3 Marka

Estonia's first coinage series was authorized in 1922, just four years after the republic declared independence from collapsing Russian imperial control. The mark (marka) was pegged to the Finnish markka at parity during this period, a deliberate policy choice reflecting Estonia's closer economic orientation toward Scandinavia and Finland rather than the German or Soviet monetary systems pressing in from either side. Mintage was contracted to the Helsinki Mint, which produced the entire early Estonian coinage series through the mid-1920s.