Monetary unit Tugrik - whose currency

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

To designate a foreign currency that is not freely convertible, the word "tugrik" is used. Whose currency is called Tugrik is not known to everyone. In most cases, this word is associated with the broad concept of "money" and is used in a colloquial style.

In this article, we will consider what monetary units replaced the tugrik. Whose currency is it? When was it put into circulation?

Tugrik is the currency of which country?

Tugrik is the monetary unit of Mongolia. She came to the market relatively recently. Its name comes from the words "coin", "round". One tugrik consists of one hundred mungu, although the latter are now out of circulation and are not used. The Mongolian currency is designated as the letter "T", crossed out by two thin parallel lines at an angle of approximately 40 degrees to the vertical.

At one time, the Mongolian dollars were replaced by the tugrik (whose currency is discussed above). The Tugrik code is ISO 4217. The official abbreviation is MNT.

History of Mongolian currency

When it first formedThe Mongol Empire, Genghis Khan introduced silver and gold coins into circulation. In 1227, the first Mongolian paper money appeared. Already in 1236, a new monetary reform involved the withdrawal of various coins in size, value and shape. Subsequently, they were melted down into coins of the same size and weight.

The Mongolian authorities in 1253 created a monetary department that established monetary circulation in the ways that are still used today. But, unfortunately, cultural and economic achievements were forgotten during the long centuries of oppression by the Chinese Qing Dynasty. Only in 1921, independent Mongolia, after the victory in the revolution, was able to begin to establish a monetary system.

Tugrik Appears

When the people's government came to power, measures began to be taken to stabilize the economic and political system. First of all, one of the measures was the creation of a financial system. In the 1920s, a monetary reform took place in Mongolia. Established the National Bank and then replaced the Chinese liang with their national currency.

Coins were issued in denominations of 1, 2, 5, 10, 15, 20, 50 mungu and 1 tugrik. At the same time, along with banknotes, there were silver coins of 18 grams and 900 samples in circulation. All Mongolian banknotes of that time were produced in the USSR. Paper banknotes were printed in Moscow at the Gosznak, and coins were minted at the famous Mint in Leningrad. Tugrik has replaced the banknotes that were previously in circulation: Chinese yuan, Russian rubles, and various monetary surrogates, such as silk scarves, fur and tea.

Modern Mongolian currency

Having figured out what tugriks are, whose currency it is and how it appeared, it is necessary to get acquainted with modern Mongolian banknotes. To date, in the monetary circulation of Mongolia there are coins of the following denomination: 20 tugriks, 50, 100, 200, and 500 tugriks. The denomination range of banknotes is wider - it is 1, 5, 10, 50, 100, 500, 1000, 5000, 10000 and 20000 tugriks.

On banknotes, the denomination of which is 100 and less tugriks, depicts Sukhe Bator, who was the leader of the people's revolution. On the rest of the banknotes you can see Genghis Khan - the founder of the Mongol Empire. Portraits of historical figures on banknotes are located on the left in an oval frame. Under the frame is a national pattern. On the right is a soyombo - a symbol of the people of Mongolia, next to it is a paiza - a symbol of power.

As for the coins, the obverse of all tugriks depicts soyombo, and the year of issue is indicated below. On the reverse, depending on the denomination, the temple of Megjid Zhanraysig, Sukhbaatar and the government building are depicted.

Like all modern banknotes, the tugrik also has counterfeit protection (watermarks, security thread, microtext and hidden images). Whose currency is so diverse in colors yet? This is practiced by many countries, but the Mongolian currency stands out. 10 and 500 tugriks have a green reverse, 20 - red, 50 - brown, 100 and 20000 - purple, 1000 - blue, 5000 - pink, denomination of 10000 - orange.

TodayUnofficially, American dollars are widely used in Mongolia. As for Russian rubles, they are sometimes accepted in the markets and in some shops.