Finally by mid 1981 the true Islamic Republic banknotes were designed and printed by Thomas de Las Rue of England.

     Banknote designs have not changes for the past 25 years (with the exception of a few minor retouches), this has created 13 different signature varieties and 4 watermarks.   I have tried to make the following chart as illustrative and descriptive as possible.  I will appreciate hearing from collectors and dealers with other varieties.

      To assist collectors, I have added two more columns to the chart, showing the smallest and the largest Prefix for each signature variety. (Prefix is the fraction preceding the serial number).

      If you have banknotes where the prefix does not fall in the given range, please let me know so I can update the chart.

Signature #

General Director

Minister of Finance

# 20

Nobari

Bani Sadr

# 21

Nourbakhsh

Namazi

# 22

Nourbakhsh

Iravani

# 23

Ghasemi

Iravani

# 24

Ghasemi

Nourbakhsh

# 25

Adeli

Nourbakhsh

# 26

Adeli

Mohammad Khan

# 27

Nourbakhsh

Mohammad Khan

# 28

Nourbakhsh

Namazi

# 29

Nourbakhsh

Mazaheri

#30

Sheybani

Mazaheri

#31

Sheybani

Safdar Hoseini (small)

#32

Sheybani

Safdar Hoseini (large)

#33

Sheybani

Jafari

Note: Nourbaksh and Nemazi have been re-assigned to the same positions for the 2^nd time and therefore Sign. 28 is same as Sign. 21. In order to keep the Prefix study and the newly issued banknotes in chronological order, we felt necessary to assign #28, rather than use #21.

Wmk: Republic Seal

Wmk: Arms

Wmk: Youth

Wmk: Khomeini

The Current Banknotes of Iran (1981-2003)

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

Pick #

Denom.

Price

Sign. #

Wmk

Lowest Prefix

Highest Prefix

Comments

#132

100 R

$2.50

#20

19/2

44/3

Replacements are 98/99.    Note: Pick lists Sign. 20 and 21.  SIGNATURE #21 DOES NOT EXIST

#133

5,000 R

$8.00

#20

2/1

35/1

Consecutive Pair available at $20.00

#134a

10,000 R

$25.00 

#20

1/1

14/1

Pick Catalog price $125.00 for each of the three signatures.

Pick 134b Consecutive Pair for $20.00

Pick 134c Consecutive Pair for $18.00

#134b

10,000 R

$12.00

#21

42/1

51/1

#134c

10,000 R

$9.00

#22

61/1

88/1

#135

100 R

$3.00

#21

97/3

23/8

Consecutive Pair available at $6.00

#136a

200 R

$2.00

#21

1/1

1/11

Prefix 1/1 available at $4.00, Consecutive Pair $4.00

#136b

200 R

$2.00

#23

42/11

33/14

Consecutive Pair available at $4.00

#136c

200 R

$2.00

#28

46/14

5/15

Sing. #28 is same as #21, Consecutive Pair available at $4.00  Replacement  76/99

#New

200 R

$2.00

#28

#136d

200 R

$2.00

#31

56/15

82/15

Consecutive Pair $4.00

#137a

500 R

#21

10/1

57/12

No variation

#137b

500 R

$85.00 

#22

66/12

89/12

A very scarce note.  

The most scarce signature.

#137c

500 R

#23

8/13

90/17

Exists Small and Large Serial numbers.  A prefix of 36/26 has been seen !

#137d

500 R

$15.00

#23

99/17

12/20

Arms 33/26.  Youth 33/26

#137e

500 R

#24

45/20

9/21

#137f1

500 R

$15.00

#25

41/21

82/25

Long Signature, very scarce.  See Image

#137f2

500 R

$5.00

#25

22/24

93/25

Short Signature

#137fX

500 R

#25

A few pieces have been seen and sold in $50-$80 range.  This is an “Arms” watermark instead of “Youth”. Possibly a printing error where paper from old stock had been mixed with the new watermarked paper. Not listed in Pick.

#137g

500 R

#26

Does not exist, unfortunately it has been re-listed in the new Pick catalog.

