50 Tögrög

The 1925 Mongolian series — of which this 50 Tögrög is the highest denomination — was printed by Goznak in Moscow as part of the Soviet-backed establishment of the Mongolian People's Bank (Mongol bank), founded in 1924. The tögrög itself had only just been introduced that year, replacing a chaotic mix of Chinese silver, Russian rubles, and various trade currencies that had circulated since the collapse of Qing authority.

Goznak's involvement was no accident. Soviet financial and technical advisors effectively designed the new monetary system from the ground up. High-denomination notes of this first issue are genuinely rare in any condition — the 1925 series had limited distribution outside urban centers, and Mongolia's nomadic economy meant paper money was slow to displace barter and commodity exchange.