Iranian rial
Encyclopedia
The rial is the currency of Iran
. It is subdivided into 100 dinar but, because of the very low current value of the rial, no fraction of the rial is used in accounting.
Although the "toman
" is no longer an official unit of Iranian currency, Iranians commonly express amounts of money and prices of goods in "tomans." For this purpose, one "toman" equals 10 rials. Despite this usage, amounts of money and prices of goods are virtually always written in rials. For example, the sign next to a loaf of bread in a store would state the price in rials, e.g., "200 Rials," even though the clerk, if asked, would say that the bread costs "20 tomans."
There is no official symbol for the currency but the Iranian standard ISIRI 820 defined a symbol for use on typewriters (mentioning that it is an invention of the standards committee itself) and the two Iranian standards ISIRI 2900 and ISIRI 3342 define a character code to be used for it. The Unicode Standard
has a compatibility character defined .
. In 1825, the rial ceased to be issued, with the qiran of 1000 dinars (one tenth of a toman) being issued as part of a decimal system. The rial replaced the qiran at par in 1932, although it was divided into one hundred (new) dinars.
Prior to decimalisation
in 1932, these coins and currencies were used, and some of these terms still have wide usage in Iranian languages and proverbs:
In 1932, the exchange rate with the British pound was 1 pound = 59.75 rial. This changed to 80.25 in 1936, 64.350 in 1939, 68.8 in 1940, 141 in 1941 and 129 in 1942. In 1945, Iran switched to the U.S. dollar as the peg for its currency, with 1 dollar = 32.25 rial. The rate was changed to 1 dollar = 75.75 rial in 1957. Iran did not follow the dollar's devaluation in 1973, leading to a new peg of 1 dollar = 68.725 rial. The peg to the U.S. dollar was dropped in 1975.
In 1979, 1 rial equaled $0.0141. The value of Iran's currency declined precipitously after the Islamic revolution because of capital flight
from the country. Studies estimate that the flight of capital from Iran shortly before and after the revolution
is in the range of $30 to $40 billion. Whereas on 15 March 1978, 71.46 rials equaled one U.S. dollar, in July 1999, 9430 rials amounted to one dollar. However, the value of the rial has become more stable since 1999, as the economy of Iran
has been growing rapidly and away from the dollar zone. (See Iran Currency Exchange Rate History: 1975 - 2007).
Injecting sudden foreign exchange
revenues in the economic system forms the phenomenon of "Dutch disease
" in a country. There are two main consequences for a country with Dutch disease: loss of price competitiveness in its production goods, and hence the exports of those goods; and an increase in imports. Both cases are clearly visible in Iran.
Although described as an (interbank) "market rate", the value of the Iranian rial is tightly controlled by the central bank. The state ownership of oil export earnings and its large reserves
, supervision of letters of credit, together with current
- and capital outflow account
- outflows allows management of demand
. The central bank has allowed the rial to weaken in nominal terms (4.6% on average in 2009) in order to support the competitiveness of non-oil exports.
There is an active black market in foreign exchange, but the development of the TSE rate and the ready availability of foreign exchange over 2000 narrowed the differential to as little as IR100 in mid-2000. However the spread increased again in September 2010 because channels for transferring foreign currency to and from Iran are blocked because of international sanctions
.
Monetary policy
is facilitated by a network of 50 Iranian-run forex dealers in Iran
, the Middle-East and Europe
. According to the WSJ and dealers, the Iranian government is selling $250 million daily to keep the Iranian rial exchange rate
against the US dollar between 9,700 and 9,900 (2009).
Exchange rates: Rials per US dollar – 9,900 (2009), 9,143 (2008), 9,408 (2007), 9,227 (2006); 8,964 (2005); 8,885 (2004); 8,193 (2003)
In 1998, in order to ease pressure on exporters, the central bank introduced a currency certificate system allowing exporters to trade certificates for hard currency on the Tehran Stock Exchange
, thus creating a floating value for the rial known as the "TSE rate" or "market rate". This method finally replaced the fixed "export rate" (IR3,000:US$1) in March 2000, and has since held steady at some IR8,500:US$1.
In March 2002, the multi-tiered system was replaced by a unified, market-driven exchange rate. In 2002 the "official rate" a/k/a as the "preferred rate" (IR1,752:US$1) was abolished, and the TSE rate became the basis for the new unified foreign-exchange regime.
from certain investments under the Foreign Investment Promotion and Protection Act and from limitations on other investment-related current international payments under this act.
or change of currency was first proposed in the late 1980s. The issue has re-emerged and been under discussion, as a result of issuance of larger banknotes in 2003. Opponents of redenomination are wary of more inflation resulting from psychological effects, and increase in velocity of money
leading to more instabilities in the economy of Iran
.??????? ??????85/12/14: ???? ?? ??? ?????? ???? ????? : ??? ??????? ?????? ???? ?? ?? ????
On 12 April 2007, the Economics Commission of the Parliament announced initiation of a statute in draft to change the currency, claiming redenominations has helped reduce inflation elsewhere, such as in Turkey
. In 2008, an official at the Central Bank of Iran said the bank plans to slash four zeros off the rial and rename it the toman
. The bank printed two new travelers cheques, which function quite similar to a banknote, with values of 500,000 and 1,000,000 rials. However, they have the figures "50" and "100" written on their top right hand corners, respectively, which is seen as the first step toward a new currency.
