3 Dollars

The Mongolian People's Government established its first national bank, the Mongolian Trade and Industrial Bank (Mongol bank), in 1924 — the same year this note was issued. The currency was denominated in dollars rather than any Mongolian unit, a pragmatic decision reflecting the dominance of Chinese silver dollars in regional trade at the time. A distinct Mongolian monetary identity came later.

The "R" suffix in the Pick reference denotes a remainder — unissued stock, never formally released into circulation. Remainders from this series survive in far better condition than circulated examples, which are exceptionally rare.