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Auction: 24038 - The Dr. Martin M Mortazavi Collection of Persian Banknotes
Lot: 40

(x) Bank Melli, Iran, [Top Pop] Specimen uncut pair 500 Rials, ND (1932-34 / AH1311-13), serial number 00000,
in the dynamic landscape of 1920s Iran, Bank Melli Iran emerged as a pivotal player during the transformative period marked by Reza Shah's rise to power in 1925. This era, characterised by sweeping economic policies and a fervent push for modernisation, saw Bank Melli established in 1927, rapidly becoming a cornerstone in Iran's financial realm.

In 1930, Bank Melli Iran took over Bank-e-Shahi, the Imperial Bank of Persia, under a new name, further solidifying its central role in the nation's financial sector. The bank's first banknote issues, are known as the 1932 Issues.

In its early years, Bank Melli adeptly navigated the financial landscape, playing a crucial role in supporting Reza Shah's vision for a modernised nation. The meticulously crafted banknotes highlighted its economic prowess and significant role in Iran's transformation.

One of the banknotes produced by the bank is this outstandingly rare, uncut specimen pair of 500 Rials. This pair features a head-on portrait of Reza Shah Pahlavi in military uniform and Pahlavi hat, on the left side, and the majestic Mount Damavand, showcased on the right side offering a powerful representation of Iran's awe-inspiring landscapes. Two diagonal SPECIMEN printed in red are noted surrounding the Mount Damavand representation, the denomination is seen on the corners in Farsi, while in the back the denomination is also displayed in the corners in Arabic numerals and in Farsi at centre below the coat of arms. Two hole punches are visible.

This banknote represented the highest denomination of the 1st series of banknotes issued by the bank. Like all the denominations of this series, this banknote was printed by the American Bank Note Company.

This uncut pair was graded and encapsulated by PMG with the coveted EPQ designation, and it is the single finest example graded,
(Pick 23s1, BNB 106 for the type), in PMG holder 63 EPQ Choice Uncirculated, single finest graded on PMG Census, extraordinary!

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

Sold for
£7,500

Starting price
£1400