10 Roubles

Armenia's 1919 rouble issues were produced under conditions of extreme political instability — the short-lived First Republic was simultaneously fighting territorial disputes with Georgia, Azerbaijan, and Turkey while managing near-total economic collapse. The Yerevan branch of the Government Bank operated essentially independently, issuing notes because it had no other mechanism for meeting even basic state payroll obligations.

P#15 is among the lower denominations of this series, which ran to increasingly large values as inflation accelerated through 1919 and into 1920. The Soviet takeover in November 1920 rendered the entire rouble series worthless almost overnight.