25 Roubles

The Erivan branch of the Russian State Bank began issuing its own regional notes in 1919 as central authority from Moscow had effectively ceased to function across the Caucasus. Armenia at this point was caught between competing pressures — the newly declared Armenian Republic, ongoing Dashnak administration, and the remnants of Russian imperial banking infrastructure still nominally operating out of Erivan. This note is a product of that administrative overlap, not of any single coherent monetary authority.

Pick 8A is distinguished from the closely related 8 by differences in the serial number format. The printing itself was rudimentary, a reflection of the limited press facilities available in Erivan at the time.