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| 正面描述 | Central vignette of a woman seated at a spinning wheel, rendered in an engraved style against a guilloche underprint in brown tones. The denomination "SADA MARKA" appears in bold letterpress on both left and right flanks, with the numeral "100" repeated at upper corners and centre. Serial number and series designation "Seeria III" are printed in two columns at the lower portion, with a manuscript signature across the centre. |
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| 正面铭文 | 登录 以查看详情 |
| 背面描述 | Two allegorical nude figures flank a central guilloche medallion: a male figure at left holding a torch, and a female figure at right in a classical pose. The denomination "SADA MARKA" and numeral "100" appear within the central guilloche panel, which incorporates a monogram cartouche. The inscriptions "EESTI VABARIIGI" and "KASSATÄHT" are placed at the top and bottom margins respectively. |
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Estonia's first independent currency notes were produced under severe constraints — the newly declared republic had no established central bank, no domestic printing infrastructure, and was simultaneously fighting the Estonian War of Independence against both Bolshevik and Baltic German forces. The Kassatäht series, treasury notes rather than bank-issued currency, was a provisional measure to fill that vacuum.
P#48 was printed in Tallinn under wartime conditions, and the series is known for inconsistent ink saturation and paper quality across batches — not damage, but a production artifact of the period that collectors frequently misattribute to wear.