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Polish złoty
Polski złoty  (Polish)
200-złotych banknote obverse (fourth series) 5-złotych coin obverse
ISO 4217
Code	PLN
Number	985
Exponent	2
Denominations
Subunit
​1⁄100	Grosz
Plural	There are many ways to construct plurals in Polish. See the notes below. The language(s) of this currency belong(s) to the Slavic languages. There is more than one way to construct plural forms.
Symbol	zł
Grosz	gr
Banknotes	10zł, 20zł, 50zł, 100zł, 200zł, 500zł
Coins	1gr, 2gr, 5gr, 10gr, 20gr, 50gr, 1zł, 2zł, 5zł
Demographics
User(s)	Poland
Issuance
Central bank	National Bank of Poland
Website	www.nbp.pl
Mint	Mennica Polska
Website	www.mennica.com.pl
Valuation
Inflation	1.7% (2018)
Source	Narodowy Bank Polski[1]
Method	CPI

The złoty (pronounced [ˈzwɔtɨ] ( listen);^[2]sign: zł; code: PLN), which is the masculine form of the Polish adjective 'golden', is the currency of Poland. The modern złoty is subdivided into 100 groszy (singular: grosz; alternative plural form: grosze). The recognized English form of the word is zloty, plural zloty or zlote.^[3] The currency sign, zł, is composed of the Polish lower-case letters z and ł (Unicode: .mw-parser-output .monospacedfont-family:monospace,monospace
U+007A z LATIN SMALL LETTER z &
U+0142 ł LATIN SMALL LETTER L WITH STROKE).

As a result of inflation in the early 1990s, the currency underwent redenomination. Thus, on 1 January 1995, 10,000 old złotych (PLZ) became one new złoty (PLN). Since then, the currency has been relatively stable, with an exchange rate fluctuating between 3 and 4 złoty for a United States dollar.

Before the złoty

The predecessors of the złoty were the Polish mark (grzywna) and a kopa. Grzywna was a currency that was equivalent to approximately 210 g of silver, in the 11th century. It was used until sometime in the 14th century, when it gave way to the Kraków grzywna (approximately 198 g of silver). At the same time, first as the complement to grzywna, and then as the main currency, came a grosz and a kopa. Poland made grosz as the imitation of the Prague groschen; the idea of kopa came from the Czechs as well. A grzywna was worth 48 groszy; a kopa cost 60 groszy.^[4][5][6]

First Złoty

Kingdom of Poland and Polish–Lithuanian Commonwealth

The Polish–Lithuanian Commonwealth first issued złoty banknotes on 8 June 1794 under the authority of Tadeusz Kościuszko. The 5, 10, 25, 50, 100, 500 and 1,000 złotych are depicted above. The latter two are very rare.

The złoty (golden) is a traditional Polish currency unit dating back to the late Middle Ages. Initially, in the 14th and 15th centuries, the name was used for all kinds of foreign gold coins used in Poland, most notably Venetian and Hungarian ducats, (however, in Ukraine, Volyn and Galicia, the name for them were the золотий - golden).^[7] One złoty at the very beginning of their introduction cost 12–14 groszy; however, grosz had less and less silver as time passed. In 1496 the Sejm approved the creation of a national currency, the złoty, and its value was set at 30 groszy, a coin minted since 1347 and modelled on the Prague groschen, and a ducat (florin), whose value was ​1 ¹⁄₂ złoty.^[8] The 1:30 proportion stayed (​¹⁄₂ of a kopa), but the grosz became cheaper and cheaper, because the proportion of silver in the coin alloy diminished over time. In the beginning of the 16th century, 1 złoty was worth 32 groszy; by the middle of the same century it was 50 groszy;^[9] by the reign of Sigismund III Vasa 1 złoty was worth 90 groszy, while a ducat was worth 180 groszy.

The name złoty (sometimes referred to as the florin) was used for a number of different coins, including the 30-groszy coin called the polski złoty, the czerwony złoty (red złoty) and the złoty reński (the Rhine guilder), which were in circulation at the time. However, the value of the Polish złoty dropped over time relative to these foreign coins, and it became a silver coin, with the foreign ducats eventually circulating at approximately 5 złotych.

The matters were complicated by the extremely intricate system of coins, with denominations as low as ​ ¹⁄₃ groszy and as high as 12,960 groszy fit into one coin. There were no usual decimal denominations we use today: the system used 4, 6, 8, 9 and 18 groszy, which are now most uncommon. Moreover, there was no central mint, and, apart from Warsaw mint, there were the Gdańsk, Elbląg and Kurland (Riga) separate mints which did not produce the same denomination coins with the same materials. For example, the szeląg had 1.3g of copper while minted in either Kraków or Warsaw, but the local Gdańsk and Elbląg mints made it using only 0.63g of copper. This facilitated forgeries and wreaked havoc in the Polish monetary system

Following the monetary reform carried out by King Stanisław II Augustus which aimed to simplify the system, the złoty became Poland's official currency and the exchange rate of 1 złoty to 30 groszy was confirmed. The king established the system which was based on the Cologne mark (233.855 g of pure silver). Each mark was divided into 10 Conventionsthaler of the Holy Roman Empire, and 1 thaler was worth 8 złotych (consequently, 1 złoty was worth 4 grosze). The system was in place until 1787. Two devaluations of the currency occurred in the years before the final partition of Poland.

After the third partition of Poland, the name złoty existed only in Austrian and Russian lands. Prussia had introduced the mark instead.

