Finland · 150 years Finnish Mint

Finland had been an autonomous Grand Duchy within the Russian Empire since 1809. Before that, it had belonged to the Swedish Empire. Swedish currency was therefore still in circulation, while the Russian ruble was used at the same time. This currency situation complicated trade, accounting and state financial administration. In addition, the value of Russian paper money fluctuated, particularly after the Crimean War.

The decree of 1860 introduced the Finnish markka (Finnische Mark) as a separate unit of account. One markka was divided into 100 penniä and initially fixed at one quarter of the Russian ruble. The decision was not a step towards state independence: it required the approval of the Russian Emperor Alexander II. However, it expanded the economic self-government of the Grand Duchy. The Bank of Finland (Bank von Finnland) had already existed since 1811 and could now develop a uniform, Finnish-designated monetary system.

The practical changeover took place gradually. Markka banknotes entered circulation first; its own coins were minted in Helsinki from the 1860s onwards. In 1865, under Johan Vilhelm Snellman, who was responsible for Finnish financial policy, the markka was tied to the silver standard. This effectively detached its value from the fluctuating Russian paper ruble. Finland later switched to the gold standard.

The markka remained Finland’s national currency after Finland gained independence in 1917. After several reforms and a currency reform in 1963, it was eventually replaced by the euro: as book money in 1999 and as cash in 2002. The decree of 1860 thus marks the beginning of more than 140 years of Finnish monetary history.

For the issue in 2010, the 150th anniversary of the decree was an appropriate occasion. It linked the commemoration of Finland’s autonomous institutions in the 19th century with the later development from its own national monetary system to the common European currency. The heraldic lion refers generally to the Finnish state; the coat-of-arms motif has been documented since the 16th century.