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The Nagorno-Karabakh dram (Armenian: Լեռնային Ղարաբաղի դրամ) is a monetary unit of the Nagorno-Karabakh Republic, a partially recognized state recognized by the United Nations as part of Azerbaijan. The currency has been issued for circulation in the proclaimed country since 2005, although it was originally introduced several years earlier in 1998. However, it is not as widely used in Nagorno-Karabakh as the Armenian dram, which remains the breakaway state's de facto currency. It is subdivided into 100 luma. The Nagorno-Karabakh dram is often sought for collectible purposes rather than monetary purposes due to the limited number of coins and banknotes produced, and also because some coins have a higher melt value than face value.


Nagorno-Karabakh 25000 dram km5

A coin from 1998.

In 1998, the Nagorno-Karabakh Republic introduced its first coins, commemoratives denominated at 25,000 and 50,000 dram struck in silver and gold. In 2003, a 1,000 dram piece was minted, followed that year by a new series of coinage consisting of pieces denominated at 50 luma and 1 and 5 dram. Of these, the 50 luma and 1 dram pieces were struck in aluminum while the 5 dram was made of an aluminum-bronze alloy. Around then years later, in 2013, the Nagorno-Karabakh Republic introduced new 50 luma and 1 and 5 dram coins, each produced in the same metals as in 2003. The mintages of Nagorno-Karabakh coins are low, and as a result, they are often sought after by coin collectors.


In 2004, banknotes with denominations of 2 and 5 dram were printed by Österreichische Staatsdruckerei (Austria State Printing House).

See also[]


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Nagorno-Karabakh dram
Banknotes 2 d10 d
Coins 50 l1 d3 d5 d1,000 d25,000 d50,000 d
Miscellaneous Commemorative currencyLialoosin Inc.LumaÖsterreichische Staatsdruckerei