500.000 Rials

By 2000, Iran's inflation-driven denomination spiral had pushed the rial so far that a 500,000-rial note — worth roughly $65 USD at the time of issue — was a practical necessity rather than a prestige piece. Bank Melli Iran, the country's oldest commercial bank and long-serving note-issuing authority before the Central Bank took over that role, had by this point ceded formal currency issuance to Bank Markazi; any 500,000-rial piece attributed solely to Bank Melli warrants close scrutiny of the issuing authority printed on the face.

The P#0 reference signals this note remains unconfirmed in the standard Pick catalogue — a collector's caution flag worth taking seriously before attribution.