Iran’s Kingdom (Pahlavi Dynasty)

The banknotes issued during the Pahlavi Dynasty (1925–1979)—under both Reza Shah (Pahlavi I) and Mohammad Reza Shah (Pahlavi II)—offer a fascinating visual narrative of Iran’s evolving identity, and blending ancient heritage. Banknotes prominently featured Achaemenid and Sasanid motifs, such as Persepolis, Pasargadae, and Susa, to evoke Iran’s imperial past.

These banknotes are highly sought after in auctions, especially due to the longstanding international embargoes against Iran, which have limited their availability outside the country. As a result, demand has surged among collectors worldwide.

Some specimens—particularly uncirculated notes have fetched over $20,000 USD at auction. 

 No serious banknote collection is complete without Pahlavi-era banknotes. These notes not only showcase exceptional design and historical depth, but also carried remarkably high nominal values—even during their time of circulation—reflecting Iran’s economic stature under the monarchy.