#137h

500 R

$8.00

#27

51/26

56/26

Last prefix overlaps with the next

#137i

500 R

$2.00

#27

83/26

26/33

Consecutive Pair available at $4.00

137 Mule

A consecutive serial number pair, both with the same signature #27, but one

banknote with Arms wmk, (P-137h) the other with Youth wmk (P-137i).  

One pair, UNC $35.00   (I like to hear from the experts as to how this could happen).

#137j

500 R

$3.00

#28

27/27

24/28

Consecutive Pair $6.00.    Design Change on 137j

New

500 R

$3.00

#28

19/33

19/33

New Bank Title on back, reads:

“Central Bank of The Islamic Republic of Iran”.

#137k

500 R

$3.00

#28

137l

500 R

$3.00

#28

84/28

10/29

The Bank name has gone back to the old style of: “Islamic Republic of Iran Bank Markazi Iran”

137Aa

500 R

#30

137Ab

500 R

$2.00

#31

84/28

98/28

137Ac

500 R

$2.00

#32

30/29

31/29

 New Listing, not in Pick yet

Note on Pick 137 and 138:   Since these 500 and 1000 Rials were first printed in 1982 (23 years ago), Iran has not issued new designs but rather has kept re-issuing the same notes with different signatures and watermarks.   This has created a rather confusing list with some scarce signatures here and there.  Small and Large serial numbers, and in one case short and long signature, have added more challenge to this 23 year-old long variation list.    Due to the lack of information supplied by the Central Bank, the collectors are NOT aware of the release of certain signatures or watermarks, and this info is discovered after months and from checking the circulating banknotes.  An example is Pick 137f and 138f with signature #25 but ARMS watermark (instead of the regular YOUTH).  Only a few used have been seen.  Evidently a small quantity was printed and was distributed in Shiraz (south of Iran) only.

#138a

1000 R

#21

2/1

56/6

Mosque with name.  

#138b

1000 R

$12.00

#21

88/6

23/8

Exists small and large serial numbers

#138c

1000 R

#22

86/8

33/9

Has small and large serial numbers (large is very scarce). 

#138d

1000 R

$6.00

#23

99/10

58/99

(It seems all P-138d are Replacements, XX/99)

#138e

1000 R

#23

61/11

15/13

#138f1

1000 R

$4.00

#25

28/13

69/20

Long Signature, Large Serial number.  

#138f2

1000 R

$24.00

#25

13/18

13/18

Short Signature

New

1000 R

#25

#138g

1000 R

$5.00

#26

29/18

9/20

Large Serial numbers.  Consecutive Pair available $10.00

Small Serial numbers available at $9.00.   Consecutive pair very scarce

#138h

1000 R

$5.00 

#27

10/20

32/20

Common, but for some reason very hard to find!  (Very small printing.  Prefix 20 only)

#138i

1000 R

$2.00

#28

7/21

8/21

#138j

1000 R

#28

#138A

1000 R

#30

Does not exit.  Have you seen any ???

#139a1

5000 R

$10.00

#21

36/1

59/1

Oval Shape Signature.    Consecutive Pair available at $18.00. 

#139a2

5000 R

$6.00

#21

68/1

81/1

Circular Signature Consecutive Pair available at $12.00. 

#139b

5000 R

$5.50

#22

98/1

39/2

#140a

100 R

$3.00

#21

1/1

60/1

Prefix 1/1 available at $3.50 each

#140b

100 R

$2.00

#22

47/1

43/2

Note: Prefix range overlaps, Consecutive Pair available at $4.00

#140c

100 R

$0.75

#23

49/2

26/3

Consecutive Pair available at $3.00

#140d

100 R

$3.00

#25

81/3

20/4

#140e

100 R

$2.50

#26

26/4

29/4

Consecutive Pair $6.00.

#140f1

100 R

$6.00

#28

47/4

57/4

Small Serial Number

#140f2

100 R

$2.00

#28

48/4

37/5

Large Serial Number Consecutive Pair $4.00

#140g

100 R

$2.00