5 rials 1938

Common. EBay market data shows multiple VF and F-graded examples selling between $8.50 and $51 USD during the 2010-2015 period, with catalog values for VF specimens at $75 (2016). The consistent appearance of this note in auction records and the wide range of condition grades available indicate a substantial original print run with good survival rates. Pick P-32Ae appears to be a standard regular-issue variant without characteristics suggesting limited production.

This banknote was issued during the reign of Reza Shah Pahlavi (r. 1925–1941), who modernized Iran's financial institutions and centralized monetary control through Bank Melli Iran, established in 1927. The inclusion of the Tomb of Daniel at Susa on the reverse reflects the Shah's nationalism and pride in Iran's ancient Persian heritage, while his own portrait on the obverse exemplifies the cult of personality promoted during his modernization efforts. The 1938 issuance date (SH 1316) places this note during the interwar period when Iran was asserting greater independence in currency design and production.

The obverse features a three-quarter profile portrait of Reza Shah Pahlavi facing left, depicted in full military uniform with decorations and medals, positioned on the right side of the note. The central design element is an ornate circular medallion containing Persian calligraphy, likely representing the nation's motto or state emblem. The reverse depicts the Tomb of Daniel (Qabr-e Danyal) located in Susa, one of the ancient Achaemenid capitals, rendered as an architectural structure with a prominent square minaret tower, crenellated walls, and decorative arches. An oval portrait medallion of a bearded historical or religious figure appears to the right of the architectural scene. Both sides are bordered by intricate ornamental patterns featuring floral and geometric designs with heart-shaped corner ornaments, characteristic of the refined aesthetic of early Bank Melli Iran notes.

Front side: 'بانک ملی ایران' (Bank Melli Iran / National Bank of Iran), 'پنج ریال' (Five Rials), serial number '۹۰۱۲۳۰' (9012730 in Persian numerals, repeated), signature name 'حسین علی پارسیانی', and 'پیرائیل' (additional designation/title). Back side: 'پنج ریال' (Five Rials), and '۱۰' (10, denomination indicator in corners).

Intaglio engraving (line engraving) with multicolor printing. The note exhibits the fine detail work, sharp lines, and complex border patterns typical of high-security intaglio production. Security features include watermarks in the central medallion (obverse) and oval portrait medallion (reverse), and the microscopic detail work in the architectural elements and border patterns. This note was produced by Bank Melli Iran's printing facilities, which employed European security printing standards during the early Pahlavi period.

The Pick catalog notes this as P-32Ae, a variant with French text on the back (distinguishing it from P-32A, which lacks a bank name in French on the reverse). The observed specimen displays the standard design elements for this variety. Serial numbers in this range (9012730) fall within the normal production sequence. The signature identified as 'حسین علی پارسیانی' (Hossein Ali Parsiani) may represent a specific signature variety, though further research would be required to determine if multiple signature variants exist for this denomination and year.