Before the Islamic Republic Banknotes (printed by Thomas de La Rue of England) were ready to be placed into circulation, the Central Bank of Iran applied three different overprints on the existing banknotes. These are known as the

 Provisional Overprints.

The Third Provisional Overprint has the arabesque design on Shah's bust (similar to the first two types), plus a calligraphic design on the watermark that reads Jumhuri-Ye-Islami-Ye-Iran (Islamic Republic of Iran). The overprints (mainly in black) are different in size depending on the denomination.

The Provisional Issue, Type III (known as “Islamic overprints”)

NOTE: All the banknotes listed and priced on this and following pages are for Au-Uncirculated condition. For banknotes in lesser grades please contact us.

Catalog #




Banknotes, which are not in stock at the moment, are still listed with a NO PRICE so you can view the image.

Pick #123a

50 R


UNC, Black type B overprint on #101c, Sign. #16

Pick #123b

50 R


UNC, Black type D overprint on #101e, Sign. #18

Note on Pick 123, 50 Rial.  There are two signature varieties on this note. Pick 123a was rather common till a few years ago but is getting hard to find in perfect UNC condition, the overprint is smaller in size compared to the next.   Pick 123b is more common, larger overprint, fractional prefix with signature #18.   Pick has not increased the $20.00 and $7.50 prices, which is a true reflection of the market.


Pick #124a

500 R


Black type F overprint

Pick #124b

500 R


UNC, Black type D overprint

Note on Pick 124, 500 Rial.  Very easy.  Two signature varieties, both available at a reasonable price.  Pick 124a has a smaller overprint and has Signature #16, compared to P-124b which has a larger overprint (Type D), a fractional prefix, and sign. #18.  Pick has kept the prices of $50.00 and $22.50 (respectively) for these two banknotes.


Pick #125a

1000 R


Black type G overprint on #105b, Sign #16

Pick #125b

1000 R


Black type G overprint on #105d, Sign #18

Pick #125c

1000 R


Brown type G overprint on #105b, Sign #16

Pick #125d

1000 R


Brown type G overprint on #105d, Sign #18

Note on Pick 125, 1000 Rial.  Once again two different signature varieties on this denomination, except that each signature has a black and brown overprint making 4 listings.  Try to obtain the black overprints so you will at least have one of each in your collection, the Brown is more a color variety.   Pick has kept the prices at $50, $50, $75, $75 truly indicating that the Brown overprint is worth more.  Sorry nothing in stock at the moment.


Pick #126a

5000 R


Purple type H overprint on #106b, sign #16

Pick #126b

5000 R


Black type H overprint on #106d, sign #18





Note on Pick 126, 5000 Rial.  Like all above denominations, the 5000 Rial also has two different signature varieties, which are listed as 126a and 126b.  While both notes are very scarce, P-126a has not been seen in a consecutive pair!  Once again do not expect to find them in UNC condition; a VF-XF or better should be sufficient.     Pick has kept the prices at $1500 and $350.00 in the new 10th edition.   Color varieties have been seen with the Overprint in black and the script (over the watermark) in purple, or other way, but these are all extremely rare.


ONE LAST NOTE.  From the 4 different denominations only the first two are available at this writing. By next year even these two may not be available.    I have been buying and selling Iranian banknotes for many years (started during the Revolution when I was in Tehran in 1979), and have seen constant increase in prices – especially these last three years.     These notes are NOT available in Iran (the main source of supply), most dealers have sold their stock, there are no hoards, no per-10s, not even in consecutive pairs, if you find the singles, BUY THEM.  Gold, Silver and Gas prices will fluctuate up and down, but the prices for the Iranian banknotes will ONLY GO UP.


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For additional information, please contact us:

Armen Hovsepian, P. O. Box 15204, Lenexa, KS 66285-5204, U.S.A.

FAX (913) 631-8778

Life Member: International Bank Note Society