No subdivisions of the ruble were issued and the currency existed only as banknotes.

Provisional cheques were issued by the First Republic of Armenia in denominations of 5, 10, 25, 50, 100, 250, 500, 1,000, 5,000, and 10,000 rubles.

However, three actual banknotes in denominations of 50, 100 and 250 rubles were printed in the UK by Waterlow and Sons Ltd.

The notes were designed by artists Arshak Fetvadjian and Hakob Kojoyan.

These notes bore Armenian and Russian texts together with communist slogans in various languages on the reverses.