View source for Finnish markka

{{Short description|Currency of Finland from 1860 to 2002}}
{{for|the Norwegian county|Finnmark}}
{{Use dmy dates|date=March 2022}}
{{Infobox currency
| local_name1 = Suomen markka
| local_name_lang1 = fi
| local_name2 = Finsk mark
| local_name_lang2 = sv
| image_1 = Finlandia 1 markka.JPG
| image_title_1 = 1&nbsp;mk, 1983
| inflation_rate = 1.3%
| inflation_source_date = CIA World Factbook 2001
| iso_code = FIM
| using_countries = {{Unbulleted list|
| {{flagicon image|Coats of arms of the Grand Duchy of Finland.svg}} [[Grand Duchy of Finland]] (1860–1917)
| {{flagicon|Finland|1920}} [[Republic of Finland]] (1917–2002)
}}
| date_of_introduction = 1860
| replaced_currency = [[Russian ruble|Ruble]] and [[Swedish riksdaler|Riksdaler]]
| replaced_by_currency = [[Euro]]
| ERM_since = 14 October 1996
| ERM_fixed_rate_since = 31 December 1998
| euro_replace_non_cash = 1 January 1999
| euro_replace_cash = 1 March 2002
| ERM_fixed_rate = 5.94573&nbsp;mk
| subunit_ratio_1 = {{frac|1|100}}
| subunit_name_1 = penni
| symbol = mk<ref>{{cite web |url=https://github.com/unicode-org/cldr/blob/main/common/main/fi.xml#L6823 |title=The home of the Unicode Common Locale Data Repository |date= |website=github.com |publisher=Unicode |access-date=2024-07-21 |at=li. 6823}}</ref>
| symbol_subunit_1 = p
| plural = markkaa ([[Finnish language|Finnish]] [[partitive case|partitive]] sg.)<br /> mark ([[Swedish language|Swedish]])
| plural_subunit_1 = penniä ([[Finnish language|Finnish]] [[partitive case|partitive]] sg.) <br /> penni ([[Swedish language|Swedish]])
| frequently_used_coins = 10p, 50p, 1&nbsp;mk, 5&nbsp;mk, 10&nbsp;mk
| rarely_used_coins = 1p (until 1979), 5p and 20p (until 1990)
| frequently_used_banknotes = 20&nbsp;mk, 50&nbsp;mk, 100&nbsp;mk, 500&nbsp;mk
| rarely_used_banknotes = 1000&nbsp;mk
| issuing_authority = [[Bank of Finland]]
| issuing_authority_website = {{URL|https://www.suomenpankki.fi/en/}}
| obsolete = yes
}}

The '''markka''' ({{langx|fi|markka}}; {{langx|sv|mark}}; [[currency symbol|sign]]: '''mk'''; [[ISO 4217|ISO code]]: '''FIM'''), also known as the '''Finnish mark''', was the [[currency]] of [[Finland]] from 1860 until 28 February 2002, when it ceased to be legal tender. The markka was divided into 100 [[penny|pennies]] ({{langx|fi|penni}}; {{langx|sv|penni}}), abbreviated as "p". At the point of conversion, the rate was fixed at €1&nbsp;= 5.94573&nbsp;mk.

The markka was replaced by the [[euro]] (€), which had been introduced, in cash form, on 1 January 2002. This was after a transitional period of three years, when the euro was the official currency but only existed as "book money" outside of the [[monetary base]]. The dual circulation period, when both the markka and the euro had legal tender status, ended on 28 February 2002.

==Etymology==
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 etymological roots as the [[Deutsche 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 ''{{Langr|fi|sataikko}}'' (meaning "having a hundred parts"), "{{Langr|fi|omena}}" (apple) and ''{{Langr|fi|suomo}}'' (from ''{{Langr|fi|Suomi}}'', the Finnish name for Finland).<ref name="kuusterä">Kuusterä, Antti: [https://web.archive.org/web/20070609155615/http://video.helsinki.fi/media-arkisto/Studia/25102001a.htm Oravannahasta sirukorttiin - jäähyväiset markalle]. Accessed on 14 September 2012.</ref>

The Finnish language does not use plurals when referring to multiple markkaa, but [[partitive case|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.

===Nicknames===
When the euro replaced the markka, {{Lang|fi|mummonmarkka}} ({{literal translation|grandma's markka}}, sometimes shortened to just {{Lang|fi|mummo}}) became a new colloquial 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]], the sum of a hundred markkaa was traditionally called a {{Lang|fi|huge}} [hu.ge] (from Swedish {{Lang|sv|hundra}} for "hundred"). After the 1963 reform, this name was used for one new markka.