In 2010, President Ahmadinejad announced that Iran will finally remove three zeros (from four originally proposed) from its national currency as part of the economic reform plan
.
In April 2011, it was reported that state bank of Iran is working on a six months redenomination
project to slash four zeros from the national currency and replace old bank notes with new ones, similar to redenomination of Turkish lira and introduction of Turkish new lira
in 2005.
A website to poll the public on the redenomination plan was launched on 21 July 2011; the public was allowed to vote on how many zeroes to cut and what the new currency's name should be. Preliminary results indicate that four zeroes will be cut (in line with the government's recommendation) and that the name will be changed to Iranian parsi.
Silver coins were issued in denominations of ?, ¼, ½ and 1 rial.
After the Islamic Revolution, the coinage designs were changed to remove the Shah's effigy but the sizes and compositions were not immediately changed. 50 dinar coins were only minted in 1979 and 50 rial coins were introduced in 1980. In 1992, a new coinage was introduced with smaller 1, 5, 10 and 50 rial coins and new 100 rial pieces. 250 rial coins were introduced the following year. In 2004, the sizes of the 50, 100 and 250 rial coins were reduced and 500 rial coins were introduced. New, smaller types of 250 and 500 rials were introduced in 2009, along with the new denomination of 1000 rials. In 2010, coins were issued with denominations of 2,000 and 5,000 rials.
" in denominations of 5, 10, 20, 50, 100 and 500 rial. 1000 rial notes were introduced in 1935, followed by 200 rial notes in 1951 and 5000 and 10,000 rial in 1952. 5 rial notes were last issued in the 1940s, with 10 rial notes disappearing in the 1960s. In 1961, the Central Bank of Iran took over the issuance of paper money.
In 1979, after the Islamic revolution, Iranian banknotes featuring the Shah's face were counter-stamped with intricate designs to cover the Shah's face. The first regular issues of the Islamic Republic were in denominations of 100, 200, 500, 1000, 5000 and 10,000 rial. 2000 rial notes were introduced in 1986.
On 4 March 2007, it was announced that Iran would issue a 50,000 rial banknote with the subject being the Iranian nuclear energy program
. The note was issued on 12 March. The note features a quote by the prophet Mohammed, translated as: "Even if knowledge is at the Pleiades
, the people from the land of Persia would attain it".
Banknote
s currently in circulation are 100, 200, 500, 1000, 2000, 5000, 10,000, 20,000, 50,000 and 100,000 rials. After the death of Ruhollah Khomeini
, his portraits were used on the obverse of 1000 rial banknote and greater.
banknote issued by the central bank is 100,000 rials (about U.S. $10 in 2010). However 500,000 rial, 1,000,000 rial and 2,000,000 Iran Cheques (see below) circulate freely and are treated as cash.
The central bank used to allow major state banks to print their own banknotes known as "cash cheques". They were a form of bearer teller's-cheque with fixed amounts, printed in the form of official banknotes. Once they were acquired from banks, they could function like cash for a year. Two forms of these banknotes were available. One known as "Iran cheque" could be cashed in any financial institution, while the other could be cashed at the issuing bank. They were printed in 200,000, 500,000, 1,000,000, 2,000,000 and 5,000,000 rial values.
In 2008, CBI revoked this privilege from banks, and currently issues its own Iran Cheque in 500,000 and 1,000,000 and 2,000,000 denominations.
Videos
Iran
Iran , officially the Islamic Republic of Iran , is a country in Southern and Western Asia. The name "Iran" has been in use natively since the Sassanian era and came into use internationally in 1935, before which the country was known to the Western world as Persia...
. It is subdivided into 100 dinar but, because of the very low current value of the rial, no fraction of the rial is used in accounting.
Although the "toman
Iranian toman
The toman , is a superunit of the official currency of Iran, the rial. Toman, derived from a Mongolian word meaning ten thousand , was the currency of Iran until 1932. It was divided into 10,000 dinar. Between 1798 and 1825, the toman was also subdivided into 8 rial, each of 1250 dinar...
" is no longer an official unit of Iranian currency, Iranians commonly express amounts of money and prices of goods in "tomans." For this purpose, one "toman" equals 10 rials. Despite this usage, amounts of money and prices of goods are virtually always written in rials. For example, the sign next to a loaf of bread in a store would state the price in rials, e.g., "200 Rials," even though the clerk, if asked, would say that the bread costs "20 tomans."
There is no official symbol for the currency but the Iranian standard ISIRI 820 defined a symbol for use on typewriters (mentioning that it is an invention of the standards committee itself) and the two Iranian standards ISIRI 2900 and ISIRI 3342 define a character code to be used for it. The Unicode Standard
Unicode
Unicode is a computing industry standard for the consistent encoding, representation and handling of text expressed in most of the world's writing systems...
has a compatibility character defined .
History
The rial was first introduced in 1798 as a coin worth 1250 dinar or one eighth of a tomanIranian toman
The toman , is a superunit of the official currency of Iran, the rial. Toman, derived from a Mongolian word meaning ten thousand , was the currency of Iran until 1932. It was divided into 10,000 dinar. Between 1798 and 1825, the toman was also subdivided into 8 rial, each of 1250 dinar...
. In 1825, the rial ceased to be issued, with the qiran of 1000 dinars (one tenth of a toman) being issued as part of a decimal system. The rial replaced the qiran at par in 1932, although it was divided into one hundred (new) dinars.
