1.000.000 Rials

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.