100 Dram Caucasian otter

Armenia's wildlife conservation series of the mid-1990s was produced during an extraordinarily difficult period — the country was still rebuilding after the 1988 Spitak earthquake and navigating the consequences of the Nagorno-Karabakh war, while simultaneously establishing the institutions of a newly independent state. The Central Bank issued these coins partly as hard-currency earners rather than domestic circulating pieces.

The Caucasian otter (*Lutra lutra meridionalis*) inhabits the river systems of the South Caucasus and was under genuine conservation pressure by the time this coin was struck. The KM#71a designation distinguishes the silver striking from the base-metal circulation issue.