Prior to decimalisation
Decimalisation
Decimal currency is the term used to describe any currency that is based on one basic unit of currency and a sub-unit which is a power of 10, most commonly 100....
in 1932, these coins and currencies were used, and some of these terms still have wide usage in Iranian languages and proverbs:
| Old currency | In dinar | First issue | Year |
|---|---|---|---|
| shahi | 50 dinar | Samanid dynasty | unknown |
| mahmoudi (sannar) | 100 dinar | Sultan Mahmoud Mahmud of Ghazni Mahmud of Ghazni , actually ', was the most prominent ruler of the Ghaznavid dynasty who ruled from 997 until his death in 1030 in the eastern Iranian lands. Mahmud turned the former provincial city of Ghazni into the wealthy capital of an extensive empire which covered most of today's Iran,... |
unknown |
| abbasi | 200 dinar | Shah Abbas I | unknown |
| naderi (da-shahi) | 500 dinar | Nader Shah Nader Shah Nāder Shāh Afshār ruled as Shah of Iran and was the founder of the Afsharid dynasty. Because of his military genius, some historians have described him as the Napoleon of Persia or the Second Alexander... |
unknown |
| qiran Qiran The qiran , also qerun or kran, was a currency of Iran between 1825 and 1932. It was subdivided into 20 shahi or 100 dinar and was worth one tenth of a toman. The rial replaced the kran at par in 1932, although it was divided into one hundred dinars... |
1000 dinar | Fath Ali Shah | 1825 |
| rial | 1250 dinar | Fath Ali Shah | 1798 |
| dozari | 2000 dinar | Qajar dynasty Qajar dynasty The Qajar dynasty was an Iranian royal family of Turkic descent who ruled Persia from 1785 to 1925.... |
unknown |
| panjzari | 5000 dinar | Qajar dynasty | unknown |
| toman Iranian toman The toman , is a superunit of the official currency of Iran, the rial. Toman, derived from a Mongolian word meaning ten thousand , was the currency of Iran until 1932. It was divided into 10,000 dinar. Between 1798 and 1825, the toman was also subdivided into 8 rial, each of 1250 dinar... |
10000 dinar | Ilkhanate Ilkhanate The Ilkhanate, also spelled Il-khanate , was a Mongol khanate established in Azerbaijan and Persia in the 13th century, considered a part of the Mongol Empire... |
unknown |
Value
In 1979, 1 rial equaled $0.0141. The value of Iran's currency declined precipitously after the Islamic revolution because of capital flight
Capital flight
Capital flight, in economics, occurs when assets and/or money rapidly flow out of a country, due to an economic event and that disturbs investors and causes them to lower their valuation of the assets in that country, or otherwise to lose confidence in its economic...
from the country. Studies estimate that the flight of capital from Iran shortly before and after the revolution
Iranian Revolution
The Iranian Revolution refers to events involving the overthrow of Iran's monarchy under Shah Mohammad Reza Pahlavi and its replacement with an Islamic republic under Ayatollah Ruhollah Khomeini, the leader of the...
is in the range of $30 to $40 billion. Whereas on 15 March 1978, 71.46 rials equaled one U.S. dollar, in July 1999, 9430 rials amounted to one dollar. However, the value of the rial has become more stable since 1999, as the economy of Iran
Economy of Iran
The economy of Iran is the eighteenth largest in the world by purchasing power parity and according to Iranian officials' claims is going to become the 12th largest by 2015. The economy of Iran is a mixed and transition economy with a large public sector and some 50% of the economy centrally planned...
has been growing rapidly and away from the dollar zone. (See Iran Currency Exchange Rate History: 1975 - 2007).
Injecting sudden foreign exchange
Foreign exchange reserves
Foreign-exchange reserves in a strict sense are 'only' the foreign currency deposits and bonds held by central banks and monetary authorities. However, the term in popular usage commonly includes foreign exchange and gold, Special Drawing Rights and International Monetary Fund reserve positions...
revenues in the economic system forms the phenomenon of "Dutch disease
Dutch disease
In economics, the Dutch disease is a concept that purportedly explains the apparent relationship between the increase in exploitation of natural resources and a decline in the manufacturing sector...
" in a country. There are two main consequences for a country with Dutch disease: loss of price competitiveness in its production goods, and hence the exports of those goods; and an increase in imports. Both cases are clearly visible in Iran.
Although described as an (interbank) "market rate", the value of the Iranian rial is tightly controlled by the central bank. The state ownership of oil export earnings and its large reserves
Oil reserves in Iran
Oil reserves in Iran, according to its government, rank third largest in the world at approximately as of 2007, although it ranks second if Canadian reserves of unconventional oil are excluded. This is roughly 10% of the world's total proven petroleum reserves. Iran is the world's fourth largest...
, supervision of letters of credit, together with current
Current account
In economics, the current account is one of the two primary components of the balance of payments, the other being the capital account. The current account is the sum of the balance of trade , net factor income and net transfer payments .The current account balance is one of two major...
- and capital outflow account
Capital account
The current and capital accounts make up a country's balance of payment . Together these three accounts tell a story about the state of an economy, its economic outlook and its strategies for achieving its desired goals...
- outflows allows management of demand
Supply and demand
Supply and demand is an economic model of price determination in a market. It concludes that in a competitive market, the unit price for a particular good will vary until it settles at a point where the quantity demanded by consumers will equal the quantity supplied by producers , resulting in an...
