25.000 Marka

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.