==History==
[[File:FIN-A36b-Finlands Bank-20 Markkaa (1862).jpg|thumb|left|300px|20&nbsp;mk banknote issued in 1862 for the [[Grand Duchy of Finland]]. The banknote's obverse depicts the [[coat of arms of Finland]] on a Russian [[double-headed eagle]], and was personally signed by the director and the cashier of the Bank of Finland. The text on the obverse is in Swedish, whereas the reverse is primarily in Russian and Finnish.]]
{{multiple image
 | direction = 
 | alignment = left
 | width = 180
 | footer = 5 mk banknote of the Grand Duchy of Finland (1897)
 | image2 = 5 Markkaa - Finlands Bank (1897) Nnna 03.jpg
 | caption2 = 
 | image1 = 5 Markkaa - Finlands Bank (1897) Nnna 04.jpg
 | caption1 = 
}}
{{multiple image
 | direction = 
 | alignment = left
 | width = 180
 | footer = 500 mk banknote of the Grand Duchy of Finland (1909)
 | image2 = 500 Markkaa - Finlands Bank (1909) Confucians 03.jpg
 | caption2 = 
 | image1 = 500 Markkaa - Finlands Bank (1909) Confucians 04.jpg
 | caption1 = 
}}
[[File:Suomen hopeamarkka 1907.png|thumb|right|A silver markka coin used in the autonomous Grand Duchy of Finland from 1864 to 1915. The obverse of the coin (shown on the right) features the double-headed eagle of Russia, with the coat of arms featuring a lion depicted at the centre.]]
During its time as a [[Grand Duchy of Finland|grand duchy]] under the [[Russian Empire]], Finland used the [[Russian rouble]] and the ''[[Swedish riksdaler|riksdaler]]'' of its former parent country Sweden as concurrent currencies until the currency redefinition in 1840. After this Finland used the Russian rouble as its sole currency for two decades.

The markka was introduced in 1860<ref>{{cite web | url = https://www.suomenpankki.fi/fi/media-ja-julkaisut/puheet-ja-haastattelut/2006/pankinjohtaja-sinikka-salon-puhe-snellman-ja-suomen-markka--nayttelyn-avajaisissa-suomen-pankin-rahamuseossa/ | title = Pankinjohtaja Sinikka Salon puhe Snellman ja Suomen markka -näyttelyn avajaisissa Suomen Pankin rahamuseossa | publisher = Suomen Pankki | date = 2006-01-10 | access-date = 2017-12-09 | archive-date = 9 December 2017 | archive-url = https://web.archive.org/web/20171209100458/https://www.suomenpankki.fi/fi/media-ja-julkaisut/puheet-ja-haastattelut/2006/pankinjohtaja-sinikka-salon-puhe-snellman-ja-suomen-markka--nayttelyn-avajaisissa-suomen-pankin-rahamuseossa/ | url-status = dead }}</ref> 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 the markka". In late 1859, on Langenskiöld's initiative the Senate of Finland made a proposition to the Emperor that banknotes of the Russian rouble would no longer be used for their face value in Finland, but instead for their real price, which would be defined at the stock market in [[St. Petersburg]].<ref name="nurmi">Nurmi, Esko: Markan oikea isä ei ollut Snellman. ''[[Helsingin Sanomat]]'' 6 December 2001.</ref> The reason for this was instability caused by the [[Crimean War]], which had caused the [[Bank of Finland]] to stop exchanging its rouble banknotes for silver.<ref name="nurmi"/> Finland asked the Emperor for permission for a currency of its own and got the permission on 4 April 1860, when Emperor [[Alexander II of Russia]] signed the ''Merciful announcement by his Imperial Majesty for a new currency for the Grand Duchy of Finland''. The markka was taken into use in 1860,<ref name="salo">[https://web.archive.org/web/20171209100458/https://www.suomenpankki.fi/fi/media-ja-julkaisut/puheet-ja-haastattelut/2006/pankinjohtaja-sinikka-salon-puhe-snellman-ja-suomen-markka--nayttelyn-avajaisissa-suomen-pankin-rahamuseossa/ Pankinjohtaja Sinikka Salon puhe Snellman ja Suomen markka -näyttelyn avajaisissa Suomen Pankin rahamuseossa], [[Bank of Finland]] 10 January 2006. Accessed on 9 December 2017.</ref> but its value was tied to the Russian rouble: one markka equalled one quarter of a rouble, but there was speculation in Russia that even that was too much of a value for the new currency.<ref name="nurmi"/><ref name="kuusterä"/>

Both Fabian Langenskiöld who acted as the head of the finance office of the Senate of Finland from 1858 to 1863 and his successor [[Johan Vilhelm Snellman]] have been called "the father of the markka". The markka was taken into use in Langenskiöld's time, but its separation from the Russian rouble fell to Snellman.<ref name="kuusterä"/> In 1862 Langenskiöld had received acceptance from the Emperor for his plan to have the markka coins as Finland's only legal tender and give the Bank of Finland the right to accept its banknotes for their face value.<ref name="nurmi"/> The implementation of this plan fell to Snellman after Langenskiöld's death in summer 1863.<ref name="nurmi"/>

A loan was necessary for the birth of the markka, as accepting banknotes would only be possible if there was enough silver in the vault of the Bank of Finland. This loan was received from the powerful banker [[Carl Mayer von Rotschild]]. This was Finland's first loan from the western finance market.

