5 Dram National Currency

Armenia's first commemorative silver program launched in 1994 under the newly established Central Bank, issuing coins denominated in dram just two years after the currency itself replaced the Soviet ruble in 1993 — itself a response to Russia's unilateral withdrawal of pre-1993 ruble notes from circulation, which left Armenia effectively without a functioning monetary system for months. By 1998, the program was well underway, though individual issues remain poorly documented in Western references, with Schön providing more complete attribution than KM for this series.