How the country's monetary system began with the eyes of an owl
The first Republic of Estonia was proclaimed on February 24, 1918 as a consequence of the collapse of the Russian Empire into its national outskirts.
By the time of the declaration of independence, the country had neither its own currency nor a Central Bank, but German East marks were in circulation-they were used by Estonians in 1919 when creating the national monetary system.
The Estonians did not start with coins or banknotes, but with treasury notes in denominations of 5 pennies, 10 pennies, 20 pennies, 50 pennies, 1 mark, 3 marks, 5 marks, 10 marks, 25 marks and 100 marks.
The Estonian mark was equated to the German Ost mark and divided into 100 pennies.
Why did Estonians call their national currency marks and pennies?
The word 'mark' as a monetary unit is traditionally associated with Germany – both as a coin and as paper money.
The word 'penny' is of English origin, and it is an old one: even King Offa from a country called Mercia, which was on the territory of Great Britain in the VIII century AD, introduced a silver coin with this name.