. The central bank has allowed the rial to weaken in nominal terms (4.6% on average in 2009) in order to support the competitiveness of non-oil exports.
There is an active black market in foreign exchange, but the development of the TSE rate and the ready availability of foreign exchange over 2000 narrowed the differential to as little as IR100 in mid-2000. However the spread increased again in September 2010 because channels for transferring foreign currency to and from Iran are blocked because of international sanctions
Sanctions against Iran
This article outlines economic, trade, scientific and military sanctions against Iran, which have been imposed by the U.S. government, or under U.S. pressure by the international community through the United Nations Security Council...
.
Monetary policy
Monetary policy
Monetary policy is the process by which the monetary authority of a country controls the supply of money, often targeting a rate of interest for the purpose of promoting economic growth and stability. The official goals usually include relatively stable prices and low unemployment...
is facilitated by a network of 50 Iranian-run forex dealers in Iran
Iran
Iran , officially the Islamic Republic of Iran , is a country in Southern and Western Asia. The name "Iran" has been in use natively since the Sassanian era and came into use internationally in 1935, before which the country was known to the Western world as Persia...
, the Middle-East and Europe
Europe
Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting...
. According to the WSJ and dealers, the Iranian government is selling $250 million daily to keep the Iranian rial exchange rate
Exchange rate
In finance, an exchange rate between two currencies is the rate at which one currency will be exchanged for another. It is also regarded as the value of one country’s currency in terms of another currency...
against the US dollar between 9,700 and 9,900 (2009).
Exchange rates: Rials per US dollar – 9,900 (2009), 9,143 (2008), 9,408 (2007), 9,227 (2006); 8,964 (2005); 8,885 (2004); 8,193 (2003)
- Pre-unification, Rials per US dollar:
-
- Market: 8,200 (2002); 8,050 (2001); 8,350 (2000)
-
- Preferred: 6,906 (2002); 1,753 (2001); 1,764 (2000)
CIA market manipulation
It has been reported that the CIA has tried to manipulate the Iranian rial over the past few years in order to destabilize the country, though unsuccessfully.Exchange rate system
Until 2002, Iran’s exchange rate system was based on a multi-layered system, where state and para-state enterprises benefited from the "preferred or official rate" (1750 rial for $1) while the private sector had to pay the "market rate" (8000 rial for $1), hence creating an unequal competition environment. The "official rate" of the Iranian rial—1,750 per U.S. dollar—applied to oil and gas export receipts, imports of essential goods and services, and repayment of external debt. The "export rate", fixed at 3,000 rials per dollar since May 1995, applied to all other trade transactions, but mainly to capital goods imports of public enterprises.In 1998, in order to ease pressure on exporters, the central bank introduced a currency certificate system allowing exporters to trade certificates for hard currency on the Tehran Stock Exchange
Tehran Stock Exchange
The Tehran Stock Exchange is Iran's largest stock exchange, which first opened in 1967. The TSE is based in Tehran. As of July 2010, 337 companies with a market capitalization of US$72 billion were listed on TSE...
, thus creating a floating value for the rial known as the "TSE rate" or "market rate". This method finally replaced the fixed "export rate" (IR3,000:US$1) in March 2000, and has since held steady at some IR8,500:US$1.
In March 2002, the multi-tiered system was replaced by a unified, market-driven exchange rate. In 2002 the "official rate" a/k/a as the "preferred rate" (IR1,752:US$1) was abolished, and the TSE rate became the basis for the new unified foreign-exchange regime.
Exchange restriction
Exchange restriction arises from limitations on the transferability of rial profitsfrom certain investments under the Foreign Investment Promotion and Protection Act and from limitations on other investment-related current international payments under this act.
Multiple currency practices
As at 2010, the cases of multiple currency practices arise from the following:- Budget subsidies for foreign exchange purchases in connection with payments of certain letters of credit opened prior to March 21, 2002 under the previous multiple exchange rate system (see above);
- Obligations of entities that had received allocations of foreign exchange at subsidized "allocated rates" under the previous multiple exchange rate system to surrender unused allocations to the Central Bank of Iran at the allocation rate.
Redenomination
Because of the current low value of rial, and that people rarely use the term, redenominationRedenomination
Redenomination is the process of changing the face value of banknotes or coins used in circulating currency.When redenomination occurs, financial data that spans the change must be correctly accounted for. For example, the GDP is properly documented....
or change of currency was first proposed in the late 1980s. The issue has re-emerged and been under discussion, as a result of issuance of larger banknotes in 2003. Opponents of redenomination are wary of more inflation resulting from psychological effects, and increase in velocity of money
Velocity of money
300px|thumb|Similar chart showing the velocity of a broader measure of money that covers M2 plus large institutional deposits, M3. The US no longer publishes official M3 measures, so the chart only runs through 2005....
leading to more instabilities in the economy of Iran
Economy of Iran
The economy of Iran is the eighteenth largest in the world by purchasing power parity and according to Iranian officials' claims is going to become the 12th largest by 2015. The economy of Iran is a mixed and transition economy with a large public sector and some 50% of the economy centrally planned...
.??????? ??????85/12/14: ???? ?? ??? ?????? ???? ????? : ??? ??????? ?????? ???? ?? ?? ????
On 12 April 2007, the Economics Commission of the Parliament announced initiation of a statute in draft to change the currency, claiming redenominations has helped reduce inflation elsewhere, such as in Turkey
Turkish new lira
The new Turkish lira was the currency of Turkey and the de facto independent state of the Turkish Republic of Northern Cyprus between 1 January 2005 and 1 January 2009 which was a transition period for the removal of six zeroes from the currency. The new lira was subdivided into 100 new kurush...
