Code AMD | Rarely used 50, 100, 500 dram | |
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1/100 luma (լումա) (not used) Freq. used 1000, 5000, 10 000, 20 000, 50 000, 100 000 dram Coins 10, 20, 50, 100, 200, 500 dram User(s) Armenia
Nagorno-Karabakh Republic | ||
The dram (Armenian: Դրամ; sign: ; code: AMD) is the monetary unit of Armenia. It is 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. The first instance of a dram currency was in the period from 1199 to 1375, when silver coins called dram were issued.
Contents
History
On 21 September 1991, a national referendum proclaimed Armenia as an independent republic 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 rublezone. 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 rublezone 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.
Armenian dram sign
In 1995 the currency sign for the Armenian dram was designed.The Armenian dram sign (֏, image: ; Armenian: Դրամ; code: AMD) is the currency sign of the Armenian dram. In Unicode, it is encoded at U+058F ֏ ARMENIAN DRAM SIGN (HTML ֏).
After its proclamation of independence, Armenia put into circulation its own national currency – Armenian Dram, the usage of which revealed the necessity for 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). Since that time and until the official endorsement of the sign a number of artists and businessmen developed and offered various shapes for it. Now the Sign (Dram symbol) is present in the Armenian standard for the national characters and symbols and in the Armenian computer fonts.
Nagorno-Karabakh
The Armenian dram is also used in the de facto independent Nagorno-Karabakh Republic. A separate currency, the Nagorno-Karabakh dram, which circulates together with the Armenian dram was introduced during 2005. Coins and banknotes ranging in nominal values from 50 luma to 10 dram were issued.
Officially the Nagorno-Karabakh dram is legal tender in both Armenia and Nagorno-Karabakh. In practice it is however mostly sold as souvenirs due to the low nominal values of the coins and notes issued.
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 [1] or [2].
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. At present only the 10 dram coin is still in use. The other coins are officially in circulation but not really used because of to their low nominal value.
Second series (2003-present)
In 2003 and 2004, a new coinage consisting of 10, 20, 50, 100, 200 and 500 dram coins was introduced.
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 Nagorno-Karabakh dram.
Note: Rates obtained from these websites may be slightly different from the rates the Central Bank of Armenia publishes