Münzen & Sammeln

EDITION

&M S

ARUTIUN AIRAPETIAN / MARCELO GRYCKIEWICZ

TRANSCAUCASIANBANKNOTES

Special catalogue for Transcaucasian banknotes (Azerbaijan, Armenia and Georgia) with pricesin US-Dollars.

Die Autoren – selbst begeisterte Geldscheinsammler – leben in Argentinien und haben es sich zur Aufgabe gemacht, eine ganze Katalogreihe zu russischen, baltischen, zentralasiatischen und ukrainischen Banknoten sowie anderen Wertpapieren herauszugeben.

Der vorliegende Spezialkatalog führt als Band II sämtliche Banknoten der transkaukasischen Staaten (speziell die aus Aserbaidschan, Armenien und Georgien) in englischer Sprache, mit zahlreichen farbigen Abbildungen und Bewertungen in US-Dollars auf.

Preis:52,– EUR

Münzen & Sammeln

EDITION

&M SM S&

AIR

AP

ETIA

N /

GR

YC

KIE

WIC

Z ·

TR

AN

SCA

UC

ASI

AN

BA

NK

NO

TES

arutiun airapetian / marcelo gryckiewicz

transcaucasian banknotes

1. Auflage 2009© 2009 H. Gietl Verlag & Publikationsservice GmbH(www.gietl-verlag.de)Alle Rechte vorbehalten!

ISBN 978-3-86646-812-2

Bibliografische Information der Deutschen Bibliothek

Die Deutsche Bibliothek verzeichnet diese Publikation als in derDeutschen Nationalbibliografie; detaillierte bibliografische Daten sindim Internet über http://dnb.ddb.de abrufbar.ISBN 978-3-86646-812-2

Once again, to Josefina.

(Marcelo Gryckiewicz)

To my family in Armenia.

Specially to my father.

(Arutiun Airapetian)

PREFACEThis book is not mine anymore, it belongs to everyone that has supported and somehow helped me to bringthis project to fruition. I would like to thank, first of all, all the people who sent kind and sincere commentsregarding the first volume. I value every single one of them, even those which were critics.

I must say, having the chance to be at Maastricht-Valkenburg (Holland) International Bank Note Conventi-on, was one of the most gratifying experiences I’ve ever had. To contact other collectors and dealers, toshow my book for the first time in Europe, it is difficult to put in words what I felt, but I have to say Maa-stricht-Valkenburg was a fantastic experience. Furthermore, everyone who acquired my first volume at theConvention, as well as those who obtained it through the Internet, asked me to inform them about any fu-ture volume…and well, I must confess I was taken aback because I never expected such positive results, andof course, I was filled with joy. I think I have considered everyone, and please, if there is anyone whom I’veforgotten, I offer the most sincere apologies.

Neil Shafer encouraged me with his words to complete my work. I would particularly like to thank thosewho helped me to make the publishing of this book possible: First (and again), to my friend and commer-cial partner Arturo Arutium Airopetian, because he believed in my project, and to his wife, Julia Mekhanik,the designer of the cover for both volumes. Secondly, I’d like to thank my closest assistants: AlessandroJuarez, for all his help with computers; thanks to Eduardo Lodigiani, who was in charge of correcting Spa-nish lay-outs of this second volume. Thanks to Nina Viktorovna Vandurova, my Russian teacher and trans-lator, and to Marina “Umi” Romeo, my Japanese and English translator. Both Nina and Umi also helped withthe scanning of bank notes.

