100 000 Dram

Armenia's 100,000 Dram note was the highest denomination the Central Bank had ever issued when it appeared in 2009 — a reflection of cumulative inflation since the dram's introduction in 1993, when it replaced the Soviet ruble at a time of severe economic contraction and energy blockades. The face value at issue was roughly equivalent to around $330 USD, making it a large-value note by regional standards but not a hyperinflationary artifact.

Thomas De La Rue produced the note with a relatively restrained security package for a denomination of this size — watermark and security thread, without the polymer substrate or optically variable ink that had become common on flagship denominations elsewhere by 2009.