In 1865, the markka was separated from the ruble and tied to the value of [[silver]], becoming an independent currency.<ref>Kuisma, Markku; Keskisarja, Teemu: ''Erehtymättömät'', pp. 18-19. Helsinki, WSOY 2012. {{ISBN|978-951-0-39228-7}}.</ref><ref name="snellmanbiografia">{{cite web |url= https://kansallisbiografia.fi/english/person/3639 |title= Snellman, Johan Vilhelm (1806 - 1881) |last1=Klinge |first1= Matti|website= The National Biography of Finland |access-date=24 November 2017 }}</ref> From 1878 to 1915, Finland adopted the gold standard of the [[Latin Monetary Union]].<ref name=Emergence>Carl-Ludwig Holtfrerich, Jaime Reis, and Gianne Toniolo, The Emergence of Modern Central Banking from 1918 to the Present, table 4.2</ref>

In 1878 the markka was tied to a [[gold standard]], and 20 markkaa corresponded to 6.45 grams of a mixture containing 900 per mille of pure gold. The markka was of equal value with the [[French franc]], the [[Belgian franc]], the [[Swiss franc]] and the [[Italian lira]] (and later also with other member states of the so-called [[Latin Monetary Union]]). The size, weight and gold content of these coins was equal regardless of the issuing country and in theory, they were also legal tender regardless of the issuing country, even though gold 10 and 20 markkaa coins were struck in so small amounts compared to the other corresponding European coins that no significant numbers of these coins ever wound up in central Europe.

Before [[World War I]] the legal tender in Finland was gold markka coins, of which quite few were actually in circulation. On the other hand, banknotes issued by the Bank of Finland were not legal tender. This meant that a creditor had to accept Finnish gold coins as payment, but was under no obligation to accept banknotes, even though these could be exchanged for gold coins. In practice however everyone also accepted payment in banknotes.

Up until [[World War I]], the value of the markka fluctuated within +23%/−16% of its initial value, but with no trend. The markka suffered heavy inflation (91%) during 1914–18.<ref name="rak">{{cite web|url=https://www.stat.fi/til/khi/2016/khi_2016_2017-01-13_tau_001.html|title=Rahanarvonkerroin 1860–2016|publisher=[[Statistics Finland]]|date=2017|access-date=29 December 2019}}</ref> Gaining independence in 1917, Finland returned to the gold standard from 1926 to 1931.<ref name=Emergence /> While prices remained stable until 1940,<ref name="rak" /> the markka suffered heavy inflation (17% annually on average<ref name="rak" />) during [[Military history of Finland during World War II|World War II]] and again in 1956–57 (11%).<ref name="rak" /> In 1963, in order to reset the inflation, the markka was redenominated and replaced by a ''new markka'' worth 100 old markkaa.

Finland joined the [[Bretton Woods Agreement]] in 1948. The value of the markka was pegged to the dollar at 320&nbsp;mk = [[United States dollar|US$]]1, which became New 3.20&nbsp;mk = US$1 in 1963 and devalued to 4.20&nbsp;mk = US$1 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.<ref name="rak" /> 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 the 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.<ref>{{cite book|last=Schienstock|first=Gerd|editor-first1=Gerd |editor-last1=Schienstock |date=January 2004|pages =34|title =Embracing the knowledge economy: The dynamic transformation of the Finnish innovation system|doi =10.4337/9781843769811|isbn=9781843769811}}</ref>

Koivisto's policy was maintained only briefly after [[Esko Aho]] was elected Prime Minister. In 1991, the markka was pegged to the currency basket [[European Currency Unit|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 [[Breakup of the Soviet Union|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 [[Floating currency|floated]].<ref>Genberg, Hans: [http://www2.wu-wien.ac.at/ecsa//emu/papgenberg.pdf ''Monetary Policy Strategies after EU Enlargement''] {{Webarchive|url=https://web.archive.org/web/20130514073610/http://www2.wu-wien.ac.at/ecsa//emu/papgenberg.pdf |date=2013-05-14 }}. Graduate Institute of International Studies, Geneva, Switzerland, 2 February 2004. Accessed 7 February 2009.</ref> 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.<ref>{{Cite web |url=http://www.barrikadi.fi/artikkelit/kun-oikeutta-ohjattiin |title=Archived copy |access-date=2013-10-06 |archive-url=https://web.archive.org/web/20131013182341/http://www.barrikadi.fi/artikkelit/kun-oikeutta-ohjattiin |archive-date=2013-10-13 |url-status=dead }}</ref>

Inflation was low during the markka's independent existence as a floating currency (1992–1999): 1.3% annually on average.<ref name="rak" /> The markka was added into the [[European Exchange Rate Mechanism|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 markka, was in 2000 the European company with the highest [[market capitalization]].{{failed verification|date=March 2023}}<ref name="Wall Street Journal">{{cite news|title=Finnish Consumer Prices are the highest in OECD|newspaper=Wall Street Journal|date=14 January 1992}}</ref>

