5 Roubles

Armenia's 1919 roubles were issued under extraordinary administrative pressure — the short-lived First Republic was simultaneously fighting on multiple fronts against Turkish, Azerbaijani, and Bolshevik forces while trying to establish functioning financial institutions from almost nothing. The Yerevan Branch designation reflects the tenuous regional character of the issuing authority; this was not a central bank in any meaningful operational sense, but an improvised treasury mechanism.

The series is known for poor quality control in printing and paper stock, a direct consequence of supply shortages. The republic itself ceased to exist by late 1920.