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| 正面描述 | Central vignette set within an arched frame shows a standing male figure blowing a horn, accompanied by two cattle and a calf on a ground line, rendered in intaglio style against a guilloche underprint. The heading EESTI VABARIIGI KASSATÄHT arches across the upper field in bold lettering, with subsidiary text reading RIIGIKASSATÄHT ON EESTI VABARIIGI PIIRIDES SEADUSLIK MAKSUVABINÕV below. Denomination numerals 10 flanked by the word MARKA appear in oval cartouches at the upper left and right corners, framed by an ornamental border. |
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| 背面描述 | A central oval vignette shows a male farmer standing beside a rearing white horse, set against a clouded sky, flanked on either side by large decorative cornucopias issuing grain stalks and arranged symmetrically. The heading KUMME MARKA with EWR below appears at the top, while the denomination numeral 10 is printed in the upper corners. Multilingual inscriptions in Estonian, German, Russian, and Latvian run across the lower portion of the note, identifying it as a treasury certificate of the Estonian Republic. |
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The Estonian State Treasury notes of 1919 were among the earliest emissions of a newly independent state still fighting for its survival — the War of Independence against Soviet Russia and Baltic German forces was active when these entered circulation. The marka itself was a transitional currency, replacing the Russian ruble at a rate set under chaotic wartime conditions, and the Treasury rather than a central bank handled issuance because no such institution yet existed in Estonia.
Pick 46 is one of several low-denomination kassatäht notes printed under severe material constraints. Paper quality was inconsistent across the 1919 series, and notes from this period are frequently found with horizontal fold stress fractures along the center — a known weakness in the stock used.