100 Marka

Estonia's first domestically printed notes appeared in 1919–1920 as the young republic scrambled to build financial infrastructure from scratch, having inherited almost nothing usable from the collapsed Russian Imperial system. The marka series was produced under genuinely difficult conditions — limited printing equipment, shortages of quality paper stock, and a monetary situation still destabilized by the ongoing war of independence against Soviet forces, which formally ended only in February 1920 with the Treaty of Tartu.

Pick 31 is notable as one of the earliest large-denomination notes produced entirely within Estonian borders. The paper quality on surviving examples varies considerably across the print run, a direct consequence of wartime supply constraints rather than poor craftsmanship.