Iranian toman

Iranian toman

The toman (تومان in Persian, pronounced [tomæn] ), is a superunit of the official currency, rial. Toman derived from a Turkic word meaning ten thousand, was the currency of Iran until 1932. It was divided into 10,000 "dinar". Between 1798 and 1825, the toman was also subdivided into 8 "rial", each of 1250 dinar. In 1825, the "qiran" was introduced, worth 1000 dinar or one tenth of a toman.

In 1932, the rial replaced the toman at a rate of 1 toman = 10 rials (i.e., 1 rial = 1 qiran). Although the rial is the official currency of Iran, many Iranians employ the term toman in everyday transactions for an amount of 10 rials. In unofficial circumstances, a toman may also refer to either 1,000 tomans or 1,000,000 tomans. The order of the magnitude of the amount would be considered to be apparent from the context.

Coins

Iranian gold coins were denominated in toman, with copper and silver coins denominated in dinar, rial or qiran. Before the introduction of milled coins, denominations were ¼, ½ and 1 toman. Milled gold coins were issued in denominations of frac|1|5, ½, 1, 2 and 10 toman. The last gold toman were issued in 1965, well after the toman had ceased to be an official currency.

Banknotes

In 1890, the Imperial Bank of Persia introduced notes in denominations of 1, 2, 3, 5, 10, 20, 25, 50, 100, 500 and 1000 toman. These notes were isued until 1923. In 1924, a second series was introduced, consisting of 1, 2, 5, 10, 20, 50 and 100 toman notes which were issued until the rial was introduced in 1932.

Toman, Iran's new currency

An official at the Central Bank of Iran has said the CBI plans to slash four zeros off the country's national currency (the rial) and rename it to toman. [http://www.presstv.com/detail.aspx?id=68427&sectionid=351020102]

References

External links

* [http://pierre-marteau.com/wiki/index.php?title=Money_%28Persia%29 Money in Persia]
* [http://www.bbc.co.uk/persian/seventhday/story/2007/02/070224_bs_money.shtml History of Money in Iran (BBC)]


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