. In 2008, an official at the Central Bank of Iran said the bank plans to slash four zeros off the rial and rename it the toman
Iranian toman
The toman , is a superunit of the official currency of Iran, the rial. Toman, derived from a Mongolian word meaning ten thousand , was the currency of Iran until 1932. It was divided into 10,000 dinar. Between 1798 and 1825, the toman was also subdivided into 8 rial, each of 1250 dinar...
. The bank printed two new travelers cheques, which function quite similar to a banknote, with values of 500,000 and 1,000,000 rials. However, they have the figures "50" and "100" written on their top right hand corners, respectively, which is seen as the first step toward a new currency.
In 2010, President Ahmadinejad announced that Iran will finally remove three zeros (from four originally proposed) from its national currency as part of the economic reform plan
Iranian Economic Reform Plan
The Iranian targeted subsidy plan also known as the subsidy reform plan was passed by the Iranian Parliament on January 5, 2010. The government has described the subsidy plan as the "biggest surgery" to the nation's economy in half a century and "one of the most important undertakings in Iran's...
.
In April 2011, it was reported that state bank of Iran is working on a six months redenomination
Redenomination
Redenomination is the process of changing the face value of banknotes or coins used in circulating currency.When redenomination occurs, financial data that spans the change must be correctly accounted for. For example, the GDP is properly documented....
project to slash four zeros from the national currency and replace old bank notes with new ones, similar to redenomination of Turkish lira and introduction of Turkish new lira
Turkish new lira
The new Turkish lira was the currency of Turkey and the de facto independent state of the Turkish Republic of Northern Cyprus between 1 January 2005 and 1 January 2009 which was a transition period for the removal of six zeroes from the currency. The new lira was subdivided into 100 new kurush...
in 2005.
A website to poll the public on the redenomination plan was launched on 21 July 2011; the public was allowed to vote on how many zeroes to cut and what the new currency's name should be. Preliminary results indicate that four zeroes will be cut (in line with the government's recommendation) and that the name will be changed to Iranian parsi.
First rial
Second rial
The first coins of the second rial currency were in denominations of 1, 2, 5, 10 and 25 dinar, ½, 1, 2 and 5 rial, with the ½ to 5 rial coins minted in silver. Gold coins denominated in pahlavi were also issued, initially valued at 100 rial. In 1944, the silver coinage was reduced in size, with the smallest silver coins being 1 rial pieces. This year also saw the cessation of minting of all denominations below 25 dinar. In 1945, silver 10 rial coins were introduced. In 1953, silver coins ceased to be minted, with the smallest denomination now 50 dinar. 20 rial coins were introduced in 1972.After the Islamic Revolution, the coinage designs were changed to remove the Shah's effigy but the sizes and compositions were not immediately changed. 50 dinar coins were only minted in 1979 and 50 rial coins were introduced in 1980. In 1992, a new coinage was introduced with smaller 1, 5, 10 and 50 rial coins and new 100 rial pieces. 250 rial coins were introduced the following year. In 2004, the sizes of the 50, 100 and 250 rial coins were reduced and 500 rial coins were introduced. New, smaller types of 250 and 500 rials were introduced in 2009, along with the new denomination of 1000 rials. In 2010, coins were issued with denominations of 2,000 and 5,000 rials.
Since 1990
| Iranian Rial coins after 2009 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Image | Value | Technical parameters | Description | Date of | ||||||||
| Obverse | Reverse | Diameter | Thickness | Mass | Composition | Edge | Obverse | Reverse | first minting | |||
| 50 | 16.5 mm | 1.35 mm | 2.2 g | 70% copper Copper Copper is a chemical element with the symbol Cu and atomic number 29. It is a ductile metal with very high thermal and electrical conductivity. Pure copper is soft and malleable; an exposed surface has a reddish-orange tarnish... 30% zinc Zinc Zinc , or spelter , is a metallic chemical element; it has the symbol Zn and atomic number 30. It is the first element in group 12 of the periodic table. Zinc is, in some respects, chemically similar to magnesium, because its ion is of similar size and its only common oxidation state is +2... |
Plain | Value, motif, year of minting, "Islamic Republic of Iran" | Fatima Masumeh Shrine | 1990 | ||||
| 100 | 17.5 mm | 1.65 mm | 2.9 g | 65% copper Copper Copper is a chemical element with the symbol Cu and atomic number 29. It is a ductile metal with very high thermal and electrical conductivity. Pure copper is soft and malleable; an exposed surface has a reddish-orange tarnish... 18% nickel Nickel Nickel is a chemical element with the chemical symbol Ni and atomic number 28. It is a silvery-white lustrous metal with a slight golden tinge. Nickel belongs to the transition metals and is hard and ductile... 17% zinc Zinc Zinc , or spelter , is a metallic chemical element; it has the symbol Zn and atomic number 30. It is the first element in group 12 of the periodic table. Zinc is, in some respects, chemically similar to magnesium, because its ion is of similar size and its only common oxidation state is +2... |