==Coins==

=== First markka ===
[[File:FINLANDE, pièce de 20 Markaa frappée en 1912 à Helsinki durant l'administration Russe.jpg|thumb|left|A 20&nbsp;mk coin from 1912]]
When the markka was introduced, coins were minted in copper (1, 5 and 10 penniä), silver (25p and 50p, 1&nbsp;mk and 2&nbsp;mk) and gold (10&nbsp;mk and 20&nbsp;mk). The first markka coins were designed by the Russian artist [[Alexander Fadeyev (artist)|Alexander Fadeyev]]. The first coin stamps for the markka coins were carved by the carver of the Mint of Finland [[Lea Ahlborn]] in 1863. The Mint of Finland started operating right after its premises were completed in [[Katajanokka]], [[Helsinki]] in autumn 1864,<ref>Salo, Sinikka: ''Katoaako käteisraha maksamisen välineenä?'' In ''Katajanokan Kaiku 2024'', publications of the Katajanokka Society, pp. 26-28.</ref> and the first silver markka coins were struck on 15 October 1864.<ref>[https://web.archive.org/web/20150923133856/http://www.suomenrahapaja.fi/fin/mint_of_finland/the_history_of_mint_of_finland Historia], Mint of Finland. Accessed on 23 September 2015.</ref>

When the markka was tied to silver in 1865, markka coins were struck for "94.48 pieces for a pound of clear silver", meaning that a [[pound (mass)|pound]] of [[silver]] gave 94.48 markka coins. "Full-value" coins of 1 and 2 markkaa were struck from a mixture containing 868 [[per mille]] of silver.<ref>[http://www.kolikot.com/markat/1mk/1864-1915 1mk 1864 - 1915], ''kolikot.com''. Accessed on 1 October 2007.</ref><ref>[http://www.kolikot.com/markat/2mk/1864-1917 2mk 1864 - 1917], ''kolikot.com''. Accessed on 1 October 2007.</ref> The mixture used for penni coins contained 750 per mille of silver.

When the markka was tied to gold in 1877, coins of 10 and 20 markkaa were struck in gold. They were made from a mixture containing 90% of [[gold]] and 10% of [[copper]]. The gold 20 markkaa coin (6.45 g) contained 5 and 25/31 grams of pure gold, the rest was copper.<ref>[http://www.kolikot.com/markat/20mk/1878-1913 20mk 1878 - 1913], ''kolikot.com''. Accessed on 1 October 2007.</ref> The 10 markkaa coin contained gold of half of this amount, i.e. 2 and 28/31 grams of pure gold.<ref name="tietosanakirja">''Pieni tietosanakirja'', 3rd edition, p. 603. Article "[https://runeberg.org/pieni/3/0603.html Raha]" ("Money"). Otava, 1927.</ref>

