KM#Pn29 identifies this as a pattern issue — not a circulation strike — produced during the reign of Mozaffar od-Din Shah, whose chronic financial desperation led Iran to accept two ruinous loans from Russia in 1900 and 1902, ceding effective control of customs revenues as collateral. Pattern coinage from this period often reflects abortive monetary reform attempts driven more by foreign creditor pressure than domestic policy.
Whether this piece ever advanced beyond the pattern stage is unclear. The 1902 date places it squarely within the loan crisis years.
KM#Pn29 identifies this as a pattern issue — not a circulation strike — produced during the reign of Mozaffar od-Din Shah, whose chronic financial desperation led Iran to accept two ruinous loans from Russia in 1900 and 1902, ceding effective control of customs revenues as collateral. Pattern coinage from this period often reflects abortive monetary reform attempts driven more by foreign creditor pressure than domestic policy.
Whether this piece ever advanced beyond the pattern stage is unclear. The 1902 date places it squarely within the loan crisis years.