Plain | Value, motif, year of minting, "Islamic Republic of Iran" | Imam Reza Shrine Imam Reza shrine Imām Reza shrine in Mashhad, Iran is a complex which contains the mausoleum of Imam Reza, the eighth Imām of Twelver Shi'ites. It is the largest mosque in the world by dimension and the second largest in capacity... |
2005 | ||||
| 10 kurus | 18.5 mm | 1.65 mm | 3.15 g | 65% copper Copper Copper is a chemical element with the symbol Cu and atomic number 29. It is a ductile metal with very high thermal and electrical conductivity. Pure copper is soft and malleable; an exposed surface has a reddish-orange tarnish... 18% nickel Nickel Nickel is a chemical element with the chemical symbol Ni and atomic number 28. It is a silvery-white lustrous metal with a slight golden tinge. Nickel belongs to the transition metals and is hard and ductile... 17% zinc Zinc Zinc , or spelter , is a metallic chemical element; it has the symbol Zn and atomic number 30. It is the first element in group 12 of the periodic table. Zinc is, in some respects, chemically similar to magnesium, because its ion is of similar size and its only common oxidation state is +2... |
Plain | Value, motif, year of minting, "Islamic Republic of Iran" | Feyziyeh madrasah Qom Qom is a city in Iran. It lies by road southwest of Tehran and is the capital of Qom Province. At the 2006 census, its population was 957,496, in 241,827 families. It is situated on the banks of the Qom River.... |
2007 | ||||
| 250 | 20.5 mm | 1.65 mm | 4 g | 65% copper Copper Copper is a chemical element with the symbol Cu and atomic number 29. It is a ductile metal with very high thermal and electrical conductivity. Pure copper is soft and malleable; an exposed surface has a reddish-orange tarnish... 18% nickel Nickel Nickel is a chemical element with the chemical symbol Ni and atomic number 28. It is a silvery-white lustrous metal with a slight golden tinge. Nickel belongs to the transition metals and is hard and ductile... 17% zinc Zinc Zinc , or spelter , is a metallic chemical element; it has the symbol Zn and atomic number 30. It is the first element in group 12 of the periodic table. Zinc is, in some respects, chemically similar to magnesium, because its ion is of similar size and its only common oxidation state is +2... |
Reeded | Value, motif, year of minting, "Islamic Republic of Iran" | Saadi's Saadi (poet) Abū-Muḥammad Muṣliḥ al-Dīn bin Abdallāh Shīrāzī better known by his pen-name as Saʿdī or, simply, Saadi, was one of the major Persian poets of the medieval period. He is not only famous in Persian-speaking countries, but he has also been quoted in western sources... Masoleum in Shiraz |
2008 | ||||
| 500 | 23.85 mm | 1.9 mm | 6.8 g | 65% copper Copper Copper is a chemical element with the symbol Cu and atomic number 29. It is a ductile metal with very high thermal and electrical conductivity. Pure copper is soft and malleable; an exposed surface has a reddish-orange tarnish... 18% nickel Nickel Nickel is a chemical element with the chemical symbol Ni and atomic number 28. It is a silvery-white lustrous metal with a slight golden tinge. Nickel belongs to the transition metals and is hard and ductile... 17% zinc Zinc Zinc , or spelter , is a metallic chemical element; it has the symbol Zn and atomic number 30. It is the first element in group 12 of the periodic table. Zinc is, in some respects, chemically similar to magnesium, because its ion is of similar size and its only common oxidation state is +2... |
Reeded | Value, motif, year of minting, "Islamic Republic of Iran" | Khaju Bridge Khaju Bridge Khaju Bridge is arguably the finest bridge in the province of Isfahan, Iran. It was built by the Persian Safavid king, Shah Abbas II around 1650 C.E., on the foundations of an older bridge. Serving as both a bridge, and a dam , it links the Khaju quarter on the north bank with the Zoroastrian... |
2010 | ||||
Banknotes
In 1932, notes were issued by the "Bank Melli IranBank Melli Iran
Bank Melli Iran , also called the National Bank of Iran, is the first national Iranian bank. The bank was established in 1927 by the order of the Majlis and since then has consistently been one of the most influential Iranian banks.In 1931 the Iranian Majlis authorized the bank to print and...
" in denominations of 5, 10, 20, 50, 100 and 500 rial. 1000 rial notes were introduced in 1935, followed by 200 rial notes in 1951 and 5000 and 10,000 rial in 1952. 5 rial notes were last issued in the 1940s, with 10 rial notes disappearing in the 1960s. In 1961, the Central Bank of Iran took over the issuance of paper money.
In 1979, after the Islamic revolution, Iranian banknotes featuring the Shah's face were counter-stamped with intricate designs to cover the Shah's face. The first regular issues of the Islamic Republic were in denominations of 100, 200, 500, 1000, 5000 and 10,000 rial. 2000 rial notes were introduced in 1986.
