500 marka 1920
Market Prices
About This Note
This 500 Marka treasury note from Estonia's 1920 Series III is an exceptional example of early Estonian monetary design, presented in AU condition with crisp, sharp printing throughout and no visible wear, creases, or damage. The note features an elegant color scheme of mauve and purple on the obverse with green and teal tones on the reverse, incorporating sophisticated security elements including wavy line patterns and a repeating numerical background pattern. This denomination represents a significant piece of Estonia's brief independence period (1918-1940), when the newly formed republic established its own currency system.
Common. The eBay market data shows notes in this denomination selling across a wide range of prices ($15-$669 USD), with typical sales in the $38-$245 range depending on condition. Catalogue values (2016) of $300 for UNC are moderate. The existence of multiple variants (P-49b, P-49es) and the note's appearance in multiple graded populations indicate substantial circulation among collectors. This Series III 500 Marka is a regular issue from a relatively stable printing period (1920-1921) with no evidence of limited print runs or early recall, consistent with common early Estonian currency.
The 500 Marka note was issued by the Treasury of Estonia (Eesti Vabariigi Kassataht) during 1920-1921, a pivotal period when the newly independent Estonian state was consolidating its sovereignty following independence from the Russian Empire. The reverse features the Estonian national coat of arms—a shield with three lions—depicted with ornamental winged supporters, symbolizing the nation's restored independence and sovereignty. The inscriptions emphasize state authority and legal tender status, with text declaring 'The Estonian State is responsible for the State Treasury notes with all its property and revenues,' reflecting the nation's commitment to establishing stable, backed currency during the early years of the Estonian Republic.
The obverse features an ornate mauve and purple color scheme with cream and beige accents, dominated by a centrally positioned shield-shaped cartouche containing decorative linework. Large '500' denomination numerals appear on both left and right margins. The design incorporates sophisticated wavy line border patterns throughout as a security measure. The reverse displays the Estonian national coat of arms—a shield bearing three lions (the national symbol of Estonia)—rendered with ornamental winged supporters on either side, creating an impressive heraldic composition in green and teal tones. The lower portion of the reverse is covered with a repeating '500' numeral pattern serving as a background security feature. Both sides include multiple lines of text in Estonian establishing legal tender status and state backing. Two signature lines at the bottom of the reverse authorize the note's issue.
FRONT SIDE: 'EESTI VABARIIGI KASSATAHT' (Estonian Republic Treasury Note) / '500' (denomination numerals, left and right) / 'RIIGIKASSATAHT ON EESTI-VABARIIGI PIIRIDES SEADUSLIK MAKSUABINÕU VIISSADA MARKA' (State Treasury note is a legal means of payment within the borders of the Estonian Republic five hundred marks) / 'RIIGIKASSATAHTEDE EEST VASTUTAB EESTI-RIIK KOGU OMA VARANDUSTEGA SISSETULEK KUTEGA' (The Estonian State is responsible for the State Treasury notes with all its property and revenues) / 'SEERIA III' (Series III) / Serial number '527775'. BACK SIDE: '500' (large denomination numerals, left and right) / 'EESTI VABARIIGI KASSATAHT' (Estonian Republic Treasury Note) / 'VIISSADA MARKA' (Five hundred marks) / Repeating '500' numerals as background security pattern / Two official authorization signatures at bottom of note.
The note was produced using steel engraving and multicolor letterpress printing techniques, evidenced by the crisp, sharp line work visible throughout the design, the precise registration of multiple color separations, and the fine detail achieved in both the decorative border patterns and the heraldic coat of arms. The sophisticated security elements—including intricate wavy line patterns and the repeating numerical background pattern—are characteristic of early 20th-century high-security banknote production. The printing quality and security features are consistent with work by established European security printers of the period, though the specific printer for this Estonian issue is not definitively attributed in available records.
This note is identified as Pick P-49c, representing Series III of the 500 Marka issue. The PMG population report indicates at least two additional varieties: P-49b and P-49es (with EV watermark). The observed note displays 'SEERIA III' (Series III) designation, confirming its classification. The serial number 527775 and printing quality are consistent with Series III production. Distinguishing characteristics between varieties typically include watermark presence (EV watermark noted for P-49es variant), signature variations, and minor design elements. The specific serial number range and series designation would require cross-reference with detailed Pick catalog specifications to definitively identify this note's exact variety position within the P-49 family.
