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Armenian dram
Հայկական Դրամ (Armenian)
100,000 Armenian dram - 2009 (obverse).jpg
A 100,000 (haryur hazar) Armenian dram banknote, the highest denominated banknote in circulation.
ISO 4217
CodeAMD
Number051
Denominations
Subunit
1100luma (լումա)
PluralThe language(s) of this currency do(es) not have a morphological plural distinction.
Symbol
֏
(֏) or դր.
Banknotes
 Freq. used1,000֏, 2,000֏, 5,000֏, 10,000֏, 20,000֏, 50,000֏
 Rarely used50֏, 100֏, 500֏, 100,000֏
Coins
 Freq. used10֏, 20֏, 50֏, 100֏, 200֏, 500֏
 Rarely used10, 20, 50 luma, 1֏, 3֏, 5֏
Demographics
Date of introduction22 November 1993
ReplacedSoviet ruble (SUR)
Official user(s) Armenia
 Artsakh (Nagorno-Karabakh)
Unofficial user(s) Georgia: Javakheti (Javakhk) region (de facto until c. 2005)[1][2][3]
Issuance
Central bankCentral Bank of the Republic of Armenia
 Websitewww.cba.am
Valuation
Inflation2.7% (Armenia only)
 Source[1], January 2018
Pegged withArtsakh dram

The dram (Armenian: դրամ; sign: ֏; code: AMD) is the monetary unit of Armenia and the neighboring Republic of Artsakh.[4] It was historically subdivided into 100 luma (Armenian: լումա). The word "dram" translates into English as "money" and is cognate with the Greek drachma and the Arabic dirham, as well as the English weight unit dram. The first instance of a dram currency was in the period from 1199 to 1375, when silver coins called dram were issued.

History

On 21 September 1991, a national referendum proclaimed Armenia as a republic independent from the Soviet Union. The Central Bank of Armenia, established on 27 March 1993, was given the exclusive right of issuing the national currency.

In the immediate aftermath of the collapse of the Soviet Union attempts were made to maintain a common currency (the Russian ruble) among CIS states. Armenia joined this ruble zone. However it soon became clear that maintaining a currency union in the unstable political and economical circumstances of the post-Soviet states would be very difficult. The ruble zone effectively collapsed with the unilateral monetary reform in Russia, 1993. As result the states that were still participating (Kazakhstan, Uzbekistan, Turkmenistan, Moldova, Armenia and Georgia) were 'pushed out' and forced to introduce separate currencies. Armenia was one of the last countries to do so when it introduced the dram on 22 November 1993.[5]

Armenian dram sign

Main article: Armenian dram sign

The dram sign
The dram sign

After its proclamation of independence, Armenia put into circulation its own national currency, the Armenian Dram; this required a monetary sign. As the result of common business practice and the unique pattern of Armenian letters, the shape of the sign and its variations appeared in the business scratches (daybooks). Until the official endorsement of the sign a number of artists and businessmen developed and offered various shapes for it. Now the dram symbol is included in the Armenian standard for the national characters and symbols and in the Armenian computer fonts. The current standard sign for the Armenian dram (֏, image:

֏
; Armenian: Դրամ; code: AMD) was designed in 1995. In Unicode, it is encoded at U+058F ֏ ARMENIAN DRAM SIGN.

Coins

In 1994, a first series of aluminium coins was introduced in denominations of 10, 20 and 50 luma, 1, 3, 5 and 10 dram. In 2003 and 2004, a second series consisting of 10, 20, 50, 100, 200 and 500 dram coins was introduced to replace the first series.

The Central Bank has also issued a great number of commemorative coins intended for sale to collectors. A listing can be found at the authorized central bank distributors.[6][7]

First series (1994-2002)

In 1994, a first series of aluminium coins was introduced in denominations of 10, 20 and 50 luma, 1, 3, 5 and 10 dram. The other coins are officially in circulation but rarely used because of their low nominal value.[8][9]

First series (1994)
Image Value Technical parameters Description
Obverse Reverse Diameter Mass Composition Edge Obverse Reverse
AM 1994 averse.png
AM 1994 10 luma.png
10 luma[10] 16 mm 0.6 g Aluminium Smooth Armenian coat of arms Value, year of minting
AM 1994 averse.png
AM 1994 20 luma.png
20 luma[11] 18 mm 0.75 g
AM 1994 averse.png
AM 1994 50 luma.png
50 luma[12] 20 mm 0.95 g
AM 1994 averse.png
AM 1994 1 dram.png
1
֏
[13]
22 mm 1.4 g Reeded
AM 1994 averse.png
AM 1994 3 dram.png
3
֏
[14]
24 mm 1.65 g
AM 1994 averse.png
AM 1994 5 dram.png
5
֏
[15]
26 mm 2 g Smooth
AM 1994 averse.png
AM 1994 10 dram.png
10
֏
[16]
28 mm 2.3 g
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.

