ARMENIA, 100 rubli, 1919 (1920), P31

$15.00

ARMENIA, 100 rubli, 1919 (1920), Face: green on orange, mountains in center, birds at top right and left, Face: black and gray-green on orange, eagle with sword, P31, some light foxing, XF or better

12 in stock

SKU: 2914004 Category:

Description

Modern Armenia was birthed out of the confrontation between Russia and Turkey in the Caucasus. Between 1918 and 1920 Armenia was a constituent of the Transcaucasian Federal Republic, the Republic of Armenia, and part of the Transcaucasian Soviet Federal Socialist Republic, which joined the USSR. In 1936 it became the Armenian Socialist Republic within the Soviet Union. In 1991 it became independent.

Aside from China, other governments started using circulating “banknotes” starting in the 17th century AD. The practice became general in the 19th century. In the 20th century value of paper money in circulation far surpassed the value of coinage. In the 21st century paper money is fading and credit transactions are growing.

Paper money, meaning the promise of a government to pay a set amount, and the paper promise allowed to circulate at will, was probably first used in China in the 12th century AD. At that time the merchants and governments of Europe were just writing letters to each other about what they owed.