5000 Roubles

Armenia's first independent republic lasted barely three years before Soviet annexation in late 1920, and its currency program was correspondingly improvised. The Yerevan Branch of the Government Bank operated under severe constraints — no established note-printing infrastructure, chronic paper shortages, and a collapsing economy battered by war, famine, and blockade. Notes from this period were produced locally rather than contracted to foreign printers, which shows in the uneven presswork characteristic of the higher denominations.

The 5000 Rouble value reflects runaway inflation during 1919, when the republic's finances were effectively in freefall. Within months of issue, even this figure was rendered inadequate by further depreciation.