20 Dram

Armenia's dram series was reintroduced in 1993 after the country adopted its own currency following the Soviet collapse, replacing the ruble at a time when hyperinflation had rendered it worthless. The copper-plated steel composition of this 2003 issue reflects the fiscal constraints that shaped Armenia's coinage policy throughout that decade — earlier dram coins had already gone through compositional revisions as metal costs and economic instability dictated.