DANZAN’s Dollar
In 1921, by the decree of Bogd Khan, the state loan called "Baga Bolzoot", which was valid for the period of six-month, served as a currency until 1923. Printed Mongolian dollar banknotes in 1921 by the People’s Government in USSR featured the signature of Danzan, the Mongolian Minister of Finance, and thus it was called Danzan’s Dollar. Danzan’s Dollars were printed in 1921 and 1922; however, the circulation of those banknotes was postponed due to the new policies and the changes in the fiscal plans. In 1924, the banknotes were expected to enter circulation, however as a result of a political persecution of Danzan, these banknotes weren’t put into the circulation.
BANKNOTES OF 1925
On February 22, 1925, the People’s Government issued an order regarding the renewal of the state currency. The order stated:
1. An exclusive right to release banknotes into circulation is authorized to the Trade and Industry Bank of Mongolia
2. To release banknotes with denominations of 1, 2, 5, 10, 25, 50, and 100 Togrogs.
3. Banknotes should be fully guaranteed. It stated, “At least 25% should be guaranteed by precious metals and 75% by commodities that have high liquidity”.
On the 1925-year banknotes, all inscriptions and numbers were written in Mongolian script. The 1, 2, 5 and 10 togrog banknotes were signed by Chairman Mikilman and members Amar, Shigunov, and treasurer Bolshakov. The 25, 50 and 100 togrog banknotes were signed by the Chairman of the Trade and Industry Bank of Mongolia (Mongolbank) Mikilman, along with members Amar, Shigunov, Bat-Ochir, Dugar, and treasurer Bolshakov. The 1925 banknotes featured ornaments of happiness (Ulzii Khee) and layered designs and by 1966, it was almost entirely withdrawn from circulation.
From January 1, 1927, all trade transactions conducted by Mongolian Ministries and Trade Institutions were executed by Mongolian togrog, and by the Government resolution Chinese currency was exchangeable with 1 togrog until April 1st, 1928.
Since then, Chinese currency was prohibited in the payment of any government taxes and bank transactions. From 1925 onwards, numerous kinds of foreign currencies that circulated within Mongolia had been gradually decreasing, and by 1929 had become completely out of use.
Since the issuance of the 1925 banknotes, Mongolia renewed and moderated its currency in 1939, 1941, 1955, 1966, 1981, 1993, that have been used in all transactions.
Banknotes of 1939
In 1939, the Trade and Industry Bank of Mongolia issued banknotes of 1, 3, 5, 10, 25, 50 and 100 togrog denominations. The front side featured the Soyombo symbol and a portrait of D. Sukhbaatar, both of equal size, while the reverse side was decorated with national patterns and designs. All inscriptions were written in traditional Mongolian script, and the banknotes were produced in the Soviet Union. Although these banknotes were officially withdrawn from circulation in 1966, it had already been removed from circulation by 1955. The 1939 currency retained the same size as the 1925 togrog banknotes, with sole distinctive feature that replaced the 2 togrog banknote with a 3 togrog banknote.
Banknotes of 1941
The State Emblem and the National Flag was renewed and ratified by the second Constitution of the Mongolian People’s Republic on June 30, 1940. The country’s name “Mongolian People’s Republic” was officially written on the State Emblem for the first time. Moreover, the use of the Mongolian script as the official State alphabet was abolished and replaced with the introduction of Cyrillic letters raised the issue of modernizing current banknotes.
In 1941, the Trade and Industry Bank of Mongolia issued banknotes of 1, 3, 5, 10, 25, 50 and 100 togrog denominations. These banknotes maintained the same size, color, and design as the 1939 banknotes, with D. Sukhbaatar's portrait retained. The Soyombo symbol was replaced with the new national emblem of Mongolia with five livestock pattern, and inscriptions and numbers were written in a combination with traditional Mongolian script and Cyrillic. The notes were produced in the Soviet Union and were officially withdrawn from circulation in 1966.
Banknotes of 1955
The Trade and Industry Bank of Mongolia was a joint venture bank with the Soviet Union until 1954. Due to the strengthened financial and credit system of Mongolia and to stimulate further development of the national economy, the Soviet Union government transferred its shares to the People's Republic of Mongolia as a grant. On April 12, 1954, the Council of Ministers of the People's Republic of Mongolia issued an order to reestablish the Trade and Industry Bank of Mongolia into the State Bank of the People's Republic of Mongolia.