I would also like to thank Alex Golberg, Israeli dealer specialized in former USSR bank notes, to whom Iowe some of the images displayed in this book. Thanks to Leandro De Vedia, Argentinean dealer who of-fered me many samples to scan. Thanks to the Armenian Numismatic Society, especially to Mr. Y. Nerces-sian for all the images he mailed me, and of course all the questions he patiently answered. Many Thanksto the Armenian Bank Numismatic section, especially to Mr. Gevorg Mughalyan of the Numismatic De-partment, who answered all my questions concerning the Armenian bank note issuance. I must thank Mr.Ba-grat Sahakyan, an important collector from Erevan, in Armenia. Thanks to Mark Glazer, with whom I sha-red data. Thanks to the Central Bank of Georgia, to Mrs. Ekaterine Galdava, Vice President of the NationalBank of Georgia, to the Director of the Numismatic Museum, Maguli Todua, as well as Manana Dalakish-vili, and my special gratitude to the Minister of Culture of Georgia, Mr. Nikoloz Vacheishvili, who answe-red my questions. I must thank Alex Mikaberidze, who kindly translated Georgian-language bank notes andgave me some cultural information; to Peter Symes, who helped me with the data hunt for such difficult in-formation as about Iranian Azerbaijan and Azerbaijan.

And at last, but not least, and first place in my heart, to my wife Josefina for her never ending patience to“suffer” all my long absences (hours and hours in front of my PC, collectors meetings, dealers, friends, etc),also for her dedication and supporting by answering the many e-mails I receive. Josefina was patient enoughto stand by my side (even though she is not fond of paper money) until Maastricht Convention was overand we finally started to enjoy our honey-moon. I don’t know, I feel like I owe her something for the rest ofmy life. After the convention along came Helsinki, St. Petersburg, Moscow, Riga and Tallinn (to completethe honey moon), but these are also some of the museums and bank notes we’ll be discussing in Volume 3 …

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Explanatory note: Most bank notes are scanned at their size; when they are not, there will be an indication expressed in millimeters stating their real size. Since this catalogue is printed in color and it is accompanied by digitalized images of the bank notes, the description of the color is omitted. I do not use abbreviations but for a few exceptions along the whole catalogue. The most used abbreviations refer to the preservation status of the bank notes and are the following ones: XF= Extremely Fine. This means that the bank note has few signs of having been circulated (small and minimum folds, being able to appreciate perfectly the quality of the paper and all the bank note designs). UNC= Uncirculated. This is the bank note that has no signs of having been used at all. Every collector’s ambition. Obv= Obverse. This is the main face of the bank note, where the value (expressed in numbers, letters or both) and the name of the issuing bank are printed. The bank note, more spacious than the coin and (also) more recent in time, usually expresses new political realities; it prefers to make reference to historical characters and allegoric shapes or to drawings that represent the progress. In general terms, the obverse of the bank note shows the serial number (a unique number assigned to each individual bank note), the issuing date and the signatures; said data closely links the issuing year (many bank notes are apparently equal but the signature can show the degree of rarity -uncommonness- and this way the price can increase). Rev= Reverse, the back side of a note. This face often illustrates messages of decrees together with pictures of historical buildings or national symbols. S= Signature. ? = This interrogation mark is used along the catalogue when I count with no concrete information concerning the real existence of certain bank note variant. zz) = Bank note variants have a correlative order in numbers and letters in alphabetical order, but when the letters zz appear this means that those are variants given by printing mistakes that can be shown in any of the preceding letters. Ovpt= Over stamped. W= With W/o= Without. WMK= Watermark: it is one of the most obvious security features of a paper bank note. When held up to the light, an image can be seen in the paper, usually a portrait similar to that printed on the note. The image of the watermark is caused by different thicknesses of paper, with light areas of the watermark being a result of thinner paper. The highlighted effect of “ultra thin" paper is sometimes used as an added security effect in small specific areas within a watermark, e.g. a denomination may appear as a "highlighted" portion compared to the main bulk of the watermark. Unpt= Unprinting. Prices: All the prices in this catalogue are expressed in American dollars.

