Currencies/Finnish penni

Introduction

The penni served as the smallest denomination of Finland’s currency for over 140 years, facilitating everyday transactions and retail pricing. Derived from the same linguistic root as “penny,” the penni mirrored similar subunit systems used in other European currencies, representing a cent-based decimal structure.

The penni remained in circulation through the transition from imperial rule to independence (1917), the currency reform of 1963, and the eventual adoption of the Euro in 2002.

History

Early Period (1860–1917)

The Finnish Markka was introduced on 4 April 1860 by Tsar Alexander II, replacing the Russian ruble at a rate of 1 markka = ¼ ruble. The markka was divided into 100 penniä, establishing a decimal system.

Coins of 1, 5, 10, and 25 penniä were minted in bronze and copper-nickel during this period. The designs bore the Imperial Russian double-headed eagle, symbolizing Finland’s autonomy as a Grand Duchy.

Independence and Modernisation (1917–1962)

After Finland declared independence in 1917, the Bank of Finland (Suomen Pankki) became the central issuing authority. New coin designs removed Russian imperial symbols and introduced the Finnish coat of arms, the lion with a sword, as the national emblem.

The penni continued to serve as the basic unit of Finnish currency, circulating alongside banknotes denominated in markka.

Currency Reform (1963–2002)

In 1963, Finland introduced a revalued markka, setting 100 old markkaa = 1 new markka (FIM), while maintaining the same subdivision of 100 penniä per markka.

During the late 20th century, inflation gradually reduced the value of smaller denominations, and production of the 1 penni coin ceased in 1979. By the 1990s, only higher-value coins such as 10, 50 penniä, and 1 markka remained in use.

The penni ceased to exist as a legal currency unit when Finland adopted the Euro on 1 January 2002, with the markka and penni withdrawn on 28 February 2002.

Coins

Denominations and Materials Common penni denominations included:

1, 5, 10, 25, and 50 penniä

Materials Bronze, copper-nickel, and aluminium-bronze (depending on the issue period)

Diameter Ranged from 15 to 25 mm

Weight Between 0.5 g and 5 g

Design

Obverse Featured the Finnish coat of arms (lion with sword) or national motifs such as oak leaves, wheat, and pine cones.

Reverse Displayed the denomination and year of minting. Some early issues also included the mintmark of the Royal Mint of Finland (Rahapaja Oy).

Banknotes

Though the penni existed only as a coin denomination, its value was represented on banknotes denominated in markka. Throughout the markka’s history, the Bank of Finland issued notes in 1, 5, 10, 20, 50, 100, 500, and 1000 markkaa denominations, corresponding to multiples of the penni system (1 markka = 100 penniä).

Following the 1963 reform, newer series incorporated modern Finnish designs and improved security features, including microprinting and holograms.

Currency

1 Markka (mk) = 100 Penniä (p)

The Finnish currency remained decimal-based throughout its entire lifespan, from 1860 until 2002, when replaced by the Euro (€) at a fixed exchange rate of

€1 = 5.94573 mk = 594.573 penniä

Legacy

The Finnish Penni is remembered as a symbol of Finland’s economic development and independence. Its evolution—from imperial copper coins to modern aluminium issues—reflects Finland’s transformation from a Russian Grand Duchy to a sovereign European nation.

Today, penni coins are popular collectibles among numismatists, representing over a century of Finnish monetary history.