250 Roubles

This note was produced locally in Yerevan under the short-lived First Republic of Armenia, which existed as an independent state only from 1918 until Soviet absorption in late 1920. The printing infrastructure available was rudimentary — the Yerevan branch had no access to the security printing facilities used by the former Tsarist state banks, so these notes were produced under improvised conditions, which is reflected in the relatively simple execution compared to contemporary Russian émigré issues.

Forgeries of the Armenian republic notes circulated almost immediately, partly because the originals were so simply produced that counterfeiting required little sophistication. The entire series was rendered obsolete when Soviet authorities introduced Transcaucasian issues in 1921.