25 Roubles

Armenia's brief period of independence — declared in May 1918 after the collapse of the Russian Empire — forced the Yerevan-based government to improvise a monetary system almost from scratch. The Government Bank's early issues, including this 25 Rouble note, were printed under genuinely difficult conditions, with limited access to secure printing infrastructure and ongoing military pressure from multiple fronts simultaneously.

Pick 3 belongs to the first substantive Armenian rouble series, predating the Soviet absorption of the republic in late 1920. Notes from this period were often poorly received by a population already conditioned to distrust paper currency after years of wartime inflation under Russian and then Transcaucasian Federation issues.

The series was rendered worthless within roughly two years of issue.