10 Dollars

Mongolia's first national paper currency was issued in 1924, the same year the Mongolian People's Republic was formally proclaimed. The State Treasury notes were denominated in dollars — not tugriks, which wouldn't arrive until 1928 — a reflection of the transitional monetary thinking of the period, borrowing a familiar foreign unit rather than committing immediately to a sovereign denomination.

The "R" suffix in the Pick reference denotes a remainder: unissued stock, never formally released into circulation. Dangzan, one of the two signatories, was executed in 1937 during the Mongolian purges under Soviet pressure, which gives these early notes a biographical weight beyond their monetary function.