20 rials 1969
Market Prices
21 salesAbout This Note
This is an exceptionally well-preserved example of Iran's 1969 20 Rial note (P-84), graded UNC, featuring Shah Mohammad Reza Pahlavi in military dress on the obverse and an intricate hunting scene with Persian horsemen on the reverse. The note displays the characteristic pink and green color scheme with meticulous engraved detailing throughout, including ornate floral borders and fine cross-hatching that exemplify the craftsmanship of mid-century Iranian currency design. In uncirculated condition, this note represents a desirable example of Pahlavi-era numismatic art.
Common. eBay auction data shows consistent sales of UNC examples in the $9-15.50 range (2014-2020), with catalog values listed at $10 UNC in 2019. The regular issue status, relatively recent date (1969), and multiple surviving examples in the collector market indicate this is a commonly available note. Print runs for Iranian rial notes from this period were substantial, and this denomination was not subject to recall or shortage. The lack of scarcity in the marketplace supports a common classification.
Issued in 1969 during the reign of Mohammad Reza Shah Pahlavi, this banknote reflects the shah's modernization program and Iran's growing economic confidence in the pre-revolutionary period. The reverse's depiction of traditional Persian hunters on horseback represents a romanticized connection to Iran's imperial heritage and pre-Islamic Persian culture, themes the Pahlavi regime deliberately emphasized in national iconography. The formal military portrait of the shah reinforced the regime's projection of strength and authority during this period of relative stability.
The obverse features a formal three-quarter profile portrait of Mohammad Reza Shah Pahlavi positioned on the right, depicted in his military uniform with decorative insignia, rendered in brown tones against a pink and green underprint. The center of the note contains an ornate cartouche with Persian text framed by elaborate geometric and floral border patterns characteristic of traditional Persian design motifs. The reverse depicts a classical Iranian hunting scene with multiple mounted horsemen in traditional Persian attire, shown in dynamic pursuit across a landscape with distant hills, all rendered in detailed engraving with sophisticated cross-hatching and shading techniques. Corner ornaments and decorative frames featuring stylized botanical motifs unify both sides of the design.
Front side: 'بانک مرکزی ایران' (Bank Markazi Iran / Central Bank of Iran); 'بیست ریال' (Twenty Rials); Serial number '122/425459'. Back side: 'BANK MARKAZI IRAN' (English inscription, Central Bank of Iran); 'بیست ریال' (Twenty Rials); Serial number '8972250'. All denominations and issuer identifications are consistent across both sides in Persian/Farsi and English.
Intaglio engraving, printed by H&S (Heraclio Fournier or similar security printer), as indicated in the PMG population report. The fine line work, complex cross-hatching, intricate portrait engraving, and detailed landscape rendering are all consistent with traditional intaglio security printing methods used for high-quality banknote production in the mid-20th century. The sharp clarity of the engraved details visible in this uncirculated specimen demonstrates the precision of the printing process.
This specific example displays serial number 122/425459 on the obverse. PMG has catalogued one primary variant for Pick number 84 (20 Rials). Without evidence of rare prefixes, signature varieties, or known major printings, this appears to be a standard circulation issue from the primary printing run. The note matches the standard H&S printing specifications for this Pick number with no observed anomalies or identifying characteristics of a rarer sub-variety.
