Markka
| Markka | |
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| 1 Markka 1994 | |
The markka or mark was the currency used in Finland from 1861 until January 1, 1999, when it was replaced by the euro (€). The currency code used for the markka was FIM, and the usual familiar notation was a postfix mk. It was divided into 100 penni. The conversion for one euro was 5.94573 markka.
The markka was introduced in 1861 as a quarter of the Russian ruble. After Finland gained independence in 1917, the Bank of Finland was founded and the markka was reintroduced as an independent currency backed by gold. The gold standard was abolished in 1940, and the markka suffered heavy inflation during the war years. In 1963 the markka was replaced by the new markka, equivalent to 100 old units.
The name "markka" was based on a medieval unit of weight. Both "markka" and "penni" are loanwords based on the same roots as the German Mark and pfennig.
During the history of the Finnish markka, spanning over 140 years, 28 coins denominated in markka have been minted. The pictorial subjects have changed over the years, but they have all been distinctly Finnish. The Finnish markka is now history, when Finland changed its currency to the euro in 1999 (markka coins and notes were not withdrawn from circulation until 2002).
Portraits in banknotes
- 20 markkaa - Väinö Linna (1920–1992)
- 50 markkaa - Alvar Aalto (1898–1976)
- 100 markkaa - Jean Sibelius (1865-1957)
- 500 markkaa - Elias Lönnrot (1802-1884)
- 1000 markkaa - Anders Chydenius (1729-1803)
See also: Scandinavian Monetary Union and Euro
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Categories: Currencies | Finland