Armenian Currency: Guide to the Armenian Dram

Understanding a country’s currency is an important aspect of traveling, investing, or conducting business there. For anyone planning to visit or work in Armenia or collecting Armenian money, understanding the Armenian Dram, the official currency of Armenia, is crucial. In this guide, we'll take you on a tour through the history, current state, and everyday usage of the Armenian currency.

We’ll also touch on the challenges that the currency faced and how it is evolving with the times. By the end, you'll be able to navigate the currency of the land of Mount Ararat and delicious dolma, its denominations, and exchange rates without breaking a sweat or your bank account.

What Is the Armenian Currency? Armenian Dram 101

Quick Overview:

Official Name: Armenian Dram

ISO Code: AMD

Symbol: ֏ (Armenian Dram sign)

Subunit: 1 Dram = 100 Luma (though luma coins are no longer commonly used)

Country: Republic of Armenia

Issued By: Central Bank of Armenia (CBA)

Introduced: November 22, 1993

The Armenian Dram (Armenian: դրամ), also known as AMD, is the official currency of Armenia (The Republic of Armenia). The Armenian dram was introduced on 22 November 1993, replacing the Soviet ruble as the country gained independence. The currency symbol of the Armenian Dram is ֏ (also represented by the ISO code AMD), and 1 dram is divided into 100 Lumma.

The word “dram” (rooted in the Greek “drachma” and the Arabic “dirham”) translates to “money” in the English language. The Armenian Dram was one of the first post-Soviet currencies to adopt a unique symbol (֏) officially approved in 2001. Today, it has a floating exchange rate.

Which Countries Use the Dram?

Armenian dram is the official currency of Armenia, but the dram is also used in the neighboring region of the Republic of Artsakh or the Nagorno-Karabakh Republic – an unrecognized, breakaway state in the South Caucasus that is internationally recognized as part of Azerbaijan but is governed by a self-proclaimed republic. There, it is called the Nagorno-Karabakh Dram (NKRD). Intrigued? Feel free to check out some other weird currency facts you probably didn’t know.

Armenian Money: Armenian Dram Banknotes and Coins

When Armenia introduced the dram (֏) on November 22, 1993, it symbolized more than just a new currency – it marked the country’s financial independence after the fall of the Soviet Union. Since then, the dram has evolved into a beautifully designed, secure, and modern currency that tells the story of Armenia’s culture and creativity through every denomination.

AMD Banknotes

The current (third) series of Armenian banknotes was introduced in 2018, celebrating 25 years of national currency. This series brought a completely refreshed design and an innovative new substrate: a hybrid material that combines the softness of cotton paper with the durability of polymer, making the notes last up to four times longer than before.

There are six denominations of Armenian banknotes currently in circulation:

Value	Person	Description
֏2,000	Tigran Petrosyan	A tribute to Armenia’s world chess champion
֏5,000	William Saroyan	Honoring literature and global Armenian identity
֏10,000	Komitas Vardapet	Symbol of Armenian music and spirituality
֏20,000	Hovhannes Aivazovsky	Icon of marine art and creativity
֏50,000	Saint Gregory the Illuminator	The spiritual light of the Armenian nation

Security Features & Innovation

The latest Armenian dram banknotes are among the most secure in the region. They include:

• Galaxy® security thread ≈ 5 mm wide with dynamic color-shifting and 3D effects
• LaserCut™ transparent window for quick visual verification, helping authentication.
• 2-color iridescent strip on the reverse of banknotes that changes color when tilted
• 3D watermark visible against light
• Tactile elements for visually impaired users
• Machine-readable MultiCode™ layer (part of the thread) to verify authenticity in ATMs and vending systems
• Hybrid substrate: cotton core with polyester (or plastic) film layers, combining durability (polymer protection) with cotton feel; claimed to increase the life of the notes roughly 3-4 times compared to older cotton-only ones, and helps in “clean-note policy” (fewer damaged notes, less replacement cost).

These features not only prevent counterfeiting and help you tell if money is fake, but also give the notes a futuristic and elegant look, reflecting Armenia’s balance between heritage and technology.

