20 rials 1938
Market Prices
12 salesAbout This Note
This is a VF-grade 20 Rials note from Bank Melli Iran, dated 1938 (SH 1317), featuring Reza Shah Pahlavi in three-quarter profile on the obverse and a dramatic engraving of the Trans-Iranian Railway bridge across the Veresk gorge on the reverse. The note exhibits the characteristic rust-red and orange coloration of this issue, with visible circulation wear including creases and aging discoloration, consistent with its VF condition grade and nearly a century of age.
Common. eBay sales data shows this note type selling consistently in the $30-$180 range depending on condition and grading (PMG-certified examples command premiums). The 2016 catalog value of $150 for VF examples and the regular availability of circulation-grade and graded specimens in the market indicates a substantial print run. VF examples appear with reasonable frequency on the secondary market.
This note was issued during the reign of Reza Shah Pahlavi (r. 1925-1941), a transformative period for Iran's modernization. The obverse portrait depicts the Shah in formal military dress, while the reverse celebrates one of his era's greatest infrastructure achievements: the Trans-Iranian Railway (completed 1938), specifically the famous bridge between Veresk and Dowgal in northern Iran. This mountainous bridge was an engineering marvel of its time and symbolized Iran's modernization aspirations under Reza Shah's rule.
The obverse features a three-quarter left-facing portrait of Reza Shah Pahlavi (depicted as a bald man in formal military dress with high collar), positioned to the right of the composition. Below the portrait is an architectural cityscape representing Persian heritage. The reverse displays a spectacular landscape engraving of the mountain gorge and bridge of the Trans-Iranian Railway between Veresk and Dowgal, rendered in fine detail with careful hatching to show terrain and structure. Both sides are framed by ornate Islamic geometric and floral border patterns. The Lion and Sun coat of arms of Iran appears prominently on the obverse.
Front side: 'بانک ملی ایران' (Bank Melli Iran / National Bank of Iran), '۲۰' (20 in Persian numerals), 'ریال' (Rials), 'فروردین ۱۳۱۷' (Farvardin 1317 / March-April 1938 in the Islamic solar calendar). Serial numbers: 'B 783700' and 'A 783700' (Western numerals). Back side: 'بانک ملی ایران' (Bank Melli Iran / National Bank of Iran). Date equivalent: AH 1317 = SH 1316-1317 (1937-1938 Gregorian).
Intaglio engraving (line engraving) on watermarked paper. The fine line work, detailed hatching in the landscape, and ornate geometric patterns are characteristic of high-security banknote production of the 1930s. The watermark area is visible in the upper left corner of the obverse. This was the standard security printing method employed by Bank Melli Iran for this denomination during this period.
This note is cataloged as P-34Aa, one of five known variants (P-34Aa through P-34Af) for the 20 Rials 1938 issue. The variant designation reflects differences in security features, text positioning, or printer details. The serial number 'B 783700' / 'A 783700' format with Western numerals is consistent with the standard issue. No overprints or exceptional markings are evident in this specimen.
