500.000 Rials

Bank Melli Iran, the country's oldest bank, was established in 1927 specifically to replace the British-controlled Imperial Bank of Persia as the note-issuing authority — a point of considerable national pride that explains why its name has appeared on virtually every Iranian banknote through multiple political regimes, including the 1979 revolution and beyond. By 2000, Iran's currency had been systematically inflated through two decades of post-revolutionary economic disruption, war with Iraq, and sustained international sanctions, which is precisely why a 500,000 rial denomination — inconceivable before 1979 — had become necessary for ordinary transactions.

The Pick number remains unassigned in standard catalogs, suggesting this may be a specimen, a late-series addition, or a note not yet formally catalogued at time of acquisition.