200 Marka

Estonia's first independent currency, the mark, was adopted after the country declared independence in 1918 and found itself holding a worthless supply of Tsarist rubles and German occupation Ostmarks. The 200 Marka denomination belongs to the earliest series issued by the fledgling republic, printed domestically under severe postwar resource constraints — which shows in the relatively simple security architecture of the series.

The guilloche underprint was the primary anti-counterfeiting measure, a thin defense by contemporary standards. Estonia would abandon the marka entirely in 1928, replacing it with the kroon at a rate of 100 marka to 1 kroon.