Mongolia's 20,000 tugrik banknote has received a Bronze Certificate of Merit in the International Paper Money 2016 Contest which has been organised by the Institute for International Monetary Studies.  The Mongolian 20,000 tugrik with a portrait of Chinggis Khaan was first released in 2006 and reprinted in 2009 and 2013. It is also the country's largest denomination,

The  contest aims to select the most attractively designed banknotes for the public in general as well as collectors. The Syrian 1000 pound won the Gold Certificate of Merit, while the Iranian 10,000 rial received the Silver award. Both the 50,000 riel of Cambodia and the Mongolian 20,000 tugrik banknote received Bronze Certificate of Merit. Each Certificate was accompanied by a painting which is an enlarged copy of the awarded banknote.

The Institute of International Monetary Studies was established on the 24th October 1995 as a non-profit foundation. The aim of the Institute is to encourage the quality and attractiveness of paper money worldwide and in particular the designs used. In first contest in 1996, a total of 44 countries  took part and Danish, Swiss and Icelandic banknotes respectively won the  gold, the silver and the bronze awards.