1000 Drams Eagle

Artsakh — internationally recognized by virtually no one, yet issuing commemorative coinage since the late 1990s — operated as a self-declared republic in the disputed Nagorno-Karabakh enclave, a territory that Armenia and Azerbaijan fought a brutal war over between 1988 and 1994. These coins were legal tender in name only, struck primarily for the collector market, since Artsakh's population used Armenian drams for actual commerce.

KM#21 is among the earlier silver issues in the series, produced while the ceasefire held but a final political settlement remained entirely unresolved — as it would for another two decades.