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The first coins to circulate in Iran were coins issued in western Turkey by the Achaemenid kings in the sixth century BC. The first coins minted in Iran were silver tetradrachms and gold staters issued under Alexander the Great (336-323 BC) and the Seleucid kings who followed him. Around 230 BC, the Parthians emerged and eventually established control over most of Iran until the third century AD. They issued coins in imitation of the Seleucid coinage. The Persis and Elymais kingdoms in southern Iran also produced coins of their own, similar in format to the Parthian coins. The coinage of Persis was issued from the mid-third century BC to the early third century AD and the coinage of Elymais was issued from the second century BC to the second century AD.

Around 224 Ardashir I, the local ruler of Persis, began a campaign that succeeded in conquering Iran, Iraq, Afghanistan and most of Soviet Central Asia. He introduced new coins with himself on the front and a Zoroastrian fire-altar on the back. Similar coins were issued for the next 450 years. In 651 the last Sasanian emperor, Yazdigird III was assassinated and Islam spread throughout Islam. Initially, Sasanian designs were retained, but by 702, Islamic incriptional designs had replaced the pictorial designs of Sasanian coins, though the sizes and weights remained basically the same.'Abbassid coin designs were used in Iran from 750 until the establishment of Mongol Ilkhanid rule in 1256 whether the coins were issued by the Samanids, Tahirids, Saffarids, Ziyarids, Musafirds, Buyids, Ghazvanids or Seljuqs. From 1251 on, Hulagu, one of the sons of Genghis, began to consolidate Muslim control over Iran. His successors, the Ilkhanids, issued coins with Mongolian and Tibetan inscriptions.

The Kingdom of Persia was founded in July/August 1501 when Isma'il raised an army of Turks and gradually established control over all of Iran. Ismail I was Shi'ite and the new coinage reflected this. Under the Safavids, silver coins were issued in the name of the shahs and copper coins were issued locally.

Iranian coinage was reformed during the reign of Qajar Shah Fath'Ali (1797-1831), standardizing the designs and denominations of the 40 mints in Iran. Nasir al-Din Shah (1848-96) introduced machine-made coinage.

The Gold Toman (IRT) was the primary unit of account for Iran from the 1500s until the 1900s, and was divisible into 8 Riyals or 10,000 Dinars. In the 16th Century, the Toman was equal to 3 Pounds, 7 Shillings, in 1678 2 Pounds, 6s. 8d., in the early 18th Century 2 Pounds, 4 s., in 1815 it was worth only 1 Pound, in 1835, 15 shillings, in 1839 10s. 9.5d. and in 1891 5s. 9d. In 1825, Persia began issuing silver Krans (IRK). The Toman was equal to 10 Silver Krans, 50 Abassis, 200 Shahis or 10,000 Dinars. In northern Iran, the currency was linked to the Ruble while in southern Iran, the currency was linked to the Pound. Different coins circulated in different parts of Iran.

In 1877, Persia adopted a silver standard, and the Toman was linked to the Gold Napoleon at the rate of 1 Toman equal to 0.5 Napoleon or 5 Francs. On March 13, 1932, the Rial (IRR) was substituted for the Kran at par.

Persia was renamed Iran on March 21, 1935, and the Islamic Republic of Iran was established on April 1, 1979. The Imperial Bank of Persia issued banknotes between 1890 and 1932, and the Bank Melli Iran, founded in 1927, issued banknotes between 1932 and 1979, and by the Bank Markazi Iran from 1981 until 1985, and by the Central Bank of the Islamic Republic of Iran since 1985.

Iranian Azerbaijan declared itself to be an autonomous government on December 10, 1945, but it was disbanded on December 11, 1946 after being retaken by Iran. During its brief existence Iranian Azerbaijan issued banknotes denominated in Tomans (IRZT), and divisible into 10 Krans.

Here is a 20 Rials note printed in 1969. This note is very beat up, having seen alot of heavy circulation. The note is dark brown on pink and green underprint. The obverse features Shah Pahlavi wearing a milatary uniform in the center. To the right on the obverse is a watermark of a youthful Shar Pavlavi as well as a yellow security thread. The reverse shows oriental hunter on horseback. This note is often reffered to as 'Dark Panel Notes' becasue the bank name is located on a contrasting dark ornamental panel at the top of the note.

• Krause# Pick-84

Here is a 100 Rials note printed between 1971 and 1973. This note is moroon on olive-green and multicolored underprint. The obverse features Shah Pahlavi wearing a milatary uniform in the center. To the right on the obverse is a watermark of a youthful Shar Pavlavi as well as a yellow security thread. The reverse depicts the Abadan oil refinery. This note is often reffered to as 'Light Panel Notes' becasue the bank name is located on a contrasting light ornamental panel at the top of the note.

• Krause# Pick-91c

This is a 50 Rials note printed between 1974 and 1979. The note is green on brown, blue and multicolored underprint. The obverse features Shah Pahlavi wearing a milatary uniform in the center. To the right on the obverse is a watermark of a youthful Shar Pavlavi as well as a yellow security thread. The obverse has a background pattern featuring a Persian carpet design. The reverse depicts the Tomb of Cyrus the Great at Pasargarde.

• Krause# Pick-101b

Here is a 100 Rials note printed between 1974 and 1979. This note is maroon on orange, green and multicolored underprint. The obverse features Shah Pahlavi wearing a milatary uniform in the center. To the right on the obverse is a watermark of a youthful Shar Pavlavi as well as a yellow security thread. The obverse has a background pattern featuring a Persian carpet design. The reverse shows the Pahlavi Museum.

• Krause# Pick-102b

This is a 500 Rials note printed between 1974 and 1979. The note is black, dark brown and green on orange and multicolored underprint. The obverse features Shah Pahlavi wearing a milatary uniform in the center. To the right on the obverse is a watermark of a youthful Shar Pavlavi as well as a yellow security thread. The obverse has a background pattern featuring a Persian carpet design. The reverse depicts a pair of winged horses. This note is of the 6 pointed star variety captured in the design below Shah Pavalvi.

• Krause# Pick-104a

This 200 Rials note is undated. The note is aqua and blue-black on multicolored underprint. The obverse features a Mosque int he center. The note has a security thread imprinted with 'Bank Markazi Iran' in black persian letters. The reverse depicts a group of working farmers with a tractor. Signature 32.

• Krause# Pick- 136 (Sig Variety Not Listed)
• Signature: Ebrahim Sheibani, Safdar Hosseini (Large)

Note donated by R.R.

This undated note is valued at 500 Rials. The note is gray and olive. The obverse features Feyzieh Madrasah Seminary (or school, university ect) and a prayer gathering in the center, and architecural image in the lower left and a security thread with 'Bank Markazi Iran' in black letters. The reverse depicts Tehran University, which is the oldest and largest university of Iran. Signature 33.

• Krause# Pick- 137A (Sig Variety Not Listed)
• Signature: Ebrahim Sheibani, Danesh Jafari

Note donated by R.R.

Here is a 100 Rials note that is undated but printed sometime between 1985 and now. The note is purple on multicolored underprint. The obverse features Ayatollah Moddaress. Seyyed Hassan Modarres was an Iranian Twelver Shi'a cleric and a notable supporter of the Iranian Constitutional Revolution. He was among the founding members, along with Abdolhossein Teymourtash, of the reformist party Hezb-e Eslaah-talab of the time, which was formed during the fourth national Majlis of Iran. The reverse depicts the Parliment building.

• Krause# Pick-140g
• Signature: Ebrahim Sheibani, Safdar Hosseini (Small)