Prime Minister Kaja Kallas said the new coins "will be a daily reminder of Ukraine's fight for freedom and its future in the EU".
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The Bank of Estonia is issuing two million €2 coins with a special design in support of Ukraine, which will be sent to banks and retailers and enter circulation.
The coin can also be bought as a commemorative product and proceeds will support Ukraine.
"This coin reminds people that freedom is the highest value and it comes at a very high price," said Eesti Pank Governor Madis Müller.
"Ukraine is currently fighting a war at the cost of the lives of its own people for the shared values of the European cultural space, and it is up to us to keep supporting them in this," he added.
Estonia's Prime Minister Kaja Kallas wrote on Twitter that the new coins "will be a daily reminder of Ukraine's fight for freedom and its future in the EU".
The new two-euro coin features the words Slava Ukraini and shows a girl protecting a bird in her hand, as a symbol of tenderness; and the design also features an ear of wheat.
The coin was designed Daria Titova, who came to Estonia as a refugee from Kharkiv. She is studying at the Estonia Academy of Arts.
A total of 2,000,000 of the coins have been minted by the Mint of Finland.