100 000 marka 1920

Common. While the Pick catalog designates this as P-38K (the 'K' suffix typically indicating a specimen or cancelled note variant), the eBay market data shows these bonds trading regularly at modest prices ($45-$270 for various grades from XF to UNC), with multiple sales recorded. The note was issued by a government with established control and likely produced in substantial quantities to finance the new Estonian state. The presence of this item in the market with regularity, combined with the low to moderate price points even in higher grades, confirms common status. The specimen/cancelled nature makes it interesting to collectors of Estonian financial history but does not elevate rarity.

This 5% treasury bond was issued by the newly independent Estonian Republic in 1920, during the critical period following Estonian independence from the Russian Empire. The document represents the young nation's efforts to establish financial stability and creditworthiness through government bonds with a maturity date of September 1, 1920. The official seals bearing the 'E.V.' (Eesti Vabariik) initials and the signatures of Treasury and Finance Ministry officials reflect the institutional framework of the fledgling Estonian state during its first year of independence.

This is a formal government treasury bond certificate rather than a currency banknote. The front features a centered, bold title in large text with decorative flourishes on either side in the neoclassical style typical of early 20th-century financial documents. The document includes an official circular seal with 'E.V.' (Eesti Vabariik) initials positioned in the center-left, representing the Estonian state authority. The design incorporates three signature lines for high-ranking government officials (Treasury Director, Finance Minister, and Accounting Department Director), with handwritten signatures visible on this example. The denomination '100,000 Marks' appears multiple times in prominent positions. The back side is largely blank, functioning as a template with minimal printing—only header information identifying the series, denomination, and due date. The entire document is rendered in dark blue text on a cream/beige paper stock. A large red diagonal cancellation stamp reading 'Ruksadatud' (cancelled) marks this particular specimen as void or cancelled, indicating it was not circulated in active use.

FRONT SIDE: Title: 'Estonian Republic 5% Treasury Bond' (Eesti Vabariigi 5%-line kassa-vekkel). Denomination: '100,000 Marks' (Marka 100.000). Series designation: 'Series B No.' (Seeria B №). Issue information: '1920 issue. Due date 1 September 1920.' (1920 aasta väljaanne. Tähtpäev 1. september 1920.). Payment terms: 'On 1 September 1920 the State Treasury will pay the bearer of this treasury bond with interest' (1. septembril 1920 maksab Riigikaassa ühes kohaline rente selle kassa-veksli ettenäitajale). Interest: 'Interest is paid in advance at the time of issuance of the treasury bond for the entire term.' (Protsendid maksatakse ette kassa-veksli väljaaandmise puhul kogu veksli tähtaja eest.). Acceptance: 'The treasury bond is accepted at any time by the State Treasury and at specified rates from state revenues.' Redemption: 'For redemption before maturity, a tenth of a percent commission on the bond sum is charged.' Renewal and collateral terms also specified. Signatures: 'State Treasury Director' (Riigikaassa Juhataja), 'Finance Minister' (Rahaminister), 'State Treasury Accounting Department Director' (Riigikaassa Arveosokonna Juhataja). BACK SIDE: 'Series B No.' (Seeria B №), '100,000 Marks' (Mk. 100.000), 'Due date 1 September 1920.' (Tähtpäev 1. september 1920.), 'Date of issue' (Väljaaandmise kuupäev), with '192[0]' handwritten.

Typographic letterpress printing on bond paper. The crisp, clean text registration and consistent ink application visible in the inscription areas indicate professional letterpress production, likely by an Estonian or German state printing facility. The decorative flourishes and ornamental borders characteristic of official bonds were produced using standard typographic ornament sorts. The handwritten signatures and the red cancellation stamp were applied post-printing. No security features such as watermarks or security fibers are noted, which is typical for government bonds of this era that relied on official seals and signatures for authenticity.

This example is identified as Series B (Seeria B) based on visible inscription. The visual analysis confirms this is a cancelled/specimen note (evidenced by the red 'Ruksadatud' stamp), which corresponds to the P-38Ks catalog designation where 'K' denotes cancelled/specimen status. The catalog reference to P-38A (orange color variant) versus this gray-toned example suggests color variants exist within the P-38 series. The specific series B designation and cancelled status with official markings place this within the known variant structure for Estonian 100,000 Marka bonds of 1920. No serial number sequence details are legible enough to determine additional variety markers beyond the stated Series B.