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Mongolian tögrög

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The tögrög or tugrik (Mongolian Cyrillic: төгрөг, Mongolian script: ᠲᠥᠭᠦᠷᠢᠭ, transcription: tögürig; sign: ₮; code: MNT) is the official currency of Mongolia.

Mongolian tögrög
Монгол төгрөг (Mongolian)
ᠮᠣᠩᠭᠣᠯ
ᠲᠥᠭᠦᠷᠢᠭ
20,000 tögrög banknote
ISO 4217
CodeMNT (numeric: 496)
Subunit0.01
Unit
PluralThe language(s) of this currency do(es) not have a morphological plural distinction.
Symbol₮‎
Denominations
Subunit
 1⁄100möngö (мөнгө/ᠮᠥᠩᠭᠦ)
Banknotes
 Freq. used₮10, ₮20, ₮50, ₮100, ₮500, ₮1,000, ₮5,000, ₮10,000, ₮20,000
 Rarely used₮1, ₮5
Coins₮20, ₮50, ₮100, ₮200, ₮500
Demographics
Date of introduction1925
ReplacedYuan, Mongolian dollar
User(s) Mongolia
Issuance
Central bankBank of Mongolia
 Websitewww.mongolbank.mn
Valuation
Inflation7.0%
 SourceOctober 2024[1]

It was historically subdivided into 100 möngö (мөнгө / ᠮᠥᠩᠭᠦ). Currently, the lowest denomination in regular use is the 10-tögrög note, and the highest is the 20,000-tögrög note. In Unicode, the currency sign is U 20AE ₮ TUGRIK SIGN.

Etymology

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The word tögrög (төгрөг) refers to "circle", or a "circular object" (i.e., a coin). Today, it is rarely used outside of referring to the currency, with the exception of the phrase tögrög sar (төгрөг сар), meaning 'full moon'.

History

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Socialist era tögrög in the National Museum of Mongolia

The tögrög was introduced on December 9, 1925,[2] at a value equal to one Soviet ruble, where one ruble or tögrög was equal to 18 grams (0.58 ozt) of silver. It replaced the Mongolian dollar and other currencies and became the sole legal currency on April 1, 1928.

Möngö coins are no longer in circulation as currency, owing to their negligible value. Today, they are sold online and to tourists as collectibles.

In 2010, the tögrög rose 15% against the US dollar, due to the growth of the mining industry in Mongolia.[3] However, its exchange rate eroded by 24% from early 2013 to June 2014 due to falling foreign investment and mining revenue.[4]

Coins

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During socialism, the tögrög coin denominations were 1, 2, 5, 10, 15, 20, 50 möngö, and 1 tögrög. After the Mongolian People's Republic came to an end in 1992 and inflation surged, möngö coins were abandoned and larger tögrög values introduced.

Coin Series during the People's Republic of Mongolia era [1]
Images Series Composition Obverse Reverse Date recalled Valueless since Script Minted in Calendar used
[2] 1925 1-5 möngö: copper
10-20 möngö: 0.5 silver
50 möngö, 1 tögrög: 90% silver 		Soyombo Value 1950 1970 Mongolian Soviet Union Mongolian Year 15
[3] 1937 1-5 möngö: aluminium bronze
10-20 möngö: cupronickel 		1960 1970 Mongolian Year 27
[4] 1945 coat of arms, "Бүгд Найрамдах Монгол Ард Улс" (People's Republic of Mongolia) 1970 1970 Cyrillic Mongolian Year 35
[5] 1959 Aluminium 1990 1990 P.R. China Common Era
[6], [7] 1970, 77, 80, 81 1-5 möngö: aluminium
10-50 möngö: cupronickel 		coat of arms, state title in short (БНМАУ) for 1-5 möngö, in full for 10-50 möngö — — 1970, 77: East Germany
1980, 81: Mongolia
[8] Circulating & commemorative 1 tögrög 1971: aluminium bronze, cupronickel, silver, or gold
1981: aluminium bronze 		coat of arms, full state title, value "БНМАУ", Damdin Sükhbaatar on a horse, "50 ЖИЛ" or "60 ЖИЛ" depending on the year ? ? 1971: East Germany
1981: Mongolia		 —
1981–88: 1 tögrög with various commemorative subjects Aluminium bronze 6 designs, such as Karl Marx, Soviet-Mongolian space flight, etc. ? ? Mongolia Common Era
Current Coins [9]
Image Value Technical parameters Description Date of first minting
Obverse Reverse Diameter Thickness Mass Composition Edge Obverse Reverse
  [10] 20 tögrög 17.5 mm 1.5 mm 0.78 g Aluminium Plain Value Soyombo 1994
  [11] 50 tögrög 23 mm 1.8 mm 1.68 g
  [12] 100 tögrög 22 mm 1.5 mm 3.84 g Cupronickel Value, Janraisig Temple
  [13] 200 tögrög 25 mm 1.7 mm 6.2 g Value, the Government House
  [14] 500 tögrög 22 mm 1.7 mm 4.1 g Smooth Value, Soyombo Damdin Sükhbaatar 2001
For table standards, see the coin specification table.

