Armenian dram

The dram (Armenian: դրամ; sign: ֏; abbreviation: դր.; ISO code: AMD) is the currency of Armenia, and is also used in the neighboring unrecognized Republic of Artsakh.[4] It was historically subdivided into 100 luma (լումա). The Central Bank of Armenia is responsible for issuance and circulation of dram banknotes and coins, as well as implementing the monetary policy of Armenia.

Armenian dram
Հայկական Դրամ (Armenian)
100,000 Armenian dram - 2009 (obverse).jpg
֏100,000 banknote, the highest denominated banknote in circulation.
ISO 4217
CodeAMD (numeric: 051)
Subunit0.01
Unit
PluralThe language(s) of this currency do(es) not have a morphological plural distinction.
Symbol֏
Denominations
Subunit
1100luma (լումա)
Banknotes
 Freq. used֏1,000, ֏2,000, ֏5,000, ֏10,000, ֏20,000, ֏50,000
 Rarely used֏50, ֏100, ֏500, ֏100,000
Coins
 Freq. used֏10, ֏20, ֏50, ֏100, ֏200, ֏500
 Rarely used10, 20, 50 luma, ֏1, ֏3, ֏5
Demographics
Date of introduction22 November 1993
ReplacedSoviet rouble (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 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.

HistoryEdit

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 rouble) among CIS states. Armenia joined this rouble 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 Rouble Zone effectively collapsed with the unilateral monetary reform in Russia, 1993. As a 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 signEdit

 
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.

CoinsEdit

In 1994, a first series of aluminium coins was introduced in denominations of 10, 20, and 50 luma, 1, 3, 5, and 10 drams. 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)Edit

In 1994, a first series of aluminium coins was introduced in denominations of 10, 20, and 50 luma, 1, 3, 5, and 10 drams. 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
    10 luma[10] 16 mm 0.6 g Aluminium Smooth Armenian coat of arms Value, year of minting
    20 luma[11] 18 mm 0.75 g
    50 luma[12] 20 mm 0.95 g
    ֏1[13] 22 mm 1.4 g Reeded
    ֏3[14] 24 mm 1.65 g
    ֏5[15] 26 mm 2 g Smooth
    ֏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.
  • All coins bear the year of the first issue (1994).

Second series (2003-present)Edit

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

Second series (2003-2004)
Image Value Technical parameters Description
Obverse Reverse Diameter Mass Composition Edge Obverse Reverse
    ֏10[17] 20 mm 1.3 g Aluminium Reeded Armenian coat of arms Value, ornaments,
year of minting
    ֏20[18] 20.5 mm 2.75 g Copper-plated Steel Smooth
    ֏50[19] 21.5 mm 3.45 g Brass-plated steel Reeded
    ֏100[20] 22.5 mm 4 g Nickel-plated Steel
    ֏200[21] 24 mm 4.5 g Brass
    ֏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.
  • All coins bear the year of the first issue (2003 or 2004).

BanknotesEdit

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)Edit

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

First series (1993-1998)
Image Value Dimensions Main Color Description
Obverse Reverse Obverse Reverse
    ֏10 125 x 62 mm Brown and purple Yerevan Train Station and David of Sasun statue Mount Ararat
    ֏25 Yellow, brown and blue Urartian cuneiform tablet and a lion relief from Erebuni fortress Ornaments
    ֏50 Blue and red National Gallery and History Museum of Armenia Armenian parliament building
    ֏100 Blue, purple and red Mount Ararat and Zvartnots Cathedral Yerevan Opera Theatre
    ֏200 135 x 62 mm Brown,green, yellow and red Saint Hripsime Church in Echmiadzin Ornaments
    ֏500 Green, brown and blue Mount Ararat and a Tigranes the Great tetradrachm
    ֏1,000 145 x 68 mm Brown and orange Mesrop Mashtots statue and Matenadaran 7th century obelisk monument in Aghitu Memorial
    ֏5,000 145 x 71 mm Green, yellow and purple Temple of Garni Bronze head of goddess Anahit (Satala Aphrodite) kept in the British Museum
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

Second series (1998-2017)Edit

Banknotes of ֏50, ֏100, and ֏500 are rarely seen in circulation. Coins of ֏50, ֏100, and ֏500 are used instead.
A commemorative ֏50,000 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
    ֏50 122 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 Blue and grey Viktor Hambardzumyan (1908–1996) Byurakan Observatory
    ֏500 129 x 72 mm Grey Alexander Tamanian (1878–1936) Government House in Yerevan designed by Alexander Tamanyan
    ֏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
    ֏5,000 143 x 72 mm Yellow and green Hovhannes Tumanyan (1869–1923) Nature scene from Lori, from one of Martiros Saryan's paintings
    ֏10,000 150 x 72 mm Purple Avetik Isahakyan (1875–1957) An image of old Gyumri
    ֏20,000 155 x 72 mm Yellow, red and brown Martiros Saryan (1880–1972) Detail from an Armenian landscape by Martiros Saryan
    ֏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.
    ֏100,000 160 x 72 mm Blue Abgar V of Edessa Abgar V of Edessa receiving the mandylion from St. Thaddeus (not pictured).[24]
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

Third series (2017-present)Edit

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 50, 100, and 100,000 dram banknotes 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
    ֏500 140 × 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
    ֏1,000 130 × 72 mm Violet Paruyr Sevak (1924–1971), poems Paryur Sevak house (museum), Zangakatun; statue of Sevak
    ֏2,000 135 × 72 mm Brown Tigran Petrosian (1929–1984), chessboard Tigran Petrosian Chess House (Yerevan), statue of Petrosyan
    ֏5,000 140 × 72 mm Red William Saroyan (1908–1981), covers from Saroyan's books, mountain Statue of Saroyan (Yerevan)
    ֏10,000 145 × 72 mm Gray-purple Komitas (1869–1935) Gevorgian Seminary and statue of Komitas, Vagharshapat (Etchmiadzin)
    ֏20,000 150 × 72 mm Green Ivan Aivazovsky (1817–1900) Aivazovsky National Art Gallery Museum and statue of Aivazovskiy, Feodosia (Crimea)
    ֏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
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.

Exchange ratesEdit

The modern dram came into effect on 22 November 1993, at a rate of Rbls 200 = 1 dram (US$1 = 404 drams). The dram is not pegged to or by 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 alsoEdit

ReferencesEdit

  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. The Armenian dram and the Russian rouble are the everyday currencies.
  4. ^ "DOMESTIC CURRENCY - Artsakh".
  5. ^ Pomfret, Richard (2001). The IMF and the Rouble 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.

External linksEdit