After the [[World War I|First World War]], silver and gold issues were ceased and cupro-nickel 25p and 50p and 1&nbsp;mk coins were introduced in 1921, followed by aluminium-bronze 5&nbsp;mk, 10&nbsp;mk and 20&nbsp;mk between 1928 and 1931. During the [[World War II|Second World War]], copper replaced cupro-nickel in the 25p and 50p and 1&nbsp;mk, followed by an issue of iron 10p, 25p and 50p and 1&nbsp;mk. This period also saw the issue of holed 5p and 10p coins.<ref name=Friedberg>{{cite book|author1=Friedberg, Arthur L. |author2=Friedberg, Ira S. |title=Gold Coins of the World: From Ancient Times to the Present : an Illustrated Standard Catalogue with Valuations|url=https://books.google.com/books?id=TlnoMdZu40UC&pg=PA212 |year=2009 |publisher=Coin & Currency Institute |isbn=978-0-87184-308-1 |pages=212–213}}</ref>
{| class="wikitable"
|+Markka coins 1918–52
!Denomination
!Years
! colspan="2" |Image
!Material
!Size
!Obverse
!Reverse
!Designer
|-
|'''1&nbsp;p'''
|1919–24
|
|
| rowspan="5" |Copper
|14&nbsp;mm
| rowspan="2" |Rampant lion and date
| rowspan="2" |Denomination flanked by heraldic roses
| rowspan="22" |Isak Sundell
|-
| rowspan="2" |'''5&nbsp;p'''
|1918–40
|
|
|18&nbsp;mm
|-
|1941–43
|
|
|16&nbsp;mm
|Heraldic rose, spruce wreath, central hole and date
|Denomination, two heraldic roses and a central hole
|-
| rowspan="3" |'''10&nbsp;p'''
|1919–40
|
|
|22&nbsp;mm
|Rampant lion and date
|Denomination surrounded by heraldic roses
|-
|1941–43
|
|
|18.5&nbsp;mm
| rowspan="2" |Heraldic rose, spruce wreath, central hole and date
| rowspan="2" |Denomination, two heraldic roses and a central hole
|-
|1943–45
|
|
|Iron
| rowspan="4" |16&nbsp;mm
|-
| rowspan="3" |'''25&nbsp;p'''
|1921–40
|
|
|Cupro-nickel
| rowspan="10" |Rampant lion and date
| rowspan="6" |Denomination flanked by rye spikes
|-
|1940–43
|
|
|Copper
|-
|1943–45
|
|
|Iron
|-
| rowspan="3" |'''50&nbsp;p'''
|1921–40
|
|
|Cupro-nickel
| rowspan="3" |18.5&nbsp;mm
|-
|1940–43
|
|
|Copper
|-
|1943–48
|
|
|Iron
|-
| rowspan="4" |'''1&nbsp;mk'''
|{{nowrap|1921–24}}
|[[File:Markka1921.JPG|frameless|1&nbsp;mk obverse]]
|[[File:Markka1921r.JPG|frameless|1&nbsp;mk reverse]]
| rowspan="2" |Cupro-nickel
|24&nbsp;mm
| rowspan="4" |Denomination flanked by conifer branches
|-
|1928–40
|
|
| rowspan="3" |21&nbsp;mm
|-
|1940–51
|
|
|Copper
|-
|1943–44
|
|
|Iron
|-
| rowspan="2" |'''5&nbsp;mk'''
|1928–46
|[[File:5markkaa1936o.JPG|frameless|5&nbsp;mk obverse]]
|[[File:5 Markkaa 1936.JPG|frameless|5&nbsp;mk reverse]]
|Aluminium bronze
| rowspan="2" |23&nbsp;mm
| rowspan="4" |Coat of arms of Finland within conifer wreath and date
| rowspan="4" |Inscription ''Suomen tasavalta'', conifer wreath and denomination
|-
|1946–52
|
|
|Brass
|-
|'''10&nbsp;mk'''
|1928–39
|[[File:10markkaa1930o.JPG|frameless|10&nbsp;mk obverse]]
|[[File:10markkaa1930.JPG|frameless|10&nbsp;mk reverse]]
| rowspan="2" |Aluminium bronze
|27&nbsp;mm
|-
|'''20&nbsp;mk'''
|1931–39
|[[File:20markkaa1935o.JPG|frameless|20&nbsp;mk obverse]]
|[[File:20markkaa1935.JPG|frameless|20&nbsp;mk reverse]]
|31&nbsp;mm
|-
|'''100&nbsp;mk'''
| rowspan="2" |1926
|
|
| rowspan="2" |Gold 900
|18.5&nbsp;mm
| rowspan="2" |Inscription ''Suomi Finland'', rampant lion and date
| rowspan="2" |Denomination flanked by spruce branches
|-
|'''200&nbsp;mk'''
|
|
|22.5&nbsp;mm
|}

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&nbsp;mk and 5&nbsp;mk coins alongside aluminium-bronze 10&nbsp;mk, 20&nbsp;mk and 50&nbsp;mk coins and (from 1956) silver 100&nbsp;mk and 200&nbsp;mk denominations. This coinage continued to be issued until the introduction of the new markka in 1963.

=== Second markka ===
The old coins and banknotes were exchanged to new ones at 100:1 rate.

==== First 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). The design of new coins (1963) was identical to those of the last issue of the old markka but with new denominations (i.e. 1 penni instead of 1 markka, etc.).

From 1972, aluminium-bronze 5&nbsp;mk were also issued.

<gallery>
File:Koisjarvi-rahat 10 & 50 mk back.jpg|10 mark (1954) & 50 mk (1953)
File:Finlandia 5 pennia sans fond.png|5 p [[Looped square]] (1977)
File:Finlandia 20 pennia.JPG|20 p (1980)
</gallery>

==== Second series ====

The last series of Finnish markka coins included five coins (listed with final [[euro]] values, rounded to the nearest cent):
* 10p (cupronickel) – a honeycomb on the reverse and a [[lily of the valley]] flower on the obverse = €0.02
* 50p (cupronickel) – [[haircap moss]] on the reverse and a [[bear]] on the obverse = €0.08
* 1&nbsp;mk (aluminum-bronze) – the value with two traditional Finnish patterns on the reverse and the Finnish coat of arms on the obverse  = €0.17
* 5&nbsp;mk (aluminum-bronze) – a [[Nymphaeaceae|lily pad]] leaf and a [[dragonfly]] on the reverse and a [[Saimaa Ringed Seal|Saimaa seal]] on the obverse = €0.84
* 10&nbsp;mk ([[bimetallic coin]], aluminum-bronze centre and cupronickel ring) – [[Rowan|rowan tree]] branches and berries on the reverse and a [[Capercaillie|wood grouse]] on the obverse = €1.68

