500 Rials = 5 Pahlavi

Pick 36B belongs to the Banque Mellié Iran series issued before the institution was reorganized and rechartered as Bank Markazi Iran in 1960. The Banque Mellié — formally the National Bank of Iran — had held the note-issuing monopoly since 1928, when Reza Shah ended the decades-long privilege of the British-controlled Imperial Bank of Persia. The dual denomination expressed in both Rials and Pahlavis reflects a transitional convention; the Pahlavi unit, equal to 100 Rials, was introduced to honor the dynasty and appeared on higher-value notes through much of the mid-century series.

Signature combinations are the primary variety determinant within this Pick number, and misidentification between 36A and 36B is common in dealer inventory.