100 000 marka 1920

Common. The eBay market price data shows VF specimens selling in the range of $54.90 to $245.00 USD, with multiple examples available at low to moderate prices ($54.90-$82.00 being typical for VF grade), indicating reasonable supply in the collector market. The PMG population report notes at least one variant of P-38, and the broad availability of pricing data across multiple condition grades suggests this is not a scarce issue. Estonian Republic bonds from 1920-1921 were issued in significant quantities to finance government operations and remain obtainable by collectors, though individual series and serial number combinations may vary in availability.

This bond was issued during the critical early years of Estonian independence (1920-1921), when the newly sovereign Estonian Republic required short-term financing and sought to establish financial credibility. The 6% interest rate and advance interest payment structure reflect the high-cost borrowing environment faced by nascent Baltic states rebuilding after World War I and the Russian Civil War. The bond's terms—payable at the State Treasury or regional revenue offices and acceptable for state tax payments—demonstrate how the Estonian government leveraged financial instruments for both revenue generation and administration during this unstable transitional period.

This Estonian Republic Treasury bond features a formal governmental security document layout typical of early 20th-century European financial instruments. The front displays a centered typographic design with the denomination prominently featured both numerically and spelled out ('ükssadatuhat marka'—one hundred thousand marka). The document incorporates a circular official seal bearing the Estonian coat of arms, rendered in pink/purple ink on the left side, serving as the primary security device and authenticating symbol. Decorative floral dividers using wheat or laurel sprigs separate sections of text, lending classical governmental dignity to the certificate. The color scheme employs blue and red printing on cream/beige paper, with the red used for both decorative elements and official stamps. Multiple signature lines for authorized Treasury officials (Director, Finance Minister, and Accountant) provide authentication through manual signatures. The reverse side remains predominantly blank with administrative processing marks in red ink. The overall composition reflects the formal bond certificate standards of the early Estonian Republic, emphasizing governmental authority and financial legitimacy during a period when such documents were critical to establishing the young nation's financial credibility.

FRONT SIDE: Title: 'Eesti Vabariigi 6%-line kassa-veksel' (Estonian Republic 6% Loan Bond). Denomination and Issue Information: 'MARKA 100,000 MARKA' / 'Seeria E No 00053' (Series E No 00053) / '1920 aasta väljäanne. Tähipäev 1. veebruar 1921. Marka 100,000.—' (1920 issue. Term date 1 February 1921. 100,000 marka.). Payment Clause: '1. veebraurii 1921 maksab Riigikassa ehk järgkohaline rentei selle kassa-veksli ettenäitajale ükssadatuhat marka' (1 February 1921 the State Treasury or relevant revenue office will pay to the bearer of this bond one hundred thousand marka). Signature Lines: 'Riigikassa Juhataja' (State Treasury Director) / 'Rahaminister' (Finance Minister) / 'Riigikassa Arveosaline' (State Treasury Accountant). Terms and Conditions: '1. Protsendid maksatakse ette kassa-veksli väljandmise puhul kogu veksli tähtajal eest.' (Interest is paid in advance upon issue of the bond for the entire term of the bond.) / '2. Kassa-vekslid võetakse vastu igal ajal Riigikassas ja renteides riigilmaksudele, ettemakstudin protsenta mahnarvaes.' (Bonds are accepted at any time at the State Treasury and revenue offices for state taxes, paid in advance with interest calculated.) / '3. Muuks otstarveks enne tähtpäeva tagasi müüdavate vekslite pealt arvutakse jrate ettemakstud protsentiide riigi kasusk ilks kiinnendik protsenti veksli summast.' (For other purposes, if bonds are returned before maturity, the calculated percentage of the portion of interest paid in advance is deducted from the state payment as a fixed percentage of the bond amount.) / '4. Kassa-vekslite uuendamine shnib Riigikassa ja kohalikkude renteide kaudu.' (Renewal of bonds occurs through the State Treasury and local revenue offices.) / '5. Kassa-vekslid võetakse vastu riigiasutustes kautsjondideks nende nimelises väl rtuses.' (Bonds are accepted in state institutions as security deposits at their nominal value.) BACK SIDE: Administrative markings in red ink: 'P', 'R', 'O' (circled), 'O' (circled), 'V' (various handwritten or stamp letters indicating processing or archival notation).

Letterpress printing on cream/beige paper with multi-color registration (blue and red inks). The document was printed using traditional typographic methods with additional hand-applied elements including official seals in colored inks and manuscript signatures from authorized officials. The circular official seal appears to have been impressed or stamped separately in pink/purple ink. Administrative markings on the reverse were applied by hand in red ink as processing marks. This represents standard security printing practices for government bonds of the 1920s era, relying on typography, official seals, signature authentication, and controlled paper stock rather than advanced anti-counterfeiting technologies.

This note is identified as P-38Us (the 'Us' likely indicating an unissued or specimen variety). The catalog data specifies series E, with the visual analysis confirming 'Seeria E No 00053', indicating this is a later-sequence specimen within the E series. The external reference notes that P-38A exists in orange color (as opposed to the blue and red observed here), suggesting color varieties of the same denomination exist. The issue date of 1920 (specifically noted as '1920 aasta väljäanne') with maturity of 1 February 1921 establishes this as the original 1920 offering distinct from any 1921 reissues. The 100,000 marka denomination and gray/cream color base with blue and red printing constitute the standard variety for this Pick number.