100 Rials Mohammad Rezā Pahlavī

Pick 77 belongs to the first series issued under Bank Markazi Iran, which had only been established by statute in 1960 to replace Bank Melli Iran as the country's central bank — a structural separation of commercial and central banking functions that the International Monetary Fund had long pressed Tehran to implement. Harrison & Sons, already well established as a security printer for Commonwealth and post-colonial currencies, took on the contract early in the new institution's existence.

The watermark remains the sole mechanical security feature on this issue, a relatively modest specification for the period, though consistent with Harrison's output for several regional central banks at the time.