Glossary and Terminology Threads: they are embedded within the paper fiber and can be completely invisible or have a star burst effect, where the thread appears to weave in and out of the paper when viewed from one side. However when held up to the light, the thread will always appear as a solid line. Features can be built into the thread material e.g. micro printing on a transparent plastic thread or adding materials so they fluoresce under ultraviolet light. The thread is a difficult feature to counterfeit but some counterfeiters have been known to print a thin grey line or a thin line of varnish in the area of the thread. Micro printing: Tiny messages can be worked into designs and printed by both the intaglio and litho printing processes. On the other hand, due to all counterfeiting techniques, these tiny messages might be lost; therefore, they offer good protection to that extent. Latent images: They are produced by intaglio print and the protection they offer is directly a result of the tactile nature of intaglio print. When viewed straight on, a latent image reveals nothing but

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lines...and that is if you look closely! But if viewed at a glancing angle, an image appears. This is a result of the intaglio print occluding the paper and creating a contrast. Intaglio: Detail. This is not strictly a design feature but the hand engraving mechanism by which intaglio images are initially generated produces such tonal variety and detail that it is in itself a security feature. Details such as those seen on the right are difficult to capture by any counterfeiting technique and as a result, areas in which Intaglio is primarily used, generally appear flatter and lacking the tonal variety seen in an original. Fluorescent: Inks Materials which fluoresce under ultra violet light can be added to most inks. They can be incorporated into a visible design element or an invisible design element (i.e. printed as a transparent feature). When viewed under ultra violet light all is revealed. Optically Variable Inks: Optically variable inks or OVI contain tiny flakes of special film which changes color as the viewing angle is varied. The result is an ink which has this same optical property, changing color as the viewing angle is varied. They are very expensive inks and generally only used in small areas. An OVI feature is sometimes printed using the silk screen process. They do, however, offer excellent protection against all counterfeiting methods. Holograms: They are a relatively expensive security feature but do offer excellent protection. The image we see from a hologram will depend upon the angle of viewing and multi colors are always visible. Specimen: Sample of original notes for private distribution to banks and different financial organizations for identification purposes, just prior to the release of a new series. They are printed with the same equipment as the real item, but carry no monetary validity. To indicate this, they are usually overprinted or perforated with the word "SPECIMEN" or have punched holes on the signatures Counterfeit (forgery): Illegal copy of a note. The contemporary counterfeits were made by Governments or individuals to pass side by side with genuine notes. Modern counterfeits were made to fool collectors (it is virtually an unknown problem in paper money collecting, with exceptions of overprints, additional stamps or very poorly unsecured printed emergency notes). Replacement Note - A note printed with a special symbol before the serial number, or with a special serial number prefix, used to replace notes damaged during the manufacturing process. Uniface - Banknote with printing on one side only. CATALOG FORMAT. One of the great challenges in compiling a catalog is the development of a coherent system for the listing of issues. In this catalog, items are listed as follows: country by country and at the end of each historic and numismatic description, the catalog is further subdivided into the local currency of each of the mentioned countries. This catalog’s system follows as this: Os = Over stamp. TC = Transcaucasian Commissariat. G = Georgia. GS = Georgian Republic separatist territories. GL = Georgian Local currency. Az = Azerbaijan. AzL = Azerbaijan. Local currency. AzI = Iranian Azerbaijan. TS = Federation of Socialist Soviet Republic of Transcaucasia. Ar = Armenia. ArL = Armenia Local currency. WA= Western (Ottoman) Armenia. Sd = Souvenir for your donation. Nk = Nagorno Karabakh.

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References: In Turquoise: border of former Russian empire in 1914. In red: Former U.S.S.R border 1945-1991. In magenta: Iranian Azerbaijan. In orange: Currency of the area to be developed on this volume.

Transcaucasian Czar Administrative division.

