1 000 000 Rials

Iran introduced million-rial denominations not as a sign of hyperinflation by international standards, but as a practical response to years of accumulated currency erosion — by 2008, the rial had lost so much ground against the dollar that even routine transactions required unwieldy bundles of lower-denomination notes. The million-rial note was a belated acknowledgment of that arithmetic.

The print run of just over 12 million is modest for a high-denomination note in a country of Iran's population, suggesting limited initial rollout rather than emergency printing. Watermark-only security for a note at this face value reflects the period's constrained access to advanced Western printing technology, a direct consequence of sanctions limiting procurement from major security printers.