|1 Markka 1994|
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