1850-1925
| Current Series | |||||||
|---|---|---|---|---|---|---|---|
| Image | Value | Dimensions (millimetres) | Main Colour | Description | |||
| Obverse | Reverse | Obverse | Reverse | ||||
| 1 T | 130 X 67 | Silver | Nasser al-Din Shah Qajar | Value, "Imperial State of Iran" | |||
| 5 T | 136 X 69 | Tan | Nasser al-Din Shah Qajar | Value, "Imperial State of Iran" | |||
| 50 T | 142 X 71 | Gray | Nasser al-Din Shah Qajar | Value, Lion and Sun | |||
1925-1960
| Current Series | |||||||
|---|---|---|---|---|---|---|---|
| Image | Value | Dimensions (millimetres) | Main Colour | Description | |||
| Obverse | Reverse | Obverse | Reverse | ||||
| 5 | 130 X 67 | Green | Reza Shah Pahlavi | Value, Lion and Sun with crown | |||
| 10 | 136 X 69 | Gray | Reza Shah Pahlavi | Value, Lion and Sun with crown | |||
| 20 | 142 X 71 | Purple | Reza Shah Pahlavi | Sa'dabad Palace | |||
| 1,000 | 148 X 73 | Silver | Reza Shah Pahlavi | Pasargadae Pasargadae Pasargadae , the capital of Cyrus the Great and also his last resting place, was a city in ancient Persia, and is today an archaeological site and one of Iran's UNESCO World Heritage Sites.-History:... |
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1960-1980
| Current Series | |||||||
|---|---|---|---|---|---|---|---|
| Image | Value | Dimensions (millimetres) | Main Colour | Description | |||
| Obverse | Reverse | Obverse | Reverse | ||||
| 10 | 130 X 67 | Silver | Mohammad-Reza Pahlavi | Imperial crown of Darius the Great | |||
| 10 | 130 X 67 | Silver | Mohammad-Reza Pahlavi | Mausoleum of Avicenna Avicenna Abū ʿAlī al-Ḥusayn ibn ʿAbd Allāh ibn Sīnā , commonly known as Ibn Sīnā or by his Latinized name Avicenna, was a Persian polymath, who wrote almost 450 treatises on a wide range of subjects, of which around 240 have survived... |
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| 10 | 130 X 67 | Silver | Mohammad-Reza Pahlavi | Roudbar Dam Dam A dam is a barrier that impounds water or underground streams. Dams generally serve the primary purpose of retaining water, while other structures such as floodgates or levees are used to manage or prevent water flow into specific land regions. Hydropower and pumped-storage hydroelectricity are... |
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Since 1980
| Current Series | |||||||
|---|---|---|---|---|---|---|---|
| Image | Value | Dimensions (millimetres) | Main Colour | Description | |||
| Obverse | Reverse | Obverse | Reverse | ||||
| 100 | 130 X 67 | Purple | Hassan Modarres Hassan Modarres 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... |
Old building of Islamic Consultative Assembly | |||
| 200 | 136 X 69 | Green | Jame' Mosque Jame mosque of Yazd The Jāmeh Mosque of Yazd is the grand, congregational mosque of Yazd city, within the Yazd Province of Iran. The mosque is depicted on the obverse of the Iranian 200 rials banknote.-History:... of Yazd Yazd Yazd is the capital of Yazd Province in Iran, and a centre of Zoroastrian culture. The city is located some 175 miles southeast of Isfahan. At the 2006 census, the population was 423,006, in 114,716 families.... |
Jahad-e Sazandegi (جهاد سازندگی) | |||
| 500 | 142 X 71 | Gray-Green | Friday prayers | University of Tehran main entrance University of Tehran main entrance The University of Tehran main entrance was designed in 1965 by Korosh Farzami, one of the students of the faculty of Fine Arts of the University.The structural engineer was an Armenian-Iranian by the name of Simon Sarkissian.... |
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| 1,000 | 148 X 73 | Brown | Ruhollah Khomeini Ruhollah Khomeini Grand Ayatollah Sayyed Ruhollah Musavi Khomeini was an Iranian religious leader and politician, and leader of the 1979 Iranian Revolution which saw the overthrow of Mohammad Reza Pahlavi, the Shah of Iran... |
Dome of the Rock Dome of the Rock The Dome of the Rock is a shrine located on the Temple Mount in the Old City of Jerusalem. The structure has been refurbished many times since its initial completion in 691 CE at the order of Umayyad Caliph Abd al-Malik... |
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| 2,000 | 151 X 74 | Onion-skin purple | Ruhollah Khomeini | Kaaba Kaaba The Kaaba is a cuboid-shaped building in Mecca, Saudi Arabia, and is the most sacred site in Islam. The Qur'an states that the Kaaba was constructed by Abraham, or Ibraheem, in Arabic, and his son Ishmael, or Ismaeel, as said in Arabic, after he had settled in Arabia. The building has a mosque... |
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| 5,000 | 154 x 75 | Brown-Olive | Ruhollah Khomeini | Omid satellite Omid Omid is a common Persian male given name, meaning hope... |
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| 10,000 | 160 x 77 | Green | Ruhollah Khomeini | Mount Damavand Mount Damavand Mount Damāvand also known as Donbavand, a potentially active volcano and the highest peak in Iran, has a special place in Persian mythology and folklore... |
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| 20,000 | 163 X 78 | Blue | Ruhollah Khomeini | Naqsh-e Jahan Square | |||
| 50,000 | 166 X 79 | Ochre | Ruhollah Khomeini | Map of Iran with Atom symbol, quote in Persian from the prophet Mohammed, and "Persian Gulf Persian Gulf The Persian Gulf, in Southwest Asia, is an extension of the Indian Ocean located between Iran and the Arabian Peninsula.The Persian Gulf was the focus of the 1980–1988 Iran-Iraq War, in which each side attacked the other's oil tankers... " in English |
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| 100,000 | 166 X 79 | Light olive greenish | Ruhollah Khomeini | Saadi's Saadi (poet) Abū-Muḥammad Muṣliḥ al-Dīn bin Abdallāh Shīrāzī better known by his pen-name as Saʿdī or, simply, Saadi, was one of the major Persian poets of the medieval period. He is not only famous in Persian-speaking countries, but he has also been quoted in western sources... Masoleum in Shiraz Shiraz Shiraz may refer to:* Shiraz, Iran, a city in Iran* Shiraz County, an administrative subdivision of Iran* Vosketap, Armenia, formerly called ShirazPeople:* Hovhannes Shiraz, Armenian poet* Ara Shiraz, Armenian sculptor... |
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Issuance of larger notes
Printing banknotes larger than 10,000 rials was first proposed in 1989, and in 1992 the central bank asked for government permission to print 20,000, 50,000 and 100,000 rial notes. This was not realized at that time, due to fears of inflation and counterfeiting. 10,000 rial note remained the highest valued note for more than 50 years, until 2010 when 100,000 rial notes were added.On 4 March 2007, it was announced that Iran would issue a 50,000 rial banknote with the subject being the Iranian nuclear energy program
Nuclear program of Iran
The nuclear program of Iran was launched in the 1950s with the help of the United States as part of the Atoms for Peace program. The support, encouragement and participation of the United States and Western European governments in Iran's nuclear program continued until the 1979 Iranian Revolution...
