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 500 Estonian krooni note front design features the portrait of Carl Robert Jakobson (1841-1882), who was an Estonian writer, politician, and teacher active in the governorate of Livonia (Russian Empire). He was one of the most influential people in the Estonian national awakening in the second half of the 19th century. Jakobson published a political newspaper Sakala that content instructed on literary and agricultural supplements; this became an essential promoter of the national and cultural awakening in Estonia at that time. In addition, Jakobson’s work on his farm in Kurgja served as an example for Estonian farmers due to the innovation in applied techniques; the portrait is followed by a newspaper title motif which contains a sheaf tied with a yellow ribbon. The text of the tape reads: “Written by C. R. Jakobson”. To the left of the tape is a woman with a sickle, and to the right, a man with a scythe. The design is completed with the Eesti Pank (Bank of Estonia) logo.

The reverse of the note Illustrates the National bird, the barn swallow, which is in flight over the southern Estonian landscape. The lettering of the note is presented in the Estonian language. This note is part of the 1994 series, and its color is blue-black and purple on a multicolor underprint.