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| 正面描述 | Printed in dark green intaglio, the obverse centres on a pastoral vignette at left in which a shepherd blowing a horn stands among two sheep and two cows, rendered in fine engraved line work. A decorative cartouche to the right carries the denomination numeral and lettering. The field is filled with intricate guilloche underprint patterns and the full statutory legend of the Bank of Estonia runs along the lower border. |
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| 背面铭文 | KAKSKÜMMEND 20 KROONI (Translation: Twenty Krooni) |
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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.