From the Imperial Bank toman to the Iran cheque

Imperial Bank of Persia — One Toman (1906)

Muzaffar al-Din Shah era

1906

Iran's first true paper currency: the British-chartered Imperial Bank issued notes from 1890 with each branch (Tehran, Tabriz, Isfahan, Bushehr, Yazd, Mashhad, Resht, Shiraz, Kermanshah) issuing non-fungible notes payable only at its own counter.

Naser al-Din Shah 1 Toman Banknote (specimen)

Naser al-Din Shah Qajar

c. 1890

The smallest denomination of the earliest Iranian banknote series.

Naser al-Din Shah 10 Toman Banknote

Naser al-Din Shah Qajar

c. 1890–1923

Mid-range Imperial Bank note; a Tehran-payable 10 toman would not be accepted in Tabriz.

Naser al-Din Shah 25 Toman Banknote (specimen)

Naser al-Din Shah Qajar

c. 1890

High-denomination Imperial Bank note — equivalent to a modest annual salary at issue.

Imperial Bank One Toman — Yazd branch overprint

Naser al-Din / late Qajar

c. 1890–1923

A surviving example illustrating the branch-bound nature of early Iranian paper money.

Bank Melli 100 Rial (Reza Shah)

Reza Shah

SH 1317 / 1938

First series of Bank Melli notes featuring the new shah.

Bank Markazi 1000 Rial (Mohammad Reza Shah)

Mohammad Reza Shah

1969–1971

Workhorse high-denomination note from the late 1960s oil-boom era, issued by the newly-founded Central Bank of Iran (Bank Markazi).

Reza Shah 500 Rial Banknote

Reza Shah Pahlavi

SH 1317 / 1938

High denomination of the first Bank Melli series under Reza Shah — equivalent to a substantial sum in the 1930s.

Reza Shah 1000 Rial Banknote (first series)

Reza Shah Pahlavi

SH 1317 / 1938

Highest denomination of the Reza Shah series; rare in collectible grade.

Mohammad Reza Shah 500 Rial Banknote (1976)

Mohammad Reza Shah

SH 2535 / 1976

From the late-Pahlavi 'imperial calendar' (Shahanshahi) series — controversially replaced the Islamic calendar in 1976.

Mohammad Reza Shah 5000 Rial Banknote (1977)

Mohammad Reza Shah

1977

Mid-high denomination of the final Bank Markazi Pahlavi series before the 1979 revolution.

Mohammad Reza Shah 10,000 Rial Banknote (1978)

Mohammad Reza Shah

1978

Highest denomination of the final Pahlavi series — printed on the eve of the 1979 revolution; many were later overprinted with arabesques to cover the Shah's portrait.

Pahlavi 50th Anniversary 100 Rial Banknote

Mohammad Reza Shah

SH 2535 / 1976

Special commemorative note for the half-centennial of the dynasty founded by Reza Shah in 1925.

Overprinted Pahlavi 5000 Rial — Khomeini Arabesque

Transitional issue, Islamic Republic

1979–1981

Following the 1979 revolution, existing stocks of high-denomination Pahlavi notes were over-printed to remove the Shah's image while replacement notes were designed.

Islamic Republic 100 Rial — Khomeini Series

1985 onwards

The 100 rial note became the workhorse low denomination of the post-revolutionary era; later supplanted by the coin.

Islamic Republic 2000 Rial (1982)

1981–1982

Second IR series, with revolutionary imagery replacing royal portraits.

Islamic Republic 5000 Rial (1981)

1981

Second-series IR high denomination; replaced the over-printed Pahlavi notes.

Islamic Republic 10000 Rial (1981)

1981

Highest denomination of the second IR series, issued before the 1992 Khomeini-portrait redesign.

Islamic Republic 10,000 Rial — Khomeini / Damavand

1992 – present

Workhorse banknote of the modern era, reissued repeatedly with security upgrades.