Spink July sale features set of rare Persian notes
- Published: Jul 9, 2024, 5 PM
Part I of the two-part Dr. Martin M. Mortazavi Collection of Persian Banknotes will be auctioned by Spink in London on July 10.
The 102-lot sale is highlighted by a complete set of 11 first-series Qajar Dynasty remainder notes from the Imperial Bank of Persia estimated from £40,000 to £80,000 ($50,000 to $100,000). The unsigned and unnumbered notes range in denomination from 1 to 1,000 tomans. They were engraved and printed in London by Bradbury, Wilkinson & Co. and are pencil-dated 19th June 1892.
The obverse of each note has a portrait of Naser al-Din Shah Qajar, the fourth shah of the Qajar dynasty, in a frame on the right and the Lion-and-Sun motif, symbolizing the Persian monarchy at left. Each denomination has distinct colors and patterns. The backs of all notes except the 1-toman note have the imperial lion in the center with the denomination below. The 1-toman note has a large ONE on the back instead of the lion. Spink says that, to its knowledge, the total number of issued bank notes was extremely low, making these notes among the rarest in Persian bank note history.
The set is pedigreed to the Sassoon family archives. David Solomon Sassoon was born into a family often referred to as the “Rothschilds of the East.” The lot description mentions that the family had influence in the region and in the foundation of the Imperial Bank of Persia. In 1941, D. S. Sassoon corresponded with the bank regarding this set of remainder notes, inquiring about their currency value. The manager confirmed the notes were unsigned and unsealed and so held no currency value, and that the banknote issue was withdrawn approximately 10 years earlier. This correspondence is included as part of the lot.
The sale has many other specimens and trials from the Imperial Bank of Persia, Bank Melli, Banque Nationale de l´Iran. They can be seen at Spink.com.
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