The description (translated from German) reads:
“1920, 1R, horizontal pair and 5 on 20 K., vertical pair on registered cover, St. “Yerevan 10. 10. 20″ to Tashkent (arrival postmark)”.
Makes me wonder. Tashkent! Where? It is obviously sent to the company “Fortuna” located in Tiflis. The arrival cancel reads Tiflis too. Not much effort was put into checking this item.
The resolution of the scan is too low for a real check, but the unframed Z overprint could be OK while the 5r HH overprint looks fake.
The easy giveaway for this forgery are the cancels. The serial character seems to be a “d”.
The large Erivan characters are a good effort but the date figures are totally wrong. They look nothing like the genuine ones. Even spotting serifs. They remind me of the Goldkopeck overprints though. The arrival cancel of Tiflis is fake too.