the 11th century, the Armenian State of Cilicia (1080–1375) was established on the territory of Lesser Armenia and Sophene. The history of this state spanned two periods – Great Princedom and Kingdom. The coins of the period Princedom (1080–1198) are barely available in unit samples. There is relatively a greater variety of coins of the period of Kingdom (1198–1375) available. Of Cilician issuance one can distinguish coins in silver, billon (an alloy with a smaller amount of silver), copper and a very limited number in gold. Gold coins were called dahekan; silver coins – dram, tagvorin; and copper coins – dang, qartez, pogh. Armenian inscriptions and portrayal of the cross are the main characteristic features of the Cilician coins. During the reign of king Hetum the First (1226–1270) coins carrying bilingual appellations (Armenian and Arabic) were struck. Early in the 13th century, coins of Georgian kings, which were minted of copper in the main and silver in small number, penetrated into the circulation in the northern and eastern parts of Armenia. Coins of Mongolian khans appeared in circulation starting from the 1260s. These were basically silver dirhems and copper fils in small number. Later on, coins of different Moslem dynasties of Turkish origin were used in money circulation. Starting from the 16th-century coins of Iranian shahs dominated in circulation in Armenia. In the 17th century, one can observe a massive penetration of west-European thalers into circulation in Armenia. Until the early 19th century coins of Iranian shahs were circulating in eastern part and coins of Turkish sultans in western part of Armenia. A new era of money cycle arrived after annexation of Armenia to the Russian Empire (the 1st half of the 19th century). Money issues of the empire and, for the first time, paper notes were put into circulation. In the aftermath of the February overturn paper notes of the Russian Provisional Government began circulating in Armenia. Money cycle in 1918–1924 In the aftermath of the October overturn in 1917 Armenia, Georgia and Azerbaijan left the Russian Empire soon to create the Transcaucasian Commissariat, an independent constituency. In February 1918, the Transcaucasian Commissariat issued notes in nominal value 1, 3, 5, 10, 50, 100 and 250 rubles. For the first time, Armenian inscriptions appear on these notes and the numismatic intelligence takes them as the first Armenian paper notes. Achieving independence on May 28, 1918, the first Republic of