When the Civil War ended, it was decided, during the summer of 1918, to make Finland a monarchy, and in October the German prince Frederick Charles of Hessen was chosen as king. With Germany's defeat in the war, however, General Mannerheim was designated regent, with the task of submitting a proposal for a new constitution. As it was obvious that Finland was to be a republic, the struggle now concerned presidential power. After shorter competition between few most influent parties, the new constitution had been confirmed on July 17, 1919, the Social Democrats positioned themselves behind the liberal National Progressive Party leader, Kaarlo Juho Ståhlberg, to make him the first president of Finland and to defeat the Conservative candidate Mannerheim, who had not convinced them of his loyalty to republicanism.
   Coinage of this period started with copper 1, 2 and 5 Penniä, two years later in circulation entered copper-nickel 10, 15 and 50 penniä and 1 markka, after which followed larger aluminium-bronze 5, 10 and 20 markkaa. Because of constant devaluation of markka, variety of coins have been issued until 1963., when monetary reform was made under which 1 old markka became 1 new penni.