500 Tögrög

Mongolia's mid-1990s banknote series was produced under difficult conditions — the country was navigating the aftermath of Soviet collapse, hyperinflation, and the transition to a market economy all at once. The 500 Tögrög was a meaningful denomination in that environment, worth paying attention to when it entered circulation.

De La Rue's involvement brought a level of security infrastructure that Mongolian printing capacity could not then provide domestically. The watermark is the sole listed security feature for this type, which is relatively spare by late-1990s standards — most contemporaneous De La Rue issues for emerging-market clients included at least a security thread alongside.