10 000 Roubles

Armenia's brief experiment with independent paper currency during 1919–1920 produced notes under extraordinary pressure — the Yerevan-based Government Bank was operating in a state barely two years old, besieged by territorial disputes with Azerbaijan and Georgia, and facing near-total economic collapse. The 10,000 Rouble denomination reflects runaway inflation that rendered smaller notes nearly worthless within months of printing.

Pick 29 belongs to the later Armenian rouble series, printed domestically under severe material constraints. Paper quality varies considerably across surviving examples — not a grading caveat, but a documented production reality, as wartime shortages forced the use of inconsistent stock. The series was effectively rendered obsolete when Soviet forces entered Yerevan in late November 1920.