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.

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.

[4] 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.

[4][2] 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".

[4] 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.

Before World War I the legal tender in Finland was gold markka coins, of which quite few were actually in circulation.

[8] While prices remained stable until 1940,[9] the markka suffered heavy inflation (17% annually on average[9]) during World War II and again in 1956–57 (11%).

[9] 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.

The main architect of this policy was President Mauno Koivisto, who opposed floating the currency and devaluations.

[10] Koivisto's policy was maintained only briefly after Esko Aho was elected Prime Minister.

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 floated.

[11] Its value immediately decreased 13% and the inflated nominal prices converged towards German levels.

Also, as a result, several entrepreneurs who had borrowed money denominated in foreign currency suddenly faced insurmountable debt.

[12] Inflation was low during the markka's independent existence as a floating currency (1992–1999): 1.3% annually on average.

The Mint of Finland started operating right after its premises were completed in Katajanokka, Helsinki in autumn 1864,[14] and the first silver markka coins were struck on 15 October 1864.

[21] In this final banknote series, the Bank of Finland used a photograph of Väinö Linna on the 20 mk note without permission from copyright holders.

A popular joke at the time was to cover Paasikivi's face except for his ear and back of the head on the 10 mk note, ending up with something resembling a mouse, said to be the only animal illustration in the entire series.

The fact that these men and women were depicted nude caused a minor controversy at the time.

[28] Coins and banknotes that were legal tender at the time of the markka's retirement could be exchanged for euros until 29 February 2012.