Finnish markka - wikipedia Finnish markka For the Norwegian county, see Finnmark. This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. ( September 2007 ) Finnish markka Suomen markka ( Finnish ) finsk mark ( Swedish ) 1983 1 markka ISO 4217 Code FIM Denominations Subunit ​ ⁄ penni Plural markkaa ( Finnish partitive sg. ) mark ( Swedish ) penni penniä ( Finnish partitive sg. ) penni ( Swedish ) Symbol mk penni p Banknotes Freq. used 10 mk, 20 mk, 50 mk, 100 mk, 500 mk Rarely used 1000 mk Coins Freq. used 10 p, 50 p, 1 mk, 5 mk, 10 mk Rarely used 1 p ( until 1979 ), 5 p and 20 p ( until 1990 ) Demographics User ( s ) None, previously : Finland Issuance Central bank Bank of Finland Website www.bof.fi Valuation ERM Since 14 October 1996 Fixed rate since 31 December 1998 Replaced by €, non cash 1 January 1999 Replaced by €, cash 1 January 2002 € = 5.94573 mk This infobox shows the latest status before this currency was rendered obsolete. The Finnish markka ( Finnish : Suomen markka, abbreviated mk, Swedish : finsk mark, currency code : FIM ) was the currency of Finland from 1860 until 28 February 2002, when it ceased to be legal tender. The markka was replaced by the euro ( € ), which had been introduced, in cash form, on 1 January 2002, after a transitional period of three years when the euro was the official currency but only existed as ' book money '. The dual circulation period -- when both the Finnish markka and the euro had legal tender status -- ended on 28 February 2002. 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. Contents 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 History 20 Markka, 1862 The markka was introduced in 1860 by the Bank of Finland, replacing the Russian ruble at a rate of four markkaa to one ruble. Senator Fabian Langenskiöld is called `` father of markka ''. In 1865 the markka was separated from the Russian ruble and tied to the value of silver. From 1878 to 1915, Finland adopted the gold standard of the Latin Monetary Union. Before markka there were Swedish riksdaler and Russian ruble used side - by - side for a time. Up to World War 1, the value of the markka fluctuated within + 23 % / − 16 % of its initial value, but with no trend. However, the markka suffered heavy inflation ( 91 % ) during 1914 -- 18. Gaining independence in 1917, Finland returned to the gold standard from 1926 to 1931. Prices remained stable until 1940. but the markka suffered heavy inflation ( 17 % annually on average ) during the war years and then up to 1926, and again in 1956 -- 57 ( 11 % ). In 1963 the markka was replaced by the new markka, equivalent to 100 old markkaa. Letter on Finland 's devaluation in 1949 from Bohumil Sucharda, who represented the countries of Eastern Europe and Finland on the IMF Executive Board, to the Bank of Finland Governor Sakari Tuomioja. Bank of Finland archives. Finland joined the Bretton Woods Agreement in 1948. The value of markka was pegged to the dollar at 320 mk / US $, which became 3.20 new mk / US $ in 1963 and devalued to 4.20 mk / US $ in 1967. After the breakdown of the Bretton Woods agreement in 1971, a basket of currencies became the new reference. Inflation was high ( over 5 % ) during 1971 -- 85. Occasionally, devaluation was used, 60 % in total between 1975 and 1990, allowing the currency to more closely follow the depreciating US dollar than the rising German mark. The paper industry, which mainly traded in US dollars, was often blamed for demanding these devaluations to boost their exports. Various economic controls were removed and the market was gradually liberalized throughout the 1980s and the 1990s. 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, Finland was nominally the most expensive country in the world according to OECD 's Purchasing Power Parities report. Koivisto 's policy was maintained only briefly after Esko Aho was elected Prime Minister. In 1991, the markka was pegged to the currency basket ECU, but the peg had to be withdrawn after two months with a devaluation of 12 %. In 1992, Finland was hit by a severe recession, the Early 1990s depression in Finland. It was caused by several factors, the most severe being the incurring of debt, as the 1980s economic boom was based on debt. Also, the Soviet Union had collapsed, which brought an end to bilateral trade, and existing trade connections were severed. The most important source of export revenue, Western markets, were also depressed during the same time, in part due to the war in Kuwait. As a result, by some opinions years overdue, the artificial fixed exchange rate was abandoned and the markka was floated. Its value immediately decreased 13 % and the inflated nominal prices converged towards German levels. In total, the value of the markka had decreased 40 % as a result of the recession. Also, as a result, several entrepreneurs who had borrowed money denominated in foreign currency suddenly faced insurmountable debt. 