500 rials 1938

Common. Market data indicates consistent availability with VF examples selling in the $150-160 range on eBay in recent years (2016 sale at $157.50), and catalog values of $750 for VF are typical for moderately circulated notes from major world banks. The print run for this series was substantial, and the note remains readily available in collector markets. The absence of any catalog notation regarding limited printings or recall status, combined with eBay transaction frequency, confirms this is a standard common-grade collectible.

Issued during the reign of Reza Shah Pahlavi, this note reflects the modernization and centralization efforts of the Pahlavi dynasty in early 20th-century Iran. The inclusion of Cyrus the Great's tomb on the reverse connects contemporary Iranian nationalism to ancient Persian imperial glory, a deliberate choice by Reza Shah to legitimize his rule through historical continuity. The portrait of the Shah in military dress emphasizes the regime's military modernization and the authority of the new dynasty.

The obverse features a formal portrait of Reza Shah Pahlavi positioned on the right side in profile facing left, depicted in full military dress uniform as Commander-in-Chief of the Iranian armed forces. The central composition showcases the Lion and Sun (Shir-o-Khorshid) symbol of Iran within an ornate circular medallion with radiating rays, crowned and enclosed in an elaborate decorative frame—the primary national emblem of Iran. Flanking the central medallion are two standing figures in traditional Persian court dress holding ceremonial staffs, representing Persian cultural heritage. The entire design is framed by intricate Islamic geometric and floral patterns in blue and pink tones. The reverse depicts the Tomb of Cyrus the Great (Mausoleum of Cyrus II) at Pasargadae in a detailed engraved landscape, showing the distinctive multi-tiered stone structure set within a mountainous terrain, surrounded by the same ornate decorative border framework with corner medallions containing Persian numerals.

FRONT: 'بانک ملی ایران' (Bank Melli Iran - National Bank of Iran); 'پانصد ریال' (Five Hundred Rials - denomination); 'تاریخ دوره' (Date of Issue); '1317' (1317 in Persian Solar Calendar, equivalent to 1938-1939 CE); 'D403507' (Serial number in Western numerals, appearing at four corners). BACK: 'بانک ملی ایران' (Bank Melli Iran); Location/monument identification text in Persian script.

Intaglio (steel engraving) printing on banknote-grade paper, the standard security printing method for Bank Melli Iran during this period. The fine line engraving visible throughout the borders, the crisp reproduction of the portrait and architectural details, and the complex geometric patterns are characteristic of high-security intaglio production. The multiple color layers (blue, pink, purple overprints on cream base) were achieved through sequential intaglio passes, a technique that provided security against counterfeiting while allowing for the ornate Islamic design aesthetics favored by the Iranian issuing authority.

This note is cataloged as P-37a (500 Rials with Western serial numbers in Arabic numerals). The visual analysis confirms the Western-numeral serial number 'D403507' appearing at four corners. The PMG population report indicates related varieties exist: P-37b and P-37e represent 500 Rials with Persian/Arabic numeral serial numbers, while P-37A (distinct from 37a) represents the 1000 Rials denomination. The absence of French text on the reverse is noted in the catalog reference as distinguishing P-37a from P-37b/P-36B variants. This example shows no overprints and appears to be a standard issue variant with Western numerals and no French text.