1/2 Toman - Mozaffar al-Din Qajar

Mozaffar al-Din Shah's reign produced some of the most financially chaotic decades in Qajar history. Desperate for funds to cover his extravagant European tours, he contracted two massive loans from Russia in 1900 and 1902, mortgaging Iranian customs revenues as collateral. The resulting economic instability fed directly into the Constitutional Revolution of 1906, which the Shah himself reluctantly signed into law just months before his death — making this coin's final years of issue politically among the most turbulent in the dynasty's history.

The Tehran mint's gold output during this period was inconsistent, with striking quality varying considerably across the reign.