5.000 Marka

The Tallinna Arwekoda was not a bank in any conventional sense — it was a clearing house, and its authority to issue circulating paper currency in 1920 reflects just how fractured Estonia's monetary infrastructure was in the immediate aftermath of independence. The Estonian mark was still being assembled as a functioning currency, and quasi-banking institutions stepped into the gap.

Pick 4 is the highest denomination in the Arwekoda series, which makes surviving examples relatively scarcer than the lower values — large denominations circulated hard and were redeemed quickly once the Bank of Estonia tightened its grip on issuance.