REVIEW: THE MOUNT DAMAVAND COLLECTION OF BANKNOTES: 3 OCTOBER

Damavand is the highest peak in Iran, an immense dormant volcano that features prominently in Iranian folklore and Persian mythology, as well as being of great spiritual significance to Zoroastrians.

Here it lent its name to a collection of Persian banknotes on which it appears, among the finest such collections ever to come to market, which features mainly notes from the first and second issues of the Imperial Bank of Persia.

The mountain first appeared in the 1930s on the first and second issues of the 500 Iranian Rials, proofs and specimens of which can be found in this collection.

The issued notes are stunningly designed and are available enough to make a collection achievable, but rare enough to make it challenging. In addition, the notes were issued in around 30 different locations, with huge additional varieties in signatures, serial number styles, and dates.

The Mount Damavand Collection also contains a significant number of colour trials, specimens and proofs, for the Imperial Bank as well as the first and second issues of the Bank Melli Iran. These items are generally very beautiful and, in some cases, exceptionally rare or unique. They also give us crucial information about how the bank worked, and how the note issues were printed and organised.

Highlights included an Imperial Bank of Persia, 100 Tomans, Tabriz, 11 October 1927, serial number G/B 034495. With manuscript signatures and minor repairs, it is very fine, retaining extremely good paper quality. A 100 Toman note is rare, but a branch note of any kind is incredible, making this very possibly a unique opportunity for collectors. The hammer price £30,000.

An Imperial Bank of Persia, 100 Tomans, Teheran, 4 January 1928, serial number G/A 019190, provides another outstanding lot. Again with minor repairs and previous mounting, it was an exceptionally clean and fresh example of this wonderful design, and extremely rare in any grade. It sold for £20,000.

An Imperial Bank of Persia, 50 Tomans, Teheran, 11 August 1928, serial number F/A 023335, was previously mounted, and had minor repair. With largely original paper quality, it was one of the two finest graded examples of this note, this one being the superior. It took £15,000.

“Printed by Bradbury, Wilkinson & Co. or Waterlow & Sons, the notes in this collection represent a pinnacle of banknote design and engravers’ art and are instantly recognisable to any collector of world banknotes,” says Noonans’ Head of Banknotes Andrew Pattison.

“The designs of these notes are nothing short of iconic – a term that is often overused but is in this case entirely appropriate.”