26:I[56264,["/_next/static/chunks/3fntmmi971322.js","/_next/static/chunks/1ymt1shyhmu-4.js","/_next/static/chunks/291ciwmgtp_xc.js","/_next/static/chunks/2owa30hnifmhr.js","/_next/static/chunks/2tie5rqwdsi89.js","/_next/static/chunks/2dnipz2c0692b.js","/_next/static/chunks/1mf5iq195c2sn.js","/_next/static/chunks/03wn0-bzh3abk.js","/_next/static/chunks/0_02m0ghanddv.js"],"GuestHistoryRecorder"] 27:I[3004,["/_next/static/chunks/3fntmmi971322.js","/_next/static/chunks/1ymt1shyhmu-4.js","/_next/static/chunks/291ciwmgtp_xc.js","/_next/static/chunks/2owa30hnifmhr.js","/_next/static/chunks/2tie5rqwdsi89.js","/_next/static/chunks/2dnipz2c0692b.js","/_next/static/chunks/1mf5iq195c2sn.js","/_next/static/chunks/03wn0-bzh3abk.js","/_next/static/chunks/0_02m0ghanddv.js"],"EmailPreview"] 2a:I[27201,["/_next/static/chunks/3fntmmi971322.js","/_next/static/chunks/1ymt1shyhmu-4.js","/_next/static/chunks/291ciwmgtp_xc.js","/_next/static/chunks/2owa30hnifmhr.js"],"IconMark"] 28:Tf1bf,

New Currency for a New Nation

Estonia declared independence in 1918 and in the following year, issued its first banknotes, including the 50 Marka featured here. After being occupied by the Soviet Union in 1940, Estonia spent more than five decades under foreign rule before restoring its independence in 1991, a day known as the Day of Restoration of Independence. Today, August 20 celebrates 35 years of Estonia’s restored independence.

YOUR CHANCE AT ESTONIA'S FIRST NOTE...

CHANGING TIMES, CHANGING ECONOMIES

From the Mark to the Kroon

A Different Kind of Paper Money

In the 1920s, Exchange Notes circulated alongside Treasury Notes. The volume of issue of Exchange Notes was limited to only 10% of the issue of Treasury Notes. Government institutions were obliged to accept Exchange Notes as taxes in unlimited quantities. 10 Marka Exchange Notes remained in circulation until 1927.

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A Needed Currency Reform

By 1929, the Kroon was in use for daily transactions and declared to be Estonia’s sole legal tender. High denomination notes are put into circulation far less often than low denominations, hence their scarcity. These consecutive runs of 1929 50 Marka were a treasured possession, as they remain as fresh as the day they were printed.

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A Treasure Trove Keepsake

Due to the rapid inflation of the Mark, in 1924 Estonia introduced a new currency backed by the gold standard. The Bank of Estonia was reformed and became a central bank with the exclusive right to issue currency. The Mark was redenominated at a ratio of 100 Marks to 1 Kroon, making the Kroon equal in value to the Swedish Krona.

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The Abiding Grain Harvester

In 1940, Estonia was annexed by the USSR. This 10 Krooni note dated 1940 was printed but was never issued due to the supplantation of the Estonian Kroon with the Soviet Ruble. Notes of this design were first issued in 1928 and again in 1937, a testament to the stability of the Estonian economy through the Great Depression. The Soviet occupation of the Baltics would later be declared unconstitutional, and the Estonian Restoration of Independence was proclaimed on 20 August 1991.

