100 Roubles

Armenia's brief independence between 1918 and 1920 forced the Yerevan government to issue its own paper currency under desperate conditions — chronic paper shortages, near-total collapse of trade networks, and an ongoing war with neighboring Azerbaijan. The Government Bank issues of 1919 were printed locally under significant material constraints, which accounts for the relatively crude printing quality seen across the series compared to contemporaneous Transcaucasian issues produced elsewhere.

The Soviet takeover in late 1920 rendered these notes obsolete almost immediately, and many were destroyed or simply discarded. Surviving examples in any condition are harder to source than their Pick number suggests.