This land, geographically and politically considered Transcaucasia, is a whole world apart. The Caucasian cordillera can be located between the Black sea (to the west) and the Caspian Sea (to the east). This high mountainous Intercontinental isthmus (if both Europe and Asia were considered as

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separate Continents and not as Eurasia) formed by a strong chain of about 1,100 kilometers long, offers greater obstacles to circulation than the lower elevated chain of the Ural mounts (the well-known Darial’s strait has been the most frequented route of several groups of invaders or migrants that crossed the isthmus). The strip has about 1,000 km length, and a total surface of 186,100 square kilometers. (Barely 3,000 sq. km. more than North Dakota U.S.A and 1,000 less than Syria). From west to East, the area shows a fluvial plateau by the Black Sea, damp climate and abundant vegetation. This is a scarce population area mainly due to climatic conditions, which can lead in some cases to an intolerable stay: excessive humidity in the air, high temperatures, rivers out of their stream by the excess of rain and the low slope of the land, which generates stinking bogs; summing up, an ecological environment not suitable for people to live in. The fertility of the area can not be used properly, among other reasons, because of the high level of disease profusion, such as malaria, which has destroyed populations that are now buried under the jungle shrubs. On the other hand, to the East a dry area of mounts and hills can be seen. They only allow growing in extensions near water streams, which can make watering easier. Kura River and its affluent, the Araxes, slowly travel through a rocky and dry plain that gets in Azerbaijan and turns more humid the nearer it gets to the Caspian Sea. Kura generates a fertile depression when it flows into the sea. To the south of Georgia and the west of Azerbaijan, the Armenian region spreads out, which is volcanic and predominantly high (its higher elevation is the Ararat mount, 4095 meters, which is nowadays under Turkish territory). A succession of plains forms the topography of the country, in which a few fertile woods in a desert and steppe environment are alternate. It’s only possible to grow on humid valleys. On the other hand, the geological and topographical determination of the area has also played the part of a shelter for a great number of contingents that once used to be entire tribes. These people, having conflicts with their neighbors or due to specific historical situations, found natural protection in the area. Here, along with great national groups such as Armenians, Azerbaijani and Georgians, a large number of ethnicities of the most diverse racial and linguistic origin can be found. The area is composed by several nationalities, although there is some historical determined predominance. The fact that the area is a ‘natural shield’ for neighbor tribes has generated a multiethnic coexistence that also has its linguistic correspondence. Throughout the years, the settlement of small and diverse tribal groups in this area has brought up an interesting ethnical complex: there are more than 30 minority racial groups. For sure, this anthropological difference results in one of the causes of the transcaucasic political ups and downs, characterized by conflict and instability. In 1846, Russia created the Viceroyalty of Transcaucasia naming N. Vorontzov as Viceroy, who ruled until 1854. His successors: N. Muraveov, (1854-1856), Prince Aleksandr Ivanovich Baryatinsky (1856-1862), the Great Prince Mikhail Nikolayevich (1862-1881), from 1882 until 1905 were Civil Administrators of the Caucasus: Pr. Aleksandr Mikhailovich Dondukov-Korsakov.1882-1890, Sergei Aleksandrovich Sheremetyev.1890-1896, Prince Grigorii Sergeievich Golitsyn1896-1904, Yakov Dmitriyevich Malama (acting), 1904-1905. In 1905, after revolution, Vorontzov-Tashkov (1905-1915) and Great Prince Mikhail Nikolayevich (1915-1917) were Viceroys again. From December 9, 1867 Transcaucasia was divided into five provinces: Kutaysi, Tbilisi, Elizavetpol and Baku. After 1878, Kars was added as a province. In the area, peasant’s middle life level (during Nicholas II Reign until the World War I outbreak) was low (even in comparison with the European Russia), and even lower in Azerbaijan than in any other place. Peasants came through a feudal system of land possession between Azerbaijan’s Muslim BEKS and the princes of Christian Georgia. Armenia, had a lower commercial and intellectual class than Georgia, but did not have a proletariat; from 1867 to 1901, oil production in Russia (primarily in Baku and to some extent in Grozny) increased. Meanwhile, in Baku, the railway and oil production forced the installation of a proletariat (mainly Russian) which brought its own local characteristics. The ethnical frontiers were still not properly defined.

