5000 Dram

Armenia's 5000 Dram is unusual in having two confirmed printers across its production run — De La Rue in London and OeBS in Vienna — with no published indication in standard references of how the print runs were split between them. Notes from different printers are not readily distinguishable by eye, which makes this one of those cases where catalog attribution quietly understates the complexity.

Pick 51 appeared during a period of sustained Armenian economic recovery following the severe contraction of the 1990s, when the Dram itself had only been introduced in 1993 to replace Soviet ruble transitional coupons.