20 000 Dram

Thomas De La Rue has printed Armenian dram notes since the currency's introduction in 1993, and the relationship has been consistent enough that the series carries a recognizable house style — clean intaglio work, restrained color palette. The 20,000 dram denomination sits at the top of the circulating series, a position that reflects the dram's long-term depreciation against major currencies following the economic disruptions of the 1990s.

The security specification here is notably lean for a high-denomination note by 2012 standards — watermark and thread only, without optically variable ink or other features that had become common on comparable European issues by that date.