...AND THE LAST NOTE OF THE FIRST KROON

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29:T1301,https://cdncoin.com?mc_cid=ca03deacc2&mc_eid=UNIQID ☰✕ Shop (https://cdncoin.com/?mc_cid=ca03deacc2&mc_eid=UNIQID) Sell (https://cdncoin.com/pages/sell-to-us-1?mc_cid=ca03deacc2&mc_eid=UNIQID) Rewards (https://cdncoin.com/pages/vault-insider-program?mc_cid=ca03deacc2&mc_eid=UNIQID) Contact (https://cdncoin.com/pages/contact?mc_cid=ca03deacc2&mc_eid=UNIQID) http://cdncoin.com/products/estonia-eesti-pangataht-1919-50-marka-p-55b-f-12-2026-08-10?mc_cid=ca03deacc2&mc_eid=UNIQID ** New Currency for a New Nation ------------------------------------------------------------ Estonia declared independence in 1918 and in the following year, issued its first banknotes, including the 50 Marka featured here. After being occupied by the Soviet Union in 1940, Estonia spent more than five decades under foreign rule before restoring its independence in 1991, a day known as the Day of Restoration of Independence. Today, August 20 celebrates 35 years of Estonia’s restored independence. YOUR CHANCE AT ESTONIA'S FIRST NOTE... (http://cdncoin.com/products/estonia-eesti-pangataht-1919-50-marka-p-55b-f-12-2026-08-10?mc_cid=ca03deacc2&mc_eid=UNIQID) CHANGING TIMES, CHANGING ECONOMIES ** From the Mark to the Kroon ------------------------------------------------------------ http://cdncoin.com/products/estonia-eesti-vabariigi-vahetustaht-1922-10-marka-p-53a-unc-60-2026-08-10?mc_cid=ca03deacc2&mc_eid=UNIQID A Different Kind of Paper Money In the 1920s, Exchange Notes circulated alongside Treasury Notes. The volume of issue of Exchange Notes was limited to only 10% of the issue of Treasury Notes. Government institutions were obliged to accept Exchange Notes as taxes in unlimited quantities. 10 Marka Exchange Notes remained in circulation until 1927. SHOP NOW (http://cdncoin.com/products/estonia-eesti-vabariigi-vahetustaht-1922-10-marka-p-53a-unc-60-2026-08-10?mc_cid=ca03deacc2&mc_eid=UNIQID) http://cdncoin.com/products/estonia-eesti-pank-1929-50-krooni-p-65a-5-consecutive-unc-60-2026-08-10?mc_cid=ca03deacc2&mc_eid=UNIQID A Needed Currency Reform By 1929, the Kroon was in use for daily transactions and declared to be Estonia’s sole legal tender. High denomination notes are put into circulation far less often than low denominations, hence their scarcity. These consecutive runs of 1929 50 Marka were a treasured possession, as they remain as fresh as the day they were printed. SHOP NOW (http://cdncoin.com/products/estonia-eesti-pank-1929-50-krooni-p-65a-5-consecutive-unc-60-2026-08-10?mc_cid=ca03deacc2&mc_eid=UNIQID) http://cdncoin.com/products/estonia-eesti-pank-1935-100-krooni-p-66a-unc-60-2026-08-10?mc_cid=ca03deacc2&mc_eid=UNIQID A Treasure Trove Keepsake Due to the rapid inflation of the Mark, in 1924 Estonia introduced a new currency backed by the gold standard. The Bank of Estonia was reformed and became a central bank with the exclusive right to issue currency. The Mark was redenominated at a ratio of 100 Marks to 1 Kroon, making the Kroon equal in value to the Swedish Krona. SHOP NOW (http://cdncoin.com/products/estonia-eesti-pank-1935-100-krooni-p-66a-unc-60-2026-08-10?mc_cid=ca03deacc2&mc_eid=UNIQID) ** The Abiding Grain Harvester ------------------------------------------------------------ In 1940, Estonia was annexed by the USSR. This 10 Krooni note dated 1940 was printed but was never issued due to the supplantation of the Estonian Kroon with the Soviet Ruble. Notes of this design were first issued in 1928 and again in 1937, a testament to the stability of the Estonian economy through the Great Depression. The Soviet occupation of the Baltics would later be declared unconstitutional, and the Estonian Restoration of Independence was proclaimed on 20 August 1991. ...AND THE LAST NOTE OF THE FIRST KROON (http://cdncoin.com/products/estonia-eesti-pank-1940-10-krooni-p-68a-unissued-unc-60-2026-08-10?mc_cid=ca03deacc2&mc_eid=UNIQID) http://cdncoin.com/products/estonia-eesti-pank-1940-10-krooni-p-68a-unissued-unc-60-2026-08-10?mc_cid=ca03deacc2&mc_eid=UNIQID https://cdncoin.com?mc_cid=ca03deacc2&mc_eid=UNIQID