Coins of Poland after the monetary reform of 1526–1528 and up to 1795

Name	Value (in groszy)	Introduced by	Minted in	Material	Weight (in grams)	Photos or graphics	Notes
denar	​1⁄18–​1⁄10 grosza	Bolesław I the Brave	11th century – 1653	After 1527: copper	0.33 g (Sigismund III Vasa's coin); 0.53 g(John II Casimir)	Gdańsk Denar, 1573	Smallest coin in use
ternar	​1⁄6 grosza	Władysław II Jagiełło	14th century – 1407 (1414); 1526–1529; 1545–1548; 1623	1526 coins: silver(18%) alloy; 1623 coins: silver(7.8%) alloy;	0.57 g
szeląg	​1⁄3 grosza	Stefan Batory	1579–1627; 1659–1666; 1749–1792	Silver alloy (15.929%); copper from 1658	1.13 g (Stefan Batory szeląg); 1.3 g (boratynka) 0.62 g(local coins, such as the Gdańsk grosz)	Sigismund III Vasa szeląg	The John Casimir szeląg is also called boratynka
półgrosz	​1⁄2 grosza	Władysław II Jagiełło	1398 – early 17th century; 1766–1795	In 1393–1414 (in Lwów): silver alloy (up to 56.2%); then 43.7%. In Kraków: either heavier with 50% silver or lighter with 37.5% silver. From 1766 copper.	Kraków: 1.58 g (50% silver) or 0.96 g (37.5% silver); Stanisław II Augustus: 1.95 g	Półgrosz obverse, 1548 Półgrosz reverse, 1548
grosz srebrny	1 grosz srebrny = ​7 1⁄2 groszy miednych	Stanisław II Augustus	1764–1795	36.7% silver alloy	1.99 g	?
grosz (grosz miedziany from Stanisław II Augustus' reign)	1 grosz	Casimir III the Great	1367–1849; 1918–present	Casimir III Great: brass coins; later copper	1.3(Kurland grosz) or 3.4 grams("Kingdom" grosz); 3.89 g(Stanisław II Augustus)	Grosz, 1536 Grosz of Sigismund III Vasa, 1626 Latin: «GROSI CRACOVIENSESS» («Kraków grosz»); Casimir III the Great Latin: "DEI GRATIA REX POLONIE", "KAZIMIRUS PRIMUS" ("By the grace of God, King of Poland", "Casimir I")	The base of the currency
półtorak	​1 1⁄2 grosza	Sigismund III Vasa	1614-1660; in the John II Casimir Vasa and Augustus III reigns	Silver (46.9%) alloy	1.09 g(Augustus III)	Półtorak. Different designs of 17th century	Created as an intermediate between grosz and trojak
dwojak	2 grosze	Sigismund II Augustus	Around the 1520s; sporadically later; more minted at John II Casimir Vasa's reign; 1766–84; 1923–1939; 1954–	Sigismund I the Old: silver Sigismund II Augustus: silver Stanisław II: 58.7% silver alloy	1.8 g (Sigismund I the Old) ca. 3.5 g (Sigismund II Augustus); 3.4 g(Stanisław II Augustus)
trojak	3 grosze	Sigismund I the Old	1528–1849	Silver, most copper from Stanisław II Augustus' reign; some Gdańsk coins are copper	2.16 g("Kingdom" trojak) 1.53 g(Gdańsk trojak); 11.69 g(Stanisław Augustus) 1.52 g(silver Gdańsk and Toruń trojak)	Trojak of Stefan Batory, 1580	Also called "dutka", "babka", "dydek" in Lithuania
czworak	4 grosze	Sigismund II Augustus	1565–1568; 1614; 1766–95	Silver; 55% silver alloy(Stanisław II Augustus)	4.29 g; 5.51 g(Stanisław II Augustus)
szóstak	6 groszy	Sigismund I the Old	1528–1795	Silver	2.34 g(Toruń szóstak) 2.94 g(Gdańsk and Elbląg szóstak); 3.7 g(Kurland szóstak) 4.32 g("Kingdom" szóstak); in 1794-95 1.52 g	Szóstak
2 złote [Stanisław II and Augustus III]	8 groszy	Augustus III	1753-1795	62.67% silver alloy	9.35 g(Stanisław II) 7.31 g(Augustus III)
półurcie	9 groszy	?	?	?	?
10 copper Kingdom groszy	10 groszy	Stanisław II Augustus	1787-95	37.3% silver alloy	2.49 g, then 4.48 g
ort	18 groszy	Sigismund III Vasa	1608–1766	Silver	Augustus III reign: 5.84 g("Kingdom") 6.1 g or 7.7 g (Gdańsk)	Obverse, Sigismund III Vasa; Gdańsk mint, 1618 Reverse with the Gdańsk coat of arms, 1618	Coins of 1618 were minted by Stanisław Berman
półkopek	30 groszy; Stanisław II Augustus' złoty - 4 grosze	Sigismund II Augustus	1564–1841	Silver alloy (49.955%)	6.726 g(John III Sobieski) 5.84 g("Kingdom") or 6.1 g(Gdańsk) tymf; złotówka gdańska: 9.85 g	Złoty of 1663	From 1663 on also called tymf
kopa	60 groszy = 2 złote	?	?	Silver	?
półtalar	15–120 groszy (de facto 15–290, more expensive as time passed)	Sigismund II Augustus	1567–1794	Silver	ca. 12.5 g; 14.62 g(Augustus III reign); 14.03 g, later 13.07 g(Stanisław II Augustus)	Półtalar of Gdańsk, 1577
​ 2⁄3 of talar	only commemorative	Augustus III	1738; 1747	Silver
talar	30–240 groszy (de facto 30–580, more expensive as time passed)	Sigismund I the Old	1533; 1580–1795	Silver; 83.3% silver alloy(from 1766)	ca. 24.3–29.3 g	Stefan Batory talar, 1578
2 talars	480 groszy(de facto 1160 groszy)	Augustus III	1740	Silver	58 g
dukat (florin)	45–1,080 groszy	Władysław Łokietek	Early 14th century–1831	Gold; 98.6% gold alloy(1766–95)	3.46-3.5 g in the second half of 18th century	The first red złoty of Władysław I the Elbow-high was issued in the 1320s. 40 ducats of Sigismund III Vasa; Latin: "Poloniæ et Suegiæ rex"(The King of Poland and Sweden) The last red złoty, the "insurgent ducat" of 1831
2 ducats		Augustus III	1753-4	Gold	7 g
6 ducats		Augustus III	1742	Gold	21 g
portugał	10 ducats	Sigismund II Augustus	1562–1652	Gold	35 g(Augustus III)	Riga portugał of Stefan Batory 15 ducats, Sigismund III Vasa (Portugał), 1617
12 ducats		Augustus III	1740	Gold	29.17 g
półaugustdor	​2 1⁄2 talars = 600 groszy (de jure); 1,450 groszy (de facto)	Augustus III of Poland	1752–1756	Gold	3.32 g
augustdor	5 talars = 1,200 groszy (de jure); 2,900 groszy (de facto)	Augustus III of Poland	1752–1756	Gold	3.32 g
double augustdor	10 talars = 2400 talars (de jure); 5800 groszy (de facto)	Augustus III of Poland	1752–1756	Gold	13.3 g
półstanislasdor	27 złotych	Stanisław II Augustus	1764–1795	Gold	6.17 g
stanislasdor	54 złotych	Stanisław II Augustus	1794–1795	Gold (83%)	12.35 g

The Kościuszko Insurrection and Russian part of Poland until 1807

The Polish–Lithuanian Commonwealth also issued banknotes of smaller denominations, under the authority of Tadeusz Kościuszko. There are 5, 10 gr (1zł=30gr), 1 and 4 zł

On 8 June 1794 the decision of the Polish Supreme Council offered to make the new banknotes as well as the coins. 13 August 1794 was the date when the złoty banknotes were released to public. At the day there was more than 6.65 million złotych given out by the rebels. There were banknotes with the denomination of 5, 10, 25, 50, 100, 500 and 1,000 złotych (dated as of 8 June 1794), as well as 5 and 10 groszy, and 1 and 4 złoty coins (later banknotes, dated as of 13 August of the same year. Table)

However, it did not last for long: on 8 November, Warsaw was already held by Russia. Russians discarded all the banknotes and declared them invalid. Russian coins and banknotes replaced the Kościuszko banknotes, but the division on złote and grosze stayed. This can be explained by the fact the Polish monetary system, even in the deep crisis, was better than the Russian stable one, as Poland used the silver standard for coins. That is why Mikhail Speransky offered to come to silver monometalism ("count on the silver ruble") in his work План финансов (Financial Plans, 1810) in Russia. He argued that: "... at the same time ... forbid any other account in Livonia and Poland, and this is the only way to unify the financial system of these provinces in the Russian system, and as well they will stop, at least, the damage that pulls back our finances for so long."

Duchy of Warsaw

The złoty remained in circulation after the Partitions of Poland and the Duchy of Warsaw issued coins denominated in grosz, złoty and talar (plurals talary and talarów), worth 6 złoty. Talar banknotes were also issued. In 1813, while Zamość was under siege, Zamość authorities issued 6 grosze and 2 złote coins.

Congress Poland

Models of Polish coins under the reign of Alexander I

On 19 November O.S. (1 December N.S.) 1815, the law regarding the monetary system of Congress Poland (in Russia) was passed, according to which the złoty stayed, but there was a fixed ratio of the ruble to the złoty: 1 złoty was worth 30 silver groszy, while 1 grosz was worth ​¹⁄₂ silver kopeck. From 1816, the złoty started being issued by the Warsaw mint, denominated in grosze and złote in the Polish language, as well as the portrait of Alexander I and/or the Russian Empire's coat of arms:

• 1 and 3 grosze made from copper;(1815–49);


• 5 and 10 groszy out of billon;(1816–55);


• 1, 2, 5 and 10 złotych out of silver;(1816–55);


• 25 (the so-called złoty pojedyńczy, single złoty) and 50 (złoty podwójny; double złoty) złotych out of gold (1817–34).

