250 Roubles

The Armenian Republic's 1919 note issue was produced under severe material constraints — the Yerevan government lacked access to specialized security printers and relied on whatever local printing resources could be assembled. The 250 Rouble denomination belongs to a series that effectively bridged the collapse of Transcaucasian Federation currency and Armenia's own short-lived monetary independence before Soviet absorption in late 1920.

Circulation was brief and chaotic. The Bolshevik takeover in December 1920 rendered the entire series worthless almost overnight, which means surviving notes tend to fall into two camps: uncirculated remainders that never reached the public, or heavily used examples that passed through a desperately inflating wartime economy in the months prior.