500 marka 1920
“# 000008”
Market Prices
About This Note
This 500 Marka note from Estonia's 1920 treasury issue presents an excellent example of the early Estonian Republic's financial instruments, preserved in AU condition with sharp, crisp printing throughout. The obverse features an ornate reddish-brown and mauve design on cream background with intricate quatrefoil medallion and wavy line security patterns, while the reverse displays the national heraldic shield with winged eagle emblem in green and gray tones. The uncirculated state and clear detail preservation make this a desirable specimen for collectors of Baltic numismatics and early 20th-century currency.
Common. The eBay market data shows this denomination regularly trading between $38.50 and $245 USD depending on condition, with UNC examples priced at $114.45–$150 USD and VF around $45–$82 USD. These price points and the frequency of sales indicate this is a readily available note in the collector market. As a regular-issue treasury note from a short-lived but prolific issuer (the early Estonian Republic period), production was substantial enough to ensure availability today. The AU grade specimen shown here falls within typical pricing expectations for this common denomination.
This treasury note was issued during the formative years of the Estonian Republic, newly independent following the collapse of Russian Imperial rule. The heraldic eagle and shield depicted on the reverse represent the emerging national identity and sovereignty of Estonia, while the 'Eesti Vabariigi' (Estonian Republic) inscriptions on both sides emphasize the state's authority and responsibility for the currency. The 1920 dating places this note in the critical period of establishing independent Estonian financial institutions and monetary credibility.
The obverse features a classical decorative design typical of early 20th-century European treasury notes, with a prominent quatrefoil (four-lobed) medallion forming the central focal point, rendered in intricate line work against a cream-colored field. The entire design employs reddish-brown and mauve tones with complex wavy line patterns serving as both decorative and security elements. The reverse displays Estonia's national coat of arms — a heraldic shield featuring a winged eagle (the crowned lion or eagle of Estonia's heraldry), which symbolizes national sovereignty and independence. The shield is executed in green and gray tones with elaborate engraved line work, set against a tan and cream background with repeating '500' denomination marks forming a subtle security pattern. Two signature spaces at the bottom indicate authorization by treasury officials. The overall design employs no portraits, consistent with many treasury notes of the period, instead relying on heraldic and symbolic imagery to project state authority.
FRONT SIDE: 'EESTI VABARIIGI KASSATAHHT' (Estonian Republic Treasury Note) — Header inscription; '500' (Five Hundred) — Denomination markers on left and right; 'RIIGIKASSATAHT ON EESTI-VABARIIGI PIIRDES SEADUSLIK MAKSUABINOU UIISSADA MARKA' (The state treasury note is legal tender within the Estonian Republic for the sum of five hundred marks) — Legal tender declaration; 'A 00000 S' (Serial number format with prefix and suffix); 'RIIGIKASSATAHTEDE EEST VASTUTAB EESTI-RIIK KOGU OMA VARANDUSTEGA JA SISSETULEKUTEGA' (The Estonian State is responsible for the state treasury notes with all its property and income) — Guarantor statement. BACK SIDE: 'EESTI VABARIIGI KASSATAHHT' (Estonian Republic Treasury Note) — Header; '500' (Five Hundred) — Denomination numerals on left and right sides and repeating in background pattern; 'UIISSADA MARKA' (Five Hundred Marks) — Denomination text below central emblem.
Intaglio (engraved) printing, evidenced by the sharp, crisp line work throughout, complex wavy line patterns, and the detailed heraldic shield rendering visible in both the visual analysis and the note's fine detail preservation. The precision of the intricate quatrefoil design and background security patterns indicates professional engraving by a security printer. The printer for Estonian 1920 issues was typically a European security printer, likely Waterlow & Sons or a similar establishment, though specific attribution for this Pick number would require consulting detailed printer records.
Catalogue reference P-49d indicates this is the 'd' variant of the 500 Marka 1920 issue. The visual analysis shows 'SEERIA A' (Series A) designation and watermark 'EV' (Eesti Vabariigi). PMG records indicate at least two catalogued variants (P-49b and P-49es) exist, with the latter specifically noted as having EV watermark. The serial number format observed as 'A 00000 S' with prefix 'A' and suffix 'S' may correspond to the specific variant designation. The reddish-brown/mauve and green color scheme described in the visual analysis is consistent with the bluish-green and violet tones noted in the external reference, suggesting this is the standard color variety for P-49d.
