Watch List notes:

(x) Bank Melli Iran, 500 rials, AH 1317 (1938), red Farsi serial numbers, blue and pink, Shah reza at right, arms at centre, soldier at left and right, signatures of Khosravi and Hajir, reverse blue, Farsi text, the tomb of Cyrus the great at centre, red oval handstamp top right with date 1320(Pick 37d, Farahbakhsh 81), uncirculated.

Estimate: £400 - £600