20 Krooni

Günther Reindorff designed this note during a period when Eesti Pank was consciously building a visual identity for Estonian currency using local artistic talent rather than outsourcing design work to established European security printers. The engraving credit "Tael" refers to Karl Doll, who worked under that professional pseudonym — a detail that occasionally generates confusion in catalog references.

The 1932 series was printed domestically at the Riigi Trükikoda, an unusual choice for a country that had used foreign printers for earlier issues. Estonia's relative monetary stability through the early 1930s, anchored to the kroon after the 1928 currency reform, meant these notes circulated in genuinely stable conditions — until Soviet occupation in 1940 rendered them worthless overnight.