since October 24, 1994 and September 6, 1995, respectively. Starting 1998, banknotes of the second series in nominal value 50, 100, 500, 1000, 5000 and 20000 drams were put into circulation. The banknotes of this series meet modern requirements in terms of security, endurance, quality and design. On June 4, 2001, the commemorative banknote in nominal value 50000 drams dedicated to the 1700th anniversary of adoption of Christianity in Armenia was put into circulation. In the period 2004–2005, the banknotes in nominal value 50 and 100 drams of the 1993–1995 series and the 1998 series were withdrawn from circulation. These have been ceased to be a legal tender in the Republic of Armenia yet are allowed to be exchanged at their par in commercial banks and the Central Bank of Armenia, without limitation. In the period 2003–2004, the coins of the second series in nominal value 10, 20, 50, 100, 200 and 500 drams were put into circulation. Since August 24, 2009, the banknote in nominal value 100000 drams was put into circulation. The banknote depicts the king Abgar the Fifth of Edessa. According to accounts of Armenian historians, Abgar was the first king of Armenian origin to have adopted Christianity. He has been venerated by the Armenian Apostolic Church. Since August 1994, Central Bank of Armenia has issued a few dozen of commemorative coins made of gold, silver and cupronickel. 20th century up to 1991 At the start of the 20th century, concentration of capital was taking place in Armenia as capitalistic relations developed. The Russian capital was the dominant one. Major Russian banks were branching out in key towns of Transcaucasia. Branch offices of banks owned by merchants from Azov-Don, Volga-Kamsk, Tiflis and Caucasus, on the whole, opened up in Yerevan. The Public Town Bank opened up in Alexandrapol, Armenia. In 1914, there were 10 banking institutions functioning in Yerevan. Banks were involved in commercial and industrial activities through investing in shareholding companies, in addition to their lending operations. In the times of civil wars the financial and credit system, as well as money cycle, were disrupted; financial rights were just a formality, while no framework was in place to regularize the functioning of treasuries. In the aftermath of the October overturn in 1917 Armenia, the Transcaucasia Commissariat was established, which included Armenia, Georgia and Azerbaijan. Khachatur Karchikyan was appointed as the Minister of Finance of the Transcaucasia