5 Tomans Nasr-ed-Din Shah

The Imperial Bank of Persia was a British-chartered institution, established in 1889 under a concession granted by Nasr-ed-Din Shah, and it held the exclusive right to issue banknotes in Persia for decades. That the bank continued printing notes bearing Nasr-ed-Din Shah's portrait well into the 1920s — long after his 1896 assassination and through the effective end of the Qajar dynasty — reflects the slow administrative inertia of a concessionary bank more answerable to London than to Tehran.

Waterlow & Sons printed the series, as they did much of the bank's output. By 1932, the newly consolidated Bank Melli Iran had absorbed the note-issuing privilege entirely, ending the Imperial Bank's monetary role in the country.