50 Rials

P#79 belongs to the first series issued under the Bank Markazi Iran name, which replaced the Bank Melli Iran as the central bank following the 1960 monetary reform. Harrison and Sons held the Iranian contract through much of the 1960s, printing successive series as the Shah's government sought a more internationally credible note design — a deliberate distancing from the earlier state-bank issues.

The watermark on this series is a repeated pattern rather than a single portrait anchor, which distinguishes it from the later Bank Markazi issues that adopted a more sophisticated security specification.