Gold & coins

Emami vs Bahar Azadi Gold Coins — Guide for Expats

Iran's two best-known full gold coins share the same weight and purity — but Emami and Bahar Azadi are different instruments with different market prices.

Real Emami and Bahar Azadi Iranian gold coins — obverse and reverse
Emami (current design) and Bahar Azadi (old design) — same gold weight, different market prices.

Two coins, not one

If you follow Iran's gold market from abroad, you will see Emami and Bahar Azadi (often called the old-design or Azadi coin) quoted separately. They look related — both are full-weight domestic gold coins — but they are not the same product.

Choosing the wrong label when comparing family quotes or portfolio values can skew your numbers. This guide explains what each coin is, how they differ, and where to track live prices on Iran Market Data.

Same gold content, different coins

On purity and weight, both coins match:

  • 22 karat gold (900/1000 fineness)
  • 8.133 grams of gold content per full coin

So the intrinsic metal value is essentially the same. What diverges is design era, mint year, market demand, liquidity, and the premium (bubble) above gold content — which is why their IRR prices differ.

Emami coin and Bahar Azadi old-design coin compared — obverse and reverse of each
Left column: Emami design (Imam Khomeini portrait, mint year 1386). Right column: Bahar Azadi old design (calligraphic obverse, mint year 1358). Both are full-weight 22K coins with the same gold content.

Bahar Azadi coin (old design)

Bahar Azadi (“Spring of Freedom”) refers to the original full-coin design minted from 1358 to 1370 (Iranian calendar; roughly 1979–1991).

Design hallmarks:

  • One side: stylised calligraphy of the name of Imam Ali (AS) with floral borders; Bank Melli Iran at the bottom.
  • Other side: the shrine of Imam Reza (AS) and the phrase “First Spring of Freedom”, marking the post-revolution era. The year 1358 appears on early issues (later Bahar Azadi years show their mint year, e.g. 1363 on 1363 strikes).

These are legacy full coins — still traded, but less dominant than the Emami benchmark today.

Track the live quote: Bahar Azadi coin (old design).

Emami coin (current benchmark)

Minting of the Emami-design full coin began in 1370 (1991), replacing the old Bahar Azadi layout.

Design hallmarks:

  • One side: portrait of Imam Khomeini (RH).
  • Other side: the shrine of Imam Reza (AS).
  • The inscription reads “Bahar Azadi” (without “First”) — which confuses newcomers, but the market name for the current coin is Emami, not Bahar Azadi.

Mint year matters: In everyday Tehran trading, coins with mint year 1386 and later are what dealers usually call “Emami” in the strict sense. Emami-design strikes before 1386 are often listed separately as lower mint year coins and may trade at a small discount to the headline Emami quote.

Track the live quote: Emami gold coin.

Liquidity and price — why Emami usually costs more

Emami is the most liquid full gold coin in Iran's free market. It is the default reference when families discuss “the coin price,” similar to how USD is discussed for FX.

Because demand is higher:

  • Emami is easier to buy and sell at short notice.
  • Its market price is typically slightly above Bahar Azadi, even though gold content is the same.
  • That extra premium shows up in the coin bubble metrics on our dashboard (under Coin Bubbles — separate from live coin prices).

For long-term holders, the metal exposure is similar; for exit liquidity, Emami is usually preferred inside Iran.

Historical price comparison

Daily closing prices in IRR — Emami vs Bahar Azadi. Hover for exact values; use the range buttons to zoom.

Where to find live prices

All quotes are in IRR with Tehran timestamps. For a quick Toman mental conversion, divide IRR by 10.

Also see 18K gold per gram for retail bullion, and the gold section on the main dashboard for half, quarter, and gram coins.

Practical tips for the diaspora

  • When a relative says “coin price,” confirm whether they mean Emami or Bahar Azadi — do not assume they are interchangeable.
  • Compare any quote to our live Emami and Bahar Azadi rows, not only gram gold.
  • Remember bubble lines measure premium over metal; they are not standalone coins you can buy.

This article is informational only — not financial or investment advice.