20 Tomans Muzaffar al-Din Shah

The Imperial Bank of Persia was a British-chartered institution — established under a concession granted to Baron Julius de Reuter in 1889 — that functioned as Persia's state bank and sole note-issuing authority until Reza Shah established Bank Melli Iran in 1928. That transition didn't immediately end this series; notes continued to be dated into 1932 as the Imperial Bank wound down its circulation role over several years of awkward coexistence with the new national bank.

Muzaffar al-Din Shah died in 1907, nearly two decades before this print run began. His name on notes issued well into the Pahlavi period reflects the Imperial Bank's reluctance — or inability — to retool plates quickly as Persian political authority changed hands beneath it. Bradbury, Wilkinson produced the sheets in Surrey throughout.