What is FIM currency
The markka (Finnish: markka; Swedish: mark; sign: Mk; ISO code: FIM, typically known outside Finland as the Finnish mark) was the currency of Finland from 1860 until 28 February 2002, when it ceased to be legal tender. The mark was divided into 100 pennies (Finnish: penni; Swedish: penni), abbreviated as “p”. At the point of conversion, the rate was fixed at €1 = Mk 5.94573.
The mark 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 Finnish mark and the euro had legal tender status, ended on 28 February 2002.
FIM Coins
When the mark was introduced, coins were minted in copper (1, 5 and 10 penniä), silver (25p and 50p, Mk 1 and Mk 2) and gold (Mk 10 and Mk 20). After the First World War, silver and gold issues were ceased and cupro-nickel 25p and 50p and Mk 1 coins were introduced in 1921, followed by aluminium-bronze Mk 5, Mk 10 and Mk 20 between 1928 and 1931. During the Second World War, copper replaced cupro-nickel in the 25p and 50p and Mk 1, followed by an issue of iron 10p, 25p and 50p and Mk 1. This period also saw the issue of holed 5p and 10p coins.
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) Mk 1 and Mk 5 coins alongside aluminium-bronze Mk 10, Mk 20 and Mk 50 coins and (from 1956) silver Mk 100 and Mk 200 denominations. This coinage continued to be issued until the introduction of the new mark in 1963.
The new mark 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 mark (silver, later cupro-nickel). From 1972, aluminium-bronze Mk 5 were also issued.
The last series of Finnish markka coins included five coins (listed with final euro values, rounded to the nearest cent):
10p (silver-coloured) – a honeycomb on the reverse and a lily of the valley flower on the obverse = €0.02
50p (silver-coloured) – haircap moss on the reverse and a bear on the obverse = €0.08
Mk 1 (copper-coloured) – the Finnish coat of arms on the reverse = €0.17
Mk 5 (copper-coloured) – a lily pad leaf and a dragonfly on the reverse and a Saimaa seal on the obverse = €0.84
Mk 10 (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
FIM Banknotes
This section covers the last design series of the Finnish mark, designed in the 1980s by Finnish designer Erik Bruun and issued in 1986.
In this final banknote series, Bank of Finland used a photograph of Väinö Linna on the Mk 20 note without permission from copyright holders. This was only revealed after several million notes were in use. The Bank paid Mk 100,000 (€17,000) compensation to the rights holders.[12]
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 Mk 10, K. J. Ståhlberg on the Mk 50, J. V. Snellman on the Mk 100 and Urho Kekkonen on the Mk 500 (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 Mk 10 note, ending up with something resembling a mouse, said to be the only animal illustration in the entire series.[citation needed]
Finnish Mk 5,000 markka banknotes (1940), seen in OP Financial Group’s museum in 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.
By the end of 2001, Finland was a relatively cashless society. Most transactions were paid either using the Mk 100 banknote or by debit card. There were 4 million banknotes apiece of the Mk 500 and Mk 1,000 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]
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.[14] 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.