Armenia put the checks, as issued by Yerevan branch of the State Bank, into circulation. In summer of 1920, banknotes of the 1919 series were introduced in nominal value 50, 100 and 250 rubles. These were designed by H. Kojoyan and A. Fetvajyan and printed by “Waterloo & Sons Limited” in London. This issue stands apart with its original design as it uses national patterns and ornaments full of creativity. In 1921, Yerevan branch of the State Bank issued checks in nominal value 10,000 rubles. Then banknotes of the 1921 series in nominal value 5,000 and 10,000 rubles came in. At some point later, banknotes of the 1922 series in nominal value 25,000, 100,000, 1 million and 5 million rubles as well as bills at par value of 5 million rubles were issued. In 1922 the three republics – Armenia, Georgia and Azerbaijan – united to constitute the Federative Union of Transcaucasian Soviet Socialist Republics. In 1923, the FUTSSR issued in banknotes in nominal value 1000, 5000, 10000, 25,000, 50,000, 100,000, 250,000, 500,000, 1 million, 5 million and 10 million rubles. On December 13, 1922, the FUTSSR was re-organized into the Transcaucasian Soviet Socialist Federative Republic and began issuing banknotes in nominal value 25, 50, 75, 100, 250 million and 1 and 10 billion rubles. The 10 billion rubles banknote was never put into circulation. The 1923 series bill at par value of 1 chervonets was neither put into circulation. Shortly thereafter, these banknotes were replaced although the authorities of Soviet Armenia had the December 20, 1920 decree stipulating that the circulation of banknotes of Soviet Russia was mandatory, too. After formation of the Soviet Union, a monetary reform was passed with an April 15, 1924 government decree issuing resolution on substitution of all types of banknotes in circulation in Transcaucasia for the banknotes of unified samples of the Soviet Union. Money cycle in the Soviet period In 1924, coins were put into circulation in the territory of the Soviet Union. These were in nominal value 1, 2, 3 and 5 kopecks in copper; 10, 15, 20 kopecks in base-alloy silver; and 50 kopecks and 1 ruble in silver. Copper coins of the smallest nominal value of half kopeck were minted in 1925–1928. In 1923, the first Soviet gold coin (1 chervonets in nominal value) was minted. This conformed in all its features to the gold coin worth of 10