With our Spring 2025 Hong Kong Auction less than two months away, I want to explore Mongolia’s history and the short-lived 1924 Mongolian Dollar series, a complete set of which will be offered in that sale.
Throughout most of its documented history, Mongolia was closely associated with China. Outer Mongolia, as it was then called, was ruled by several nomadic rulers (including Genghis Khan), before becoming a province of China during the Qing dynasty, which began in the 16th century and lasted until 1911. Although Mongolia proclaimed its independence shortly after, complete independence was not attained until 1921. That same year, the Mongolian Dollar, the first currency made especially for Mongolia and created by Nikolai Robert Maximillian Freiherr von Ungurn-Sternberg (known as the Mad or Bloody Baron), was introduced.
After graduating from a Russian military college and a brief stay in Siberia, Baron Ungern requested a transfer to Outer Mongolia. He arrived on the eve of World War I and served as an officer in the Russian army. He fought for the Whites during the Russian Civil War and eventually, at his request, returned to Outer Mongolia. When he overthrew the Chinese there, Bogd Khan came to power and gave the Austrian-born baron some of the most important titles in the country. Baron Ungern attempted to establish a national currency in 1921 by issuing provisional liabilities with a 6% short-term obligation denominated in dollars. But when the Ungern administration fell, these notes were taken away. Later in the same year, Baron Ungern was captured by the Red Army and was executed. Following Bogd Khan’s death in 1924 the Mongolian People’s Republic was established, and the 1924 series of notes was printed, again using the dollar currency first suggested by Baron Ungern. Some people have suggested that these notes were printed a few years earlier, but 1924 seems to be the generally accepted printing date.
The 1924 series of Mongolia, believed to have been printed in Russia by Goznak, is widely recognized for its vibrant design, even though it is thought to have never been put into print. A swastika, a representation of divinity and spirituality in many Eastern faiths, is the focal point of various denominations. Although the emblem is still associated with success and prosperity in many cultures, its association with Nazi Germany gave it a more negative connotation. Only six different denominations ranging from 50 Cents to 25 Dollars were produced. Regardless of the denomination, survivors are rare, as it seems that most of the stock delivered to Mongolia was destroyed when the Tugrik, which is still in use in Mongolia today, was chosen to replace the Mongolian Dollar. The set in our upcoming Hong Kong sale is a terrific opportunity to acquire one or more notes from this iconic series.
