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500 Rials Islamic Republic; "Central Bank of the Islamic Republic of Iran" on back
| Issuer | Central Bank of the Islamic Republic of Iran |
|---|---|
| Year | 2003-2009 |
| Type | Standard circulation banknote |
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| Obverse description | Grey and olive underprint. A vignette of the Feyzieh Madressa seminary occupies the lower left, while a large prayer gathering fills the central field. The numeral "500" appears at lower left in close proximity to the seminary building. |
|---|---|
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| Protection type | Watermark |
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| Comments |
The 500 Rial denomination had become so eroded by inflation by the early 2000s that it was worth fractions of a US cent — printing and handling costs likely exceeded its face value in practical terms. Iran's persistent use of such low-denomination notes reflected political resistance to formal redenomination rather than any monetary logic. De La Rue's continued role as printer is notable given US-led sanctions pressure on firms doing business with Iranian institutions; the contract survived longer than many expected before Iranian authorities shifted toward domestic production facilities.