Banknotes

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Like coins, the tögrög banknotes were very similar to the Soviet ruble during the Mongolian People's Republic era. The similarities included color theme, overall design, and the lineup of the denominations, which were 1, 3, 5, 10, 25, 50, 100 tögrög unless stated otherwise. The color for each value is

  • 1 tögrög: brown
  • 3 tögrög: green
  • 5 tögrög: blue
  • 10 tögrög: red
  • 20 tögrög: green
  • 25 tögrög: lilac
  • 50 tögrög: green
  • 100 tögrög: brown

Formerly, all banknotes were printed in the Soviet Union. Modern tögrög banknotes are generally printed in the United Kingdom.

Banknote Series during the People's Republic of Mongolia era [15]
Image Series Obverse Reverse Date recalled Valueless since Script Calendar used Remark
[16] 1925 Soyombo, value Value 1940 1966 Mongolian Common Era 2 tögrög in green instead of 3 tögrög
[17] 1939 Soyombo, Sükhbaatar Value 1955 1966 Common Era and Mongolian Year 29 25 tögrög in brown
1941 Coat of arms, Sükhbaatar ? ? Both Common Era and Mongolian Year 31
[18] 1955 1966 1966 Cyrillic Common Era 25 tögrög in blue on obverse, brown on reverse
[19] 1966 Coat of arms, Sükhbaatar except 1 tögrög Value for 1-25 tögrög, the Government House for 50 and 100 tögrög — — Both
1981, 83 As above, except industrial theme for 20 tögrög 20 tögrög in green instead of 25 tögrög
1993 Series [20]
Image1 Value Dimensions Main Color Description Date of printing2 Usage
Obverse Reverse Obverse Reverse Watermark
    10 möngö 45 × 90 mm Pink Soyombo, Archery Archery — 1993 Very rare in circulation. Abundant among collectors.
    20 möngö 45 × 90 mm Yellow-brown Soyombo, Wrestling Wrestling
    50 möngö 45 × 90 mm Green-cyan Soyombo, Horse riding Horse riding
    1 tögrög (neg) 115 × 57 mm Yellow-brown Lion Soyombo, Paiza Genghis Khan 1993, 2008, 2014
    5 tögrög (tavan) 120 × 60 mm Orange Sükhbaatar, Soyombo, Paiza Mountainous landscape and horses eating grass Rarely used anywhere but in banks
    10 tögrög (arvan) 125 × 61 mm Green 1993, 2002, 2005, 2007, 2009, 2011, 2013, 2014, 20173, 2018, 2020 The smallest commonly used note
    20 tögrög (horin) 130 × 64 mm Reddish purple
    50 tögrög (tavin) 135 × 66 mm Brown 1993, 2000, 2008, 2013, 2014, 2016,3 2019, 2020
    100 tögrög (zuun) 140 × 68 mm Violet
    500 tögrög (tavan zuun) 145 × 70 mm Green Genghis Khan, Soyombo, Paiza Mongolian yurts in motion 1993, 1997, 2003, 2007, 2011, 2013
20003, 20034, 2013, 2016, 2020
    1000 tögrög (myangan) 150 × 72 mm Blue 1993, 1997, 2003, 2007, 2011, 2013, 2017, 2020
20034
    5000 tögrög (tavan myangan) 150 × 72 mm Pink-purple "Drinking Fountain" at Genghis Khan's court 1994, 2003, 2013, 20184
    10,000 tögrög (arvan myangan) 150 × 72 mm goldish yellow 1995, 2002, 2009, 20144, 2021
    20,000 tögrög (horin myangan) 151 × 72 mm Lime and purple Nine White Banner 2006, 2009, 2013,4 2019
For table standards, see the banknote specification table.

Remarks

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  1. Images shown are the earliest variations of each value
  2. Issued dates are listed for up to 2003. It is known that there is a 2005 edition of 10 tögrög, but it is yet unclear whether or not it was the only value for the 2005 edition.
  3. Lower value notes (10 ~ 500 tögrög) issued in 2000 and after have line-patterned color underprint on the entire note, where the previous edition had near-white solid color. But one exception to the rule is the 2000 edition of 500 tögrög.
  4. High value notes (500 ~ 10,000 tögrög) issued in 2002 and after have a patch on the lower right hand side of obverse as an improved anti-counterfeit device, which used to be printed only on the two highest values. The new patch is also more sophisticated than the ones in the 1990s. The Soyombo symbol was upgraded to a hologram on the two highest values. On series 2018 5000 tögrög, the hologram was changed to an OVMI ink.
Current MNT exchange rates
From Google Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD KRW JPY USD
From Yahoo! Finance: AUD CAD CHF CNY EUR GBP HKD JPY USD KRW JPY USD
From XE.com: AUD CAD CHF CNY EUR GBP HKD JPY USD KRW JPY USD
From OANDA: AUD CAD CHF CNY EUR GBP HKD JPY USD KRW JPY USD

See also

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References

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  1. ^ Bank of Mongolia - Inflation
  2. ^ Bank of Mongolia. "History – National Currency – Togrog". Archived from the original on 2007-11-12. Retrieved 2007-12-15.
  3. ^ Frangos, Alex (3 January 2011). "Hot Money Roils Growth Currencies". The Wall Street Journal. Retrieved 2018-01-01.(subscription required)
  4. ^ Chi, Leisha (17 August 2016). "The sudden slide of the world's worst performing currency". BBC News. Retrieved 2018-01-01.
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Wikimedia Commons has media related to Money of Mongolia.
Preceded by:
Mongolian dollar
Ratio: 1 tögrög = 1 Soviet ruble. 2432 tögrög = 1 United States dollar 		Currency of Mongolia
1925 – 		Succeeded by:
Current
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