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Iran executed two men on Wednesday for hoarding gold coins and other hard currency, as it attempts to stem financial misconduct amid tough economic sanctions.

One of the two executed men was Vahid Mazloumin, dubbed the "sultan of coins" by media, a trader accused of manipulating the currency market, according to Mizan, the news site of the Iranian judiciary.

His accomplice, Mohammad Ismail Ghasemi, had been involved in the sale of gold coins through illegal and unauthorised deals as well as smuggling.

Both of them were convicted of "spreading corruption on earth," a capital offence under Iran's Islamic laws.

Read more: Exclusive: Iran's Zarif speaks about US sanctions, Saudi 'assassination plots', and an Arab NATO

An unspecified number of other accomplices went to prison.

Iran detained Mazloumin, 58, in July for hoarding two tons of gold coins.

Iranians have stocked up on gold coins and other safe-haven investments as the rial has lost 70 per cent of its value in recent months amid renewed US sanctions following President Donald Trump's withdrawal from the 2015 nuclear deal in May.

The Iranian rial has plunged to 135,000 to the dollar from last year's rate of around 40,500.

Last week, President Hassan Rouhani said the Islamic republic's already-ailing economy is in a "war situation".

Sporadic protests over the deteriorating economy have erupted in recent months.

Special courts focused on financial crimes were set up in August, and have handed out at least seven death sentences since, with some trials broadcast live.

In 2017, Iran executed more people than any other country except for China. 

Iran is home to 80 million to China's 1.4 billion. 

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