At the same time kopecks were permitted to be circulated in Congress Poland. In fact foreign coins circulated (of the Austrian Empire and Prussia), and the Polish złoty itself was effectively a foreign currency. The coins were as well used in the western part of the Russian Empire, legally from 1827 (decision of the State Council).

In 1828 the Polish mint was allowed to print banknotes of denominations of 5, 10, 50, 100, 500 and 1,000 złotych, on the condition of their guaranteed exchange for coins at the will of Saint Petersburg. That meant that there should have been silver coins that had the value of ​¹⁄₇ of banknotes in circulation.

November Uprising

5 złotych from the November Uprising of 1830-1831

At the time of the November Uprising, the rebels released their own "rebellion money" – the golden ducats and silver coins of the denomination of 2 and 5 złotych, with the revolutionary coat of arms, and the copper 3 and 10 groszy. The 1-złoty coin was as well released as a trial coin. The Polish bank, under the control of the rebels, having few precious metal resources in the reserves, released the 1 złoty banknote. They released the 5, 50 and 100 zł banknotes as well, all yellow. By August 1831 735 thousand złotych were released as banknotes. After the defeat of the uprising the decisions from 21 November (3 December) and 18 (30) December cancelled all the uprising monetary politics. All the coins were to be replaced by Russian coins, but it took a long time till the currency was circulating – only in 1838 was the usage of rebel money banned.

The last years of the first złoty of Congress Poland

At the same time the question arose about the future of the Polish złoty, as well as drastically limiting Polish banking autonomy. Russian finance minister Georg von Cancrin suggested to "value everything in rubles, not florins [złoty]".

There was a problem, however. The monetary system in the Russian Empire was still severely unbalanced. Banknotes, for example, cost much less to produce than their denomination. For that reason, the decision was taken to show both currencies on coins, which was a rather mild punishment for the November Uprising. From 1832 on the Petersburg and Warsaw mints decided to start minting new double-denominated coins. The exchange rate was 1 złoty to 15 kopecks.

Coins of Congress Poland nominated in złoty and rubles

Images(obverse/reverse)	Denomination zł/gr	Denomination ruble/kopeck	Material	Years of minting in Petersburg mint	Years of minting in Warsaw mint
	10 groszy	5 kopecks	silver	1842 (trial coins)
	20 groszy	10 kopecks	silver	1842 (trial coins)
	40 groszy	20 kopecks	silver	—	1842–48; 1850
	50 groszy	25 kopecks	silver	—	1842–48; 1850
	1 złoty	15 kopecks	silver	1832-41	1834–41
	2 złote	30 kopecks	silver	—	1834–41
	5 złotych	​3⁄4 rubles (75 kopecks)	silver	1833–41	1834–41
	10 złotych	​1 1⁄2 ruble	silver	1833–41	1835–41
	20 złotych	3 rubles	gold	1834–41	1835–40

In 1841 the main currency of Congress Poland became the Russian ruble.

From 1842, the Warsaw mint already issued regular-type Russian coins along with some coins denominated in both groszy and kopecks. At that time the złoty-to-ruble ratio changed again: 1 ruble was now worth only 2 złote.

The Warsaw mint still issued three coin types: double currency coins (up to 1850), złote and grosze (up to 1865), and the Russian Empire standard coins till 1865. From 1865 the Warsaw mint stopped making coins, and on 1 January 1868 the Warsaw mint was abolished.

The banknotes were changed much faster, as no Polish banknote was in circulation (at least officially). The Polish Bank started issuing Russian banknotes, denominated only in rubles and valid only in Congress Poland. At the same time the national credit banknotes, made in St. Petersburg, could be used everywhere in the Empire as usual Russian banknotes, as well in Poland.

The Free City of Kraków złoty

1 złoty, released in Kraków in 1835

Between 1835 and 1846, the Free City of Kraków also used a currency, the Kraków złoty, with the coins actually being made in Vienna. There were 5 and 10 groszy coins and 1 złoty coins. They were all the same: the obverse had the coat of arms and the writing: WOLNE MIASTO KRAKÓW ("Free City of Krakow"), the reverse had the nominal and the year of production.

Poland without the złoty

10 Polish marks, 1917

From 1850, the only currency issued for use in Congress Poland was the ruble consisting of Russian currency and notes of the Bank Polski. The monetary system of Congress Poland was unified with that of the Russian Empire following the failed January Uprising in 1863. However, the gold coins remained in use until the early 20th century, much like other gold coins of the era, most notably gold rubles (dubbed świnka, or "piggy") and sovereigns. Following the occupation of Congress Poland by Germany during World War I in 1917, the ruble was replaced by the marka (plurals marki and marek), a currency initially equivalent to the German Papiermark.

Polish currency in 1918–24

New Poland started releasing new currency – Polish marks, after the defeat of the German Empire and Austro-Hungary. The first banknotes had either Tadeusz Kościuszko (5, 10, 100, 1000 marks) or Queen Jadwiga (10 and 500 marks). 1 and 20 marks also circulated, but they showed nobody on the banknotes.

The Polish marka was extremely unstable because of the constant wars with its neighbours. Attempts to reduce the expenditures of Polish budget were vain – all the money gained went to conduct war with the USSR. To complicate the matters, those attempts did not please the elite, which ruled the country. The government's actions were not popular at all, so the taxes did not rise significantly, in order to avoid popular resentment. Even worse, the territories that made up Poland were rightly coined "the country of three parts", as each part of Poland developed differently during the 123 years after Stanisław II Augustus' abdication, with post-Prussian territories the best developed, and Austrian Galicia and Russian Kresy the worst.

The last attempt to save the Polish marka was made in 1921, when Jerzy Michalski made out his own plan to raise taxes and reduce expenditure. The Sejm accepted it, albeit with many amendments. Realisation of that plan did not succeed, and it had only short-term influence.

This disrupted the whole economy of Poland, and galloping inflation began. The ​¹⁄₂ marek and 5,000 marek banknotes became worthless in two years. As hyperinflation progressed, Poland came to print 1, 5 and 10 million mark banknotes. However, they were quickly almost valueless. 10 million marks cost only US$1.073 in January 1924. Immediate action was needed. Władysław Grabski was invited to stop the pending hyperinflation. As a result, the second Polish złoty was created.

Second złoty

Grabski monetary reform

The złoty was reintroduced as Poland's currency by Grabski in 1924, following the hyperinflation and monetary chaos of the years following World War I. It replaced the marka at a rate of 1 złoty = 1,800,000 marek and was subdivided into 100 groszy, instead of 30 groszy, as it had been earlier. 1 złoty was worth 0.2903 grams of gold, and 1 US dollar cost 5.18 złotych. New coins had to be introduced, but were not immediately minted or in circulation. The temporary solution of the problem was ingenious. 500,000 marek banknote were cut in two, and on each side there were overstamps that showed they were 1 grosz "coins". Similarly 10,000,000 marek notes were divided and overprinted to make two "coins" each worth 5 groszy. This was an emergency measure to provide the population with a form of the new currency.

Transition to złoty

When the second złoty was created, it was pegged to the US dollar. The Sejm was weak in its financial control. Yet political parties demanded the government spend more money than had been projected in the budget.

The budget deficit ballooned and out-of-control inflation ensued. The government struggled to cut expenditures, and as a result often came into conflict with the Sejm. However, the government could not allow hyperinflation to reoccur. To achieve that, the government authorised issue of securities, which went along with the temporary "bilety zdawkowe" coins and złoty banknotes printed in 1919.

