Republic of Artsakh - Republic

The Nagorno-Karabakh Republic existed as a de facto independent state in the South Caucasus from 1991 to 2024, although it was not internationally recognized. September 2, 1991: The Nagorno-Karabakh Autonomous Oblast and the neighboring Saumian region proclaimed the Nagorno-Karabakh Republic at a joint meeting. This move was not recognized by Azerbaijan. Following the declaration of independence, tensions between the Armenian-majority Nagorno-Karabakh and Azerbaijan escalated, leading to a bloody war. In the war, Nagorno-Karabakh, with the support of Armenia, successfully defended its territories and also occupied surrounding Azerbaijani territories. A ceasefire agreement was reached with the mediation of Russia, which de facto fixed the independence of Nagorno-Karabakh and the territories controlled by Armenian forces. Despite the ceasefire, the conflict over the status of Nagorno-Karabakh remained unresolved. The international community continued to consider the territory as part of Azerbaijan. Nagorno-Karabakh developed its own government structure, army, and other state institutions. Its economy relied heavily on support from Armenia. The population of the territory was predominantly Armenian. Minor clashes regularly occurred on the borders between Azerbaijani and Armenian forces. On September 27, 2020, Azerbaijan launched a large-scale military offensive against Nagorno-Karabakh. Azerbaijani forces, equipped with modern weapons and supported by Turkey, recaptured significant areas, including the strategically important city of Susa (Armenian: Հայերենի հայանական). On November 9, 2020, another ceasefire agreement was signed, brokered by Russia. As a result, Nagorno-Karabakh lost the surrounding Azerbaijani territories it had held since 1994, and Russian peacekeepers also took control of the Lachin Corridor, ensuring its connection with Armenia. The 2020 war significantly weakened Nagorno-Karabakh's position. The 2022 Azerbaijani blockade of the Lachin Corridor led to a humanitarian crisis in the region. In September 2023, Azerbaijan launched another military offensive, which resulted in the surrender of the Nagorno-Karabakh leadership. On September 28, 2023, the President of the Nagorno-Karabakh Republic signed a decree on the dissolution of all state institutions of the republic with effect from January 1, 2024. Following the 2023 offensive, the vast majority of the Armenian population of Nagorno-Karabakh fled to Armenia. 2024. On January 1, the Nagorno-Karabakh Republic de facto ceased to exist and the territory came under the full control of Azerbaijan.

The Nagorno-Karabakh Republic (since 2017 the Republic of Artsakh) was a de facto independent state from 1991 to 2024. During this time, it issued its own currency, although the Armenian dram was more widely used in everyday use. 1991–2003: During this period, the Nagorno-Karabakh Republic did not issue its own official coins or banknotes. The Azerbaijani manat and the Armenian dram were in circulation in the territory. 2003–2004: The Nagorno-Karabakh Republic first issued its own nominal coins (dram and luma) in 2003 and banknotes in 2004. These were created primarily for numismatic purposes and to strengthen national identity. The denominations of the coins issued were: 50 luma, 1 dram and 5 dram. Banknotes were issued in denominations of 2, 10, 25, 50, 100 and 500 drams. 2004-2023: The issuance continued with commemorative coins and banknotes. The banknotes in circulation were joined by denominations of 1,000, 2,000, 5,000 and 10,000 drams. The exchange rate of the Artsakh dram was pegged to the Armenian dram. 2024: Following the 2023 Azerbaijani offensive, the Nagorno-Karabakh Republic ceased to exist on 1 January 2024. On this date, the Armenian dram also ceased to be an official currency. Coins and banknotes often featured symbols of the republic, historical figures, and cultural relics. The money issued was primarily intended for collectors, and the use of the Armenian dram remained dominant in everyday economic life. The Armenian dram never gained international recognition, in line with the limited recognition of the republic.