10 Luma

Armenia's first decimal coinage, including this luma, was introduced in 1994 following the dram's official replacement of the Soviet ruble in November 1993. The luma denominations were struck in aluminium partly because the new republic had virtually no foreign currency reserves to fund a more expensive coinage program — aluminium was the cheapest viable option.

In practice, these low denominations circulated briefly before inflation rendered them economically irrelevant.