5 Drams Goat

Nagorno-Karabakh issued its own coinage despite lacking recognition from any UN member state — a deliberate assertion of administrative separateness from Azerbaijan that accelerated after the 1994 ceasefire froze the conflict lines. These aluminum bronze pieces circulated alongside Armenian drams in practice, since the Artsakh dram was effectively pegged to and interchangeable with Armenian currency. The Republic's coin program was as much a political statement as a monetary one.

KM#31 belongs to a 2013 restrike series produced well after initial issues, likely for collector distribution rather than heavy circulation.