100 Roubles

Armenia's brief period of independence between 1918 and 1920 produced a chaotic monetary situation in which the Yerevan Branch of the Government Bank issued notes denominated in roubles — the currency of the empire that had just collapsed — simply because no alternative infrastructure existed. The Armenian Republic lacked both a central bank and a printing facility, so these notes were produced under severe material constraints, with quality varying considerably across the series.

Pick 22 is among the higher denominations of the 1919 issue. The Republic was absorbed by Soviet forces in late 1920, rendering the entire rouble series worthless almost immediately after its peak circulation period.