Central Bank of the Islamic Republic of Iran Banknotes

The Central Bank of the Islamic Republic of Iran (بانک مرکزی جمهوری اسلامی ایران) operates as the central monetary authority within an inflation-driven system, notably defined by dual rial–toman usage and modern high-denomination banknote structures.

Quick Facts

Country: Iran

Currency: Iranian Rial

Local name: بانک مرکزی جمهوری اسلامی ایران

Institutional Identity

The Central Bank of Iran manages issuance of the rial, oversees monetary policy and regulates a cash-intensive financial system shaped by inflation and sanctions, where official denominations in rials coexist with everyday pricing in tomans (1 toman = 10 rials), creating a dual-value structure unique among major currencies.

Historical Evolution

Established in 1960, the bank transitioned from Pahlavi-era issues bearing Shah Mohammad Reza Pahlavi to post-1979 revolutionary banknotes featuring Ayatollah Ruhollah Khomeini. During the transition, existing notes were modified with black revolutionary overprints covering the Shah’s portrait—now among the most sought-after Iranian issues. In parallel, the system expanded to include high-value “Iran Cheques” (500,000 and 1,000,000 rials), functioning as circulating large-format notes.

Design Philosophy

Iranian banknotes are defined by dense calligraphic layouts, geometric ornament and architectural imagery, combined with a distinctive dual-denomination visual logic in recent issues where leading digits are emphasized and trailing zeros are intentionally faded to reflect the toman system. Designs incorporate intricate guilloché rosettes, wide windowed security threads and detailed watermark portraits, while Iran Cheques often feature larger formats and enhanced security layouts.

For collectors

For collectors, the Central Bank of Iran offers one of the most complex and layered monetary systems in the world, combining revolutionary overprints, dual-currency visual logic and high-denomination Iran Cheques, making Iranian banknotes a distinctive and intellectually rich collecting field.