PMG-certified Persian Banknote Set Realizes About $200,000 in Spink Sale
Posted on 7/15/2024
A group of 11 vintage Remainders led the way in an auction that featured selections from an impressive collection of Persian banknotes that is largely certified by Paper Money Guaranty® (PMG®). The Dr. Martin M. Mortazavi Collection of Persian Banknotes auction was hosted by Spink Auctions on July 10, 2024.
The notes in this auction originated from the collection of Dr. Martin M. Mortazavi, a distinguished neurosurgeon and avid collector of Persian banknotes. Over the years, he amassed a remarkable collection, focusing on rare and error notes, and his expertise has earned him the honorary head position of the Bank Note Task Force at the Iranian Society for Historical Art.
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Leading the auction was a complete 11-note set of Kingdom of Persia, Imperial Bank 1890-1923 Remainders, including an 1890-96 1 Toman graded PMG 50 About Uncirculated and 1890-1923 2 through 1,000 Toman notes graded between PMG 55 About Uncirculated and PMG 64 Choice Uncirculated (lot 3), which realized £156,000 (about $200,000). Engraved and printed by Bradbury, Wilkinson & Co. in London and dated June 19, 1892, these vibrant and rare Persian banknotes feature a portrait of Naser al-Din Shah Qajar and the Lion-and-Sun motif. The limited issuance of these banknotes made them some of the rarest in Persian history.
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Other PMG-certified highlights in this auction included:
- a set of two Kingdom of Persia notes, including an ND (1890-1923) 1,000 Tomans Front Color Trial Specimen graded PMG 58 Choice About Uncirculated and a ND (1890-1923) 1,000 Tomans Back Color Trial Specimen graded PMG 55 About Uncirculated NET (lot 16), which realized £48,000 (about $61,000)
- a set of two Kingdom of Persia ND (1890-1923) 500 Tomans, including a Front Color Trial Specimen graded PMG 63 Choice Uncirculated and a Back Color Trial Specimen graded PMG 64 Choice Uncirculated (lot 15), which realized £14,400 (about $18,000)
- two Iran, Bank Melli ND (1951) 1,000 Rials with Consecutive Serial Numbers graded PMG 55 About Uncirculated and PMG 58 Choice About Uncirculated (lot 91), which realized £14,400 (about $18,000)
- two Iran, Bank Melli ND (1944) 1,000 Rials with Consecutive Serial Numbers, each graded PMG 35 Choice Very Fine (lot 89), which realized £13,200 (about $17,000)
- a set of two Kingdom of Persia ND (1890-1923) 25 Tomans, including a Front Color Trial Specimen graded PMG 58 Choice About Uncirculated and a Back Color Trial Specimen graded PMG 55 About Uncirculated (lot 12), which realized £12,000 (about $15,000)
- an Iran, Bank Melli ND (1935) 100 Rials Color Trial Specimen graded PMG 58 Choice About Uncirculated EPQ (lot 53), which realized £12,000 (about $15,000)
- a set of two Kingdom of Persia ND (1890-1923) 20 Tomans, including a Front Color Trial Specimen graded PMG 65 Gem Uncirculated EPQ and a Back Color Trial Specimen graded PMG 64 Choice Uncirculated (lot 11), which realized £11,400 (about $15,000)
- a set of two Kingdom of Persia ND (1890-1923) 5 Tomans, including a Front Color Trial Specimen graded PMG 64 Choice Uncirculated and a Back Color Trial Specimen graded PMG 63 Choice Uncirculated (lot 9), which realized £10,200 (about $13,000)
Prices realized includes a buyer’s premium. The $ symbol indicated US Dollars.
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