500 Dinar - Mozaffar al-Din Qajar Pattern

Mozaffar al-Din Shah's reign saw Iran's finances in chronic crisis — his European tours, funded largely through two ruinous loans from Russia in 1900 and 1902, drained the treasury while the Belgian-administered customs administration struggled to service the debt. Pattern issues from this period reflect repeated attempts to rationalize the coinage system, most of which never advanced to circulation strikes. KM#Pn28 is among several 1902 patterns that appear to have been prepared for royal or ministerial approval rather than any serious production run.

The .900 fine standard aligns with reform proposals circulating at the Tehran mint during this period, influenced in part by European advisors.