10 000 Tögrög

Mongolia's highest-denomination note at the time of issue, the 10,000 Tögrög emerged from a period of severe monetary stress following the collapse of Soviet subsidies in the early 1990s. Inflation ran at several hundred percent annually through much of that decade, and the note's face value — enormous by Mongolian standards in 1995 — reflected how rapidly purchasing power had eroded since the country's painful pivot to a market economy.

Thomas De La Rue produced the series at their London facility. The security package is relatively modest for a flagship denomination, which occasionally draws comment from specialists familiar with the inflationary pressures that made high-value notes necessary in the first place.