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| 表面の説明 | Obverse of this Estonian 5% treasury bill (kassa-veksel) is printed in black on white paper. The upper portion carries the series and serial number at left, the issue date and value at right, with the bold central heading reading "Eesti Vabariigi 5%-line kassa-veksel" and the denomination "MARKA 25.000 MARKA" in large lettering. Three manuscript signatures of state officials appear across the lower section above their printed titles, with a circular red official seal affixed to the left margin. |
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| 表面の銘文 | Seeria B No 00351 1920 aasta väljaanne. Tähtpäev 1. september 1920. Marka 25.000.— Eesti Vabariigi 5%-line kassa-veksel MARKA 25.000 MARKA 1. septembril 1920 maksab Riigikassa ehk iga kohaline rentei selle kassa-veksli üleandtajale kakskümmendviistuhat marka Riigikassa Juhataja Rahaminister Riigikassa Arvesaokonte Juhataja |
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The Estonian Ministry of Finance issued this note under extraordinary pressure. By 1920, Estonia had just emerged from its War of Independence against both German and Soviet forces, and the marka — inherited from the German occupation's monetary system — was already inflating badly. The government was printing high denominations not out of ambition but necessity, scrambling to maintain a functional money supply before the planned transition to the kroon could be organized.
Pick 38J designates a signature variety within the broader 38 series, a distinction that matters more to specialists than the denomination itself. The signature combinations on these notes track ministerial turnover closely — Estonia went through finance ministers at a clip during this period.