Collecting Iranian banknotes

Imperial Bank notes are the aristocracy of the field. They were payable only at the named branch — Tehran, Tabriz, Isfahan, Mashhad, Bushire — so a complete branch run is a genuine achievement and most surviving examples are cancelled or heavily circulated.

After the revolution, existing stocks of notes bearing the Shah's portrait were overprinted rather than destroyed. Arabesque patterns, calligraphic devices and counter-stamps were applied to obscure the portrait while the new Islamic Republic designs were prepared. Collectors distinguish official Bank Markazi overprints from later, unofficial applications — a distinction with a large price consequence.

• ✦Compare the overprint's registration and ink against documented official examples.
• ✦Official overprints are consistent in placement across a denomination; unofficial ones vary.
• ✦Watch for cleaned or chemically lightened notes where an overprint has been partially removed.

Most of the depth in modern Iranian collecting lies in varieties rather than in dates. Governors and finance ministers changed frequently, and each combination of signatures produces a distinct collectable. Prefix letters, block letters and replacement indicators add further dimensions.

1. 1Build the type set first — one example of each design and denomination.
2. 2Then add signature varieties, which are inexpensive individually but numerous.
3. 3Then hunt replacements, which are scarce by design and priced accordingly.
4. 4Finally consider specimens and cancelled proofs, the top tier of the field.