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In the history of Mongolia coin was used during the VI-VIII (Tureg Dinasty), VIII-XI (Uigur dynasty), X-XI (Kidan) and XIII-XIV (Mongolian Great Imperia) centuries. Great Khaan Chinggis ordered to cast the first coin with a hero on horseback and holding a sword in hands on it as currency of Mongolian Great Imperia after he established the Mongolian First State in 1206. Then multiple times the same coins were used for trading.

First in the world Mongolia used paper bills with gold and silver protection strips for trading in 1227. Also in 1253, bank, named as “Bank for Paper Bills” and its branches “Bank for Balance in Many Roads” were established in Kharkhorin which was the Capital City of Mongolian Great Imperia. During the time bank transfer fee was found and a center for burning paper bills had been opened. The facts show that how Mongolia made a great contribution to world civilization and culture.

Mongolian currency is called as tugrug. By April, 2011 an American dollar equals 1,195.32 Mongol tugrug and a Japanese iyen equals to 14.29 Mongol tugrug. No coins are used in Mongolia. Banknotes of 10; 20; 50; 100; 1,000; 5,000; 10,000; and 20,000 Mongol tugrugs are used and they are different in their sizes and colours.

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