Depicts Mohammad Reza Shah Pahlavi facing left surrounded by inscriptions "The decree of Shahanshah Aryamehr" above "The establishment of the National Bank of Iran was one of the true foundations of Iran's independence" and "The 50th anniversary of the establishment of the National Bank of Iran, September 1978" in Persian below.

Mohammad Reza Pahlavi (1919–1980) was the last Shah of Iran, ruling from 1941 until the Iranian Revolution in 1979. He pursued rapid modernization, economic growth, and Westernization through policies like the White Revolution but faced growing opposition due to political repression, widespread corruption, and increasing authoritarianism. His close ties with the West, particularly the United States, and his secret police, SAVAK, fueled resentment among various social and religious groups. Amidst mass protests and unrest, he was forced into exile in 1979, leading to the establishment of the Islamic Republic under Ayatollah Khomeini. He died in Egypt in 1980.

Depicts Reza Shah facing left surrounded by inscriptions "Order of Her Majesty Reza Shah the Great" above, "The establishment of the National Bank of Iran has been one of the long-standing dreams of my nation" with value below in Persian.

Reza Shah Pahlavi (1878–1944) was the founder of the Pahlavi dynasty and ruled Iran as Shah from 1925 to 1941. A former military officer, he seized power in a coup in 1921 and later modernized Iran through ambitious reforms in infrastructure, education, and the military. He sought to reduce foreign influence, particularly from Britain and the Soviet Union, and changed Persia’s name to Iran in 1935. However, his authoritarian rule and pro-German stance during World War II led to his forced abdication by the Allies in 1941, after which he was exiled to South Africa, where he died in 1944.