Polish Banknotes, series 1919

Picture	Denomination	Size	Colour	Obverse	Reverse	Watermark	Date of print	Date of withdrawal
	1 złoty	93×63	Yellow	Tadeusz Kościuszko, denomination in words, date of print	Coat of arms, denomination in number	—	28 February 1919	31 January 1940
	2 złote	115×80	Blue		Denomination in number	—
	5 złotych	125×80	Bright yellow, orange	Józef Poniatowski, denomination in words, date of print	Denomination in words, coat of arms	—	28 February 1919 15 July 1924
	10 złotych	150×88	Yellow	Tadeusz Kościuszko, denomination in words, date of print	Some agricultural products[dubious – discuss]	As portrait	28 February 1919 (not released in public)
			Pink				28 February 1919, 15 July 1924
	20 złotych	160×97	White, red around the coat of arms and watermark		Denomination in numbers, coat of arms
	50 złotych	165×102	Brown, yellow around denomination in words				28 February 1919
	100 złotych	172×103	Blue
	500 złotych	180×110	Violet and olive
	1000 złotych	183×111	Brown				28 February 1919 (extremely rare, not released in public)
	5000 złotych	190×113	Different shades of green				28 February 1919 (not released in public)
These images are to scale at 0.7 pixel per millimeter. For table standards, see the banknote specification table.

Polish bilety zdawkowe, 1924-1925, by Wacław Borowski

Picture	Denomination	Size	Colour	Obverse	Reverse	Date of print	Amount printed/ overprinted	Date of withdrawal
	1 grosz	156×80	Gray, red overprint	Image of 1 grosz coin,	Notation from the Polish Bank	28 April 1924	49,171,000	31 January 1925
	5 groszy	199×92	Gray, red overprint	Image of 5 groszy coin,			11,361,000
	10 groszy	68×46	Blue	Image of 10 groszy coin; Sigismund's Column, in front of the Royal Castle in Warsaw			27,144,000
	20 groszy	79×49	Brown	Image of 20 groszy coin; Nicolaus Copernicus Monument, Warsaw			19,872,000
	50 groszy	85×53	Red	Image of 50 groszy coin; Józef Poniatowski Monument, Warsaw			18,839,000
	2 złote	113×80	Olive	Denomination, date of print; image of the 2 zł commemorative coin (woman with a bunch of cereals)	Denomination; notation from the Polish Bank	1 May 1925	50 mln	31 March 1928 (lapsed 30 June 1930)
	5 złotych	130×80	Olive and yellow	Denomination, date of print; image of the 5 zł commemorative Constitution coin	Notation from the Polish bank, coat of arms		59,709,000	3 June 1929(lapsed 30 June 1930)
These images are to scale at 0.7 pixel per millimeter. For table standards, see the banknote specification table.

By the end of 1925 the Polish government was unable to redeem the released securities. The Polish economy was on the brink of collapse.

86. Regiment of Infantry's 1 złoty coin from Mołodeczno

Despite the crisis, Grabski refused to accept foreign help, because he was concerned Poland would become dependent on the League of Nations. The Polish PM thought that after the złoty stabilised, foreign financiers would be persuaded to give credits and make investments on more favourable conditions than were recently on offer. However, deep-rooted lack of confidence in the Polish economy had made these expectations unrealisable. Grabski's government was forced to sell some of the country's property on unfavourable conditions, without any significant effects. Eventually, the złoty depreciated some 50% from its 1923 value and Grabski resigned as Prime Minister. However, renewed hyperinflation was averted.

Coins of II Rzeczpospolita (edge smooth in all coins)

Pictures	Denomination	Diameter(mm)	Thickness(mm)	Mass(g)	Composition	Obverse	Reverse	Introduced	Issued	Withdrawn
	1 grosz	14.7	1.01	1.5	bronze	Polish coat of arms' eagle, inscription: "Rzeczpospolita Polska" and the year of minting	denomination with a simple plant ornament	1923	1923; 1925 1927 1928 1930-1939	1939
	2 grosze	17.6	0.96	2	brass	Polish coat of arms' eagle, inscription: "Rzeczpospolita Polska" and the year of minting	denomination with a simple plant ornament	1923	1923	1939
	2 grosze	17.6	0.98	2	bronze	Polish coat of arms' eagle, inscription: "Rzeczpospolita Polska" and the year of minting	denomination with a simple plant ornament	1923	1925 1927 1928 1930-1939	1939
	5 groszy	20	1.12	3	brass	Polish coat of arms' eagle, inscription: "Rzeczpospolita Polska" and the year of minting	denomination with a simple plant ornament	1923	1923	1939
	5 groszy	20	1.14	3	bronze	Polish coat of arms' eagle, inscription: "Rzeczpospolita Polska" and the year of minting	denomination with a simple plant ornament	1923	1925 1928 1930 1931 1934-1939	1939
	10 groszy	17.6	0.92	2	nickel	Polish coat of arms' eagle, inscription: "Rzeczpospolita Polska" and the year of minting	denomination with a complicated bush ornament	1923	1923	1939
	20 groszy	20	1.07	3	nickel	Polish coat of arms' eagle, inscription: "Rzeczpospolita Polska" and the year of minting	denomination with a complicated bush ornament	1923	1923	1939
	50 groszy	23	1.35	5	nickel	Polish coat of arms' eagle, inscription: "Rzeczpospolita Polska" and the year of minting	denomination with a complicated bush ornament	1923	1923	1939
	1 złoty	25	1.6	7	nickel	Polish coat of arms' eagle, inscription: "Rzeczpospolita Polska" and the year of minting	denomination with an ornament	1929	1929	1939

