Watch List notes:

(x) Banque Nationale de Perse, obverse and reverse archival photographs showing designs for 500 rials, 1934. This design is radically different from the issued note of 1935. Shah Reza is on the other side of the note and instead of a view of hills and mountains, this design has space for a watermark which was never present on the issued example. The reverse is similar, but this design is off-centre to allow space for the aforementioned watermark.spots of fading on obverse and reverse, but generally clear and of particular interest (2).

Estimate: £350 - £450