Bank Melli Iran, obverse die proof for 50 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 64 EPQ, choice uncirculated, unique in this format, secret letters clearly visible under magnification
BNB B110ap, Pick 27p £600-£800

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.