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Auction: 24038 - The Dr. Martin M Mortazavi Collection of Persian Banknotes
Lot: 15

(x) Imperial Bank of Persia, [Top Pop] set of front and back Colour Trial Specimen 500 Tomans, ND (1890-1923),
between 1890 and 1923, a total of 1,400 notes were issued for circulation, with 1,399 of them eventually being redeemed, cancelled, and destroyed. By the final audit of the first series on 20th December 1931, only one issued 500 Toman note remained unredeemed.

However, it is evident that notes of nearly all denominations continued to be redeemed even after the final audit in 1931. Fractional redemptions were also carried out, where portions of notes were redeemed with proportional payments, allowing for partial redemptions of a quarter, half, or three-quarters of a note at corresponding percentages of its denomination.

At that time, 500 Toman notes held considerable value, making it plausible that the note was redeemed after the final accounting. Current records do not mention any unredeemed 500 Toman notes, leaving this denomination known today only in its remainder, proof, or specimen forms.

This pair of colour trial specimen 500 Toman notes is the finest of only two pairs graded by PMG in this form. These specimens represent the preliminary stage of the 500 Toman note, where the finalised design is present but with colours different from the issued note. In this case, the vibrant pink background, green, and black of the issued notes front are replaced with harmonious pastel tones of light blue, twilight coral and yellow, elegantly contrasting with the dark grey shades of the lion and sun motifs, the coat of arms, the portrait of Naser al-Din Shah Qajar, and the denomination. This early printing note lacks a date and signature. The back colour trial specimen was printed in navy blue instead of the lime green used for circulation. Both notes are perforated with "SPECIMEN" and were printed by Bradbury, Wilkinson & Co.,
(Pick 9cts1, 9cts2, BNB 111 for the type), in PMG holder 63 Choice Uncirculated, tear (1), 64 Choice Uncirculated (1), (total 2 notes, both finest graded on PMG Census), an incredible and phenomenal rarity!

Subject to 5% tax on Hammer Price in addition to 20% VAT on Buyer’s Premium.

Sold for
£12,000

Starting price
£4800