10 Rials

Banque Mellié Iran — formally established in 1928 as a state-owned institution to replace the British-controlled Imperial Bank of Persia — issued this note during a period when Reza Shah's modernization drive was reshaping Iranian institutions at speed. The choice of Bradbury, Wilkinson & Company reflected the era's practical reality: Iran lacked domestic intaglio printing capacity, and the New Malden firm had an established record with Middle Eastern and Asian issuers.

The watermark is the sole security feature on this note, modest even by 1930s standards. Pick #33 is not a rare type, but examples that have survived without the foxing and humidity damage common to Iranian paper of this period are harder to source than the catalog frequency suggests.