{|class="wikitable" style="margin:auto; font-size:90%; border-width:1px;"
! colspan=11 | Second series (1990–1993)
|-
! rowspan=2 | Image
! rowspan=2 | Value
! colspan=4 | Technical parameters
! colspan=3 | Description
! rowspan=2 | Issued<br/>from
! rowspan=2 | Lapse
|-
! Diameter<br/>(mm)
! Mass<br/>(g)
! colspan=2 | Composition
! Edge
! Obverse
! Reverse
|-
| align=center | [[File:10 finnish penniä O & R.jpg|115x115px]] 
| 10 p
| align=center | 16.30
| align=center | 1.80
| style="background-color:#dcdcdc;"|
| rowspan=2 | [[Cupronickel]]:<br/>{{small|Cu: 75%<br/>Ni: 25%}}
| Smooth
| Honeycomb;<br/>value
| [[Lily of the valley]];<br/>year of issue;<br/>Lettering: ''Suomi Finland''
| rowspan=2 | 1990–2001
| rowspan=6 | 2012
|-
| align=center | [[File:Монета Фінляндії 50 пенні 1990.png|frameless|115x115px]] 
| 50 p
| align=center | 19.70
| align=center | 3.30
| style="background-color:#dcdcdc;"|
| Reeded
| Moss; value
| [[Brown bear]]; year of issue;<br/>Lettering: ''Suomi Finland''
|-
| align=center | [[File:1 finnish markka O & R.jpg|115x115px]] 
| 1 mk
| align=center | 22.25
| align=center | 5.00
| style="background-color:#ffe550;"|
| rowspan=2 | [[Copper]]: 81%<br/>[[Zinc]]: 10%<br/>[[Nickel]]: 9%
| Smooth
| Ornamentation;<br/>value
| [[Coat of arms of Finland|Coat of arms]]; year of issue;<br/>Lettering: ''Suomi Finland''
| 1993–2001
|-
| align=center | 
| 5 mk
| align=center | 24.50
| align=center | 5.50
| style="background-color:#ffe550;"|
| Lettering:<br/>{{small|SUOMI FINLAND *<br/>SUOMI FINLAND *}}
| [[Nymphaea alba|White waterlily]];<br/>value
| [[Saimaa ringed seal]];<br/>year of issue;<br/>Lettering: ''Suomi Finland''
| 1992–2001
|-
| rowspan=2 align=center | [[File:Obverse of the 10 finnish markka.jpg|150x150px]] [[File:10 finnish markka reverse.jpg|150x150px]]
| rowspan=2 | 10 mk
| rowspan=2 align=center | 27.25
| rowspan=2 align=center | 8.80
| style="background-color:#dcdcdc;"|
| Outer: [[Cupronickel]]:<br/>{{small|Cu: 75%; Ni: 25%}}
| rowspan=2 | Smooth
| rowspan=2 | [[Sorbus aucuparia|Rowan]]; value
| rowspan=2 | [[Western capercaillie|Capercaillie]]; year of issue;<br/>Lettering: ''Suomi Finland''
| rowspan=2 | 1993–2001
|-
| style="background-color:#ffe550;"|
| Inner:<br/>[[Aluminium bronze]]:<br/>{{small|Cu: 92%; Al: 6%; Ni: 2%}}
|-
| colspan=11 | {{Standard coin table notice|BrE=Y}}
|}

