10.000 Marka

The "S" suffix on Pick 38 denotes a specimen — this is not a circulated issue but a reference example, almost certainly from the American Bank Note Company archives or distributed to other central banks for identification purposes. Estonia's marka series of the early 1920s was issued during an acute period of monetary instability following independence, with the marka depreciating sharply against the Swedish krona and British pound before the kroon reform of 1928 effectively retired the currency altogether.

Specimens from this series surface rarely outside major auction houses, typically with the characteristic ABNCo punch cancellations.