The Mongolian tugrik is Mongolia's official currency, issued by the Bank of Mongolia. It is divided into 100 mongo, with banknotes ranging from 10 to 20,000 tugrik, and coins in 1, 5, 20, 50, 100, 200, and 500 tugrik. Introduced in 1925, the tugrik was initially pegged to the Soviet ruble. Mongolia also introduced the world’s first paper money in 1227, but financial instability led to the collapse of the banking system. During the socialist era, tugrik denominations were 1 to 25. Due to inflation, smaller coins were replaced with higher-value ones after the end of the Mongolian People's Republic.