10 Tögrög

Mongolia's 1993 currency reform replaced the Soviet-era tögrög series with new notes printed by Thomas De La Rue as the country navigated its transition from a centrally planned economy to a market system — one of the more abrupt such transitions in Asia during the 1990s. De La Rue had no prior involvement with Mongolian currency; the contract was part of a broader wave of post-Soviet states turning to Western security printers after 1991.

The watermark is the sole security feature, modest even by contemporary standards for the denomination.