Definition of the coin weights: - Silver: Qeran at 26 Persian nochud silver 0.900 (Qeran = 4'487.93mg AG fine) - Gold: Toman of (nominally) 10 Qeran at 18 Persian Nochud gold 0.990 (Qeran = 341.77mg AU fine).
??.??.1875
AH:??.??.1291
Reduction of the gold and silver coin weights: - Silver: Qeran at 24 Persian nochud silver 0.900 (Qeran = 4'487.93mg AG fine) - Gold: Toman of (nominally) 10 Qeran at 17 Persian Nochud gold 0.900 (Qeran = 341.77mg AU fine).
??.??.1879
AH:??.??.1295
Reduction of the gold coin weights: - Silver: Qeran at 24 Persian nochud silver 0.900 (Qeran = 4'487.93mg AG fine) - Gold: Toman of (nominally) 10 Qeran at 15 Persian Nochud gold 0.900 (Qeran = 341.77mg AU fine).
??.??.1879
AH:??.??.1293
Start of issuance of milled conage
??.??.1918
AH:??.??.1337
Issuance of new gold coins denominated "Ashrafi", weight not known and not released to circulation
??.??.1926
SH:??.??.1305
Start of issuance of new gold coins denominated "Pahlavi" at 10 Persian nochud gold 0.900 (Pahlewi = 1'726.13mg AU fine), nominally ⅔ Toman = 6⅔ Qeran
Valuation Regimes
1857-1932
Metallic currency based on circulating silver coins, additional gold coins without fixed rate against silver. Base weight is the Persian Mishkal / 24 Nokhud at 4.603 grams.
Time Period: 1932-
Currency: Iranian Rial
Transition
1 : 1
Sub-units
Rial / 100 Dinar
ISO4217
IRR
Timeline
13.05.1930
SH:09.03.1309
Banking law, transfers the privilege for banknote issuance from the London-based Imperial Bank to the Iranian Melli (National) Bank; effective 21.03.1932 [SH:01.01.1311]
18.03.1930
SH:27.12.1308
Currency law on the creation of a gold currency pegged to the British Pound at a rate of 1 : 20; not implemented since Great Britain abandoned the gold standard on 21.09.1931
13.03.1932
Currency Law on the creation of a gold currency pegged to the British Pound (in gold) at a rate of 1 : 100; effective (without establishing the gold peg) 21.03.1932 [SH:01.01.1311]
03.03.1936
Law establishing a Pahlewi gold coin; effective 21.03.1936 [SH:01.01.1315].
21.03.1932
Start of currency exchange: - 21.03.1932: Start of issuance of the new banknotes by the Melli Bank - 21.06.1932: Start of withdrawal of former new banknotes by the Imperial Bank - 20.09.1932: End of exchange period, demonetization of the banknotes by the Imperial Bank.
1979-1981
Banknote exchange after the Islamic Revolution of 11.02.1979: - 1979-1981: Issuance of banknote with symbols and Shah's effigy overprinted - ??.??.1981: Start of issuance of regular banknotes.
Valuation Regimes
1932-1945
Fixed rate against British Pound (inoperative nominal gold parity: 73.22mg AU fine)
1945-1975
Fixed rate against US Dollar
1975-1989
Fixed rate against IMF Special Drawing Rights (SDR) unit
1989-1991
Fixed rate against US Dollar, split into "Competitive", "Preferential" and "Service" rates
1991-2018
Variable rate, initially as "Floating" rate within the multi-tier system, unified on 21.03.1993
2018-
Fixed official rate against US Dollar, de facto inoperative and replaced by semi-official "Bureau-de-change" variable rate
Rate Arrangements
21.03.1932
Fixed
British Pound at 1 : 59.75
-
03.03.1936
Fixed
British Pound at 1 : 80.25
-25.5%
14.05.1942
Fixed
British Pound at 1 : 129
-37.8%
29.12.1945
Fixed
US Dollar at 1 : 32.25 - [Gold parity (18.12.1946)] 27.56mg AU fine
-0.7%
22.05.1957
Fixed
US Dollar at 1 : 75.75 - [Gold parity] 11.73mg AU fine
-57.4%
06.09.1972
Fixed
US Dollar at 1 : 75.75 - [Gold parity] 10.81mg AU fine
±0.0%
15.02.1973
Fixed
US Dollar at 1 : 68.175
+11.1%
12.02.1975
Fixed
SDR at 1 : 82.243
+2.8%
22.05.1980
Fixed
SDR at 1 : 92.30
-10.9%
08.10.1989
Fixed
US Dollar at 1 : 1'000 - "Competitive" rate
-93.0%
08.10.1989
Fixed
US Dollar at 1 : 1'000 - "Competitive" rate
-93.0%
25.10.1989
Fixed
US Dollar at 1 : 945 - "Competitive" rate
5.8%
07.12.1989
Fixed
US Dollar at 1 : 800 - "Competitive" rate
18.1%
21.01.1991
Variable
initially: US Dollar at 1 : 1400 - "Floating" rate (until 1993)
-42.9%
10.04.2018
Fixed
US Dollar at 1 : 42'000
-
07.08.2018
Variable
initially: US Dollar at 1 : 100'000 - "Bureau-de-change" rate
-58.0%
Time Period: 2019-2022
Timeline
31.07.2019
SH:09.05.1398
Government resolution on a currency reform; not implemented
04.05.2020
SH:14.02.1399
Revision of the Banking and Monetary act on the implementation of a currency reform within two years; effective immediately - New currency: Iranian Toman (Toman / 100 Qeran) - Ratio 1 : 10'000.