1 Rubel Port Kunda Zementfabrik

Port Kunda, on Estonia's northern coast, had been producing cement since the 1870s and was one of the largest industrial operations in the Baltic region. When the German occupation of Estonia began in the summer of 1941, large-scale disruption to banking and currency supply left factory management across the occupied territories issuing their own scrip to pay workers — this note is one such instrument, produced by the cement works to function as internal wage currency.

The watermarked paper is notable: most comparable factory scrip from the occupation period made no such concession to security, suggesting the Port Kunda management had access to better materials than most.