Catalog
1.000.000 Rials
| Issuer | Central Bank of the Islamic Republic of Iran |
|---|---|
| Year | 2008 |
| Type | Log in to see details |
| Value | 1.000.000 Rials |
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| Obverse description | Log in to see details |
|---|---|
| Obverse lettering | بانک مرکزی جمهوری اسلامی ایران ایران چک یک میلیون ریال TACHARA PALACE - PERSEPOLIS |
| Reverse description | The reverse is rendered in pink and mauve tones and is dominated by a large, intricate geometric medallion with an elaborate floral rosette at its centre, surrounded by interlocking arabesque guilloche patterns. The upper left carries the English legend "CENTRAL BANK OF THE ISLAMIC REPUBLIC OF IRAN" and "IRAN CHEQUE" in bold lettering, while the denomination "ONE MILLION RIALS" and the numeral "1000000" appear in the right and lower right areas respectively. Marginal Persian text in cursive script outlines the terms and conditions governing the use of this cheque instrument. |
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| Comments |
Iran's first one-million rial note, introduced in 2008, was a direct consequence of chronic inflation that had eroded the purchasing power of smaller denominations to near irrelevance. By that point, the existing 50,000 rial note — itself only introduced in 2006 — was already insufficient for routine transactions of any scale. The jump to one million was striking even by regional standards.
The Islamic Republic has periodically discussed redenominating the rial entirely, renaming it the toman at a ratio of 10,000:1, a reform long debated but never executed at the time this note entered circulation.