Nagorno Karabaj Coins
The monetary history of Nagorno Karabakh is relatively short but fascinating, reflecting the complex political developments in the region. Since its declaration of independence in 1991, Nagorno Karabakh has undergone several changes in its monetary system, adapting to geopolitical and economic circumstances.
Currencies used in Nagorno Karabakh
Initially, Nagorno Karabakh used the Soviet ruble and later the Armenian dram as its de facto currency. However, in 2004, the self-proclaimed republic decided to issue its own currency: the Nagorno Karabakh dram. This currency, although not recognized internationally, was used in local transactions and served as a symbol of the region's aspiration for independence. The Nagorno-Karabakh dram maintained a 1:1 parity with the Armenian dram, facilitating trade with Armenia.
Relevant numismatic milestones
A significant milestone in the numismatics of Nagorno Karabakh was the issuance of commemorative coins in 2004, celebrating the tenth anniversary of the ceasefire with Azerbaijan. These coins, minted in silver and gold, featured motifs related to the history and culture of the region. Another notable event was the introduction of its own banknotes in 2005, with designs reflecting the architectural and natural heritage of Nagorno Karabakh. However, following the armed conflict of 2020, the region's monetary status has remained uncertain, marking a new chapter in its complex numismatic history.
If you are a passionate collector, this catalog offers the possibility to create your own personal collection from this list. You can add your coins and generate a free PDF catalog from a complete database and our management tools. In addition, once registered, you will have the opportunity to exchange coins with other collectors around the world easily and free of charge.
Nagorno Karabaj is a country that does not exist today. It is now part of the Azerbaijan coins.
The most valuable coins
The most valuable Nagorno Karabaj coins and sought after by collectors according to Foronum statistics are the following:
The valuation of these coins has been achieved through a meticulous algorithm that considers the current market, taking into account aspects such as material, weight, diameter, edge, year of mintage, mint of manufacture and the number of coins produced. Coins with limited mintages and in good condition are usually among the most valuable.
Coin Catalog
1 dram (Leopard)
50 luma (Horse)
50 luma (Antilope)
1 dram (Cheetah)
50 luma (Antilope)
1 dram (Pheasant)
5 dram (Bear)
1 dram (Wolf)
5 dram (Goat)
1 dram (San Gregorio)
1 dram (Pheasant)
5 dram (Monument We are our mountains)
50 luma (Horse)
25.000 dram (1,700 years of Christianity in Armenia)
25.000 dram
5 dram (Gandzasar Monastery)
25.000 dram
Other resources to find coins and banknotes of Nagorno Karabaj
Can't find what you are looking for? Take a look at our coin finder and speed up your searches within the collections of all collectors, or if you prefer you can search directly in the list of coin collectors and access their profile to see their collections.