10 rials 1938

Common. eBay price tracking shows VF-condition notes selling for approximately $46 (as of 2017), with catalog valuations of $100 for VF, indicating reasonable availability in the collector market. Print runs for this denomination were substantial, and the note was not subject to large-scale recall or withdrawal. While early Iranian banknotes command collector interest, this particular Pick number does not evidence scarcity characteristics.

Issued during the reign of Reza Shah Pahlavi (r. 1925-1941), this note reflects early 20th-century Iranian monetary modernization under the Shah's centralized reforms. The Alborz mountain landscape depicted on the reverse symbolizes Iran's natural heritage and national identity, while the portrait of Reza Shah emphasizes the Shah's authority as the modernizing force of the nation. Bank Melli Iran, established as the central bank, assumed note-issuing authority during this pivotal period of institutional consolidation.

The obverse features a left-facing three-quarter profile portrait of Reza Shah Pahlavi rendered in fine engraved detail, positioned on the right side without headwear, conveying formality and Western-influenced state portraiture. The center displays an ornate decorative cartouche with Persian calligraphy framed by intricate floral and geometric borders with corner medallions. The reverse depicts a romanticized Alborz mountain valley landscape with a river or stream in the foreground, cypress trees, and a riverside settlement with buildings, all surmounted by a circular seal or emblem in the center-upper portion. The entire design is framed by ornamental geometric patterns consistent with early 20th-century banknote aesthetics.

Front: 'بانک ملی ایران' (Bank Melli Iran / National Bank of Iran); '۱۰' (10 in Persian numerals); 'ریال' (Rials); Serial number '۷۲۱۱۹۶۹' appearing in upper left and right corners in Persian numerals. Back: '۱۰' (10 in Persian numerals) in corner medallions; 'ریال' (Rials) in corner medallions.

Intaglio engraving (copperplate engraving), the standard security printing technique for banknotes of this era. The fine line work visible in the portrait, landscape details, border patterns, and decorative elements is characteristic of high-quality intaglio production. The printer for Bank Melli Iran notes of this period was typically a European security printer, though specific attribution for P-33Ac would require additional documentation.

This note is cataloged as P-33Ac, representing one of five known variants for the base Pick number P-33. Variants documented include P-33Aa, P-33Ad, P-33a, P-33b, and P-33c. The specific distinction for P-33Ac versus P-33A (noted in the catalog reference as lacking French text on the back) appears to relate to the presence or absence of French-language inscriptions. The serial number observed (7211969) in Persian numerals is consistent with the issue period. Additional variants likely differ in date stamps (the catalog references a blue date stamp of 1320 on some examples), signatures, or language variants (Western versus Persian numeral serials).