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 Finland had not joined the euro, market fluctuations such as the dot - com bubble would have reflected as wild fluctuations in the price of the markka. ( Nokia, formerly traded in markkaa, was in 2000 the European company with the highest market capitalization. ) Names 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 ( hu.ge ) ( from Swedish hundra `` hundred '' ). After the 1963 reform this name was used for one new markka. Coins First 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 1928 -- 40 Cupro - nickel 21 mm 1940 -- 51 Copper 21 mm 1943 -- 44 Iron 21 mm 5 markkaa 1928 -- 46 Aluminum - bronze 23 mm Wreath and denomination Shielded arms within wreath and date Isak Sundell 1946 -- 52 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. Second markka 1st series 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. 2nd series The last series of Finnish markka coins included five coins ( listed with final euro values, rounded to the nearest cent ) : 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 Banknotes 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 Blue Paavo Nurmi ( 1897 -- 1973 ), athlete and Olympic winner Helsinki Olympic Stadium Discontinued upon the introduction of the 20 - markkaa note in 1993. 20 markkaa € 3.36 Blue Väinö Linna ( 1920 -- 1992 ), author and novelist Tammerkoski Introduced in 1993 to replace the 10 - markkaa note. 50 markkaa € 8.41 Brown Alvar Aalto ( 1898 -- 1976 ), architect Finlandia Hall 100 markkaa € 16.82 Green Jean Sibelius ( 1865 -- 1957 ), composer Swans 500 markkaa € 84.09 Red Elias Lönnrot ( 1802 -- 1884 ), compiler of Kalevala Forest hiking trail 1,000 markkaa € 168.19 Blue / purple Anders Chydenius ( 1729 -- 1803 ), priest and statesman Kuninkaanportti gate in Suomenlinna 5,000 markkaa € 840.94 Red / purple Mikael Agricola ( 1510 -- 1557 ), priest and linguist Turku Cathedral The note was never introduced. It was only a backup plan for inflation. In this final banknote series, Bank of Finland used a photograph of Väinö Linna on the 20 - markkaa note without permission from copyright holders. This was only revealed after several million notes were in use. The Bank paid 100,000 mk ( € 17,000 ) compensation to the rights holders. 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 Eliel Saarinen, were introduced in 1922. They also depicted people, but these were generic men and women, and did not represent any specific individuals. The fact that these men and women were depicted nude caused a minor controversy at the time. Coins and banknotes that were legal tender at the time of the markka 's retirement could be exchanged for euros until February 29, 2012. See also Bank of Finland Scandinavian Monetary Union Finnish euro coins Economy of Finland References Jump up ^ `` Pankinjohtaja Sinikka Salon puhe Snellman ja Suomen markka - näyttelyn avajaisissa Suomen Pankin rahamuseossa ''. Suomen Pankki. 2006 - 01 - 10. Retrieved 2017 - 12 - 09. Jump up ^ Klinge, Matti. `` Snellman, Johan Vilhelm ( 1806 - 1881 ) ''. The National Biography of Finland. Retrieved 24 November 2017. ^ Jump up to : Carl - Ludwig Holtfrerich, Jaime Reis, and Gianne Toniolo, The Emergence of Modern Central Banking from 1918 to the Present, table 4.2 ^ Jump up to : Nordean rahanarvokerroin. Jump up ^ Wall Street Journal Jump up ^ Genberg, Hans : Monetary Policy Strategies after EU Enlargement. Graduate Institute of International Studies, Geneva, Switzerland, 2 February 2004. Accessed 7 February 2009. Jump up ^ http://www.barrikadi.fi/artikkelit/kun-oikeutta-ohjattiin Jump up ^ `` Finnish Consumer Prices are the highest in OECD ''. Wall Street Journal. 14 January 1992. access - date = requires url = ( help ) Jump up ^ Kaartamo, Outi : Raha on kaunista. Helsingin Sanomat monthly supplement, April 2010, pp. 83 -- 88. Jump up ^ Luukka, Teemu ( 2006 - 09 - 27 ). `` Suomen Pankki maksoi korvauksia valokuvasta 17 000 euroa '' ( in Finnish ). HS. Retrieved 2006 - 10 - 02. External links Overview of markka from the BBC Historical Finnish banknotes and coins at the Bank of Finland Main outlines of Finnish history - thisisFINLAND History of the Finnish Markka ( 1860 -- 2002 ) Historical banknotes from Finland ( in English ) ( in German ) Preceded by Russian ruble Finnish currency 1860 -- 2002 Succeeded by euro Currencies named mark or similar Circulating Bosnia and Herzegovina convertible mark ( konvertibilna marka, конвертибилна марка ) Obsolete AM - Mark East German Mark Estonian mark Finnish markka German Goldmark German mark German Ostmark German Papiermark German