The FINNISH MARKKA (Finnish : SUOMEN MARKKA, abbreviated MK, Swedish
: FINSK MARK, currency code :FIM) was the currency of
The markka was divided into 100 pennies (Finnish : penni, with numbers penniä, Swedish : penni), postfixed "p"). At the point of conversion, the rate was fixed at €1 = 5.94573 mk.
* 1 History * 2 Names
* 3 Coins
* 3.1 First markka
* 3.2 Second markka
* 3.2.1 1st series * 3.2.2 2nd series
* 4 Banknotes * 5 See also * 6 References * 7 External links
File:FIN-A36b-Finlands Bank-20 Markkaa (1862).jpg 20 Markka, 1862
The markka was introduced in 1860 by the Bank of
The monetary policy called "strong markka policy" (vahvan markan
politiikka) was a characteristic feature of the 1980s and early 1990s.
The main architect of this policy was President
Mauno Koivisto , who
opposed floating the currency and devaluations. As a result, the
nominal value of markka was extremely high and in the year 1990,
Koivisto's policy was maintained only briefly after
Inflation was low during the markka's independent existence as a
floating currency (1992–1999): 1.3% annually on average. The markka
was added into the ERM system in 1996 and then became a fraction of
the euro in 1999, with physical euro money arriving later in 2002. It
has been speculated that if
The name "markka" was based on a medieval unit of weight. Both "markka" and "penni" are similar to words used in Germany for that country's former currency, based on the same roots as the German Mark and pfennig .
Although the word "markka" predates the currency by several centuries, the currency was established before being named "markka". A competition was held for its name, and some of the other entries included "sataikko" (meaning "having a hundred parts"), "omena" (apple) and "suomo" (from "Suomi", the Finnish name for Finland).
With numbers, Finnish does not use plurals but partitive singular forms: "10 markkaa" and "10 penniä" (the nominative is penni). In Swedish, the singular and plural forms of mark and penni are the same.
When the euro replaced the markka, mummonmarkka "grandma's markka" (sometimes shortened to just mummo) became a new slang term for the old currency. The sometimes used "old markka" can be misleading, since it can also be used to refer to the pre-1963 markka.
In Helsinki slang , a hundred markkaa was traditionally called huge (from Swedish hundra "hundred"). After the 1963 reform this name was used for one new markka.
When the markka was introduced, coins were minted in copper (1, 5 and 10 penniä), silver (25 and 50 penniä, 1 and 2 markkaa) and gold (10 and 20 markkaa). After the First World War , silver and gold issues were ceased and cupro-nickel 25 and 50 penniä and 1 markka coins were introduced in 1921, followed by aluminium-bronze 5, 10 and 20 markkaa between 1928 and 1931. During the Second World War , copper replaced cupro-nickel in the 25 and 50 penniä and 1 markka, followed by an issue of iron 10, 25 and 50 penniä and 1 markka. This period also saw the issue of holed 5 and 10 penniä coins.
Markka coins 1918–52 DENOMINATION YEARS IMAGE MATERIAL SIZE OBVERSE REVERSE DESIGNER
1 MARKKA 1921–24
Cupro-nickel 24 mm Rampant lion and date Denomination flanked by branches Isak Sundell
Cupro-nickel 21 mm
Copper 21 mm
Iron 21 mm
5 MARKKAA 1928–46
Aluminum-bronze 23 mm Wreath and denomination Shielded arms within wreath and date Isak Sundell
Brass 23 mm
10 MARKKAA 1928–39
Aluminum-bronze 27 mm Wreath and denomination Shielded arms within wreath and date Isak Sundell
20 MARKKAA 1928–39
Aluminum-bronze 31 mm Wreath and denomination Shielded arms within wreath and date Isak Sundell
All coins below 1 markka had ceased to be produced by 1948. In 1952, a new coinage was introduced, with smaller iron (later nickel-plated) 1- and 5=markka coins alongside aluminium-bronze 10-, 20- and 50-markka coins and (from 1956) silver 100- and 200-markka denominations. This coinage continued to be issued until the introduction of the new markka in 1963.
The new markka coinage consisted initially of six denominations: 1 (bronze, later aluminium), 5 (bronze, later aluminium), 10 (aluminium-bronze, later aluminium), 20 and 50 penniä (aluminium-bronze) and 1 markka (silver, later cupro-nickel). From 1972, aluminium-bronze 5 markka were also issued.
The last series of
* 10 penniä (silver-coloured) – a honeycomb on the reverse and a lily of the valley flower on the obverse = €0.02 * 50 penniä (silver-coloured) – haircap moss on the reverse and a bear on the obverse = €0.08 * 1 markka (copper-coloured) – the Finnish coat of arms on the obverse = €0.17 * 5 markkaa (copper-coloured) – a lily pad leaf and a dragonfly on the reverse and a Saimaa seal on the obverse = €0.84 * 10 markkaa (two-metal coin, copper-coloured centre and silver-coloured edge) – rowan tree branches and berries on the reverse and a wood grouse on the obverse = €1.68
This section covers the last design series of the Finnish markka, designed in the 1980s by Finnish designer Erik Bruun and issued in 1986.
DENOMINATION VALUE IN EURO (€) IMAGE MAIN COLOUR OBVERSE REVERSE REMARK
10 markkaa €1.68
20 markkaa €3.36
50 markkaa €8.41
100 markkaa €16.82
Green Jean Sibelius (1865–1957), composer Swans
500 markkaa €84.09
1,000 markkaa €168.19
5,000 markkaa €840.94
In this final banknote series, Bank of
The second-to-last banknote design series, designed by Tapio Wirkkala , was introduced in 1955 and revised in the reform of 1963. It was the first series to depict actual specific persons. These included Juho Kusti Paasikivi on the 10 markkaa, K. J. Ståhlberg on the 50 markkaa, J. V. Snellman on the 100 markkaa and Urho Kekkonen on the 500 markkaa (introduced later). Unlike Erik Bruun's series, this series did not depict any other real-life subjects, but only abstract ornaments in addition to the depictions of people. A popular joke at the time was to cover Paasikivi's face except for his ear and back of the head on the 10-markka note, ending up with something resembling a mouse, said to be the only animal illustration in the entire series. Finnish 5000 markka banknotes (1940), seen in OP Financial Group’s museum, Vallila, Helsinki.
The still-older notes, designed by
Coins and banknotes that were legal tender at the time of the markka's retirement could be exchanged for euros until February 29, 2012.
* ^ A B Carl-Ludwig Holtfrerich, Jaime Reis, and Gianne Toniolo, The Emergence of Modern Central Banking from 1918 to the Present, table 4.2 * ^ A B C D E F Nordean rahanarvokerroin. * ^ Genberg, Hans: Monetary Policy Strategies after EU Enlargement. Graduate Institute of International Studies, Geneva, Switzerland, 2 February 2004. Accessed 7 February 2009. * ^ http://www.barrikadi.fi/artikkelit/kun-oikeutta-ohjattiin * ^ Kaartamo, Outi: Raha on kaunista. Helsingin Sanomat monthly supplement, April 2010, pp. 83–88. * ^ Luukka, Teemu (2006-09-27). "Suomen Pankki maksoi korvauksia valokuvasta 17 000 euroa" (in Finnish). HS. Retrieved 2006-10-02.
* Overview of markka from the BBC * Historical Finnish banknotes and coins at the Bank of