10 marka 1919
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This is an exceptionally well-preserved example of Estonia's first independent currency, the 10 Marka from 1919 (Pick P-46d). The note displays pristine condition with sharp, crisp printing throughout and no visible wear, folds, or stains, appearing to be uncirculated or nearly so. The design masterfully combines allegorical agricultural imagery with multilingual text reflecting Estonia's complex post-independence status, featuring distinctive cornucopiae on the obverse and a shepherd figure with livestock on the reverse—iconic symbols of the young nation's agrarian economy.
Common. While this note is from Estonia's first independent currency issue and represents important historical significance, the eBay price tracking data shows PMG 55-graded examples selling for $109-$165 in recent years, with 2016 catalog values showing VF examples at $80 and UNC at $120. These moderate price levels indicate ready market availability. The print run for this 1919 issue was substantial enough to ensure widespread circulation and survival. The P-46d variety with vertical line watermark is a standard variant within the series and shows no indicators of exceptional scarcity.
Issued by the Treasury of the newly independent Estonian Republic following the nation's declaration of independence in 1918, this banknote represents the first currency issued under Estonian sovereignty. The obverse design features a mounted figure between cornucopiae (horns of plenty) filled with coins, symbolizing prosperity and abundance, while the reverse depicts a shepherd standing on cattle with gesturing arm raised upward, embodying the nation's agricultural heritage and optimistic vision for its future. The multilingual inscriptions in Estonian, German, Russian, and Swedish reflect Estonia's position as a culturally diverse nation within the Russian and Germanic spheres of influence.
The obverse features two cornucopiae (horns of plenty) overflowing with coins positioned symmetrically left and right, flanking a central oval medallion containing an engraved portrait of an equestrian figure in profile facing right, representing prosperity and national wealth. The reverse depicts an allegorical pastoral scene showing a shepherd figure standing upon cattle (a cow or ox) with arm raised in an upward gesture, accompanied by three smaller pigs or hogs to the right—a powerful allegory of the nation's agricultural foundation and optimistic future trajectory. Both sides employ decorative geometric borders and octagonal/rounded square frames containing the denomination '10'. The color scheme features tan and beige backgrounds with dark brown and reddish-brown engraving, creating strong visual contrast. The serial number '01532605' appears on both sides.
OBVERSE: 'KUMME MARKA' (Ten Marks) / 'EWR' (Treasury abbreviation) / 'RIIGIKASSA TÄHTEDE EEST VASTUTAB EESTI RIIGILAS KOGV OMA VABADUSTEEA JA SISSE TULEVKUTEGA' (The State Treasury is responsible for these notes to the Estonian people, embracing all our freedom era and into the future) / 'KASSENSCHEIN DER ESTNISCHEN REPUBLIK' (Currency note of the Estonian Republic - German) / 'КАЗНАЧЕЙСКИЙ ЗНАК ЭСТОНСКОЙ РЕСПУБЛИКИ' (Treasury note of the Estonian Republic - Russian) / 'ESTNISKA REPUBLIKENS KASSASEDEL' (Estonian Republic's currency note - Swedish). REVERSE: 'MARKA' (Mark) / '10' (denomination) / 'EESTI VABARUIGI KASSATAHHT' (Estonian Free State currency note) / Text indicating this is legal tender of the Estonian Free State.
Intaglio engraving (line engraving), evidenced by the fine, detailed line work visible throughout the design, intricate shading in the portraits and allegorical figures, and the precise geometric patterns in the decorative borders. The crispness of the printing and clarity of fine details in this uncirculated example are characteristic of high-quality intaglio production typical of interwar European currency. The note likely was produced by a specialized security printer, though specific printer attribution would require additional research documentation.
This note is cataloged as Pick P-46d, identified by the presence of light vertical line watermark. Per the PMG Population Report, there are four recorded variants for the base Pick number: P-46b (vertical line watermark), P-46c (horizontal line watermark), P-46d (vertical line watermark), and P-46s (specimen). The P-46d variety with vertical line watermark is a standard production variant. The serial number observed is '01532605', which falls within normal production range. No overprints, signatures, or other distinguishing marks are noted that would indicate a special printing or limited issue variety.