. The note was issued on 12 March. The note features a quote by the prophet Mohammed, translated as: "Even if knowledge is at the Pleiades
Pleiades (star cluster)
In astronomy, the Pleiades, or Seven Sisters , is an open star cluster containing middle-aged hot B-type stars located in the constellation of Taurus. It is among the nearest star clusters to Earth and is the cluster most obvious to the naked eye in the night sky...
, the people from the land of Persia would attain it".
Banknote
Banknote
A banknote is a kind of negotiable instrument, a promissory note made by a bank payable to the bearer on demand, used as money, and in many jurisdictions is legal tender. In addition to coins, banknotes make up the cash or bearer forms of all modern fiat money...
s currently in circulation are 100, 200, 500, 1000, 2000, 5000, 10,000, 20,000, 50,000 and 100,000 rials. After the death of Ruhollah Khomeini
Ruhollah Khomeini
Grand Ayatollah Sayyed Ruhollah Musavi Khomeini was an Iranian religious leader and politician, and leader of the 1979 Iranian Revolution which saw the overthrow of Mohammad Reza Pahlavi, the Shah of Iran...
, his portraits were used on the obverse of 1000 rial banknote and greater.
Cash cheques
Currently the highest valued legal tenderLegal tender
Legal tender is a medium of payment allowed by law or recognized by a legal system to be valid for meeting a financial obligation. Paper currency is a common form of legal tender in many countries....
banknote issued by the central bank is 100,000 rials (about U.S. $10 in 2010). However 500,000 rial, 1,000,000 rial and 2,000,000 Iran Cheques (see below) circulate freely and are treated as cash.
The central bank used to allow major state banks to print their own banknotes known as "cash cheques". They were a form of bearer teller's-cheque with fixed amounts, printed in the form of official banknotes. Once they were acquired from banks, they could function like cash for a year. Two forms of these banknotes were available. One known as "Iran cheque" could be cashed in any financial institution, while the other could be cashed at the issuing bank. They were printed in 200,000, 500,000, 1,000,000, 2,000,000 and 5,000,000 rial values.
In 2008, CBI revoked this privilege from banks, and currently issues its own Iran Cheque in 500,000 and 1,000,000 and 2,000,000 denominations.
See also
- Iranian rial banknotesIranian Rial banknotesIranian rial banknotes are the banknotes of the Iranian rial, the currency of Iran. They are issued by the Central Bank of Iran, each bearing the signature of the President of the Iranian Central Bank...
- Iranian qiran
- Iranian tomanIranian tomanThe toman , is a superunit of the official currency of Iran, the rial. Toman, derived from a Mongolian word meaning ten thousand , was the currency of Iran until 1932. It was divided into 10,000 dinar. Between 1798 and 1825, the toman was also subdivided into 8 rial, each of 1250 dinar...
- International Rankings of Iran in Economy
- Shetab Banking SystemShetab Banking SystemThe Shetab system is the only electronic banking clearance and automated payments system used in Iran. The system was introduced in 2002 with the intention of creating a uniform backbone for the Iranian banking system to handle ATM, POS and other card-based transactions.Prior to its introduction,...
- Economy of IranEconomy of IranThe economy of Iran is the eighteenth largest in the world by purchasing power parity and according to Iranian officials' claims is going to become the 12th largest by 2015. The economy of Iran is a mixed and transition economy with a large public sector and some 50% of the economy centrally planned...
- Iranian Oil BourseIranian oil bourseThe Iranian Oil Bourse International Oil Bourse, Iran Petroleum Exchange Kish Exchange or Oil Bourse in Kish is a commodity exchange which opened on February 17, 2008. It was created by cooperation between Iranian ministries, the Iran Mercantile Exchange and other state and private institutions...
External links
- Iran Collection, a website about Persian banknotes and coins since Qajar era.
- Central Bank of Iran - Statistics (information on currency exchangeCurrency exchangeCurrency exchange can refer to:* Bureau de change* Foreign exchange market...
and credit cardCredit cardA credit card is a small plastic card issued to users as a system of payment. It allows its holder to buy goods and services based on the holder's promise to pay for these goods and services...
payment)
Videos
- Gold market and currency exchange in Iran - Part I Part II Part III (PressTV video)
- The Pyramidal Mirage - "Gold Quest" Scam in Iran (PressTV)