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| 正面描述 | White paper treasury obligation note framed by an elaborate guilloche border with corner rosettes each bearing the numeral '100', printed in black letterpress. The central field carries the heading 'EESTI WABARIIGI 5% WÕLAKOHUSTUS' with the maturity date 'Tähtpäev 1 jaanuarii 1920' and denomination 'Mk. 100.—' at the upper right, followed by multilingual bond terms in Estonian, English, German, French, and Russian. Three signature lines for the Pääminister, Riigikassa ülem, and Rahaminister appear beneath the issuing authority inscription 'EESTI AJUTISE WALITSUSE NIMEL'. |
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| 正面铭文 | EESTI WABARIIGI 5% WÕLAKOHUSTUS Tähtpäev 1 jaanuarii 1920. Mk. 100.— Selle ettenäitajale maksetakse 1 jaanuarii 1920. Eesti Wabariigi kassast Üksada marka. EESTI AJUTISE WALITSUSE NIMEL: Pääminister Riigikassa ülem Rahaminister 100 |
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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.