dram, and the same guide's Armenia 10 dram page). The rest of the story is on what determines banknote value, and the numbering is explained in our guide to Pick numbers.
How do you start collecting Armenian banknotes?
Start with the first series. Eight notes, one design language, a defined run from 1993 to 1995, and a documented withdrawal date for every denomination. It is one of the few post-Soviet sets a beginner can genuinely finish in high grade without a large budget.
After that there are two natural directions. The second series rewards patience because several denominations exist in four separate issue years, and the bank lists them plainly: the 1,000 dram alone exists dated 1999, 2001, 2011 and 2015, and the 20,000 dram dated 1999, 2007, 2009 and 2012. Build by issue year, not by denomination, and a seven-note series becomes a twenty-note project. The third series is the other direction: six notes, a single substrate, and additional printings dated 2021, 2022 and 2024 already recorded by the bank.
Learn the grading ladder before you spend. Grades run from Uncirculated down through AU, XF, VF, F, VG and G, and the certified market uses a 1 to 70 scale: see our banknote grading guide and graded versus raw banknotes. Because the third series and the Noah's Ark note are on a plastic-laminated substrate, they crease differently from cotton paper, so how to store banknotes is worth reading before the first purchase. If the wider region interests you, our Iran hub and the ranking of every hyperinflation both touch Armenia's neighbourhood.
Where can you buy Armenian banknotes?
Buy from an established dealer that authenticates every note, documents where it came from, and stands behind it in writing. Prices far below every other seller, vague sourcing and no returns are the signals to walk away from.
Planet Banknote sources notes direct from mints, central banks and authorized distributors rather than reselling anonymous lots. Browse the current selection through the banknotes by country directory, where availability changes with what has been sourced. Our guide to buying world banknotes safely and how to collect world banknotes cover the rest.
Planet Banknote is a family-owned dealership in Sarasota, Florida, founded in 2021. Every note is sourced direct from mints, central banks, and authorized distributors, inspected through our Planet Banknote Verified process, and ships with a free Certificate of Authenticity. US orders ship free via USPS Priority, and every order includes a free bonus gift.
Frequently asked questions
When did Armenia introduce the dram?
On 22 November 1993. The Central Bank of Armenia put the 10, 25, 50, 100, 200 and 500 dram notes into circulation that day, and marks the date every year as Armenian Dram Day. Soviet banknotes of the 1961 to 1992 designs, from 1 up to 500 rubles, were allowed to co-circulate alongside the dram until 17 March 1994.
How many series of Armenian banknotes are there?
Three. The first series ran from 1993 to 1995 in denominations of 10 to 5,000 dram and was withdrawn during 2004 and 2005. The second began in 1998 and introduced portraits of Armenian cultural figures. The third was issued in 2018 in six denominations from 1,000 to 50,000 dram, printed on a composite Hybrid substrate rather than ordinary banknote paper.
What is on the first series Armenian dram banknotes?
Buildings, monuments and artefacts, with no portraits at all. The 10 dram shows the Yerevan railway station and the monument to David of Sasoun, the 25 dram a lion fresco from the Erebuni fortress, the 100 dram Zvartnots cathedral, the 200 dram Saint Hripsime Church, the 500 dram a tetradrachm of King Tigran the Great with Mount Ararat, and the 5,000 dram the temple at Garni.
What is the Hybrid substrate used on Armenia's third series?
A composite. The Central Bank of Armenia says the notes are printed on Hybrid, a high quality composite substrate on a cotton paper covered with polyester layers on both sides. G+D Currency Technology, which designed and printed the six-note series, describes a cotton core with a protective polyester film, with the substrate produced by Louisenthal.
Can you still exchange withdrawn Armenian banknotes?
Yes. The Central Bank of Armenia states that withdrawn banknotes are no longer legal tender but may be exchanged at the central bank and at commercial banks operating in Armenia, without any limits on amount or time period. That applies to the first series withdrawn in 2004 and 2005 and to the second series notes withdrawn on 15 April 2026.
What is the highest denomination Armenian banknote?
The 100,000 dram, introduced on 24 August 2009. It shows King Abgar V with a fragment of a first-century regional map, and on the reverse the disciple Thaddeus handing Abgar a canvas with the imprinted portrait of Jesus. The central bank records that it took second prize in the International Association of Currency Affairs contest in 2010 and third prize in the International Bank Note Society award the same year.
What is the Armenian Noah's Ark banknote?
Armenia's first collector banknote, a 500 dram note put into circulation on 22 November 2017 for the twenty-fourth anniversary of the dram. It shows a reliquary holding a fragment of the Ark against a view of Ararat and Etchmiadzin. It was Armenia's first note on the Hybrid substrate, and it won the Regional Banknote of the Year award for Europe, the Middle East and Africa in Warsaw in February 2018.