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50 Marka

Issuer Eesti Wabariigi (Republic of Estonia Treasury)
Year 1919
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Shape Rectangular
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Obverse lettering EESTI WABARIIGI 5% WÕLAKOHUSTUS
Tähtpäew 1 detsembril 1919
Mk. 50.—
Selle ettenäitajale maksetakse 1 detsembril 1919. Eesti Wabariigi kassast
Wiiskümmend marka.
EESTI AJUTISE WALITSUSE NIMEL:
Pääminister
Rahaminister
Riigikassa ülem
Bons du Trésor de la République Esthonienne de 50 Mark
Remboursable le 1 Décembre 1919.
Reichskassenschein der Estnischen Republik über 50 Mark
Zahlbar den 1 Dezember 1919.
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Reverse lettering 50 50
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Comments

Estonia's Treasury issued this note in 1919, during the Independence War against both Soviet Russian and German Baltic forces — a conflict the newly declared republic was fighting on two fronts simultaneously. The financial infrastructure was improvised under pressure. Estonia had no central bank yet; the Treasury itself was issuing currency because the Bank of Estonia would not be established until 1919's end.

The marka was pegged loosely to the Finnish markka at first, a practical inheritance from the currency confusion following the collapse of the Russian imperial ruble system. Pick #25 belongs to the earliest stratum of independent Estonian paper money, printed domestically under genuinely austere wartime conditions.

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