The last ever statue of Russian communist leader Vladimir Lenin to stand in the Mongolian capital, Ulan Bator, is to head to auction.

The 58-year-old statue, which was pulled down over the weekend, is now expected to be put up for auction with a starting bid of $300.

Mongolia was effectively a satellite state of the Soviet Union until it severed links in 1990, and generations of schoolchildren were taught to call Lenin "Teacher Lenin".

The statue's demise at the behest of Mayor Bat-Uul Erdene is seen as a move to further embrace the West and China.

The mayor, who was at the forefront of the country's adoption of democracy two decades ago, called Lenin and the communists "murderers" in a speech at the demolition.

Despite his highly divisive nature, items associated with Lenin can sell for significant sums.

A 1915 signed letter, in which Lenin discusses a forthcoming socialist conference, sold for $12,500 at auction in 2010.

Statues of former leaders make for controversial items of memorabilia. Last year, a former British SAS soldier attempted to sell the buttocks from the giant statue of Saddam Hussein that was toppled in Baghdad, only to fall foul of the 2003 Iraq Sanctions Order, which governs the importation of "Iraqi cultural property".

Several statues of Lenin still stand in Russia and other regions that were once part of the Soviet system.

We are delighted to offer you our own range of political memorabilia, including this signed card from another prominent communist, Fidel Castro.

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