20 Rials Mohammad Rezā Pahlavī

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.