Watch List notes:

The Imperial Bank of Persia, obverse and reverse archival photographs showing designs for 5 tomans, 1923. This design was not used, as the contract again went to Waterlow. It features a portrait of the contemporary Shah, Ahmad, who was deposed in 1925 and never featured on any banknotes. This portrait and design were previously unknown.superb quality with a very clear image (2).

Estimate: £600.00 - £800.00