10.000 Marka

The Tallinna Arwekoja was not a central bank but a clearing house — its authority to issue paper currency in 1920 reflects just how unsettled Estonia's monetary infrastructure remained in the immediate post-independence period. The Estonian mark was being constructed almost from scratch after the collapse of tsarist ruble circulation, and institutions well outside the normal scope of note issuance were pressed into filling the gap.

Pick 5 is the highest denomination in the Arwekoja series, which itself is one of the more obscure issuing bodies in early Estonian numismatics. Local printing in Tallinn kept production under domestic control, though the technical quality of Estonian printing at this date was still developing.