Timeline

• 09.12.1916
• Ordinance [No. 223] of the Warsaw General Command of the German-Austrian army on the creation of an issuing institute for the occupied territories, Credit Bank for the East (Darlehnskasse Ost); effective immediately ] introducing currency (payments in German or Russian currency remain permissible); effective (when Landes-Darlehenskasse begins business) Dec. 13, 1916.
• 13.12.1916
• Start of currency exchange:
  - 13.12.1916: Start of banknote issuance by the Darlehnskasse Ost, they are denominated in German Mark (1871) but not exchangeable into German notes and therefore called "Ostmark" (Eastern Mark)
  - 26.04.1917: Demonetization of German banknotes at 1 : 1 and Russian banknotes at 1 : 2.16; the latter could not be implemented
• 18.11.1918
• Ordinance on the rating of the circulating Russian paper money: 1 "Ostmark" = 2 "Tsar Rubles" (issued before 1917) = 2.50 "Duma/Kerensky" Rubles" (issued 1917-1918)

Timeline

• 30.11.1918
• Government resolution on the creation of a distinct currency at par with the Finnish Mark (corresponding to 1 "Ostmark" = 0.81 Estonian Mark); effective immediately
• 09.12.1918
• Start of currency exchange:
  - 09.12.1918: Start of issuance of Estonian paper money by the Treasury
  - 14.12.1918: Authorization of the circulation of Finnish money
  - 02.05.1919: Government resolution, declares the Estonian Mark sole legal tender; effective 20.05.2019
  - 20.05.1919: Demonetization of all foreign currencies.

Valuation Regimes

• 1918-1924
• Variable rate, highly inflationary
• 1924-1928
• Fixed rate against British Pound and the unit of account "Gold Crown" in the standard of the former Scandinavian Monetary Union

Timeline

• 20.06.1924
• Government resolution to introduce the gold crown as the unit of account in the standard of the former Scandinavian Monetary Union; effective 11.07.1924
• 03.05.1927
• Currency act [No. 42] on the currency reform; effective 01.01.1928
• 01.01.1928
• Start of currency exchange:
  - 01.01.1928: Start of issuance of the new banknotes and coins
  - 31.12.1931: Demonetization of the former currency.
• 25.11.1940
• Start of currency exchange after the Soviet annexation:
  - 25.11.1940: Start of issuance of Soviet banknotes and coins at a rate of 1 Estonian Crown = 1.25 Soviet Rubles (1924)
  - 25.03.1941: End of exchange period and demonetization of the Estonian currency.

Valuation Regimes

• 1928-1933
• Fixed rate against gold, gold standard was suspended on 28.06.1933
• 1933-1940
• Fixed rate against British Pound
• 1940-1941
• Fixed rate against Soviet Ruble (1924) after the annexation

Timeline

• 20.05.1992
• Currency act; effective 20.06.1992
• 02.05.1992
• Start of currency exchange:
  - 02.05.1992: Start of registration of cash holdings in Russian currency
  - 22.05.1992: End of registration period, unregistered cash was not exchanged
  - 21.06.1992: Start of issuance of the new banknotes and coins: cash up to 1'500 Russian Rubles was exchanged at 1 : 10, excess amounts at 1 : 50
  - 23.06.1992: End of exchange period and demonetization of the Russian currency.

Valuation Regimes

• 1992-1998
• Fixed rate against German Mark (1948)
• 1999-2010
• Fixed rate against European Euro

Timeline

• 13.07.2010
• Decision of the European Council [No. 2010/416/EU] to admit Estonia to the European Monetary Union; effective 01.01.2011
• 13.07.2010
• Ordinance of the European Council [No. 671/2010], determines the conversion rate; effective 01.01.2011
• 01.01.2011
• Start of currency exchange:
  - 01.01.2011: Start of issuance of banknotes and coins denominated in Euro at a rate to the Estonian Crown of 1 : 15.6466
  - 15.01.2011: Demonetization of the banknotes and coins in Estonian Crown.