500 Krooni

The 500 Krooni was the highest denomination in circulation when Estonia completed its monetary transition away from the Soviet ruble in 1992 — but this 1994 De La Rue issue replaced an earlier series printed under considerably more pressured circumstances. By 1994, the currency board arrangement pegging the kroon to the Deutsche Mark at 8:1 had stabilized enough that a high-security redesign was viable. De La Rue's inclusion of optically variable ink placed this note ahead of most contemporary European issues in counterfeit deterrence.

Vahur Kraft was serving as Governor of Eesti Pank at signing; Rein Otsason as Deputy Governor.