100 Marka

Estonia's first domestic currency issues came under extraordinary pressure — the new republic had declared independence in February 1918, fought off both German and Soviet forces, and was still in active conflict with the Red Army when this note entered circulation. The marka was pegged loosely to the German mark by inherited convention, not by any formal monetary agreement, and the early printing infrastructure was severely limited.

P#9A is distinguished from P#9 by its serial number range and signature combination — a distinction that matters more than it might appear, since different signing officials reflect the rapid turnover of the Finance Ministry during the War of Independence. The paper used in this series is notoriously fragile and prone to edge splitting along the fold lines.