25 000 marka 1920

Common. While this is an interesting historical note from Estonia's independence period, eBay market data shows transactions ranging from $15 to $450 USD across various conditions, with most VF examples selling in the $54-82 range. The wide availability of similar notes at low price points, combined with the fact that these were produced in significant quantities as treasury notes, indicates this is a common note in the numismatic market. The series designation (D) and serial number (00528) suggest this was part of a standard production run rather than a rare variety.

This treasury note was issued during Estonia's critical early independence period following independence from Russia in 1918. The 1920 issue date and December 1, 1920 maturity date indicate this was part of emergency financial measures taken by the Estonian Republic to manage its post-war economy. The note's designation as a 5½% treasury note (kassa-veksel) reflects the government's need to raise capital through interest-bearing instruments, with payment guaranteed by the State Treasury (Riigikassa) and administered through local finance offices.

The note features a clean, formal treasury document design typical of early 20th century Baltic financial instruments. The front displays a peach/salmon colored background serving as the primary security feature against counterfeiting. The central design emphasizes the denomination through large bold text reading 'MARKA 25.000 MARKA' with supporting text in Estonian. A circular seal appears on the left side, representing the Estonian state or treasury seal authority. Three signature lines are positioned in the lower portion for authorized officials: the State Treasury Director, Finance Minister, and State Treasury Arsenal Manager. The denomination is expressed both numerically and written out in full ('kakskümmendviistetuhat marka'). The back of the note is largely blank with cream/off-white coloring, consistent with treasury note designs of the period. The overall design emphasizes official authorization and security through multiple signature requirements and the state seal.

FRONT: Series designation 'Seeria D № 00528' (Series D No. 00528); '1920 aasta väljaanne. Tähtpäev 1. detsember 1920.' (1920 year issue. Due date December 1, 1920); 'Marka 25.000.' (25,000 Marka); 'Eesti Vabariigi 5½%-line kassa-veksel' (Estonian Republic 5½% treasury note); 'MARKA 25.000 MARKA' (MARKA 25,000 MARKA); 'kakskümmendviistetuhat marka' (Twenty-five thousand marka); 'detsembril 1920 maksab Riigikassa ehk jad kohalik rentei selle kassa-veksli ettenäitajale' (December 1920 the State Treasury or the local finance office will pay this treasury note to the bearer); Signature lines for 'Riigikassa Juhataja' (State Treasury Director), 'Rahaminister' (Finance Minister), and 'Riigikassa Arsenaalkonna Juhataja' (State Treasury Arsenal Manager). BACK: Handwritten red pen annotations spelling 'P R O O V' (likely meaning 'PROOF' or 'PROOF NOTE' in Estonian/related languages), indicating this may be a proof or specimen marking.

The note employs letterpress printing with color separation, evidenced by the precise registration of the peach/salmon background color with the dark blue and red text elements visible in the design. The circular seal shows characteristics of engraved printing, providing added security and definition. The multi-color application and fine typography are consistent with professional security printing of the early 1920s period. The printer for Estonian P-38 series notes was typically a recognized European security printer of the period, though specific attribution would require additional documentation.

Series D, Serial Number 00528. The visual analysis indicates this is a circulated example showing standard production characteristics. The handwritten 'PROOF' markings (P R O O V) on the reverse are post-issuance annotations and do not indicate this is an official specimen or proof note, but rather a used note that was marked for accounting or archival purposes. The catalog designation P-38Os suggests an 'o' variant (possibly indicating overprint or specific series), distinguishing it from other denominations in the 1920 Estonian issue. No significant printing varieties are apparent from the observed characteristics.