at the moment reaches 17, which is why the Armenian banknotes are able to meet the highest standards accepted in security printing. The most important work was done during the last reprint of banknotes of 1 000, 5 000, 10 000 and 20 000 dram banknotes. All design elements were optimized and consolidated; modern security features appeared not only on the obverse, but on the reverse of the banknotes as well. This work has earned high praise of international community. In particular, at the international conference of banknotes in Singapore in 2011 this approach was considered relevant and effective. The current circulation is difficult to imagine without circulating coins. The first series of circulation coins was issued in Armenia in 1994. Those were the coins with nominal value of 10, 20, 50 luma and 1, 3, 5, 10 dram. Furthermore, since 2003, the second series coins with nominal value of 10, 20, 50, 100, 200, 500 dram were issued. The highest nominal value of the series, 500 dram, was issued in order to replace banknotes of the same nominal value. All the coins, except for 10, 20, 50 luma and 1, 3, 5 dram, which quickly lost their relevance due to high inflation at the time, were struck several times. The third series of Armenian dram banknotes were issued in 2018, to celebrate the 25th anniversary of Armenia's national currency. All denominations for this series are the same as its previous issues except the 2,000-dram banknote which is a newly introduced denomination. The 50,000-dram banknote was re-issued for this series and the omission of the 100,000-dram banknote for this issue. The first three denominations, 10,000 ֏, 20,000 ֏ and 50,000 ֏, were issued on November 22, 2018. The final three denominations, 1,000 ֏, 2,000 ֏ and 5,000 ֏ were issued on December 25, 2018. In 1996–97, circulation commemorative coins (two copper-nickel coins dedicated to the 32nd Chess Olympiad and the 100th anniversary of the birth of Charents, and a gold coin dedicated to the goddess Anahit) were issued for the first time. The next issue of commemorative coins in 2012 was noteworthy as an interesting and modern concept was being first implemented. In addition to 50 dram circulation coins with standard design, commemorative coins with identical specifications were issued in dedication to the 10 regions of Armenia and the Armenian capital Yerevan. The obverse of these coins depicted the most