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Georgia’s capital had a great number of Armenian population, making Georgian nationalism to be anti-Armenian and not anti-Russian, mainly because there were no Russian landowners or bourgeoisies. Russian power was concealed and indiscernible. Transcaucasia racial frontiers were confusing and caused arguments right after Russian power was dissipated. Money begins to differ. From March 27, 1917 every branch of the Central Bank of Russia, according to general instructions dictated by the provisory Government, started to over stamp Freedom loans debenture bonds = “5%F.L.D.B” (see Vol. I pp 74-83). In Transcaucasia only bank notes which highest nominal value was 100 Rubles were over stamped. Most people were loath to take these bank notes and when the time came to receive the money, they would quickly go and change it. (Grossen law: Bad coin eliminates the good one). That is why this paper money is more than rare nowadays. Technically, it is not possible to say that this over stampings were actually new issues and must, in consequence, be considered as part of the collection of the Russian Bank notes. The following branches of the Russian Bank in Transcaucasia over stamped Freedom loans debenture bonds: GEORGIA

, . BORZHOMI. Os1) 100 Rubles Ovpt on 100 Rubles 5 % Freedom Loans Debenture Bonds …….………..…RARE.

, . GUDAUTY. Os2) 42 Rubles and 50 K w / validation ovpt on 50 Rubles. 5%F.L.D.B.…...….……...………RARE. Os3) 85 Rubles w/ validation ovpt on 100 Rubles 5%F.L.D.B...............................................….RARE.

, . GORI. Os4) 50 Rubles. Ovpt on 50 Rubles 5%F.L.D.B …..……………………………....…...………RARE.

, . SUKHUMI. Os5) 50 Rubles. Ovpt on 50 Rubles 5%F.L.D.B …………………………..………….…..……RARE.

. TIFLIS Os6) 50 Rubles. Ovpt on 50 Rubles 5%F.L.D.B ……………………………...……….…….…RARE.

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Os7) 100 Rubles. Ovpt on 100 Rubles 5%F.L.D.B ……………...……………………..……XF 55.00. AZERBAIJAN

BAKU W/ Stamp KAZNACHEYSTVA Os8) 17 Rubles w/ validation Ovpt on 20 Rubles 5%F.L.D.B.………...………... ……….…XF 35.00. Os9) 34 Rubles w/ validation Ovpt on 40. Rubles 5%F.L.D.B ...…………..…………..……XF 46.00. Os10) 42 Rubles Y 50 K w/ validation Ovpt on 50 Rubles 5%F.L.D.B …….………..…..…XF 55.00. Os11) 85 Rubles w/ validation Ovpt on 100. Rubles 5%F.L.D.B.…...……………...…….…XF 30.00. W/ Stamp . . OTDELENIE. GOS. BANK. Os12) 17 Rubles w/ validation Ovpt on 20 Rubles 5%F.L.D.B …………………..……....…XF 30.00. Os13) 34 Rubles w/ validation Ovpt on 40 Rubles 5%F.L.D.B ……………………...…...…XF 39.00. Os14) 42 Rubles Y 50 K w/ validation Ovpt on 50 Rubles 5%F.L.D.B ………………....…XF 35.00. Os15) 85 Rubles w/ validation Ovpt on 100 Rubles 5%F.L.D.B ………....……………....…XF 25.50. ARMENIA

. ERIVAN Os16) 25.000 Rubles Ovpt on 25.000 Rubles 5%F.L.D.B........................……..……………UNIQUE. From January 1918, State Treasury notes ( ) began to circulate in the Russian territory. Oddly, after declaring the Transcaucasian independence, some banks still adopted these bank notes for circulating by over stamping them. (They are so rare, that it is even more difficult than finding Freedom loans debenture bonds over stamped in the same area.) (See Vol. I pp 90-99.) GEORGIA

. SUKHUMI Os17) 50 Rubles 1918. Large over stamp (black) on 1914 State Treasury Note.................…XF 30.00. Os18) 50 Rubles 1918. Small over stamp(red) on 1914 State Treasury Note ….................…XF 30.00. Os19) 100 Rubles 1918. Black over stamp on 1914 State Treasury Note.….........…….……XF 30.00. Os20) 100 Rubles 1918. Red over stamp on 1914. State Treasury Note ….....………...……XF 30.00. Os21) 100 Rubles 1918. Black over stamp on 1915 State Treasury Note ….....…..……...…XF 30.00. Os22) 100 Rubles 1918. Red over stamp on 1915 State Treasury Note …...........…….….…XF 30.00.

