100 000 Tögrög 100th anniversary of the modern banking system in Mongolia

The Bank of Mongolia's centenary commemorative issue marks a hundred years since the Mongol Bank — the first central bank in the country's modern history — was established in 1924, initially with Soviet backing and staffed largely by Russian advisors. The institution operated for decades as little more than a monetary arm of Ulaanbaatar's alignment with Moscow, which makes the centenary framing as a celebration of independent banking infrastructure somewhat pointed.

Paper composition on a commemorative at this denomination is notable — most comparable anniversary issues from Central Asian central banks shifted to polymer by the mid-2010s. The watermark-only security profile is thin for a 100,000 tögrög face value.