20 rials 1934
Market Prices
5 salesAbout This Note
This is a Bank Melli Iran 20 Rials note from 1934 (SH 1313), printed by the American Bank Note Company of New York. The note displays the characteristic pink/magenta and cream color scheme typical of this issue, featuring a central portrait of Reza Shah Pahlavi in military uniform with his distinctive tall cylindrical hat on the obverse, and the Lion and Sun emblem (Iranian national symbol) on the reverse. The note is in Fair (F) condition with visible creasing, foxing, and circulation wear consistent with a note that has seen moderate handling over nearly a century.
Common. This is a regular issue note from a substantial printing run during the 1932-1935 period. eBay market data shows consistent sales in the $26-$192.50 range across various condition grades from 2011-2018, with a Fair-graded example selling for $96.95 in 2011. The 2016 catalog value for VG is $200 and VF is $700, indicating ready availability in the collector market. Millions of these notes were issued by Bank Melli Iran, and they remain widely available today.
This banknote was issued during the reign of Reza Shah Pahlavi (r. 1925-1941), the founder of the Pahlavi dynasty who modernized Iran and centralized state authority. The portrait of Reza Shah in military regalia reflects his role as a military reformer, while the Lion and Sun (Shir-o-Khorshid) on the reverse represents Iran's ancient national heraldry and sovereignty. The engagement of the American Bank Note Company demonstrates Iran's integration into international banking systems during the interwar period.
The obverse features a three-quarter profile portrait of Reza Shah Pahlavi facing left, wearing a tall cylindrical military hat (likely inspired by Cossack headgear) and military uniform, centered within an ornate oval frame with concentric circular decorative borders. The reverse depicts the Lion and Sun (Shir-o-Khorshid), Iran's national emblem, shown as a lion in profile facing left with a crown or sun symbol above, enclosed in an elaborate circular medallion frame with scale or chain-like border patterns. Both sides are framed by intricate ornamental borders featuring symmetrical floral and geometric motifs, with denomination numerals '20' positioned in all four corners of the reverse. The overall design reflects the neoclassical aesthetic favored by Reza Shah's modernization programs.
Front side: 'بانک ملی ایران' (Bank Melli Iran / National Bank of Iran); Serial number 'H443400' (appears twice). Back side: Denomination '20' (appears in all four corners); 'بانک ملی ایران' (Bank Melli Iran); 'AMERICAN BANK NOTE COMPANY' (printer attribution). All Persian text references the official issuing authority of this currency.
Intaglio engraving by the American Bank Note Company, New York. The fine line work visible throughout the note, the depth and complexity of the ornamental borders, the detailed portraiture, and the intricate floral and geometric patterns are all characteristic of high-quality intaglio engraving. The precision of the circular frames and the fine parallel lines in the border designs confirm the use of steel engraving plates typical of ABNC's premium banknote production.
This note is cataloged as Pick P-26b, indicating it is the second identified variety of the 20 Rials 1934 issue. PMG records show both P-26a and P-26b variants exist, both printed by ABNC. The visual analysis notes 'Two signature varieties' exist for this denomination, and the back may bear various date stamps (AH 1312, 1313, 1314, or ND). The specific variety here (P-26b) would be distinguished from P-26a by differences in signatures or other minor design elements. The serial number H443400 is visible on both sides of this specimen.
