2 1/2 Azadi

The Azadi ("Freedom") gold coin series was introduced in 1979 following the Islamic Revolution, replacing the Pahlavi coinage that had carried the Shah's portrait. The 2½ Azadi sits at the upper end of the fractional denominations in this series, with the full Bahar Azadi below it and the larger half-bundles above. By 1999, Iran was issuing these primarily as bullion instruments — domestic inflation and currency instability had made gold coin hoarding a deeply ingrained financial behavior, with the Central Bank actively selling Azadis as a hedge mechanism rather than circulating currency.

The .900 fineness traces directly to the Pahlavi-era specifications the Islamic Republic inherited and retained.