5 Marka

Estonia's first domestic currency issues came under extreme pressure in 1919 — the War of Independence against both Soviet Russian and German Baltic forces was still active, and the Ministry of Finance was printing money while the country's borders remained genuinely contested. The marka replaced the provisional ostmark and kerenki notes that had circulated since the collapse of Tsarist authority, but public confidence in any paper instrument was understandably fragile.

Pick 45 is among the earliest notes printed entirely under Estonian authority rather than inherited from occupying or transitional administrations. The paper quality on surviving examples is frequently poor, reflecting wartime supply constraints rather than storage history.