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The official currency of Armenia is the Armenian Dram. 1 dram is equal to 100 luma. But luma is not used as a bargaining chip in Armenia due to its meager purchasing power. At an exchange rate of about 500 drams per US dollar, the equivalent of a luma is 0.002 American cents. Since 1994, commemorative and anniversary coins have been issued by the Central Bank of the Armenian Republic. They are made of precious (585, 900 and 999 gold and 925 and 999 silver) and non-precious metals (copper-nickel alloy, brass-plated steel, brass).