== Banknotes ==
This section covers the last design series of the Finnish markka, designed in the 1980s by {{ill|Torsten Ekström|fi}} and Finnish designer [[Erik Bruun]] and issued in 1986.<ref>{{cite web |url=http://www.bis-ans-ende-der-welt.net/Finnland-B-En.htm |title=Historical banknotes from Finland |author=Heiko, Otto |access-date=28 December 2019}}</ref>
{|class="wikitable" style="margin:auto; font-size:90%; border-width:1px;"
! colspan=12 | Last series (1986–1993)<br/>{{small|Designers: [[:fi:Torsten Ekström|Torsten Ekström]] (obverse) and [[Erik Bruun]] (reverse)}}
|-
! colspan=2 | Image
! rowspan=2 | Value
! rowspan=2 | Euro<br/>{{abbr|equi.|equivalent}}
! rowspan=2 | Dimensions<br/>(mm)
! rowspan=2 colspan=2 | Main<br/>colour
! colspan=2 | Description
! rowspan=2 | Issued<br/>from
! rowspan=2 | First<br/>issued
! rowspan=2 | Lapse
|-
! Obverse
! Reverse
! Obverse
! Reverse
|-
| style="background:#000; text-align:center;" | [[File:FIN-10m-anv.jpg|80px]]
| style="background:#000; text-align:center;" | [[File:FIN-10m-rev.jpg|80px]]
| 10&nbsp;mk
| align=center | €1.68
| rowspan=12 align=center | 142 × 69
| style="background:#80C0FF;"|
| Blue
| [[Paavo Nurmi]]
| [[Helsinki Olympic Stadium|Helsinki Olympic<br/>Stadium]]
| 1986–1991
| 1987
| rowspan=11 | 2012
|-
| rowspan=2 style="background:#000; text-align:center;" | [[File:FIN-20m-anv.jpg|80px]]
| rowspan=2 style="background:#000; text-align:center;" | [[File:FIN-20m-rev.jpg|80px]]
| rowspan=2 | 20&nbsp;mk
| rowspan=2 align=center | €3.36
| style="background:#80A0C0;"|
| rowspan=2 | Blue<br/>yellow
| rowspan=2 | [[Väinö Linna]]
| rowspan=2 | [[Tammerkoski]]
| 1993–1996
| 1993
|-
| style="background:#FFE080;"|
| 1996–1999
| 1997
|-
| rowspan=2 style="background:#000; text-align:center;" | [[File:FIN-50m-anv.jpg|80px]]
| rowspan=2 style="background:#000; text-align:center;" | [[File:FIN-50m-rev.jpg|80px]]
| rowspan=2 | 50&nbsp;mk
| rowspan=2 align=center | €8.41
| rowspan=2 style="background:#C0A080;"|
| rowspan=2 | Brown
| rowspan=2 | [[Alvar Aalto]]
| rowspan=2 | [[Finlandia Hall]]
| 1985–1990
| 1986
|-
| 1991–1999
| 1991
|-
| rowspan=2 style="background:#000; text-align:center;" | [[File:FIN-100m-anv.jpg|80px]]
| rowspan=2 style="background:#000; text-align:center;" | [[File:FIN-100m-rev.jpg|80px]]
| rowspan=2 | 100&nbsp;mk
| rowspan=2 align=center | €16.82
| rowspan=2 style="background:#80C080;"|
| rowspan=2 | Green
| rowspan=2 | [[Jean Sibelius]]
| rowspan=2 | [[Whooper swan]]s
| 1985–1990
| 1986
|-
| 1991–1998
| 1991
|-
| rowspan=2 style="background:#000; text-align:center;" | [[File:FIN-500m-anv.jpg|80px]]
| rowspan=2 style="background:#000; text-align:center;" | [[File:FIN-500m-rev.jpg|80px]]
| rowspan=2 | 500&nbsp;mk
| rowspan=2 align=center | €84.09
| rowspan=2 style="background:#FF8080;"|
| rowspan=2 | Red
| rowspan=2 | [[Elias Lönnrot]]
| rowspan=2 | Forest hiking trail
| colspan="2" | 1987
|-
| 1991–1993
| 1991
|-
| rowspan=2 style="background:#000; text-align:center;" | [[File:FIN-1000m-anv.jpg|80px]]
| rowspan=2 style="background:#000; text-align:center;" | [[File:FIN-1000m-rev.jpg|80px]]
| rowspan=2 | 1000&nbsp;mk
| rowspan=2 align=center | €168.19
| rowspan=2 style="background:#80E0E0;"|
| rowspan=2 | Turquoise
| rowspan=2 | [[Anders Chydenius]]
| rowspan=2 | [[Kuninkaanportti]]
| colspan="2" | 1986
|-
| 1991–1993
| 1991
|-
| colspan=2 style="background:#000; text-align:center;" | <ref>{{cite web | url=https://www.suomenpankki.fi/en/media-and-publications/releases/2012/book-launch-of-the-last-markka-banknotes-and-a-new-exhibition-at-the-bank-of-finland-museum/ | title=Book launch of 'The last markka banknotes' and a new exhibition at the Bank of Finland Museum }}</ref><ref>{{cite web | url=https://poistyopoydalta.blogspot.com/2012/01/5000-markan-seteli.html | title=Pois työpöydältä: 5000 markan seteli | year=2012 }}</ref>
| 5000&nbsp;mk
| align=center | €840.94
| style="background:#FF80C0;"|
| Pink
| [[Mikael Agricola]]
| [[Turku Cathedral]]
| colspan=3 align=center | ''Not introduced''{{efn|Note intended to be introduced only as an inflationary backup.<ref>Kaartamo, Outi: ''Raha on kaunista''. ''[[Helsingin Sanomat]]'' monthly supplement, April 2010, pp. 83–88.</ref>}}
|-
| colspan=12 | {{Standard banknote table notice|AmE=Y}}
|}
{{notelist}}

In this final banknote series, the Bank of Finland used a photograph of Väinö Linna on the 20&nbsp;mk note without permission from copyright holders. This was only revealed after several million notes were in use. The Bank paid 100,000&nbsp;mk (€17,000) compensation to the rights holders.<ref>{{cite news | first=Teemu | last=Luukka | title=Suomen Pankki maksoi korvauksia valokuvasta 17 000 euroa | url=http://www.hs.fi/kulttuuri/artikkeli/Suomen+Pankki+maksoi+korvauksia+valokuvasta+100%C2%A0000+markkaa/1135221929135 | publisher=HS | date=2006-09-27 | access-date=2006-10-02 | language=fi }}</ref>

