10 Tögrög

The Mongolian Trade and Industry Bank (Mongol Ardyn Bank in some sources) was established in 1924 as a joint Mongolian-Soviet venture, and these 1925 issues were among the first standardized banknotes circulating in the Mongolian People's Republic — a country that had only formally declared independence from China in 1921. Goznak's Moscow operation was the natural choice; Soviet printing infrastructure was already supplying currency to several client states in the region, and Mongolia had no domestic printing capacity of any kind.

The watermark is the sole security feature, modest by any standard, though counterfeiting was unlikely to be a practical concern in a sparsely populated pastoral economy where barter and Chinese and Russian coins still dominated much of daily trade.