Banknotes of II Rzeczpospolita, series 1925-1939

Pictures	Denomination	Dimension(mm)	Colour	Obverse	Reverse	Watermark	Date of introduction	Date of printing	Date of withdrawal	Author
	1 złoty	108×60	brown	Bolesław I the Brave, denomination, the "Bank of Poland" and "Government note" inscriptions, date and place of issue	Denomination	As portrait	1 October 1938		20 May 1940	Leonard Sowiński
	2 złote	102×63	Gray-yellow	Denomination, portrait of a Doubravka of Bohemia, the "Bank of Poland" inscription, date and place of issue	Denomination, Polish coat of arms	Value(2 zł)	26 February 1936			Zdzisław Eichler
	5 złotych	127×83	Olive, yellow edges	Portrait of a man[who?], denomination, place and date of issue	A miner in the tunnel, denomination	-	1 May 1925	1 May 1925, 25 October 1926		Wacław Borowski
		144×78	Blue	Denomination, portrait of a woman[who?], the "Bank of Poland" inscription, date and place of issue	Denomination, coat of arms, "Bank of Poland" inscription	Sigismund I the Old	2 January 1930	2.01.1930 or 26.02.1936		Ryszard Kleczewski
	10 złotych	160×80	Light brown	Denomination, pictures of saints, coat of arms, the "Bank of Poland" inscription, date and place of issue	A woman with a model ship in her hands, a worker and a female peasant with a bunch of wheat	Bolesław I the Brave, 10 ZŁ	20 July 1926	20 July 1926, 20 July 1929		Zdzisław Eichler
		158×80	Green	Denomination, a picture of a woman[who?], the "Bank of Poland" inscription, date and place of issue	A road in the field that passes between the trees	As portrait	Never introduced	2 January 1928		?
	20 złotych	170×94	Obverse: brown, turquoise edges of picture; reverse: violet	A female peasant with a bunch of wheat and a male with a spade, denomination, "Bank of Poland" inscription, date and place of issue	Bank of Poland buildings: the one at the left is the former bank building on the Plac Bankowy; the newer one on the Bielańska street.	Casimir III the Great, 20 ZŁ	1 March 1926	1 March 1926, 20 June 1931		Zygmunt Kamiński
		163×86	Violet	Portrait of a young girl, denomination, coat of arms, the "Bank of Poland" inscription, date and place of issue	Morskie Oko lake	As portrait	Never introduced	2 January 1928		?
		170×94	Obverse: brown, light blue edges of picture; reverse: blue	Fortuna with a bunch of wheat and Hermes with a spade, denomination, "Bank of Poland" inscription, date and place of issue	Bank of Poland buildings: the one at the left is the former bank building on the Plac Bankowy; the newer one on the Bielańska street.	Casimir III the Great, 20 ZŁ	1 September 1929			Zygmunt Kamiński
		163×86	Blue obverse, light green reverse	Portrait of Emilia Plater, denomination, the "Bank of Poland" inscription, date and place of issue	A female peasant with a bunch of wheat and two boys, one of which holding a ship, other a hammer, coat of arms and denomination	Casimir III the Great, 20 ZŁ	20 June 1931			Ryszard Kleczewski
			Grey and blue	Emilia Plater, a woman with two daughters on the left with flowers, coat of arms, the "Bank of Poland" inscription, date and place of issue	Wawel Castle, Kraków, a figure of an architect and a poet (symbolize knowledge)	As portrait and denomination	11 November 1936			Wacław Borowski
	50 złotych	188×99	green, blue and brown	Fortuna with a bunch of wheat and Hermes with a rod of Asclepius, denomination, "Bank of Poland" inscription, date and place of issue	Bank of Poland buildings: the one at the left is the former bank building on the Plac Bankowy; the newer one on the Bielańska street.	Stefan Batory, 50 złotych	28 August 1925	28 August 1925, 1 September 1929,		Zygmunt Kamiński
		169×92	green	Jan Henryk Dąbrowski portrait, coat of arms, the "Bank of Poland" inscription, date and place of issue	A peasant with a bunch of wheat, two women holding a ship, a boy with an airplane and a worker with a hammer	As portrait and denomination	Never introduced	11 November 1936		Wacław Borowski
	100 złotych	175×98	Brown	Józef Poniatowski's portrait, denomination, the "Bank of Poland" inscription, date and place of issue	A picture of an oak representing the history of Poland	Queen Jadwiga, 100 ZŁ	2 June 1932	2 June 1932, 9 November 1934		Józef Mehoffer
These images are to scale at 0.7 pixel per millimeter. For table standards, see the banknote specification table.

Poland's economy weakened further to the point it was evident that the system could no longer function. The crisis climaxed in November 1925 leading to the Sanacja coup d'état.

Piłsudski's reforms

In May 1926 a coup d'état was effected. It resulted in Józef Piłsudski becoming the authoritarian leader of Poland. Almost immediately the budget was stabilised. Tax incomes rose significantly, credits were received from the USA, and the Bank of Poland's policy came more strongly under the government's control. These developments prevented the Polish economy's further deterioration.

As had happened earlier in the case of both Austria and Hungary, a special monitoring commission arrived in Poland to analyse the economic situation. The commission was headed by Edwin W. Kemmerer, an American economist and "money doctor".

The złoty started to stabilise in 1926 (thanks chiefly to significant exports of coal), and was re-set on the dollar-złoty rate 50% higher than in 1924. Up to 1933 złoty was freely exchanged into gold and foreign currencies. Based on these developments, the government made the decision to adopt the gold standard for its currency.

In 1924–1925 the banks experienced large capital outflows, but by 1926 people were investing actively in the banks. The economic progress built on increased demand for and exports of coal slowed down because of an over-valued złoty during 1927. As a result, imports became relatively cheaper as compared to exports, resulting in a negative Balance of Trade. Again, Poland plunged into crisis. Economic growth was weak from 1926 to 1929. The main reason for that was the decline of industry, which was influenced by declining demand for Polish items. The crisis deepened with the Great Crisis of 1929–1932 and lasted until the mid-30s.

Polish złoty in 1930s

Poland entered another economic crisis, causing the government again to attempt reduction of its budget deficit by cutting public expenditure other than for military purposes. Despite cutting spending by a third, the deficit persisted. Tax income that should have been used to lead the country out of crisis was instead financing the debt burden. Money required to stimulate the economy was devoted by the government to creditors and foreign banks. Further spending cuts necessitated Poland importing less and exporting more. Import tariffs were increased again for foreign products, while subsidies were given to exporters.

In 1935 Piłusdski died, and the power passed to the generals. They were very disturbed by the crisis. Poland was still an agrarian country with 61% of the population involved in 1931. To reform the economy, the government was thinking about further intervention. As a result, between 1935 and 1939, Poland nationalised its major industries, initiating the changes the communists completed after 1945. Volumes of produced goods output from state-owned factories exceeded expectations. The result was instant - the economy stabilised, and fears of further złoty devaluation reduced while rapid growth was seen. However, World War II abruptly terminated all prosperity. With the Russian invasion from the east the government had to flee the country. Already in emigration, the government released new banknotes of the denomination of 1, 2, 5, 10, 20, 50, 100 and 500 złotych which were dated by 15 or 20 August 1939 and were mostly cyan, blue or blue-green (with the exception of 1, 2, 10 and 100 złotych). These were printed in the USA but never released.

Banknotes of the Polish government-in-exile, printed in 1939. Never introduced

Pictures	Denomination	Size(mm)	Colour	Obverse	Reverse	Watermark	Date of print	Designer
	1 złoty	72×45	Bright red	Denomination, the "Bank of Poland" inscription, date and place of issue	Denomination	None	15 August 1939	Włodzimierz Vacek
	2 złote	82×51	Bright green	Denomination, the "Bank of Poland" inscription, date and place of issue	Denomination, ornament[which?]
	5 złotych	97×60	Blue to cyan	Denomination, portrait of a woman in the traditional costume, the "Bank of Poland" inscription, date and place of issue	Denomination
	10 złotych	141×67	Red	Denomination, a picture of a woman with a necklace, the "Bank of Poland" inscription, date and place of issue	Płock Cathedral	As portrait		Edouard Meronti
	20 złotych	153×75	Grey to blue	Denomination, a picture of a female Silesian with a cross, the "Bank of Poland" inscription, date and place of issue	A power plant, behind the typically rural landscape, with haystacks			Edmund Dulac
			Obverse: different shades of blue, reverse: grey	Denomination, a picture of a girl in the traditional costume, the "Bank of Poland" inscription, date and place of issue	Saintmost Trinity Church in Leszczyny(now in Palowice)	-	20 August 1939	?
	50 złotych	163×80	cyan	A mountain peasant(góral), mountain flowers motive, denomination,	Morskie Oko lake, coat of arms	As portrait and denomination	15 August 1939	Clément Serveau
	50 złotych			A female peasant with a sickle and a bunch of cereals	Dunajec River Gorge	-	20 August 1939	?
	100 złotych	171×86	Brown	A portrait of a Mazury peasant, denomination, the "Bank of Poland" inscription, date and place of issue	Landscape nearby the Tyniec, near Kraków	Portrait of a female on 50 zł(20.08.1939)	15 August 1939	Clément Serveau
	500 złotych	182×89	Grey	A portrait of a fisherman with a pipe, denomination, the "Bank of Poland" inscription, date and place of issue	Port in Gdynia			Edouard Meronti
These images are to scale at 0.7 pixel per millimeter. For table standards, see the banknote specification table.

