500 rials 1944

Common. While eBay sales data shows prices ranging from $66–$182 for Fair-graded examples (2011–2015), these figures reflect typical collector interest rather than scarcity. The note was issued during a period of regular circulation by a major national bank with substantial print runs. Fair condition examples, showing the aging and wear visible in these images, are standard survivors and appear regularly on the market. No evidence suggests restricted distribution, short-lived issue, or particular rarity for Pick-45.

Issued during World War II (1944), this note represents the early reign of Shah Mohammad Reza Pahlavi, who is depicted in military uniform reflecting his role as Iran's military leader during this geopolitical period. The reverse features Tachara Palace at Persepolis, the ceremonial capital of the ancient Achaemenid Empire under Darius I, connecting the contemporary Pahlavi regime to Iran's imperial heritage and legitimizing the dynasty through reference to ancient Persian greatness.

The obverse presents a formal portrait of Shah Mohammad Reza Pahlavi in military uniform with visible medals and insignia, positioned on the right side in left-facing profile. The center-left features a circular imperial seal or emblem (likely the Lion and Sun symbol of the Pahlavi dynasty). The reverse depicts Tachara Palace at Persepolis with classical columns and architectural remains shown against a landscape background. Both sides employ elaborate ornamental borders with floral and geometric motifs in the corners, typical of 1940s Bank Melli Iran design standards. The watermark features the Imperial Crown, a security device common to Pahlavi-era currency.

Front: 'بانک ملی ایران' (Bank Melli Iran / National Bank of Iran); Serial numbers shown in Persian numerals '۵۰۰/۱۸۲۲۹' (500/18229) appearing twice. Back: 'بانک ملی ایران' (Bank Melli Iran); 'پهلوی' (Pahlavi) appearing in cartouche-style boxes at corners. All text is in Persian with standard denominal and institutional markings.

Intaglio engraving (line engraving) executed by Harrison & Sons (H&S), a renowned British security printer. The fine line work visible throughout the decorative borders, geometric patterns, architectural detailing, and portrait rendering are characteristic of intaglio production. The intricate background patterns and security features demonstrate professional security printing standards of the period.

This example appears to be the standard Harrison & Sons (H&S) printing variant recorded in PMG population reports for P-45. The serial number '۵۰۰/۱۸۲۲۹' is visible but does not indicate a known specialized variety. No overprints, signatures variations, or other distinguishing features are apparent from the visual analysis that would indicate a scarce sub-variety within the Pick-45 designation.