50 Roubles

Armenia's independence from 1918 to 1920 was brief and administratively chaotic. The Yerevan Branch of the Government Bank issued its own rouble-denominated notes largely because the new republic inherited almost nothing from the collapsing Transcaucasian Commissariat — no reserve assets, no functioning monetary infrastructure, and no established printer. These notes were produced under considerable constraint.

Pick 9 belongs to the second Armenian issue, distinguished from the earlier 1919 series by its ornamental border variations. Soviet forces absorbed the republic in late 1920, rendering the entire rouble series worthless within roughly two years of first issue.