Try under Armenia, guess it`s from 1921-1922 (Zumstein nr. 122). 25000 exists in blue (ultramarin) and the whole set is either perforated or unerforated.
Wadmalatz is correct. Armenia 1921 SC#294. Scott's states that except for the 25r denomination, the rest of the series were not regularly issued and used. Counterfeits exist. Yours is the highest denomination.
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