100 Marka

Estonia's 1919 currency issues emerged from an extraordinary administrative scramble. The country had declared independence in February 1918, spent the German occupation using Mark-based currency, and then fought a war of independence against Soviet forces through early 1920 — all while trying to establish functioning financial institutions from scratch. The marka series was effectively improvised state finance under active military pressure.

P#15A is distinguished from the closely related P#15 by a difference in the serial number configuration — a detail that matters far more to attribution than it might initially appear, since early Estonian notes were produced under chaotic conditions with inconsistent controls. The guilloche underprint on these notes was a minimal concession to security given the printing constraints of the period.