100 krooni type 1935

Discover a rare banknote from Estonia!

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Historical context

On January 1, 1928, due to the rapid inflation of the mark and the disastrous decline in the country's gold reserves, a new monetary reform was quickly ordered and gave the exclusive right to the Bank of Estonia (Esti Pank) to issue banknotes denominated in Estonian kroon. The new currency, the "kroon" is equal to 100 marks. This currency was introduced for the first time in 1924 in foreign trade and on January 1, 1928 in daily transactions. The Bank of Estonia decides to issue a series of 5 banknotes of 5, 10, 20, 50 and 100 krooni. But production was delayed and it was not until September 1928 that the first banknotes of 10 krooni type 1928 (Pick # 63) were introduced. This note will be issued again twice, in 1937 (Pick # 67) and in 1940 (Pick # 68). The other banknotes were put into circulation between 1929 and 1936: June 27, 1929 for the 50 krooni (Pick # 65), June 12, 1930 for the 5 krooni (Pick # 62), October 1, 1932 for the 20 krooni (Pick # 64) and October 15, 1936 for the 100 krooni (Pick # 66).

The whole series was designed by Russian artist Günther-Friedrich Reindorff and produced in Tallinn in the state printing press (Riigi Trukikoda). While the 5 krooni illustrates the world of the sea with a fisherman, the 50 krooni banknote reproduces a view of the north coast of Estonia with the cliffs of Rannamõisa near Tallinn. The 10th and 20th krooni showcase the world of the Estonian peasantry with a young peasant woman and a shepherd. Finally, the 100 krooni pays homage to the working class with a blacksmith at work (see photos below). Despite the occupation of Estonia by the Soviet Union from 1940, these banknotes will remain in circulation for some time before being definitively withdrawn from circulation on March 25, 1941.



Presentation of the 100 krooni type 1936

Estonia. Republic of Estonia (1918-1940). Bank of Estonia (Esti Pank). 1928-1940 Issues. 100 krooni type 1936 (Ref. Pick # 66). Introduction: October 15, 1936. Work of Günther-Friedrich Reindorff. Dimensions: 180 x 102 mm. Watermark: denomination "100" and oak branch with leaves. Front and back printing predominantly blue, purple, green and red on white paper. Description of the front: Frame made up of repeating patterns. The value in figures is printed on a composition of rosettes in the center. The numbering is repeated twice at the bottom and at the top in black. The date of issue is indicated at the bottom in an oval. On the left, a young blacksmith at work on his anvil. On the sides, a barrel of water and tools. In the background, a view of the buildings of a factory, undoubtedly the symbol of the passage from manual production (the blacksmith) to industrialization (the factory). The note is signed by the President, Jüri Jaakson and the two Directors, Christian Kaarna and Johannes Rosenfeldt. At the bottom center, in a blue cartouche surrounded by stylized flowers, an inscription: “See pangatäht on välja antud 3. May 1927. a. rahaseaduse ja Panga põhikirja alusel (This note was issued on May 3, 1927 in association with the Law on Currency and the Statutes of the Bank)”. Description of the back: The Estonian coat of arms (1) at the top center. In the middle, a composition of rosettes and the value in letters: "UKS SADA KROONI" surrounded on the left and right by oak leaves and acorns. At the bottom, the abbreviation “EV” (Eesti Vabariik or Estonian Republic). The specimen is not current and is known overprinted "PROOV" in red diagonally on the front. The 100 krooni banknote was officially issued in 485,000 copies.

Numizon inventory

All the banknotes that we have in the database correspond to the years 2014 to 2021 (2). We have identified for the moment only 67 copies that we detail in the table below. We did not report all the sale prices, either because the note was in a lot, or because the information was missing! Same thing for grades:

