Estonia is a small country located on the Baltic Sea. It is roughly the size of Vermont and New Hampshire together and has a population of 1.4 million people.
Estonian History in the Foreign Currency Market
In 1918, Estonia introduced its first official currency called the mark. In 1919 ten million marks were the fixed capital of the the Estonian national bank, called Eesti Pank. As of 1921, Eesti Pank was able to issue bills or banknotes in the form of marks, thus securing the mark as the official currency of Estonia. As far as the foreign currency market, Estonia was off the map at this point. The Monetary Commission in Geneva then implemented central bank reforms, thus the Estonian mark was recognized throughout Europe.
In 1924 as these reforms came to fruition, Estonia created the gold kroon (or crown), which was worth 100 marks. By 1928, the kroon was the official currency of Estonia -- the same currency that it is today. The central bank provided Eesti Pank with five million kroons as capital. The Eesti kroon was official.
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