20 Tögrög

The 1993 Mongolbank series, of which this is a part, marked the country's first major currency redesign after the collapse of Soviet patronage. Mongolia had relied on USSR subsidies for decades; when those ended abruptly in 1990–91, the economy contracted sharply, and the tugrik lost significant purchasing power before stabilization measures took hold. Thomas De La Rue handled the entire series, a logical choice given Mongolia's limited domestic printing infrastructure at the time.

The watermark is the sole security feature — modest even by early-1990s standards, reflecting budget constraints on the commission.