2 Krooni

Estonia restored the kroon in June 1992, replacing Soviet rubles at a fixed rate of 10 rubles per kroon — a deliberate hard peg to the Deutsche Mark at 8 EEK to 1 DEM, backed by gold reserves that had been held in Western banks since the original Soviet occupation in 1940. Giesecke & Devrient produced the entire first series under considerable political urgency; the currency reform was executed in under a week to prevent ruble outflows destabilizing the transition.

The 2 krooni is the lowest denomination in that first post-restoration series. A watermark serves as the sole mechanical security feature — modest by contemporary standards, though adequate given the note's low face value.