Paper money coinage of Persia and Iran
Banknotes from the 1890 Imperial Bank of Persia tomans to Islamic Republic rials. 26 catalogued examples spanning Qajar Dynasty, Pahlavi Dynasty, Islamic Republic.
In short
Iranian paper money begins with the Imperial Bank of Persia tomans of 1890, redeemable only at the branch printed on the note, and runs through Bank Melli and Bank Markazi rials to the 1,000,000-rial iran cheques of today. Paper money accounts for 26 of the catalogued Persian and Iranian pieces, spanning 1317 CE – 2535 CE. Banknotes from the 1890 Imperial Bank of Persia tomans to Islamic Republic rials. Denominations struck in this material include Toman, Rial, Pahlavi (coin).
- Catalogued
- 26
- Eras
- 3
- Metals
- 1
- Denominations
- 3
Key facts
| Catalogued pieces | 26 |
|---|---|
| Date range | 1317 CE – 2535 CE |
| Eras represented | Qajar Dynasty, Pahlavi Dynasty, Islamic Republic |
| Metals | Paper money |
| Denominations | Toman, Rial, Pahlavi (coin) |
| Mints | Imperial Bank of Persia (printed by Bradbury Wilkinson, London), Imperial Bank of Persia, Imperial Bank of Persia – Yazd branch, Imperial Bank of Persia (London-printed, Bradbury Wilkinson), Bank Melli Iran (printed by Harrison & Sons, London), Bank Markazi Iran, Bank Melli Iran, Bank Markazi Jomhuri Eslami Iran |
| Issuers | Muzaffar al-Din Shah era, Naser al-Din Shah Qajar, Naser al-Din / late Qajar, Ahmad Shah Qajar era, Reza Shah, Mohammad Reza Shah, Reza Shah Pahlavi, Transitional issue, Islamic Republic |
| First notes | Imperial Bank of Persia, 1890, in tomans |
| Modern issuer | Bank Markazi Iran, from 1960 |
| Highest circulating value | 1,000,000 rial iran cheque |
| Key collecting area | 1979–1981 revolutionary overprints |
Three issuing eras
The Imperial Bank of Persia (1889–1930s) held the note concession under a British charter and printed tomans payable at a named branch — Tehran, Tabriz, Isfahan, Mashhad, Yazd, Bushire and others. Branch scarcity, not denomination, drives the market for these.
Bank Melli Iran took over issuance in the 1930s and moved the unit to rials, with portraits of Reza Shah and then Mohammad Reza Shah. Bank Markazi Iran, founded in 1960, has issued every note since, including the entire Islamic Republic series.
The 1979 overprints
After the revolution, existing note stocks were reissued with the Shah's portrait obliterated by an arabesque overprint, sometimes with the watermark portrait also treated. These transitional notes circulated for several years and are now the most actively collected area of modern Iranian paper, catalogued by overprint pattern, base note and denomination.
Grading and care
Condition dominates value more than in any coin series: an uncirculated note can be worth many times the same design with a centre fold. Learn the standard grades (UNC, AU, XF, VF, F) and check corners, centre folds, pinholes and the crispness of the paper.
Store notes flat in inert polyester sleeves away from light and humidity. Never repair, trim, press or tape a note — all four are detectable and all four destroy value.
Qajar Dynasty · 1789 – 1925 CE
Era overview →Pahlavi Dynasty · 1925 – 1979 CE
Era overview →Islamic Republic · 1979 – present
Era overview →Frequently asked about Paper money
- What was the first Iranian banknote?
- Notes of the Imperial Bank of Persia, first issued in 1890 in toman denominations and redeemable only at the branch named on the note.
- Why do some Iranian banknotes have the portrait blacked out?
- After the 1979 revolution, remaining Pahlavi note stocks were overprinted to obscure the Shah's portrait and kept in circulation while new designs were prepared.
- What is a Paper money?
- Paper money accounts for 26 of the catalogued Persian and Iranian pieces, spanning 1317 CE – 2535 CE. Banknotes from the 1890 Imperial Bank of Persia tomans to Islamic Republic rials. Denominations struck in this material include Toman, Rial, Pahlavi (coin).
- How many Paper money pieces are catalogued on Persian Treasury?
- 26 items, dated 1317 CE – 2535 CE, spread across 3 eras: Qajar Dynasty, Pahlavi Dynasty, Islamic Republic.
- Which metals were used for Paper money coinage?
- Paper money. Each entry records the metal, the approximate weight where known, and a cited reference.
- Which denominations are associated with Paper money?
- Toman, Rial, Pahlavi (coin). Every denomination has its own reference page with dated examples.
- Where were Paper money coins minted?
- Recorded mints include Imperial Bank of Persia (printed by Bradbury Wilkinson, London), Imperial Bank of Persia, Imperial Bank of Persia – Yazd branch, Imperial Bank of Persia (London-printed, Bradbury Wilkinson), Bank Melli Iran (printed by Harrison & Sons, London), Bank Markazi Iran.