500 Rials

This note bridges the institutional identity shift from Bank Markazi Iran to the Central Bank of the Islamic Republic of Iran — the same physical plates, the same design, but reissued under the authority of the post-revolutionary state. The overprint or issuer change was a deliberate assertion of continuity in currency while simultaneously marking a clean break with the Pahlavi-era banking establishment.

P-137 and P-137A are the pre-revolutionary siblings; P-137b is where the Islamic Republic formally takes ownership of the series.