10 Dram

Obverse description	Dark brown, light blue and pale orange on multicolour underprint. The upper centre carries a vignette of the main railway station building in Yerevan, with a statue of David of Sassoun at right. The note is printed on paper with a multicolour guilloche underprint throughout.
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Protection type	Watermark
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Comments	Armenia's first national currency, the dram, was introduced in November 1993 to replace the Soviet ruble — itself already a chaotic patchwork of Soviet-era notes and Russian Federation issues that had flooded the newly independent republic. The 10 Dram was among the founding denominations of that inaugural series, printed by Giesecke & Devrient in Leipzig at a moment when Armenia was simultaneously managing post-Soviet economic collapse and an active war in Nagorno-Karabakh. G&D had extensive experience producing currency for former Soviet successor states during this period, handling security printing for several newly independent nations at once. The watermark is the sole security feature — modest by later standards, but reflecting both the urgency of issue and the fiscal constraints of a country that had been independent for under two years.