Reichsmark German Rentenmark German South West African Mark Hamburg Mark New Guinean Mark Polish marka Saar Mark South West African mark As a denomination Merk Scots Euro topics General Economic and Monetary Union of the European Union Euro sign Eurozone Linguistic issues Administration European Central Bank ECB President European System of Central Banks Eurosystem Ecofin Eurogroup Euro summit Fiscal provisions Stability and Growth Pact European Financial Stability Facility European Financial Stabilisation Mechanism European Stability Mechanism Euro Plus Pact Six pack European Fiscal Compact History `` Snake in the tunnel '' European Monetary System I ECU II ERM III EMU European Monetary Cooperation Fund European Monetary Institute Enlargement Black Wednesday Economy Economy of Europe Economy of the European Union Eonia Euro calculator Euro Interbank Offered Rate ( Euribor ) Single Euro Payments Area ( SEPA ) International status Proposed eurobonds Reserve currency Petroeuro World currency Denominations coins 1c 2c 5c 10c 20c 50c € 1 € 2 € 2 commemorative coins Other commemorative coins Identifying marks Starter kits Europa coin programme Euro mint banknotes € 5 € 10 € 20 € 50 € 100 € 200 € 500 Coins by issuing country EU Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Lithuania Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain Non-EU Andorra Monaco San Marino Vatican Potential adoption by other countries EU Bulgaria Croatia Czech Republic Denmark Hungary Poland Romania Sweden Non-EU Kosovo Montenegro Currencies yielded European Currency Unit Austrian schilling Belgian franc Cypriot pound Dutch guilder Estonian kroon Finnish markka French franc German mark Greek drachma Irish pound Italian lira Latvian lats Lithuanian litas Luxembourgish franc Maltese lira Monégasque franc Portuguese escudo Sammarinese lira Slovak koruna Slovenian tolar Spanish peseta Vatican lira Currencies remaining ERM II Danish krone other ( EU ) British pound sterling ( incl. Gibraltar pound ) Bulgarian lev Croatian kuna Czech koruna Hungarian forint Polish złoty Romanian leu Swedish krona European Union portal Numismatics portal Finland articles History Early wars Finland under Swedish rule Cudgel War Great Northern War Greater Wrath Lesser Wrath Finnish War Grand Duchy Famine of 1866 -- 68 Russification October Revolution Declaration of Independence Civil War Heimosodat Language strife Military history during World War II Winter War Continuation War Lapland War Geography Cities and towns Extreme points Geology Islands Lakes National parks Provinces Regions Rivers Politics Administrative divisions Constitution Elections Foreign relations Government Human rights LGBT Judiciary Law enforcement Military Parliament Political parties President Economy Central bank Energy Government - owned companies Industry IT innovation Markka ( currency ) National income agreement Rankings Ship - building Stock exchange Taxation Telecommunications Tourism Transport Society Crime Education Healthcare Languages Religion Welfare system Prostitution Culture Anthem Architecture Cinema Coat of arms Cuisine Flag Literature Maternity package Media television Music Public holidays Management by perkele Sauna Sport Demographics Demographics Immigration to Finland Assyrians in Finland Finns Finnish Kale Skolts Finland Somalis Finland Swedes Finnish Tatars Inari Sami people Indians in Finland Jews in Finland New Finns Russians in Finland Vietnamese people in Finland Outline Index Bibliography Portal Retrieved from `` https://en.wikipedia.org/w/index.php?title=Finnish_markka&oldid=832785097 '' Categories : ISO 4217 Mark ( currency ) Currencies of Finland Modern obsolete currencies Currencies replaced by the euro Currencies of Europe 1860 establishments in Finland 2001 disestablishments in Finland Currency introduced in 1860 Hidden categories : Pages using citations with accessdate and no URL CS1 Finnish - language sources ( fi ) Articles needing additional references from September 2007 All articles needing additional references Articles containing Finnish - language text Articles containing Swedish - language text Articles with German - language external links Talk Contents About Wikipedia Languages Bân - lâm - gú Български Bosanski Català Čeština Dansk Deutsch Eesti Español Esperanto Euskara فارسی Français Galego 한국어 Hrvatski Íslenska Italiano עברית Latina Latviešu Lietuvių Magyar مازِرونی Nederlands 日本 語 Norsk Norsk nynorsk Polski Português Română Русский Simple English Slovenčina Slovenščina Српски / srpski Suomi Svenska Türkçe Українська 中文 33 more Edit links This page was last edited on 28 March 2018, at 00 : 12. 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Question: what was finland's currency before the euro
Answer: The Finnish markka