100 Roubles

Armenia's brief independence between 1918 and 1920 required a functioning currency, but the Yerevan branch of the Government Bank was working under severe constraints — limited printing resources, acute paper shortages, and a treasury perpetually strained by war with both Azerbaijan and Ottoman irregular forces. The 100 Rouble notes of 1919 were produced locally under these conditions, which accounts for the relatively crude execution compared to contemporaneous Transcaucasian issues.

The Armenian rouble notes of this period circulated alongside Georgian, Azerbaijani, and Transcaucasian Commissariat issues in a chaotic regional monetary environment. Soviet annexation in late 1920 rendered the entire series obsolete almost immediately.