Bank Melli Iran, obverse die proof for 500 Rials, 1932 (1934), black printing, Hajier and Ala’a signatures, with typed annotations in margins and ink annotations showing the locations of the secret letters hidden in the printing and used to detect forgeries, in PMG holder 65 EPQ, gem uncirculated, unique in this format, secret letters clearly visible under magnification
BNB B113ap, Pick 29p £800-£1,000

This lot was sold as part of a special collection, The Mount Damavand Collection of Persian Banknotes.

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Note that reverse proofs were not required for this issue since they were identical to the previous issue. Interesting to see the Persia in margin crossed out and Iran written instead.