https://www.facebook.com/CanadianCoin/?mc_cid=ca03deacc2&mc_eid=UNIQID https://www.instagram.com/canadiancoincurrency/?mc_cid=ca03deacc2&mc_eid=UNIQID ☰✕ Shop (https://cdncoin.com/?mc_cid=ca03deacc2&mc_eid=UNIQID) Sell (https://cdncoin.com/pages/sell-to-us-1?mc_cid=ca03deacc2&mc_eid=UNIQID) Rewards (https://cdncoin.com/pages/vault-insider-program?mc_cid=ca03deacc2&mc_eid=UNIQID) About (https://cdncoin.com/pages/about?mc_cid=ca03deacc2&mc_eid=UNIQID) ** Contact ------------------------------------------------------------ info@cdncoin.com (http://www.example.com?mc_cid=ca03deacc2&mc_eid=UNIQID) 905-883-5300 Unsubscribe (https://cdncoin.us7.list-manage.com/unsubscribe?u=7122e58092c901a2e632a0254&id=5bf56b1810&t=b&e=a35b15f4e8&c=ca03deacc2) 1f:["$","article",null,{"className":"min-w-0 flex-1 overflow-hidden","aria-label":"A Numismatic History of Interwar Estonia","children":[["$","$L26",null,{"emailId":"be11173a-ce94-4735-958e-99076f27ba30"}],["$","$L27",null,{"email":{"id":"be11173a-ce94-4735-958e-99076f27ba30","subject":"A Numismatic History of Interwar Estonia","previewText":"https://cdncoin.com?mc_cid=ca03deacc2&mc_eid=UNIQID\n☰✕\nShop (https://cdncoin.com/?mc_cid=ca03deacc2&mc_eid=UNIQID) Sell (https://cdncoin.com/pages/sell-to-us-1?mc_cid=ca03deacc2&mc_eid=UNIQID) Rewards (https://cdncoin.com/pages/vault-insider-program?mc_cid=ca03deacc2&mc_eid=UNIQID) Contact (https://","sentAt":"2026-08-20T15:02:52.000Z","classification":"marketing","imageCount":11,"thumbnailUrl":"https://mailspo-ingest.imraan-243.workers.dev/img/renders/be11173a-ce94-4735-958e-99076f27ba30.jpg","emailType":"newsletter","typeConfidence":"guess","typeBasis":"no stronger signal","brand":"$24:props:brands:167","bodyHtml":"$28","textBody":"$29","bodyFallback":null}}]]}] a:null f:[["$","title","0",{"children":"A Numismatic History of Interwar Estonia by Canadian Coin & Currency | Mailspo"}],["$","meta","1",{"name":"description","content":"https://cdncoin.com?mc_cid=ca03deacc2&mc_eid=UNIQID\n☰✕\nShop (https://cdncoin.com/?mc_cid=ca03deacc2&mc_eid=UNIQID) Sell (https://cdncoin.com/pages/sell-to-us-1?"}],["$","meta","2",{"name":"robots","content":"index, follow"}],["$","link","3",{"rel":"canonical","href":"https://mailspo.com/emails/be11173a-ce94-4735-958e-99076f27ba30"}],["$","meta","4",{"property":"og:title","content":"A Numismatic History of Interwar Estonia by Canadian Coin & Currency | Mailspo"}],["$","meta","5",{"property":"og:description","content":"https://cdncoin.com?mc_cid=ca03deacc2&mc_eid=UNIQID\n☰✕\nShop (https://cdncoin.com/?mc_cid=ca03deacc2&mc_eid=UNIQID) Sell (https://cdncoin.com/pages/sell-to-us-1?"}],["$","meta","6",{"property":"og:url","content":"https://mailspo.com/emails/be11173a-ce94-4735-958e-99076f27ba30"}],["$","meta","7",{"property":"og:site_name","content":"Mailspo"}],["$","meta","8",{"property":"og:image","content":"https://mailspo-ingest.imraan-243.workers.dev/img/renders/be11173a-ce94-4735-958e-99076f27ba30.jpg"}],["$","meta","9",{"property":"og:image:alt","content":"Canadian Coin & Currency email creative: A Numismatic History of Interwar Estonia"}],["$","meta","10",{"property":"og:type","content":"article"}],["$","meta","11",{"property":"article:published_time","content":"2026-08-20T15:02:52.000Z"}],["$","meta","12",{"name":"twitter:card","content":"summary_large_image"}],["$","meta","13",{"name":"twitter:title","content":"A Numismatic History of Interwar Estonia by Canadian Coin & Currency | Mailspo"}],["$","meta","14",{"name":"twitter:description","content":"https://cdncoin.com?mc_cid=ca03deacc2&mc_eid=UNIQID\n☰✕\nShop (https://cdncoin.com/?mc_cid=ca03deacc2&mc_eid=UNIQID) Sell (https://cdncoin.com/pages/sell-to-us-1?"}],["$","meta","15",{"name":"twitter:image","content":"https://mailspo-ingest.imraan-243.workers.dev/img/renders/be11173a-ce94-4735-958e-99076f27ba30.jpg"}],["$","meta","16",{"name":"twitter:image:alt","content":"Canadian Coin & Currency email creative: A Numismatic History of Interwar Estonia"}],["$","link","17",{"rel":"icon","href":"/favicon.ico?favicon.3lxqohtg4uvbd.ico","sizes":"48x48","type":"image/x-icon"}],["$","$L2a","18",{}]]

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