AZERBAIJAN

. BAKU. Over stamp on state treasury 5% Short-term obligations (See Vol. I pp 66-69.)

Os23) 1000 Rubles 1918………………………………………………….............……………..RARE. Os24) 5000 Rubles 1918……………………………………….………………………………..RARE.

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ARMENIA . ERIVAN.

Note: Coupons circulated in Russia by decree signed on February 12 1918. (See Vol. I pp 100-109.) Os25) 50 Kopecks. Lilac. Over stamp on coupon of State Treasury Note ……..……………... RARE. Os26) 1 Ruble. Over stamp on coupon of State Treasury Note ……………...…..…………..... RARE. Os27) 2 Rubles. Over stamp on coupon of State Treasury Note …………………………….... RARE. Os28) 10 Rubles. Over stamp on coupon of State Treasury Note …………………………….. RARE. Os29) 95 Kopecks. Over stamp on 1 Ruble coupon of 4 % interest government notes..……... RARE. Os30) 1 Ruble 90 Kop. Over stamp on 2 Rubles coupon of 4 % interest government notes …..RARE. Os31) 4 Rubles 75 Kop. Over stamp on 5 Rubles coupon of 4 % interest government notes. ... RARE. Os32) 9 Rubles 50 Kop. Over stamp on 10 Rubles coupon of 4 % interest government notes... RARE. Os33) 47 Rub.50 Kop. Over stamp on 50 Rubles coupon of 4 % interest government notes UNIQUE? Os34) 1 Ruble 90 Kopecks. Over stamp on 2 Rubles coupon of farmer’s land……….….....UNIQUE? Os35) 2 Rubles 13 Kopecks. Over stamp on 2 Rubles 25 Kop. coupon of farmer’s land …...... RARE. Os36) 2 Rubles 37 Kopecks. Over stamp on 2 Rubles 50 Kop. coupon of farmer’s land......UNIQUE? Os37) 1 Ruble 25 Kopecks. Over stamp on 5% internal interest notes 1914 issue ………….... RARE. Os38) 2 Rubles 50 Kopecks. Over stamp on 5% internal interest notes 1914 issue ……...….... RARE. Os39) 5 Rubles. Over stamp on 5% internal interest notes 1914 issue …...…….…………...... RARE. Os40) 25 Rubles. Over stamp on 5% internal interest notes 1914 issue ….…………...…….…RARE. Os41) 12 Rubles 50 Kopecks. Over stamp on 5% internal interest notes 1915 issue ……....UNIQUE? Os42) 137 Rubles 50 Kopecks. Over stamp on 2nd 5% internal interest notes 1915 issue…. UNIQUE? Os43) 2 Rubles 75 Kopecks. Over stamp on 5 ½ % interest military notes 1915 issue….....UNIQUE? Os44) 13 Rubles 75 Kop. Over stamp on 5 ½ % interest military notes 1915 issue…. UNIQUE? Os45) 2 Rubles 75 Kop. Over stamp on 2nd 5 ½ % interest military notes 1916 issue ..UNIQUE? Os46) 1 Ruble 37 kop. Over stamp on 2nd 5 ½ % interest military notes 1916 issue …UNIQUE? Os47) 2 Rubles 75 kop. Over stamp on 2nd 5 ½ % interest military notes 1916 issue... UNIQUE? Os48) 13 Ruble 75 kop. Over stamp on 2nd 5 ½ % interest military notes 1916 issue ..UNIQUE? Os49) 27 Rubles 50 kop. Over stamp on 2nd 5 ½ % interest military notes 1916 issue .UNIQUE? Os50) 50 kopecks. Over stamp on coupon of 20 Rubles 5%F.L.D.B …………..…………...…RARE. Os51) 2 Rubles 50 kopecks. Over stamp on coupon of 100 Rubles 5%F.L.D.B …………....…RARE. Os52) 12 Rubles 50 kopecks. Over stamp on coupon of 500 Rubles 5%F.L.D.B ……….....UNIQUE?

