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The mark was the main currency of Estonia between 1919 and 1928. It was initially equivalent to the German Papiermark, which had been circulating alongside the Russian/Soviet ruble since the German occupation. It was divided into 100 penni.
At the start of 1919, a new form of currency was introduced to Estonia which were notes called “kassatäht” these notes were issued in denominations of 5, 10, 20 and 50 penni, 1, 3, 5, 10, 25 and 100 marka along with 50 marka banknotes called “pangatäht”. Treasury notes were later changed and issued in denominations up to 1000 marka, along with banknotes up to 5000 marka. Exchange notes called “vahetustäht” were also issued, in 1922, in denominations of 10 and 25 marka.
It was replaced in 1928 by Estonia’s first coin the kroon at a rate of 1 kroon = 100 marka. On January 1928 the kroon (meaning “crown”) became the currency of Estonia . The kroon replaced the German mark at a rate of 100 marka = 1 kroon. The kroon was subdivided into 100 senti. During the Great Depression in 1933, the kroon went off the gold standard. Estonia’s first coin the kroon circulated until the Soviet invasion of 1940. The kroon was exchanged for the Soviet ruble at a rate of 1 ruble = 0.8 kroon.
Estonian coins were issued in denominations of 1, 3, 5 and 10 marka between 1922 and 1926. Struck in cupro-nickel were the 1922 coins whilst the later issues were struck in nickel-bronze.
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