500 Marka

Estonia's post-independence treasury notes of 1920–21 were produced domestically at a time when the young republic was still consolidating its printing infrastructure following separation from the Russian Empire and the end of the War of Independence in February 1920. Printing locally was a political choice as much as a practical one — importing currency from abroad carried both cost and symbolic weight that the new government was keen to avoid.

The mark itself was short-lived. Estonia replaced the marka with the kroon in 1928, and most circulating paper had already depreciated significantly through the early 1920s inflation that affected virtually every successor state in the region.