AMD Coins

The first coin series appeared in 1994–1995, featuring denominations in luma (the subunit of the dram (100 luma = 1 dram), and included 10, 20, 50 luma and 1, 3, 5, 10 dram coins. However, those are now mostly obsolete and not really used in day-to-day commerce. Today, Armenians use coins in 10, 20, 50, 100, 200, and 500 dram denominations, introduced in 2003–2004.

Each coin proudly bears Armenian symbols, from national ornaments to the Coat of Arms, and some commemorative editions even celebrate milestones — such as the 30th anniversary of the dram in 2023. These special issues are legal tender but often end up in collectors’ hands rather than wallets, as their collector value exceeds face value. The Noah's Ark bullion coins are another famous series of precious metal coins issued by the Central Bank of Armenia. These are also legal tender in Armenia and renowned for their high purity and symbolic design.

Older Series & Commemorative Issues

Commemorative Armenian dram coins and notes are interesting for collectors. In 2023, the Central Bank issued circulation commemorative coins in denominations of 10, 20, 50, 100, 200, and 500 dram to mark the 30 years of the dram. These repeat the designs of ordinary coins on the reverse; the obverse has a special logotype, the year, and inscriptions “REPUBLIC OF ARMENIA”, etc.

The commemorative coins are minted by reputable foreign mints (e.g., The Royal Mint, UK) but are legal tender and in circulation. On November 22, 2017, marking the 24th anniversary of the introduction of the Armenian dram, the Central Bank of Armenia also issued a sought-after "Noah's Ark" collector banknote in 500 dram denomination.

As for older banknote series:

• 1st Series (1993–1995): Simple paper design, first independent issue of the dram, produced under urgent post-Soviet conditions and printed abroad (in Germany). Design was focused on national imagery like Mount Ararat, Yerevan landmarks, and traditional motifs.
• 2nd Series (1998–2017): Design concept “Cultural Journey of Armenia” — highlighting historical figures, architecture, art, and literature, with improved quality (cotton-based paper) and security features. Produced by Giesecke & Devrient (Germany), known for high-quality banknote manufacturing.

All 1993–1995 banknotes and the ֏50 and ֏100 notes from the 1998 series were withdrawn from circulation in 2004–2005 and are not considered legal tender, but can still be exchanged at full face value without limits at the Central Bank of Armenia or any commercial bank in the country.

A Short History of the Armenian Dram

The Armenian Dram is much more than just a currency; it reflects the country's rich history, culture, and political and economic evolution. The origins of the currency can be traced back to ancient times, when the region was part of the Kingdom of Urartu. However, the modern currency as we know it today was first introduced in 1993 when Armenia gained independence from the Soviet Union. Over the years, the value of the currency in Armenia has fluctuated due to various economic and political factors.

The Armenian Dram's early years were marked by hyperinflation, with the exchange rate reaching as high as 500 AMD to 1 US dollar. However, the government's efforts to stabilize the economy have resulted in a more stable currency in recent years. The Nagorno-Karabakh War and the 2008 global financial crisis also significantly impacted the Armenian currency value, reflecting the country's ongoing economic and political battles.

Despite these challenges, the Armenian Dram has remained a symbol of the country's sovereignty and a key element of the country's economic development. Understanding the history of the Armenian currency gives us a deeper insight into the country's culture and the way it has been shaped by past events.

Armenian Currency Today: Current Exchange Rates of the Armenian Dram

The current Armenian dram exchange rate is relatively stable, due to a growing economy. However, the country's dependence on Russia and the ongoing conflicts with neighboring Azerbaijan continue to pose challenges for the local economy. As of October 2025, :

• US Dollar to Armenian Dram: The USD to AMD exchange rate is ~ 1 USD = 382.95 AMD
• Armenian Dram to US Dollar: If you’re considering converting the Armenian currency to USD, ~ 1 AMD = 0.00262 USD, respectively.

Since currencies are volatile by nature, you can always use our online currency converter to check out the current exchange rate for the Armenian dram and keep up.  The Central Bank of Armenia sets monetary policy and controls the supply of Armenian currency to maintain stability and protect against inflation.

