100 Dram Gandzasar Monastery

Gandzasar Monastery in present-day Nagorno-Karabakh has been the seat of the Albanian Catholicosate since the 13th century — a fact that makes its appearance on Armenian coinage quietly political. Azerbaijan has long contested Armenian claims to the site, and the 2004 issue date falls squarely within the unresolved post-war freeze following the 1994 ceasefire. Issuing commemorative silver on a monastery located in disputed territory was not an incidental choice.