50 Cents

Mongolia's 1924 currency series was issued immediately following the establishment of the Mongolian People's Republic and the creation of the Mongolian State Treasury — this 50 Cents note belongs to the very first emission of modern Mongolian paper currency. The denomination itself reflects a transitional monetary framework that borrowed nomenclature from neighboring currencies before the tögrög was introduced the following year, in 1925, rendering this entire series obsolete almost immediately after issue.

Goznak's Moscow facilities printed the series, a predictable arrangement given the Soviet role in administering the young republic. The "R" suffix in the Pick reference denotes a remainder — unissued stock — which accounts for most surviving examples today.