Watch List notes:

Armenia, Government Bank, Yerevan Branch, 1920 First & Second Issue Assortment. Armenia, Lot of 9 notes, Includes 1919 (1920) First Issue, 100 Rubles, P-18, Issued, Black on light mustard underprint, back black on light mustard, Armenian text on top left and right margins, S/N C 12 No. 104, Choice to XF; 1920 Second Issues Include 25 Rubles, P-20a, Issued, Choice Fine condition with a small hole in center; 50 Rubles, P-21, Issued banknote, Black on green-blue underprint, Choice XF; 100 Rubles, P-22 Issued, XF; 250 Rubles, P-24 Issued, Choice XF; 500 Rubles, P-26a, Issued, AU; 1000 Rubles, P-27b, Issued, XF-AU; 5000 Rubles, P-28, Choice XF-AU; 10,000 Rubles, Either Armenia P-28 or Russia P-S678, Choice XF. Scarce Armenia assortment that would be difficult to put together today.

Estimate: 300 - 600