The kroon was the official currency of Estonia from 1928 to 1940 and from 1992 to 2011. The official currency symbol: kr. The kroon was pegged to the Swedish krona at par in 1924. The Bank of Estonia exchanged kroon for foreign currencies to ensure the kroon’s reputation. These actions helped restore confidence in the domestic banking and monetary system, assisting in the country’s economic recovery and improving the Estonian state’s worldwide reputation.
The first kroon was introduced in 1928, replacing the mark. Then, the Eesti Pank (Bank of Estonia) introduced banknotes in denominations of 10 krooni followed by 5 and 50 krooni in 1929, 20 krooni in 1932 and 100 krooni in 1935. Finally, the second kroon was reintroduced in 1992, replacing the Soviet ruble. After that, banknotes were issued in denominations of 1, 2, 5, 10, 25, 100 and 500 krooni, followed by the 50 krooni two years later.
The euro replaced the krone as the national currency of Estonia on January 1, 2011. The krone circulated together with the euro until January 15, 2011; after this date, it lost its status as legal tender. The Eesti Pank banknotes and coins of crowns for euros indefinitely.
The 5 Estonian krooni note front design features the portrait of Paul Keres (1916 – 1975), was an Estonian-Soviet chess player and writer who was among the world’s top players from the mid-1930s to the mid-1960s and in 1950. The FIDE (Fédération Internationale des Échecs) on its inaugural list awarded him the title of International Grandmaster.
The reverse of the note illustrates the Hermann order stronghold in Narva, the Narva River and the medieval fortified stronghold of Ivangorod. The lettering of the note is presented in the Estonian language. This note is part of the 1991 – 1992 series, and its color is black and tan on a multicolor underprint.