P-66a0002758VG€ 36.00osta.ee, 2019 (lot # 120181849)
P-66a0031283F€ 91.00osta.ee, 2020 (lot # 148249597)
P-66a0033327VF-€ 60.00osta.ee, 2015 (lot # 60071151)
P-66a0051145VG€ 45.00Christoph Gärtner, 2019 (lot # 1483)
P-66a0063284F-Christoph Gärtner, 2019 (lot # 1399)
P-66a0073897VF€ 32.00catawiki, 2017 (lot # 13866151)
P-66a0083476AU+$ 359.00ebay, 2021
P-66a0083901VF€ 141.00ebay, 2021
P-66a0088786F+€ 86.00osta.ee, 2020 (lot # 139472156)
P-66a0094476PMG 35$ 129.25Heritage Auctions, 2015 (lot # 26846)
P-66a0095586VF€ 72.00osta.ee, 2020 (lot # 139499782)
P-66a0097118F-Heritage Europe (MPO), 2012 (lot # 5822)
P-66a0098145VF-€ 62.00osta.ee, 2019 (lot # 125538172)
P-66a0107547F€ 95.00okidoki.ee, 2021
P-66a0106733VF+€ 82.00osta.ee, 2019 (lot # 118889346)
P-66a0117025VG€ 85.00cgb.fr (lot # b84_1099)
P-66a0121645XF€ 250.00cgb.fr (lot # 183-115787)
P-66a0123614PMG 50$ 123.38Stack's Bowers, 2014 (lot # 10085)
P-66a0126007XF+-Gabinet Numizmatyczny D. Marciniak, 2021 (lot # 6449)
P-66a0131651F€ 35.50osta.ee, 2020 (lot # 144134422)
P-66a0135436aUNC€ 500.00coins.ee
P-66a0135437aUNC€ 500.00coins.ee
P-66a0140815--Banknote Museum
P-66a0142734VF+€ 150.00cgb.fr (lot # b39_0654)
P-66a0147321XF+-Status International, 2019 (lot # 8796)
P-66a0151724XF$ 90.00icollector.com, 2020 (lot # 616)
P-66a0156722F€ 29.00okidoki.ee, 2018
P-66a0176300VF-London Coins, 2018 (lot # 266)
P-66a0177203F€ 73.49osta.ee, 2021 (lot # 160569366)
P-66a0179346G€ 12.00osta.ee, 2020 (lot # 135942074)
P-66a0184702--Katz, 2018 (lot # 197)
P-66a0187382G€ 41.00delcampe, 2020 (lot # 149566091)
P-66a0195432F$ 146.00ebay, 2021 (unsold)
P-66a0201839VF-Heritage Europe, 2015 (lot # 9657)
P-66a0202966VF$ 105.00WPM copy
P-66a0211440--Stack's Bowers, 2018 (lot # 31219)
P-66a0219580VF€ 74.00osta.ee, 2020 (lot #144900284)
P-66a0227868PMG 64$ 311.00Heritage Auctions, 2020, (lot # 88040)
P-66a0232286PMG 45 EPQ€ 127.00osta.ee, 2019 (lot # 127355866)
P-66a0234694PMG 53$ 264.00Heritage Auctions, 2019 (lot # 88082)
P-66a0236514AU€ 88.50osta.ee, 2014 (lot # 46558655)
P-66a0241616--Colnect.com copy
P-66a0245546XF+€ 148.00osta.ee 2021 (lot # 161220488)
P-66a0245929VF-Spink 2017 (lot # 1556)
P-66a0248227PMG 67€ 4,111.00osta.ee, 2018 (lot # 106350995)
P-66a0251173VF-Christoph Gärtner, 2017 (lot # 796)
P-66a0257281G-osta.ee, 2014 (lot # 47156389)
P-66a0258812--Spink, 2019 (lot # 1283)
P-66a0262958aUNC€ 144.50osta.ee, 2020 (lot # 136056430)
P-66a0265294XF€ 105.00cgb.fr (lot # 127-68638)
P-66a0267952VF-€ 85.00osta.ee 2019 (lot # 120645021)
P-66a0270190F-Christoph Gärtner, 2017 (lot # 839)
P-66a0270663PMG 40$ 192.00Heritage Auctions, 2018 (lot # 28784)
P-66a0278717XF+€ 140.00osta.ee, 2014 (lot # 44770261)
P-66a (RADAR)0278720PMG 58€ 150.00Coins.ee, 2020 (lot # 1315)
P-66a0289845VF+-Christoph Gärtner, 2016 (lot # 30559)
P-66a0290751aUNC-Christoph Gärtner, 2019 (lot # 1548)
P-66a0294004AU€ 231.00osta.ee, 2019 (lot # 128279816)
P-66a0299173VF$ 80.00Stack's Bowers, 2019 (lot # 72075)

Numizon analysis

So, rare note or common note? First of all, we observe that a very large number of copies are classified in average grade (VF), or even in small grades (G to F), which corresponds to more than half of the score (35 banknotes). Few copies are available in good quality for purchase.

The smallest known number is "0002758". And although the number of banknotes planned for printing is theoretically 485,000 copies, we have not found a banknote greater than the number "0299173"! Small mention for the copy "0278720", a rare and magnificent RADAR with seven digits (ie 1 copy per 1000). Then, it seems that the 100 krooni is ignored by professionals because few copies have been offered for sale by the big international houses:

  • 5 copies at cgb.fr (including a copy currently available for purchase, numbered 0117025),
  • 6 copies at Christoph Gärtner (most of the time these notes are presented with other Estonian banknotes),
  • 1 copy at catawiki,
  • 6 copies at Heritage Auctions (including the banknotes seen at MPO = Heritage Europe),
  • 3 copies at Stack's Bowers,
  • 1 copy at Spink.

You have to look at the country level to see that the 100 krooni is easier to find ... At Osta.ee, the largest online store in Estonia, we have identified 22 examples offered for sale between 2014 and 2021! Which is, despite everything, only 3 copies per year on average!

When good quality banknotes appear on sale, the prices are already higher. For information, the copy "0083476" which illustrates our study and indicated in aUNC grade, was sold for $ 359.00 in August 2021 on eBay (eBay item number: # 255098479012).

We did not find any specimen of the 100 krooni, apart from a single-sided proof! The ratings of the pick for the type (see below) therefore do not seem to match this reality ...

PMG Population Report

There are currently 32 graded copies for the issued note and only 5 graded notes for the specimen (Pick # 66s):

PMG 201
PMG 354
PMG 401
PMG 452
PMG 501
PMG 531
PMG 551
PMG 582
PMG 631
PMG 644

Indicative ratings

1) Pick (World Paper Money):

Issued note$ 80.00$ 150.00$ 300.00
Specimen-$ 25.00$ 60.00

2) TBB (The Banknote Book) :

Issued note$ 15.00$ 60.00-
Specimen--$ 550.00


(1) The Estonian coat of arms depicts a golden coat of arms, which includes three slender blue lions superimposed on top of each other and golden oak branches on both sides of the coat of arms. These coats of arms will be officially banned following the occupation of Estonia by the Soviet Union in 1940 and replaced by Soviet-inspired coats of arms from the Estonian SSR.
(2) All sales observed were collected on the internet. The sales catalogs in paper format have not been consulted!

Our sources

  • "Estonia" Standard Catalog of World Paper Money, 1368-1960, 12th edition (page 474).
  • "History of Estonian money" on the website of the Bank of Estonia (Eesti Pank).
  • "Estonia" by Owen W. Linzmeyer (page 11).
  • Photo credit: Banknote Museum, catawiki, cgb.fr, Christoph Gärtner, delcampe, Heritage Auctions, osta.ee, Spink and Stack's Bowers.

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