2 000 000 Rials

Iran's two-million-rial denomination emerged from the compounding inflation that followed post-revolutionary economic mismanagement, international sanctions, and the long fiscal hangover of the 1980–1988 war with Iraq. By the mid-2000s, the rial had lost so much ground that high-denomination notes were a practical necessity rather than a policy choice — a 2,000,000-rial note was worth roughly $200 USD at official rates at issuance, far less at street exchange.

Pick 154C is a variety within an ongoing series rather than a discrete new issue, differing from earlier states primarily in signature combination. Iran rotated bank governor and finance minister signatures frequently enough that signature varieties within a single design run are among the most reliable dating tools for this series.