The 20 Rials banknote underwent a key transitional period between 1958 and 1961. Because Bank Markazi (the Central Bank) was established in 1960 (AH 1339), the 1958 issue (SH 1337) was released under Bank Melli (Pick 69), whereas the 1961 issue (SH 1340) marked the inaugural series issued by Bank Markazi (Pick 72).
Both notes share identical dimensions, color palettes, and overall aesthetic frameworks printed by Harrison & Sons in London, but differ in issuing authority, dates, signatures, and bank titles.
The obverse features the mature 5th portrait of Shah Mohammad Reza Pahlavi in military uniform on the right. The reverse depicts the coastal Ramsar Grand Hotel alongside a square featuring a statue of Reza Shah Pahlavi.
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