10 000 Rials Ruhollah Khomeini, second issue

Iran's high-denomination notes from this period reflect a currency under sustained pressure — by the time this note entered circulation, chronic inflation had so eroded purchasing power that 10,000 rials amounted to a trivial transaction value, roughly equivalent to a fraction of a US cent at the parallel market rate. The Islamic Republic had been printing progressively larger denominations for decades without redenominating, a policy choice that kept accumulating political awkwardness.

The "second issue" designation within the P#159 series typically indicates revised security specifications or a changed signature pair reflecting a change in Central Bank governorship — Iran rotated through several governors during 2017–2020 under intensifying US sanctions.