Using Armenian Drams in Everyday Life: Armenian Money Tips for Tourists and Business Travelers

Visiting Armenia is an experience filled with breathtaking mountains, warm hospitality, and rich culture — but before you dive into it, understanding how to use the local currency – the Armenian Dram (֏) in everyday life can make your stay smoother, safer, and more cost-effective.

Payment Methods: Cash Is Still King, but Cards Are Everywhere

Armenia is a country in transition when it comes to payment options. While cash remains king in smaller towns and local markets, payment methods have become increasingly digital in Yerevan and other urban areas.

• Visa and Mastercard cards are widely accepted in larger hotels, restaurants, and stores.
• Smaller cafés, taxis, and open markets often prefer cash payments in drams.
• Mobile payments (like Idram or Telcell) are popular with locals, but most require an Armenian phone number.

However, many smaller businesses and street vendors may not accept credit cards, so it's always a good idea to have some cash on hand and keep some small bills for taxis, markets, and tips.

Money Transfers, Exchange & Currency Rates

ATM withdrawals are available nearly everywhere in Armenia, and most machines accept international cedit and debit cards. However, check with your bank before traveling – some charge steep foreign transaction fees or withdrawal limits abroad. To avoid surprises, use ATMs operated by major Armenian banks like Ameriabank, ACBA Bank, or Ardshinbank, which usually offer reliable currency rates.

When it comes to exchanging money, you can exchange your foreign currency at local banks, currency exchange offices, airports, or hotels. However, be aware that the local currency exchange rates may vary and be much higher in Armenia, so it's best to buy Armenian drams before visiting to avoid losing money to unnecessary fees and unfavorable rates. The smartest move is to buy Armenian drams securely and at competitive rates online before your trip.

Services like US First Exchange let you purchase global currencies from home, ensuring transparent currency rates and no hidden bank mark-ups once you arrive. This way, you avoid both unpredictable exchange counters and the dreaded money transfer fees that quietly eat into your budget. You can sign up for our free exchange rate alerts to get notified when the market shifts in your favor and lock in the best deals.

Tipping Culture in Armenia

Armenians are known for their warmth, and tipping is appreciated, though not mandatory.

• Restaurants: 10–15% is typical if service isn’t already included.
• Cafés and bars: Rounding up the bill or leaving small change is fine.
• Taxis: No tip is expected, but rounding up makes a good impression.
• Hotels: Porters and housekeeping staff usually receive small tips (around 500–1,000 drams)

As a tourist, it's also important to be mindful of the taxes and fees when making purchases, as these can add up quickly. Sales tax in the Land of Mount Ararat is 20%, and some services, such as hotel accommodation and car rental, have additional fees. Also, be aware that prices may differ in tourist areas compared to local areas.

What Can You Buy with 100 Armenian Drams?

You can’t do much with only 100 AMD, but it’s enough for small daily essentials or a taste of local life, like a cup of coffee, a bottle of water, or a quick snack from a local shop. For example:

• A small espresso or a cup of instant coffee at a local kiosk.
• A chocolate bar or a pack of chewing gum from a corner shop.
• Part of a minibus fare in smaller towns (most rides cost around ֏100–֏150).
• A bottle of water (0.5L) or a small soft drink from a supermarket.
• A local newspaper or a postcard as a simple souvenir.

Make the Most of Your Armenian Currency

This post highlighted important information that will help you navigate the Armenian currency from its history and current state to everyday usage. The Armenian dram has a rich history and has been affected by various economic and political factors. The current state of the currency is relatively stable, and it is widely accepted in various sectors. However, tourists should be aware of the potential challenges and have cash on hand.

US First Exchange is the easiest way to buy and sell foreign currency online at competitive exchange rates and various payment methods. You can order any foreign currency and have it shipped & delivered straight to your doorstep as fast as 24-48 hours, fully insured, and avoid high foreign transaction fees. With us, you have peace of mind knowing your money transfers are secure, as we are registered, licensed, and, where required, bonded.