20 Penni

Estonia's first independent currency issues in 1919 were produced under considerable practical pressure — the country had declared independence in February 1918, fought through German occupation, and was still engaged in the War of Independence against Soviet forces when these notes entered circulation. The 20 Penni belongs to the lowest tier of that first emission, denominations so small they functioned more like token currency than banknotes proper.

The series was printed in Tallinn under wartime constraints, and the penni denominations were withdrawn relatively quickly once the mark stabilized. Surviving examples in any condition are less common than their low face value might suggest.