Markka

Markka
1 Markka 1994

The Markka, or Mark, was the the currency used in Finland from 1861 until 2001, when it was replaced by the Euro. The currency code used for the Markka was FIM, and it was divided into 100 Penni. The conversion for 1 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 Markka was reintroduced as an independent currency backed by gold. The gold standard was abolished in 1940, and 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.

See also: Scandinavian Monetary Union