500 Roubles

Armenia's brief period of independence between 1918 and 1920 produced a fragmented and chaotic currency situation. The Armenian Republic lacked a functioning central bank with any real printing capacity, and notes issued through the Yerevan Branch of the Government Bank drew heavily on Transcaucasian monetary infrastructure that had itself barely survived the collapse of the Russian Empire. The 500 Rouble denomination was among the higher-value notes in circulation — which, given the severe inflation ravaging the region, still bought very little by the time most examples passed through hand to hand.

Soviet forces occupied Yerevan in late November 1920, ending the republic. Notes of this series were demonetized and replaced almost immediately.