It is evident that one of the biggest points of contention in the entire world has to do with a natural resource: oil. It’s caused wars, economic highs and lows, and has dictated the price of numerous other resources we have come accustomed to as a human race. It also can dictate whether or not a country sinks or swims. In our blog series following along with Whitman Publishing’s 100 Greatest Modern World Coins, we look at the last of its kind coin series that would signal an end and a country in a period of strife. Authors Charles Morgan and Hubert Walker will help guide us through.
#70 – Iran 1963 Gold 5 Pahlavi
The twentieth century for the country of Iran was plagued by the discovery of oil in 1901. Social disruption, coups, rebellions, and dread were all a product of such discovery. Dictated by anti-Western theocrats, the current Iranian establishment came into power in 1979 after a violent revolution that would oust Iran’s social order and overthrow the Shah Mohammad Reza Pahlavi, who ruled from 1942-1979. Considered a playboy and coward, he would be the last shah of Iran.
The dethronement of Pahlavi came at the time where millions of Iranians felt they did not have a place in society as they were strictly controlled by mullahs, or Muslim clergy and mosque leaders. They were in control of the country and would expect nothing less than allegiance or death would be the consequence. However, the new regime would chip cause the United States to reevaluate its relationship with Iran as one of the first things they did was lay siege to the American embassy in Tehran and capture 52 American diplomats. The situation lasted 444 days and did the utmost damage to their relationship with the U.S. All while this was occurring, America was allowing hundreds of thousands of Iranian immigrants into the country as they fled the new establishment.
During the reign of the ousted Shah Mohammad Reza Pahlavi, coins in the country were issued in base metal, silver, and gold. They were in dinar and rial denominations and were the country’s circulating currency. Silver coins were struck as rials and were used for commemorative purposes. Gold coins were struck in rials sometimes but normally were struck as Pahlavi. Face value denominations came in values of quarter, half, 1, 2-1/25, 5 and 10 Pahlavis.
In terms of the 5 Pahlavi, the coin is struck in .900 fine gold and measures 40.2 millimeters in diameter. They contain a little over 1.29 ounces of actual gold weight. They were struck in two types from 1960-1979, the first from 1960-1974 and the second from 1975-1979. The coin was never struck in quantities with the first type rarer than the slightly modified second type. In fact, the highest mintage reported for the first type is 2,500. The key date coin in the series is 1963. There were only 20 coins minted.
Only a few of the pieces have shown up in auctions over the years. The finest example was graded MS64 and was sold in 2017 for US$7,050.