500 Roubles

Armenia's brief window of independence between 1918 and 1920 forced the Yerevan-based government into improvised monetary arrangements. The Republic of Armenia had no established central bank infrastructure, and the Government Bank operated under severe constraints — limited paper stock, no domestic printing capacity of any scale, and a currency zone overlapping with Transcaucasian and Russian issues still in active circulation.

Pick 7 belongs to the 1919 Armenian rouble series produced under those conditions. Counterfeiting was a documented problem across the Transcaucasian republics during this period, and the notes' relatively simple production made them vulnerable. Soviet forces absorbed Armenia in late 1920, rendering the entire series obsolete within roughly a year of issue.