500 marka 1920 specimen's pair
Market Prices
About This Note
A consecutive pair of Estonian 500 Marka specimen notes from 1920, presented in About Uncirculated condition with sequential serial numbers (D 247727 and D 247728). These notes feature exceptional clarity of the original engraved design, with prominent red 'PRO' specimen overprints and circular 'RI' seals characteristic of official presentation copies. The pair demonstrates the ornate design work of Estonia's early republic currency, with a classical allegorical woman's portrait on the reverse and intricate wavy-line security patterns throughout.
Common. The 500 Marka denomination from 1920 appears regularly in the collector market at moderate prices ($45-$250 USD depending on condition based on eBay data provided). The print run for this early Estonian currency was substantial, and surviving examples are available without significant difficulty. Specimen overprints do not materially increase rarity, as specimens were produced in standard quantities for archival and distribution purposes. The AU condition grade and consecutive pair nature enhance appeal to collectors but do not elevate this to scarce or rare status.
Issued during Estonia's formative years as an independent nation following the 1918 declaration of independence from Russia, these Treasury notes (Riigikassatäht) represent the new republic's assertion of monetary sovereignty. The allegorical female portrait on the reverse embodies Estonia or the Estonian state itself, a common iconographic choice for emerging European nations in the post-WWI period. The prominent red specimen overprints indicate these were official presentation copies, likely distributed to government officials or banking institutions to establish the design and specifications of the new currency.
The 500 Marka note features a classically engraved design typical of high-denomination currency from this period. The obverse displays an ornamental central rosette design with fine geometric wavy-line patterns filling the background, providing both aesthetic appeal and security through complexity. The reverse presents an allegorical female figure—representing Estonia or the state's prosperity—rendered in classical style with flowing hair, framed within an ornate rosette medallion. Large denomination numerals '500' appear in the bottom corners of the obverse and top corners of the reverse. The design combines Neo-classical artistic elements with Art Nouveau decorative flourishes, reflecting the artistic sensibilities of early 20th-century European banknote design. No historical figures or named individuals are depicted; instead, the iconography focuses on national symbolism through the allegorical feminine figure.
FRONT SIDE: 'EESTI VABARIIGI KASSATÄHT' (Estonian Republic Treasury Note) / '500' (denomination) / 'RIIGIKASSATÄHT ON EESTI-VABARIIGI PIIRDES SEADUSLIK MAKSUABINU UISSAADA MARKA' (The state treasury note is legal tender within Estonian Republic borders for the stated amount in marka) / 'RIIGIKASSATÄHTEDE EEST VASTUTAB EESTI-RIIK KODU OMA VARANDUSTEGA JA SISSETULEKUTEGA' (The Estonian state is responsible for state treasury notes backed by its property and income) / Serial numbers D 247727 and D 247728. BACK SIDE: '500' (denomination in top corners) / 'EESTI VABARIIGI KASSATÄHT' (Estonian Republic Treasury Note) / 'VIISSADA MARKA' (Five hundred marka in words).
Intaglio (copperplate) engraving, the standard security printing method for high-value banknotes of this era. The intricate wavy-line background patterns, fine linework details, and precise rosette designs are characteristic of skilled intaglio work. The specimen overprints (red 'PRO' stamps and 'RI' seals) were applied post-printing, likely by hand or stamp as part of the official specimen designation process. The printer for Estonian Treasury notes of this period was typically conducted by established European security printers, though specific attribution would require additional documentation.
This lot represents Pick P-49fs (specimen pair variant). The two notes show consecutive serial numbers D 247727 and D 247728, indicating they were issued as a matched pair for presentation purposes. The red overprints 'PRO' and circular 'RI' seal marks are consistent with official Estonian specimen designation. The catalog notes variants P-49b and P-49es exist, with P-49es distinguished by 'EV' watermark designation (Eesti Vabariik abbreviation). The visual analysis indicates a '500' watermark present in the central rosette area, consistent with standard production for this denomination. No significant printing varieties (such as signature variants or date variations) are evident in this specimen pair.
