1 Dram Cheetah

Nagorno-Karabakh's coinage program was never about economics. The unrecognized republic — which declared independence from Azerbaijan in 1991 but has been recognized by no UN member state — issued aluminum drams largely as an assertion of statehood, with wildlife reverses chosen specifically to project a distinct national identity separate from both Armenia and Azerbaijan. Circulation was minimal; Armenia's dram functioned as the practical currency throughout.

The KM#10 cheetah issue was part of the 2004 wildlife series, struck under political conditions that made formal mint contracts complicated to arrange openly.