1 Tögrög

Mongolia's 1993 low-denomination issues came at a particularly difficult moment — the country was deep into the shock of post-socialist transition, having abandoned the tugrik's fixed Soviet-era exchange rate and watching inflation eat through purchasing power at a pace that made a single tögrög nearly worthless by the time these notes entered circulation. Thomas De La Rue's involvement at this tier of the series reflects a deliberate signal of institutional credibility during a period when the central bank needed public confidence far more than it had any right to expect it.