Mongolia, State Treasury, Remainder, 1 Dollar 1924, P-2r,
The 1924 Mongolian State Treasury issue represents one of the most intriguing chapters in the monetary history of Mongolia. Although officially prepared for circulation, this series was never released into general use, and surviving examples exist today only as remainders. These notes were printed at Goznak, the prestigious Russian state security printer whose role in producing currency for foreign governments during the early Soviet era underscores the broader geopolitical transformations taking place at the time.
Goznak itself was founded in 1818 by imperial decree of Tsar Alexander I, initially tasked with printing government paper currency and securities for the Russian Empire. Over the following century, Goznak developed into one of the most advanced security printing institutions in the world, pioneering innovations in anti-counterfeiting technology, complex multicolor printing, and high-grade banknote production. By the 1920s, despite the collapse of the Russian Empire, Goznak remained operational under the Soviet government, and was commissioned to print banknotes for several newly established or reorganizing states, including Mongolia.
The decision to prepare this 1924 issue reflected Mongolia’s transitional monetary policy during a period of political reorganization. Earlier attempts to introduce a national currency — including the short-lived 6% provisional obligations denominated in dollars in 1921 — were ultimately superseded. The 1924 series continued to use the dollar denomination but was ultimately never introduced into circulation, as the Mongolian Tögrög (or Tugrik) was formally adopted as the national currency in 1925.
The 1 Dollar note from this series features a sophisticated design executed with the precision and expertise characteristic of Goznak's production standards. The face of the note prominently displays traditional Mongolian motifs, inscriptions in the Mongolian script, and a highly distinctive central emblem incorporating the swastika. In the Mongolian and broader Asian context, the swastika has long served as a symbol of good fortune, harmony, and prosperity — entirely unrelated to the associations the symbol would tragically acquire in the later 20th century in Europe.
As these notes were never issued for circulation, most were ultimately destroyed, and only a limited number of remainders have survived to the present day. Their exceptional aesthetic qualities, combined with their historical significance and scarcity, make them highly sought after by collectors of early Mongolian numismatics and 20th-century world currency alike.