Commemorative coins of Second Polish Republic

Cities on top mean that some number of coins was minted in a specific city. Mass in grams, diameter in mm. 1 - From Latin: "Long live the rule of Republic". 2 - a) Coins from 1928(7.5 mln) have an error on milling: "SUPRMA..." b)Most of coins from 1932 were withdrawn and melted.

Denomi-nation

Date of release

Metal

Mass

Diameter

In circulation

Edge

Obverse

Reverse

Paris

London

Warsaw

Birming-ham

Phila-delfia

Obverse picture

Reverse picture

1 złoty

1924-5

Silver(75% alloy)

5

23

1924-1939

rifled

A portrait of a woman with bunches of cereal.[10]

Polish Coat of Arms, inscriptions: Rzeczpospolita Polska, year of minting

16 mln

24 mln

2 złote

1924-5

Silver(75% alloy)

10

27

1924-1939

rifled

A portrait of a woman with bunches of cereal.[10]

Polish Coat of Arms, inscriptions: Rzeczpospolita Polska, year of minting

8.2 mln (1924)

1.2 mln (1924)

8 mln (1924); 5.2 mln (1925)

2 złote

1932-4

Silver(75% alloy)

4,4

22

1932-1939

rifled

Portrait of Polonia - a woman signifying Poland.[11] Often mistaken for "a woman in a wreath", "Queen Jadwiga" or "Wanda"

Polish Coat of Arms, inscriptions: Rzeczpospolita Polska, year of minting

25.2 mln

2 złote

1934 1936

Silver(75% alloy)

4,4

22

1932-1939

rifled

Portrait of Józef Piłsudski.[10]

Polish Coat of Arms, inscriptions: Rzeczpospolita Polska, year of minting

10.5 mln

2 złote

1936

Silver(75% alloy)

4,4

22

1936-1939

rifled

A picture of "Dar Pomorza" yacht, to commemorate 15 years of Gdynia port foundation.[12]

Polish Coat of Arms, inscriptions: Rzeczpospolita Polska, year of minting

3,918,000

5 złotych2

1928, 1930-2

Silver(75% alloy)

18

33

1928-1939

SALUS REIPUBLICAE SUPREMA LEX1

From Nika(Win) series.[13]

Denomination, Polish Coat of Arms, inscriptions: Rzeczpospolita Polska, year of minting

28.7 mln

5 złotych

1930

Silver(75% alloy)

18

33

1928-1939

SALUS REIPUBLICAE SUPREMA LEX1

Consacred to the 1830 November Uprising.[10]

Denomination, Polish Coat of Arms, inscriptions: Rzeczpospolita Polska, year of minting

1,000,200

5 złotych

1928, 1930-2

Silver(75% alloy)

11

28

1932-1939

rifled

Portrait of Polonia - a woman signifying Poland.[11] Often mistaken for "a woman in a wreath", "Queen Jadwiga" or "Wanda"

Denomination, Polish Coat of Arms, inscription: Rzeczpospolita Polska; year of minting

3 mln

12,250,000

5 złotych

1934

Silver(75% alloy)

11

28

1934-39

rifled

Portrait of Józef Piłsudski[10]

Denomination, Polish Coat of Arms, inscription: Rzeczpospolita Polska; "orzeł strzelecki"; year of minting

300,000

5 złotych

1934-6, 1938

Silver(75% alloy)

11

28

1934-1939

rifled

Portrait of Józef Piłsudski.[10]

Denomination, Polish Coat of Arms, inscription: Rzeczpospolita Polska; year of minting

9,599,400

5 złotych

1936

Silver(75% alloy)

11

28

1936-1939

rifled

A picture of "Dar Pomorza" yacht, to commemorate 15 years of Gdynia port foundation.[12]

Polish Coat of Arms, inscriptions: Rzeczpospolita Polska, year of minting

1 mln

5 złotych

1925

See right

21.1

37

1925-1939

rifled

Two sitting men, holding a Book (Constitution)

Polish Coat of Arms, inscriptions: Rzeczpospolita Polska, year of minting

100 in pinchbeck, 60 in brass, 2 in gold, 100 in 10% silver alloy

10 złotych

1925

Gold

3,23

19

1925-39

rifled

Portrait of Bolesław I the Brave.[10]

Denomination, Polish Coat of Arms, inscription: Rzeczpospolita Polska; year of minting

50,350

10 złotych

1933

Silver(75% alloy)

22

34

1933-39

rifled

Portrait of Romuald Traugutt

Denomination, Polish Coat of Arms, inscription: Rzeczpospolita Polska; year of minting

200,000

10 złotych

1932-3

Silver(75% alloy)

22

34

1932-1939

rifled

Portrait of Polonia - a woman signifying Poland.[11] Often mistaken for "woman in a wreath", "Queen Jadwiga" or "Wanda"

Denomination, Polish Coat of Arms, inscription: Rzeczpospolita Polska; year of minting

6 mln

5.9 mln

10 złotych

1933

Silver(75% alloy)

22

34

1933-1939

rifled

Portrait of John III Sobieski.[10]

Denomination, Polish Coat of Arms, inscription: Rzeczpospolita Polska; year of minting

300,000

10 złotych

1934

Silver(75% alloy)

22

34

1934-1939

rifled

Portrait of Józef Piłsudski.[10]

Denomination, Polish Coat of Arms, inscription: Rzeczpospolita Polska; "orzeł strzelecki"; year of minting

300,000

10 złotych

1934-9

Silver(75% alloy)

22

34

1934-1939

rifled

Portrait of Józef Piłsudski.[10]

Denomination, Polish Coat of Arms, inscription: Rzeczpospolita Polska; year of minting

17,142,000

10 złotych

1934

Silver(75% alloy); exist in iron and pinchbeck

22

34

1934-1939

rifled

Polish Coat of Arms, inscription: Rzeczpospolita Polska, year of minting;

100 in each metal

10 złotych

1925

Bronze or silver

20,5

3,4(bronze) 4,2(silver)

1925-39

rifled

Two heads of women

Denomination, Polish Coat of Arms, inscription: Rzeczpospolita Polska; year of minting

100 in bronze, 50 in silver

20 złotych

1925

Gold; exist in copper and nickel

6,451

21

1925-39

rifled

Portrait of Bolesław I the Brave.[10]

Denomination, Polish Coat of Arms, inscription: Rzeczpospolita Polska; year of minting

20 złotych

1925

Bronze; silver

6.5(bronze) 5.6(silver)

21

1925-1939

?

"RP" design

Denomination, Polish Coat of Arms, inscription: Rzeczpospolita Polska; year of minting, denomination

100 bronze; 50 aluminium

20 złotych

1925

Bronze, copper or silver; gold

4.5(copper) 5.85(bronze) 4.32(silver)

21

1925-1939

?

Portrait of Polonia - a woman signifying Poland.[11] Often mistaken for "woman in a wreath", "Queen Jadwiga" or "Wanda"

Denomination, Polish Coat of Arms, inscription: Rzeczpospolita Polska; year of minting

105(bronze) 12(silver) 10(copper) 5(gold)

50 złotych

1925

Copper(exist as well in lead and aluminium)

10,9

25

1925-39

?

A kneeling knight

Denomination, Polish Coat of Arms, inscription: Rzeczpospolita Polska; year of minting

105

100 złotych

1925

Bronze or silver

Bronze: 3.5; Silver: 4.15

25

1925-39

?

Nicolaus Copernicus; denomination

Denomination, Polish Coat of Arms(squared), inscription: Rzeczpospolita Polska; year of minting

General Government

When German invaders established the General Government, they withdrew the 100 złotych banknotes from 1932 and 1934 and 500 złotych banknotes from 1919. The banknotes had to be accounted on the deposits of the people who gave them to the bank.

