1.000.000 Rials

Bank Melli Iran's one million rial note arrived at a point when that denomination, once unthinkable in Iranian retail banking, had been rendered almost mundane by decades of post-revolutionary inflation. The rial had lost roughly 99% of its value against the dollar between 1979 and 2000, driven by the combined pressures of the Iran-Iraq War, international sanctions, and chronic oil-revenue dependency.

The Pick catalog had not assigned this note a number at the time of cataloging — the P#0 placeholder reflects an unlisted or recently issued piece not yet formally classified, which occasionally creates attribution problems at auction.