5 Drams Bear

Artsakh — internationally recognized as part of Azerbaijan but administered by ethnic Armenians following the 1994 ceasefire — issued its own coinage as an assertion of de facto statehood, a status no UN member has ever formally recognized. These circulating issues from 2013 were produced well before the 2020 Second Nagorno-Karabakh War and the 2023 Azerbaijani offensive that effectively ended the republic's existence, making the entire coinage series a closed set by historical circumstance.