25 Tögrög

Mongolia's 1925 currency introduction was the first time the country had issued its own paper money as an independent state — the tögrög replaced the Chinese tael and a chaotic mixture of foreign currencies that had circulated under Chinese rule and during the revolutionary transition. The Goznak facility in Moscow was the natural choice for a Soviet-aligned state with no printing infrastructure of its own, and the entire founding series was produced there.

P#11 is among the higher denominations of that inaugural issue, making circulated survivors relatively uncommon. The 1925 series was not replaced until 1939.