[[File:FIN-500m-1975-anv.jpg|thumb| [[Urho Kekkonen]] on the 500&nbsp;mk note from 1975]]

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 rather than allegorical figures. These included [[Juho Kusti Paasikivi]] on the 10&nbsp;mk, [[Kaarlo Juho Ståhlberg|K. J. Ståhlberg]] on the 50&nbsp;mk, [[Johan Vilhelm Snellman|J. V. Snellman]] on the 100&nbsp;mk and, controversially, [[Urho Kekkonen]] on the 500&nbsp;mk, added in 1975 to commemorate the president's 75th birthday.<ref>{{cite web | url=http://yle.fi/uutiset/osasto/news/finlands_most_beautiful_banknote_chosen/5335620 | title=Finland's Most Beautiful Banknote Chosen | date=April 2011 }}</ref> 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&nbsp;mk note, ending up with something resembling a mouse, said to be the only animal illustration in the entire series.{{citation needed|date=January 2020}}

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.<ref>[https://www.suomenpankki.fi/en/money-and-payments/the-markka2/historical-finnish-banknotes-and-coins/ Historical Finnish banknotes and coins] {{Webarchive|url=https://web.archive.org/web/20201112043132/https://www.suomenpankki.fi/en/money-and-payments/the-markka2/historical-finnish-banknotes-and-coins/ |date=12 November 2020 }}, Bank of Finland. Accessed on 20 December 2020.</ref>

==Finnish Markka commemorative coins (collectors' coins)==
{{main|Commemorative coin}}
<gallery>
File:Finnland- 1971 - Münzkabinett, Berlin - 5483741.jpg|10mk [[1971 European Athletics Championships|X European Athletics Championships]] (1971)
File:10 Markkaa President Kekkonen 1975.png|10mk President [[Urho Kekkonen]] (1975)
File:100 markkaa (Suomen tasavalta) - juhlaraha Riemuvuosi 2000.jpg|100mk Joy of the year (2000)
</gallery>

== Euro banknotes ==
By the end of 2001, Finland was a relatively [[cashless society]]. Most transactions were paid either using the 100&nbsp;mk banknote or by debit card. There were 4 million banknotes apiece of the 500&nbsp;mk and 1,000&nbsp;mk denomination banknotes for a country with a population of over 5 million people. There were about 19 banknotes per individual of the smaller denomination, adding up to €241 per inhabitant. For the introduction of the euro, ECB produced €8,020 million in banknotes before the changeover.{{citation needed|date=January 2020}}

During the first weeks of 2002, Finland's replacement of previous national banknotes with euro banknotes was among the fastest in the euro area. Of the cash payments, three-fourths were paid in euro already at the end of the first changeover week.<ref>{{cite news |url=https://helda.helsinki.fi/bof/bitstream/handle/123456789/7330/144593.pdf?sequence=1&isAllowed=y#page=31 |title=Bank of Finland Annual Report 2002 | access-date=2019-09-07 |page=29 | language=en }}</ref> Coins and banknotes that were legal tender at the time of the markka's retirement could be exchanged for euros until 29 February 2012. Today, the only value that markka coins and banknotes have is their value as collectibles.

== See also ==
* [[Bank of Finland]]
* ''[[Scandinavian Monetary Union]]''
* [[Finnish euro coins]]
* [[Economy of Finland]]
* [[History of money in Finland]]

==References==
{{Reflist}}

==External links==
{{Commons category}}
* [http://news.bbc.co.uk/hi/english/static/in_depth/business/2001/euro_cash/spent_currencies/markka.stm Overview of markka from the BBC]
* [https://www.suomenpankki.fi/en/money-and-payments/the-markka2/historical-finnish-banknotes-and-coins/ Historical Finnish banknotes and coins]{{Dead link|date=August 2025 |bot=InternetArchiveBot |fix-attempted=yes }} at the Bank of Finland
* [https://finland.fi/life-society/main-outlines-of-finnish-history/ Main outlines of Finnish history – thisisFINLAND]
* [https://web.archive.org/web/20080220122229/http://www.htk.fi/public/hauhoya/comedia/history/finland.htm History of the Finnish Markka (1860–2002)]
* [https://www.bis-ans-ende-der-welt.net/Finnland-B-En.htm Historical banknotes from Finland] {{in lang|en|de}}

{{s-start}}
{{s-bef|before=[[Russian ruble]]}}
{{s-ttl|title=[[Finland|Finnish]] currency|years=1860–2002}}
{{s-aft|after=[[euro]]}}
{{s-end}}

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{{DEFAULTSORT:Finnish Markka}}
[[Category:Currencies of Finland|Markka]]
[[Category:Modern obsolete currencies]]
[[Category:Currencies replaced by the euro]]
[[Category:1860 establishments in Finland|Markka]]
[[Category:2001 disestablishments in Finland|Markka]]
[[Category:Currencies introduced in 1860]]