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Although the Republic of Estonia had already been proclaimed on February 24, 1918 under the conditions of German occupation any kind of public activity to establish independent statehood was inconceivable. The opportunity to do that came only after the surrender of Germany to the victorious states of World War I on November 1st 1918. On the same day the Estonian Provisional Government reassembled, and besides other vital questions, a lot of attention was paid to developing its own financial system.
The mark was the currency of Estonia between 1918 and 1927. It was initially equivalent to the German ostmark, which had been circulating alongside the Russian ruble since the German occupation.
This issue was not realesed in circulation and most part was melted down because of monetary reform.
Three lions on shield within wreath.
Country (Estonian Republic) encircling denomination, date below.