500 Rials Islamic Republic; "Central Bank of the Islamic Republic of Iran" on back

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.