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20 Rials Mohammad Rezā Pahlavī

Issuer Bank Melli Iran
Year 1948-1951
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Size 137 × 69 mm
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Obverse description Portrait vignette of Mohammad Reza Shah Pahlavi in military uniform at right, set within an oval intaglio frame against a multicolour guilloche underprint in salmon and lavender tones. The bank title in Persian script (بانک ملی ایران) appears at upper centre, flanked by the denomination numeral '20' in red at each corner, with an ornate floral arabesque panel at centre supporting the Persian denomination inscription. Two manuscript signatures and a seal appear below the central vignette.
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Protection type Watermark
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Bank Melli Iran had used Bradbury Wilkinson for earlier series, but Harrison & Sons took over printing duties for this issue — a shift that brought the cleaner intaglio work Harrison was known for through their long relationship with the British Post Office. The P#48 series coincides almost exactly with the period of Mohammad Mosaddegh's rising political influence and the nationalization crisis that would engulf Iran by 1951, meaning later-dated examples from this run were circulating during one of the most turbulent episodes in twentieth-century Iranian politics.

The watermark is the sole concession to security on an otherwise straightforward sheet-fed note.

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