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Auction: 23900 - World Banknotes - e-Auction
Lot: 494

Imperial Bank of Persia, specimen 500 Tomans, 1st July 1901, serial number range K00601-K01000,
1,400 notes were issued for circulation between 1890 and 1923, but a remarkable 1,399 of them were later redeemed, cancelled, and subsequently destroyed. Only one 500 Toman issued note remained unredeemed by the conclusive audit of the 1st series on 20th December 1931. A 1,000 Toman note also remained unredeemed, but in this case, the note was reported as stolen and is currently held by a collector.

The presence of this outstanding 1,000 Toman note along with the listing of one unredeemed 500 Toman note in December 1931 therefore casts doubt on the claim made in the Standard Catalogue of World Paper Money (Cuhaj 2006) that these notes were "held in reserve at the National Treasury." This assertion may have originated from a claim that the 1,000 Toman note was kept as a reserve in the Bank's treasury and never entered circulation.

Evidently, notes of nearly all denominations continued to be redeemed after the 1931 final audit. Fractional redemptions also occurred, where portions of notes were redeemed with proportional payments, allowing for the partial redemption of a quarter, half, or three-quarters of a note at corresponding percentages of the note's denomination.

500 Tomans held significant value at that time, and it is conceivable that the note was redeemed after the final accounting. Current records lack any mention of the unredeemed 500 Tomans, leaving this note known solely in its proof or specimen form nowadays. It is this magnificent specimen we are excited to offer in this sale.

The note, printed by Bradbury, Wilkinson & Co., has a serial number range of only 400 pieces with a horizontal specimen perforation. The pink and green obverse of the banknote highlights the denomination in Farsi script at the centre and in all four corners. The date 1st July 1901 is printed in the mid-top centre, accompanied by the signatures of Arthur F. Frundy and Joseph Rabino positioned at the lower centre. A vignette to the mid-right presents a portrait of Nasr-ed-Din in traditional Persian military attire with a fez, while the mid-left vignette displays the symbol of the Qajar dynasty: a crowned lion brandishing a sword against a sunlit backdrop.

This emblem reappears at the centre of the reverse side, accompanied by English text. The serial number K 00601 is printed in the top left corner, and serial number K 01000 is in the bottom right corner.

PMG has thus far only graded four 500 specimen banknotes. Despite the population report showing one note graded higher, further research shows that for this specific type this note is actually the finest graded as one in the higher grade by PMG in fact lacks signatures and a date
(Pick 9s, BNB 111 for type, variety unlisted), in PMG holder 64 Choice Uncirculated, splendid example, perforated specimen, uncirculated and one of only a handful believed extant, an important note

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Sold for
£25,000

Starting price
£14000