1 złoty bilet zdawkowy, issued in Będzin at the beginning of Nazi occupation

The 100 złotych banknotes were overstamped in red with: "Generalgouvernement / für die besetzen polnischen Gebiete" (The General Government / for the occupied Polish territories). It was massively counterfeited.

A little later the bank division of the Główny Zarząd Kas Kredytowych Rzeszy Niemieckiej was organized. It started to print the Reichsmarks, but later, on December 15, 1939, a decision came to create the new Bank Emisyjny (Emissary Bank) in Kraków, as the Bank Polski officials fled to Paris. It started working on 8 April 1940.

In May 1940, old banknotes of 1924–1939 were overstamped by the new entity. Money exchange was limited per individual; the limits varied according to the status of the person. The fixed exchange rate 1 Reichsmark = 2 złote was established. A new issue of notes appeared in 1940-41. The General Government also issued coins (1, 5, 10 and 20 groszy in zinc, 50 groszy in nickel-plated iron or iron), using similar designs to earlier types but with cheaper metals (mainly zinc-copper alloy). 1, 5, 10 and 20 groszy coins were dated 1923 and 50 groszy were dated 1938.

Banknotes were also issued, called unofficially "młynarki" (from the name of President Feliks Młynarski) or "krakowiaki" (from the place of release), in the denominations of 1, 5, 10, 20, 50, 100 and 500 złotych. 1000 złotych did not come into public circulation at all, and only reconstructions survive (although shown below). The total amount of them was approximately 10,183 million złotych. Additional 20 millions were manufactured by the conspiratory typography of the Union of Armed Struggle. From summer 1943 the Home Army received the złote produced in Great Britain.

Banknotes of the Bank Emisyjny, by Leonard Sowiński

Pictures		Denomination	Size(mm)	Colour	Averse	Reverse	Date of print	Date of withdrawal
|	|	1 złoty	99×65	Dark green-gray	Denomination, "Bank Emisyjny w Polsce" inscription, date	Denomination, "Bank Emisyjny w Polsce" inscription	1 March 1940, 1 August 1941	10 January 1945
		2 złote	110×68	Olive	Denomination, "Bank Emisyjny w Polsce" inscription, date, a peasant picture	Denomination, "Bank Emisyjny w Polsce" inscription
|	|	5 złotych	150×82	Dark green	Denomination, "Bank Emisyjny w Polsce" inscription, date, peasant on white margin, Doubravka of Bohemia	Denomination, "Bank Emisyjny w Polsce" inscription
|	|	10 złotych	170×85	Brown	Denomination, "Bank Emisyjny w Polsce" inscription, date, the saints' pictures, head of a woman	The Chopin Monument in Warsaw	1 March 1940
|	|	20 złotych	173×91	Dark Grey	Denomination, "Bank Emisyjny w Polsce" inscription, date; design similar to 20 złotych of 1936 (peasant's picture added in the margin)	See 20 złotych of 1936
|	|	50 złotych	180×100	Dark green	Denomination, "Bank Emisyjny w Polsce" inscription, date; peasant, a statue and portrait of Emilia Plater	Sukiennice, Kraków	1 March 1940, 1 August 1941
|	|	100 złotych	190×106	Brown	Denomination, "Bank Emisyjny w Polsce" inscription, date; peasant	Bank of Poland building in Warsaw	1 March 1940
|	|	100 złotych	187×98	Grey through brown to red	Denomination, "Bank Emisyjny w Polsce" inscription, date	Lwów panorama	1 August 1941
|	|	500 złotych(also called "góral")	181×100	Olive	Denomination, "Bank Emisyjny w Polsce" inscription, date; góral	Denomination and the Morskie Oko lake in Tatra Mountains	1 March 1940
		1000 złotych (reconstruction)	196×103	Brown	Denomination, "Bank Emisyjny w Polsce" inscription, date; the head of "krakowiak"(not all banknotes)	Wawel Castle, Kraków	1 August 1941(not released, only clichés left
These images are to scale at 0.7 pixel per millimeter. For table standards, see the banknote specification table.

Socialist Poland (1945-1950)

The advance of the Red Army meant the transition to socialism, Poland being no exception.

The first monetary reform of post-war Poland was conducted in 1944, when the initial series of banknotes of socialist Poland was released. This was essential for the recreation of the country, so the Polish Committee of National Liberation signed an act on 24 August 1944 introducing the banknotes. The older General Government banknotes were exchanged at par with the new ones. There were limits, however – 500 złotych only for an individual and 2000 złotych for the private enterprises and small manufacturers. The rest came onto the blocked bank accounts.

The banknotes had a very simple design, with no people or buildings featured. They carried the name of the as yet unformed Narodowy Bank Polski (the National Bank of Poland). Printing was completed at the Goznak mint in Moscow. All the new banknotes of the series I (except for the 50 groszy, and 1000 złotych, which were only released later) had a faulty inscription, containing a russianism.

On 15 January 1945 the National Bank of Poland was finally created. Its first monetary action was the printing of 1000 złotych banknote in the newly built Polska Wytwórnia Papierów Wartościowych in Łódź. The first Communist series' banknotes were easy to counterfeit, so additional replacement banknotes were printed in 1946–48. As 500 złotych banknote was very easy to counterfeit, it was fully withdrawn in 1946.

The new (II and III) series were created from the graphic designs of Ryszard Kleczewski and Wacław Borowski.

Banknotes of Poland, issue 1944–1945 (Series I, also known as "Lublin series")

Obverse	Reverse	Denomination	Size(mm)	Colour	Obverse	Reverse	Date of issue	Date of release	Amount printed	Date of withdrawal
		50 groszy	81×52	Bright pink	Denomination "The National Bank of Poland" inscription, date, coat of arms	Denomination	1944	28 February 1945	6,706,000 (3,503,000 zł)	8 November 1950
		1 złoty	136×66	Green		Denomination, "The National Bank of Poland" inscription		18 September 1944	47,726,000 (47,726,000 zł)
		2 złote	137×67	Red					18,725,000 (37,450,000 zł)
		5 złotych	142×71	Brown					81,183,000 (405,915,000 zł)
		10 złotych	160×80	Blue				27 August 1944	22,005,000 (220,050,000 zł)
		20 złotych	170×83	Teal					114,687,000 (2,293,740,000 zł)
		50 złotych	180×93	Blue-violet					26,342,000 (1,317,100,000 zł)
		100 złotych	188×100	Pink					71,237,000 (7,123,700,000 zł)
		500 złotych	193×102	Olive					19,787,000 (9,893,500,000 zł)	17 December 1946
		1000 złotych (by Ryszard Kleczewski)	182×97	Brown			1945	1 September 1945	ca. 19,000,000 (19,000,000,000 zł)	8 November 1950
These images are to scale at 0.7 pixel per millimeter. For table standards, see the banknote specification table.