Second series (2003-present)

In 2003 and 2004, a new series of coins was introduced in denominations of 10-, 20-, 50-, 100-, 200 and 500 dram.

Second series (2003-2004)
Image Value Technical parameters Description
Obverse Reverse Diameter Mass Composition Edge Obverse Reverse
AM 2004 10 dram a.png
AM 2004 10 dram r.png
10
֏
[17]
20 mm 1.3 g Aluminium Reeded Armenian coat of arms Value, ornaments,
year of minting
AM 2003 20 dram a.png
AM 2003 20 dram r.png
20
֏
[18]
20.5 mm 2.75 g Copper-plated Steel Smooth
AM 2003 50 dram a.png
AM 2003 50 dram r.png
50
֏
[19]
21.5 mm 3.45 g Brass-plated steel Reeded
AM 2003 100 dram a.png
AM 2003 100 dram r.png
100
֏
[20]
22.5 mm 4 g Nickel-plated Steel
AM 2003 200 dram a.png
AM 2003 200 dram r.png
200
֏
[21]
24 mm 4.5 g Brass
AM 2003 500 dram a.png
AM 2003 500 dram r.png
500
֏
[22]
22 mm 5 g Bi-Metallic Copper-nickel center in Brass ring Segmented reeding
These images are to scale at 2.5 pixels per millimetre. For table standards, see the coin specification table.

Banknotes

A first series of banknotes was issued in November 1993. It was withdrawn from circulation by 2005. A second series was issued from 1998 onwards which is still in use at present.

First series (1993-1998)

On 22 November 1993, banknotes of 10, 25, 50, 100, 200 and 500 dram were issued.[23] Notes for 1,000 and 5,000 dram were put into circulation later.

First series (1993-1998)
Image Value Dimensions Main Color Description
Obverse Reverse Obverse Reverse
10 Armenian dram - 1993 (obverse).png
10 Armenian dram - 1993 (reverse).png
10 dram 125 x 62 mm Brown and purple Yerevan Train Station and David of Sasun statue Mount Ararat
25 Armenian dram - 1993 (obverse).png
25 Armenian dram - 1993 (reverse).png
25 dram Yellow, brown and blue Urartian cuneiform tablet and a lion relief from Erebuni fortress Ornaments
50 Armenian dram - 1993 (obverse).png
50 Armenian dram - 1993 (reverse).png
50 dram Blue and red National Gallery and History Museum of Armenia Armenian parliament building
100 Armenian dram - 1993 (obverse).png
100 Armenian dram - 1993 (reverse).png
100 dram Blue, purple and red Mount Ararat and Zvartnots Cathedral Yerevan Opera Theatre
200 Armenian dram - 1993 (obverse).png
200 Armenian dram - 1993 (reverse).png
200 dram 135 x 62 mm Brown,green, yellow and red Saint Hripsime Church in Echmiadzin Ornaments
500 Armenian dram - 1993 (obverse).png
500 Armenian dram - 1993 (reverse).png
500 dram Green, brown and blue Mount Ararat and a Tigranes the Great tetradrachm
1000 Armenian dram - 1994 (obverse).png
1000 Armenian dram - 1994 (reverse).png
1,000 dram 145 x 68 mm Brown and orange Mesrop Mashtots statue and Matenadaran 7th century obelisk monument in Aghitu Memorial
5000 Armenian dram - 1995 (obverse).png
5000 Armenian dram - 1995 (reverse).png
5,000 dram 145 x 71 mm Green, yellow and purple Temple of Garni Bronze head of goddess Anahit (Satala Aphrodite) kept in the British Museum

Second series (1998-2017)

Banknotes of 50, 100, and 500 dram are rarely seen in circulation. The 50, 100, and 500 dram coins are used instead.
A commemorative 50,000 dram note was issued on 4 June 2001 in commemoration of the 1,700th anniversary of the adoption of Christianity in Armenia.

