100 Marka

The Eesti Vabariigi Kassatäht — Estonia's state treasury note authority rather than a central bank — issued this series during a period of acute monetary instability across the former Russian Baltic provinces. The mark had been introduced as a stopgap currency after independence, essentially a localized continuation of the Finnish markka's unit name, and by 1923 the denomination structure was already straining under inflationary pressure. Estonia would replace the entire marka system with the kroon in 1928, at a rate of 100 marka to 1 kroon.

Pick 51 is among the more commonly encountered treasury notes of the series, though examples with the watermark intact and fully legible are less routine than the survival rate might suggest.