Banknotes of Poland, issue 1946 (Series II)

Pictures		Denomination	Size(mm)	Colour	Obverse	Reverse	Date of print	Date of release	Date of withdrawal
		1 złoty	98×54	Red	Denomination, "The National Bank of Poland" inscription, date	Denomination	15 May 1946	2 December 1946	8 November 1950
		2 złote	104×57	Green				15 March 1947
		5 złotych	122×66	Grey-blue				5 February 1948
		10 złotych	128×70	Brown, red	Denomination, "The National Bank of Poland" inscription, date, coat of arms	Denomination, "The National Bank of Poland" inscription		18 August 1947
		20 złotych	158×84	Blue to red		Two planes; denomination		1 July 1948
		50 złotych	164×87	Brown, violet	Denomination, "The National Bank of Poland" inscription, date, coat of arms; a steam boat and a sail boat	Boats on the sea, anchors; denomination		22 September 1947
		100 złotych	170×91	Red, brown	Denomination, "The National Bank of Poland" inscription, date, coat of arms; a female peasant with a bunch of cereals, a male peasant with a bunch of wheat and a sickle	A peasant on a tractor in the field		2 December 1946
		500 złotych	176×94	Green to blue	Denomination, "The National Bank of Poland" inscription, date, coat of arms; a sailor with an anchor and a model of ship; a fisherman	The Old City in Gdańsk	15 January 1946	15 July 1946
		1000 złotych	182×97	Brown	Denomination, "The National Bank of Poland" inscription, date, coat of arms; miners	Łódź factories panorama		?
These images are to scale at 0.7 pixel per millimeter. For table standards, see the banknote specification table.

Banknotes of Poland, issue 1947 (Series III)

Pictures		Denomination	Size(mm)	Colour	Obverse	Reverse	Date of print	Date of release	Date of withdrawal
		20 złotych	158×84	Dark green	Denomination, "The National Bank of Poland" inscription, date, coat of arms	A globe, a book, a machinery detail, a hammer and ralis, symbolising education and industrial work	15 July 1947	16 June 1949	8 November 1950
		100 złotych	170×91	Brown-red	Denomination, "The National Bank of Poland" inscription, date, coat of arms; a female peasant	Horses in a field		21 February 1949
		500 złotych	176×94	Blue	Denomination, "The National Bank of Poland" inscription, date, coat of arms; a female sailor with an anchor	Gdynia port	1 July 1947	20 January 1949
		1000 złotych	182×97	Olive, brown	Denomination, "The National Bank of Poland" inscription, date, coat of arms; a miner with a hammer	A picture of a factory		1 December 1948
These images are to scale at 0.7 pixel per millimeter. For table standards, see the banknote specification table.

The IV series banknotes had a longer life. Mainly due to their underdeveloped security features, the first three series were taken out of circulation in line with legislation signed on 28 October 1950, covering the introduction of the new Polish złoty (PLZ). Older banknotes had to be exchanged within 8 days for the new series IV, which had been designed, printed and distributed in great secrecy.

About in the same time, new coins were introduced, which circulated for more than four decades.

Third złoty

In 1950, a new złoty (PLZ) was introduced, replacing all notes issued up to 1948 at a rate of one hundred to one, while all bank assets were redenominated in the ratio 100:3. The new banknotes were dated 1948, while the new coins 1949. Initially, by law with effect from 1950 1 złoty (zł) was made equal to 0.222168g of pure gold (Dziennik Ustaw 50, 459).

As in all the Warsaw Bloc countries, Poland started nationalising major industrial and manufacturing businesses. The necessary legislative act was signed in 1946. However, smaller enterprises remained in private hands, in contrast to the USSR. Despite this concession, the whole economy was under firm state control. In the agricultural sector, farmers (still the major generation source of Polish income) received additional lands from the government. These properties were the result of confiscations from the church, wealthy families as well from farmers who would not abide by the changed policies.

In the late 1940s, Polish currency became unstable. This was largely due to initial opposition to the new government and made an already difficult economic situation no better. Eventually things changed and the złoty became stronger in 1948-9.

Beginning in 1950, the state started implementing the collectivisation policy on a mass scale. Some farmers were grouped into newly created PGRs (State Agricultural Farms). Others supplied produce to the state for distribution and had to comply with obligatory centralised food deliveries (first of cereals, in 1951; and from 1952 on, of meat, potatoes and milk). Unable to compete with the collective farms, privately owned and individually-run farms went bankrupt, as the state bought at extremely low prices, much lower than market value.

Agriculture might have been ruined in a few years if not for the death of President and latterly Secretary General of the Central Committee of the PUWP Bolesław Bierut under mysterious circumstances in 1956. The new government under Władysław Gomułka began relaxing the earlier years' hardcore Stalinist policies. State Farms were reformed, enforged obligatory deliveries reduced and state buying prices were raised. On the whole the structure was little different from that of 1949: industry was state-owned, while agriculture was mostly in private hands.

Serious reforms were proposed in the early 1970s by Edward Gierek, which aimed to improve the situation for normal people. Unfortunately, the government had inadequate funds to initiate these reforms. This explains Poland's growing financial indebtedness to the USSR and other Warsaw Bloc countries, promoting the view that "the investments will upgrade the Poland's potential, which will be aimed at export, so that the country will pay the interest and at the same time maintain a high industrial production". In fact, although the intention was to create employment, it never happened. Poland's debt burden grew too large, forming the main cause of further financial crisis. After a period of prosperity in 1971-8, Poland entered into a very deep recession, which worsened over time as Poland was unable to meet debt interest obligations. The crisis was to last until 1994. The first indications of the crisis was obvious by the mid-70s, when there began a period of rampant inflation. Złoty devaluation continued. In 1980 Gierek's government was accused of corruption. He was removed from the Presidency in 1980.

Financial crisis of 1980s

The first big strikes started in Gdańsk and GOP (Upper Silesian Industrial Area). These restricted industrial production which by then had become the main economic sector. The situation was worsened by the previous period of prosperity in the early and mid 70s, which had promoted increased demand and consumption. The government was forced either to lower salaries and wages or to make workers redundant. This accelerated the crisis. Moreover, the demand was more diminished, as the government imposed food rationing. The martial law of 1981–83 deepened the crisis.

By the early 80s inflation in Poland becoming out of control – over 100% per annum in 1982. It was reduced in the mid-80s to about 15% per annum, but again started in late-80s. Economic conditions did not allow any salary and pension increases because of the huge debt burden, which doubled in the 1980s. By 1981 it was admitted that the situation was beyond management. In an effort to escape such situation, Poland started massively printing banknotes, without any covering from bank resources. Banknotes denominated at 5,000 złotych were introduced in 1982, 10,000 złotych in 1988, 20,000 and 50,000 złotych in 1989, and 100,000, 200,000 and 500,000 złotych in 1990. Grosz coins were rendered worthless and coins were mostly made out of aluminium (with the exception of the commemorative ones).

Given the circumstances, the only solution appeared to be the liberisation of the economy. In 1988 Mieczysław Rakowski was forced to accept the possibility of transition of the state enterprises into private hands. In fact, as stated earlier, smaller enterprises were private, and 18% of GDP was made by private sector, additional 10% – by the cooperatives. These were not, however, the Perestroika cooperatives, but ones with limited experience in the market economy. These were ready to transfer to a market economy. The Communist authorities had to admit they had no grip on the economy, which was another reason to introduce changes.

Leszek Balcerowicz was behind the idea of shifting the economic basis from state-based to free-trade. To achieve this, the following were introduced:

• Liberalisation of prices. This caused very high inflation in Poland (585.5% per annum in 1990 alone);


• The state gave free access to all areas of economic enterprise (January 1989 - January 1990);


• Fresh budget cuts on the state-owned enterprises and lowering the tempo of inflation to more normal levels


• New financing and credit policies as well as the attraction of direct investments;


• Measures to increase the convertibility of the national currency in all operations;


• Liquidation of foreign trade controls (1990).

The worst years of the crisis began in 1988, when the level of inflation rose higher than 60% per annum. Inflation peaked in 1990, characterised as hyperinflation, as the monthly rate was higher than 50%. However, by December 1991 it decreased below 60% per annum, and by 1993 it firmly established below 40%, which was an acceptable inflation rate for the economy. As a result, the złoty regained the confidence of foreign investors. The remaining issue was the redenomination of the depreciated złoty.

Polish złoty coins (PLZ)