The history behind the “Ե” currency of Baku in 1918

In 1918, the city of Baku, which is located in present-day Azerbaijan, issued a new currency known as the “Ե” (pronounced “ye”) banknote. The currency was named after the fifth letter of the Armenian alphabet, which is also pronounced “ye”.

During this period, Baku was experiencing political and economic changes. The city had been under the control of the Transcaucasian Democratic Federative Republic, which was a short-lived state that existed in the South Caucasus region from 1918 to 1919. The new government decided to issue its currency to replace the Russian ruble, which was in circulation at the time.

The decision to name the currency after the fifth letter of the Armenian alphabet was likely due to the significant Armenian population living in Baku at the time. Armenians made up a significant portion of the city’s population and were involved in the city’s economic and cultural life. The use of the Armenian letter “Ե” as the name of the currency was seen as a way to acknowledge the Armenian community’s contributions to the city.

The “Ե” banknote featured the denomination “5” in the Armenian language and also included other decorative elements such as an image of an oil derrick, which represented the city’s oil industry. The banknote had a distinctive design and was highly sought after by collectors.

In conclusion, the decision to name the 5 ruble currency of Baku in 1918 after the fifth letter of the Armenian alphabet was likely a nod to the significant Armenian population living in the city at the time. The “Ե” banknote is now a historical artifact that serves as a reminder of the city’s past and the cultural diversity that existed within it.

Vigen Avetisyan

Image source: Арман Манусаджян ДРЕВНИЕ НАРОДЫ МИРА, ЭТНОСЫ и ПЛЕМЕНА