20 Rials - Mohammad Rezā Pahlavī 5th. portrait, Bank Melli Iran

Bank Melli Iran's use of Harrison & Sons for this series was a deliberate political and commercial alignment — British-printed Iranian currency was the norm through much of the Pahlavi era, and Harrison held the contract through successive portrait changes as Mohammad Reza Shah's official image was periodically updated to reflect his aging and consolidating authority. This note represents the fifth distinct portrait variant in the series, a level of revision unusual for a denomination this modest.

P#69 is among the more frequently encountered examples of the type, having circulated heavily in a period of relative economic stability following the 1953 coup and oil nationalization crisis.