In early 19th century, Eastern part of Armenia was annexed to the Russian Empire with the latter’s paper currency entering into circulation. This was the first time ever paper currency was circulated in Armenia to last for 100 years till 1917: among banknotes circulated were those of Russian emperors Alexander I, Nicholas I, Alexander II, Alexander III and Nicholas II.

The rule of the Hulaguids in Armenia was followed by numerous Muslim dynasties, including the Jalayirids, a Mongol Jalayir dynasty which ruled over Iraq and western Persia after the breakup of the Mongol Khanate of Persia (or Ilkhanate) in the 1330s.

After the Kingdom of Cilicia was conquered by Mamluks, the Armenian coinage stopped for a long period of time.

A royal dynasty of Bagratids formed in Armenia in late 9th century (885-1045 AD) as the central authority of the Arab Caliphate was waning. The rulers declared Ani as a new capital city. The period was marked by flowering of culture, expansion of trade, crafts, art and architecture in Armenia.

After the fall of the Parthian kingdom in the first half of the 3rd century, Sassanid rulers came to power, with their coins being widely circulated across the territory of Armenia. These coins totally differed from the Parthian ones in shape and size.

Armenia found itself in a complicated situation after the downfall of Artashesian dynasty, having become an apple of discord between Rome and Parthia. Under an agreement between the two, a new royal dynasty was established in Armenia, with Parthian Arsacid (Arshakuni) Dynasty taking the throne to rule from 66 to 428 AD.

In ancient times, each ruler had coins with his own image. It’s known that during the rule of Seleucid King Antiochus III the Great (223-187 BC), commander Artashes was appointed as governor of Armenia. The war with Romans, especially the Battle of Magnesia in 190 BC weakened the Seleucid Empire and Artashes, seizing the opportunity, declared himself an independent ruler and founded the Artashesian dynasty of Armenian kings (189 BC- 1 AD).

The history of Armenian money is rich, diverse and interesting. Armenians are undoubtedly one of the nations with the ancient money history, as the territory of historical Armenia was in the vicinity of the birthplace of the first antique coins. Coinage, which is considered to be a major event in the development of society, started approximately at the end of the 8th or at the beginning of 7th century BC in Lydia, an Iron Age kingdom of western Asia Minor located generally east of ancient Ionia in the modern western Turkish provinces of Uşak, Manisa and inland Izmir.

By the decree of the government, Nov 22, along with the birthday of Armenian Dram, also marks the Day of Banking System Employee.