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| 正面描述 | The obverse is printed on cream-coloured paper with an ornate guilloche border framing the entire design, with the numeral '500' repeated in each corner. The central field bears the bold letterpress inscription 'EESTI WABARIIGI 5% WÕLAKOHUSTUS' (Estonian Republic 5% Bond/Obligation) with a serial number below, dated 'Tähtpäev 1 juunil 1919' and the denomination 'Mk. 500.-' at upper right. Three manuscript signatures appear beneath the legend 'EESTI AJUTISE WALITSUSE NIMEL' (In the name of the Provisional Government of Estonia), with text in Estonian, German, French, and English along the side margins, and 'SEERIA B' cartouches at top and bottom centre. |
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| 正面铭文 | EESTI WABARIIGI 5% WÕLAKOHUSTUS Tähtpäev 1 juunil 1919 Mk. 500.— Selle ettenäitajale maksetakse 1 juunil 1919 Eesti Wabariigi kassast Wiissada marka. EESTI AJUTISE WALITSUSE NIMEL Pääminister Rahaminister Riigikassa ülem SEERIA B |
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Estonia's first native currency, the marka, was introduced in 1919 after the country severed its monetary ties with the collapsing Russian ruble system. These early Treasury notes were produced under considerable logistical strain — Estonia was simultaneously fighting its War of Independence against both Soviet and German Baltic forces, and the printing infrastructure available to the fledgling government was severely limited.
The P#12 500 Marka is among the higher denominations of this first emission and circulated during a period of acute inflation that would eventually force a complete monetary redenomination: by 1928 the marka was replaced by the kroon at a rate of 100:1.