Second series (1998–2017)
Image Value Dimensions Main Color Description
Obverse Reverse Obverse Reverse
50 Armenian dram - 1998 (obverse).png
50 Armenian dram - 1998 (reverse).png
50
֏
122 x 65  mm Pink, blue and grey Aram Khachaturian (1903–1978) and Armenian Opera Theater A scene from the ballet Gayane by Khachaturian, and Mount Ararat
100 Armenian dram - 1998 (obverse).png
100 Armenian dram - 1998 (reverse).png
100
֏
Blue and grey Viktor Hambardzumyan (1908–1996) Byurakan Observatory
500 Armenian dram - 1999 (obverse).png
500 Armenian dram - 1999 (reverse).png
500
֏
129 x 72 mm Grey Alexander Tamanian (1878–1936) Government House in Yerevan designed by Alexander Tamanyan
1,000 Armenian dram - 1999 (obverse).png
1,000 Armenian dram - 1999 (reverse).png
1,000
֏
136 x 72 mm Green and pink Yeghishe Charents (1897–1937) An image of old Yerevan depicting the government building of the First Republic
5,000 Armenian dram - 1999 (obverse).png
5,000 Armenian dram - 1999 (reverse).png
5,000
֏
143 x 72 mm Yellow and green Hovhannes Tumanyan (1869–1923) Nature scene from Lori, from one of Martiros Saryan's paintings
10,000 Armenian dram - 2003 (obverse).png
10,000 Armenian dram - 2003 (reverse).png
10,000
֏
150 x 72 mm Purple Avetik Isahakyan (1875–1957) An image of old Gyumri
20,000 Armenian dram - 1999 (obverse).png
20,000 Armenian dram - 1999 (reverse).png
20,000
֏
155 x 72 mm Yellow, red and brown Martiros Saryan (1880–1972) Detail from an Armenian landscape by Martiros Saryan
50,000 Armenian dram - 2001 (obverse).png
50,000 Armenian dram - 2001 (reverse).png
50,000
֏
160 x 79 mm Brown and red Etchmiadzin Cathedral St. Gregory the Illuminator and king Tiridates the Great holding a symbol representing the Armenian Church; on the right, a khachkar from Kecharis Monastery.
100,000 Armenian dram - 2009 (obverse).jpg
100,000 Armenian dram - 2009 (reverse).jpg
100,000
֏
160 x 72 mm Blue Abgar V of Edessa Abgar V of Edessa receiving the mandylion from St. Thaddeus (not pictured).[24]

Third series (2017-present)

A third series of Armenian dram banknotes were issued in 2017, to commemorate the 25th anniversary of Armenia's national currency.[25] All denominations for this series are the same as its previous issues, with the 2,000 dram banknote as a newly introduced denomination, the 50,000 dram banknote re-issued for this series and the omission of the 100,000 dram banknote for this issue. The new series are printed on hybrid substrates of Louisenthal.[26]

The first three denominations, 10,000

֏
, 20,000
֏
and 50,000
֏
, were issued on November 22, 2018. The final three denominations, 1,000
֏
, 2,000
֏
and 5,000
֏
were issued on December 25, 2018.

A 500 dram commemorative note was issued on 22 November 2017 to commemorate the story of Noah's Ark.

Third series (2017–present)
Image Value Dimensions Main Color Description
Obverse Reverse Obverse Reverse
500 Armenian dram - 2017 (obverse).png
500 Armenian dram - 2017 (reverse).png
500
֏
140 × 76 mm Brown and grey Reliquary containing a fragment of Noah's Ark (left); etching by Friedrich Parrot of Etchmiadzin Cathedral with Mount Ararat in the background Etching by Jacob Carolsfeld of Noah, his family members and animals against the background of Mount Ararat
1000 dram 2018 Obverse.jpg
1000 dram 2018 Reverse.jpg
1,000
֏
130 × 72 mm Violet Paruyr Sevak (1924–1971), poems Paryur Sevak house (museum), Zangakatun; statue of Sevak
2000 dram 2018 Obverse.jpg
2000 dram 2018 Reverse.jpg
2,000
֏
135 × 72 mm Brown Tigran Petrosian (1929–1984), chessboard Tigran Petrosyan Chess House (Yerevan), statue of Petrosyan
5000 dram 2018 Obverse.jpg
5000 dram 2018 Reverse.jpg
5,000
֏
140 × 72 mm Red William Saroyan (1908–1981), covers from Saroyan's books, mountain Statue of Saroyan (Yerevan)
10000 dram 2018 Obverse.jpg
10000 dram 2018 Reverse.jpg
10,000
֏
145 × 72 mm Gray-purple Komitas (1869–1935) Gevorkian Seminary and statue of Komitas, Vagharshapat (Etchmiadzin)
20000 dram 2018 Obverse.jpg
20000 dram 2018 Reverse.jpg
20,000
֏
150 × 72 mm Green Ivan Aivazovsky (1817–1900) Art Museum and statue of Aivazovskiy, Feodosia (Crimea)
50000 dram 2018 Obverse.jpg
50000 dram 2018 Reverse.jpg
50,000
֏
155 × 72 mm Gold Saint Gregory the Illuminator (257–331), manuscripts telling the life of St. Gregory, images of the dome of the Mother Cathedral of Holy Etchmiadzin and the winged cross Khor Virap monastery (Chapel of St. Gregory), Ararat Plain, tombstone of St. Gregory the Illuminator (Etchmiadzin), statue of St. Gregory the Illuminator

Exchange rates

The modern dram came into effect on 22 November 1993, at a rate of 200 rubles = 1 dram (1 USD : 404 AMD). The dram is not pegged to any currency other than the Artsakh dram.

