500 Rubles

Armenia's first national currency series, the dram, replaced the Soviet ruble in November 1993 — the last of the former Soviet republics to make the transition. These early notes were designed domestically but printed by the British firm Harrison and Sons, which had substantial experience producing post-Soviet transitional currencies during this period.

The 500-dram denomination sits at the upper end of this inaugural series, which ran from 10 to 500 dram. Inflation during Armenia's first independence years was severe enough that this highest denomination offered limited purchasing power almost immediately after issue.