Os53) 25 Rubles. Over stamp on coupon of 1000 Rubles 5%F.L.D.B ………………..…….…RARE. Os54)125 Rubles Over stamp on coupon of 20 Rubles 5%F.L.D.B ……………....………..UNIQUE? Os55) 2 Rubles 37 kopecks. Over stamp on coupon of 2 Rubles. 50 kop. Internal profit…..UNIQUE?

TRANSCAUCASIAN COMMISSARIAT (Transcaucasian flag) At the beginning, the Commissariat didn't intend to become a Government or to claim Transcaucasian independence. Its first statement, (published on November 18, 1917), affirmed the complete self-determination of all nationalities proclaimed by

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Russian Revolution, but then again, the Commissariat ‘asked’ only to practice authority up to the summons of the Petrograd Organization meeting. This concept was essentially anti-Bolshevik and the refusal to the dissolution of the Organization meeting (Duma or Seym) put the Federation, in fact, in a position of relative independence. Transcaucasian bonds: On November 24, 1917 The Transcaucasian Region declared its independence from the Central government. The Bonds of Transcaucasian Commissariat entered into circulation on February 4, 1918. They were issued until September 1919 and printed on paper without water mark in Tiflis in the former headquarters’ building. Signatures

EUVGENI GEGECHKHORI (PRESIDENT OF THE COMMISSARIAT).

KHACHATUR KARJIKIAN (COMMISSARIAT OF FINANCE).

Examples: color and paper varieties.

TC1) 1 Ruble 1918. 3.000.0000 pieces were issued. a) W/ varnish………………...……………………………….....XF 3.75. // UNC 6.50. b) W /o varnish. …………..……………....………...………..…XF 3.25. // UNC 6.00.

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a) b) TC2) 3 Rubles 1918. Rev. idem TC1. 4.200.000 pieces were issued. a) W/ varnish. ………...……..………………..………..…XF 3.00. // UNC 5.00. b) W / o varnish. ….…………………..….…...………..…XF 2.65. // UNC 4.50.

Detail varnish.

a)

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b)

TC3) 5 Rubles 1918. 4.520.000 pieces were issued. Series 04xx, 04xx, 04xx, 04xx, 04xx, 04xx.

Münzen & Sammeln

EDITION

&M S

ARUTIUN AIRAPETIAN / MARCELO GRYCKIEWICZ

TRANSCAUCASIANBANKNOTES

Special catalogue for Transcaucasian banknotes (Azerbaijan, Armenia and Georgia) with pricesin US-Dollars.

Die Autoren – selbst begeisterte Geldscheinsammler – leben in Argentinien und haben es sich zur Aufgabe gemacht, eine ganze Katalogreihe zu russischen, baltischen, zentralasiatischen und ukrainischen Banknoten sowie anderen Wertpapieren herauszugeben.

Der vorliegende Spezialkatalog führt als Band II sämtliche Banknoten der transkaukasischen Staaten (speziell die aus Aserbaidschan, Armenien und Georgien) in englischer Sprache, mit zahlreichen farbigen Abbildungen und Bewertungen in US-Dollars auf.

Preis:52,– EUR

Münzen & Sammeln

EDITION

&M SM S&

AIR

AP

ETIA

N /

GR

YC

KIE

WIC

Z ·

TR

AN

SCA

UC

ASI

AN

BA

NK

NO

TES