Current AMD exchange rates
From Google Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD RUB
From Yahoo! Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD RUB
From XE.com: AUD CAD CHF CNY EUR GBP HKD JPY USD RUB
From OANDA: AUD CAD CHF CNY EUR GBP HKD JPY USD RUB

Note: Rates obtained from these websites may be slightly different from the rates the Central Bank of Armenia publishes

See also

References

  1. ^ Ter‐Matevosyan, Vahram; Currie, Brent (January 2019). "A conflict that did not happen: revisiting the Javakhk affair in Georgia". Nations and Nationalism. 25 (1): 18. doi:10.1111/nana.12454. S2CID 150264423. Javakhk was also brought into the lari (national currency of Georgia) zone around 2005 (previously the Russian ruble, followed by the Armenian Dram, was the main currency in circulation in Javakhk.
  2. ^ Øverland, Indra (2009). "The Closure of the Russian Military Base at Akhalkalaki: Challenges for the Local Energy Elite, the Informal Economy and Stability". The Journal of Power Institutions in Post-Soviet Societies (10). doi:10.4000/pipss.3717. ...the predominance of the Russian rouble as the principal currency of Javakheti, making the region a de facto part of the rouble zone. The second currency of Javakheti was the Armenian dram, whereas the Georgian lari was used so little that it could sometimes be difficult to get information about the rate of exchange.
  3. ^ "JAVAKHETI–ANOTHER PROBLEM AREA IN GEORGIA?". jamestown.org. Jamestown Foundation. March 7, 2002. Archived from the original on 4 September 2020. Georgia’s national currency, the lari, has almost no circulation in Javakheti. Armenia’s dram and the Russian ruble are the everyday currencies.
  4. ^ "DOMESTIC CURRENCY - Artsakh".
  5. ^ Pomfret, Richard (2001). The IMF and the Ruble zone. Available at: http://www.readcube.com/articles/10.1057/ces.2002.17
  6. ^ Armenian commemorative coins for sale
  7. ^ Armenian commemorative coins cathalogue
  8. ^ BBC (2013). Available at: https://www.bbc.co.uk/news/magazine-21572359
  9. ^ Armenian Central Bank. www.cba.am
  10. ^ Central Bank of Armenia. Available at: https://www.cba.am/en/SitePages/detailsnccracoinsnotcirculated.aspx?nominal=1
  11. ^ Central Bank of Armenia. Available at: https://www.cba.am/en/SitePages/detailsnccracoinsnotcirculated.aspx?nominal=2
  12. ^ Central Bank of Armenia. Available at: https://www.cba.am/en/SitePages/detailsnccracoinsnotcirculated.aspx?nominal=3
  13. ^ Central Bank of Armenia. Available at: https://www.cba.am/en/SitePages/detailsnccracoinsnotcirculated.aspx?nominal=4
  14. ^ Central Bank of Armenia. Available at: https://www.cba.am/en/SitePages/detailsnccracoinsnotcirculated.aspx?nominal=5
  15. ^ Central Bank of Armenia. Available at: https://www.cba.am/en/SitePages/detailsnccracoinsnotcirculated.aspx?nominal=6
  16. ^ Central Bank of Armenia. Available at: https://www.cba.am/en/SitePages/detailsnccracoinsnotcirculated.aspx?nominal=7
  17. ^ Central Bank of Armenia. Available at: https://www.cba.am/en/SitePages/detailsnccracoinscirculated.aspx?nominal=1
  18. ^ Central Bank of Armenia. Available at: https://www.cba.am/en/SitePages/detailsnccracoinscirculated.aspx?nominal=2
  19. ^ Central Bank of Armenia. Available at: https://www.cba.am/en/SitePages/detailsnccracoinscirculated.aspx?nominal=3
  20. ^ Central Bank of Armenia. Available at: https://www.cba.am/en/SitePages/detailsnccracoinscirculated.aspx?nominal=4
  21. ^ Central Bank of Armenia. Available at: https://www.cba.am/en/SitePages/detailsnccracoinscirculated.aspx?nominal=5
  22. ^ Central Bank of Armenia. Available at: https://www.cba.am/en/SitePages/detailsnccracoinscirculated.aspx?nominal=6
  23. ^ "Central Bank Of The Republic Of Armenia". Cba.am. Retrieved 30 May 2013.
  24. ^ "Բիզնես 24 - Հայկական Բիզնես Օրաթերթ, 24/08/09". B24.am. 2009-08-24. Retrieved 2011-12-05.
  25. ^ "Arguments in Armenia over new banknote design". JAMnews. 2017-11-27. Archived from the original on 2018-01-12. Retrieved 2018-01-12.
  26. ^ "Armenia starts new series with Hybrid banknote". Securamonde. 23 November 2018.
Currencies of post-Soviet states