5 Tögrög

The Mongolian Trade and Industry Bank — Mongol Ulsyn Худалдаа Аж Үйлдвэрийн Bank — was the sole issuing authority in the Mongolian People's Republic during this period, operating under close Soviet supervision. The 1939 series was produced by Goznak in Moscow, the same state security printing facility responsible for Soviet currency, and the technical quality of the notes reflects that relationship directly: intaglio printing, security fibres, and plate discipline consistent with Soviet production standards of the late 1930s.

Mongolia's monetary system at this time was effectively tied to Soviet planning cycles rather than domestic economic conditions — a fact the notes themselves, produced entirely abroad, quietly confirm.