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The rial replaced an older currency known as the toman . One toman is worth 10 rials, and although the currency was changed to the rial in the early 20th century, the term toman still enjoys wide usage among Iranians today. Most Iranians think in tomans when discussing money.

There is no official symbol for the currency, but the Iranian standard ISIRI 820 defined a symbol for use on typewriters, and the two Iranian standards ISIRI 2900 and ISIRI 3342 define a character code to be used for it. The Unicode Standard has a compatibility character defined for "RIAL SIGN" [﷼] at the position U+FDFC

Rial is also the official currency of Oman, and Yemen. With similar spell, Riyal is the official currency of Qatar and Saudi Arabia.