According to the regulations of the State Bank, the General Council of the State Bank was responsible for determining the characteristics of banknotes and coins and their validity in transactions. The State Bank’s role is to issue cash into circulation, withdraw cash from circulation, and maintain a sufficient supply of banknotes and coins in reserve.
In 1955, the State Bank issued new Mongolian banknotes based on a design created by artists Shibu and D. Amgalan, who included the state emblem with the Cyrillic inscription of the state name and a portrait of D. Sukhbaatar. The banknotes in denominations of 1, 3, 5, 10, 25, 50 and 100 togrog were printed at the Goznak printing house in Moscow, Soviet Union. Following the change in the official script, all numbers and words on the 1955 banknotes were written in Cyrillic and the size of the banknotes were slightly increased from the 1941 design. Banknotes were printed on the paper featuring ornaments of happiness (Ulzii Khee) and layered pattern designs without other additional security features. The 1955 banknotes were officially withdrawn from circulation in 1966.
Banknotes of 1966, 1981, 1983
On April 1, 1965, the Council of Ministers of the People's Republic of Mongolia decided to issue new banknotes in denominations of 1, 3, 5, 10, 25, 50 and 100 togrog. Subsequently, on December 11, 1965, they issued a resolution to introduce these new banknotes starting January 1, 1966, and ordered the State Bank to withdraw the 1925, 1941 and 1955 banknotes within the year.
To replenish the supply of the 1966 banknotes, the State Bank issued 5, 10, 20 and 50 togrog banknotes in 1981 and 1 and 3 togrog banknotes in 1983 and were all produced in the Soviet Union. When the new 1966 banknotes were introduced, all formerly used banknotes were rapidly withdrawn from circulation.
The design of the 1966 banknotes was created by artists Ts.Minjuur and D.Tserenpil, incorporating the state emblem of the People's Republic of Mongolia, updated in 1960, along with a portrait of D.Sukhbaatar. The size of the banknotes was slightly reduced from the 1955 design for the usage convenience and the serial numbers were moved from the front to the back. The colors, images, and patterns were newly upgraded. These banknotes featured a base design with layered line pattern on the front and interwoven stripes on the back. A 20 mm wide white band appeared on the left side of the front and the right side of the back, with the denomination represented in traditional Mongolian script on the floral design within this band. Banknotes were printed on the paper with ornaments of happiness (Ulzii Khee) and other layered pattern designs, without other additional security features.
For the first time the 50 and 100 togrog banknotes issued in 1966 and 1981 featured an image of the Government Palace on their reverse side.
The 25 togrog banknote printed in 1966 was not reprinted due to difficulties associated with counting and verifying its value. Based on a Council of Ministers decision issued on June 5, 1981, the General Council of the State Bank of the People's Republic of Mongolia issued and put into circulation a 20 togrog banknote to commemorate the 60th anniversary of the Mongolian People's Revolution, starting from July 10, 1981. Following the introduction of the 20 togrog banknote, the 25 togrog banknote from 1966, although not officially withdrawn, gradually phased out of circulation in 1981. The banknotes from 1966, 1981 and 1983 were eventually withdrawn from circulation in 1993.
Banknotes since 1993
Consistent with the adoption of the new Constitution on January 13, 1992, the country’s name, national emblem, national flag and all currency banknotes were changed accordingly. The banknotes with the 1, 5, 10, 20, 50, 100, 500 and 1000 nominal values were printed and circulated in 1993, followed by the 5000 nominal value banknotes in 1994, the 10000 nominal value banknotes in 1995, and the 20000 nominal value banknotes in 2006.
Each new banknote features unique designs on both the front and back, showcasing the history of Mongolia's development, national pride, and symbolism in various colors and sizes. The front of the 500, 1000, 5000 and 10000 togrog banknotes displays a portrait of Chinggis Khaan, while the back of the 500 and 1000 togrog banknote features a historical depiction of the "Great Migration". The 5000 and 10000 togrog banknotes depict a historical image of the Five Beauties of the ancient capital Kharkhorin. The front side of 5, 10, 20, 50, and 100 togorg banknotes features a portrait of D.Sukhbaatar, the leader of the People's Revolution, while the back showcases the image of Otgon Tenger Mountain, all adorned with national patterns and designs.
On the front side of all banknotes, to the left of the portrait, the white flag of the unified Mongolian state is placed with the words "Монгол улс" (Mongolia) written in a folded script. To the right, the state Soyombo symbol is displayed, and the decree of Chinggis Khaan is layered to be visible from both sides. The one togrog banknote has a unique design with a lion's figure on the front and the state Soyombo on the back.
