2 Krooni University of Tartu

Issued to mark the 300th anniversary of the University of Tartu's founding under Swedish King Gustav II Adolf in 1632, this commemorative was struck during a brief window of Estonian independence that would end with Soviet occupation in 1940. The university itself had a fractured institutional history — closed repeatedly under Russian imperial rule and only re-established as a fully Estonian-language institution in 1919.

The .500 fineness was a deliberate cost concession common to interwar commemoratives across the Baltic states, where mint budgets were constrained and silver coinage had already been debased from earlier .750 standards.