The word złoty is a masculine form of the Polish adjective 'golden', which closely relates with its name to the guilder whereas the grosz subunit was based on the groschen, cognate to the English word groat. It was officially introduced to replace its predecessor, the Polish marka, on 28 February 1919 and began circulation in 1924. The only bodies permitted to manufacture or mint złoty coins and banknotes are Polish Security Printing Works (PWPW), founded in Warsaw on 25 January 1919, and Mennica Polska, founded in Warsaw on 10 February 1766.
As a result of inflation in the early 1990s, the currency underwent redenomination. Thus, on 1 January 1995, 10,000 old złoty (PLZ) became one new złoty (PLN). As a member of the European Union, Poland is obligated to adopt the euro when all specific conditions are met, however there is no time limit for fulfilling all of them.
Fractions should be rendered with złotego[zwɔˈtɛɡɔ] and grosza[ˈɡrɔʂa], for example 0.1 złotego; 2.5 złotego and so on.
Native English speakers or English-language sources tend to avoid the complexity of plural forms and in turn use "złoty" for all denominations, for instance 2 złoty and 100 złoty instead of 2 złote and 100 złotych.[citation needed]
Symbol
Keyboard of Łucznik 1016 typewriter with zł key (shared with ; symbol) in the top row.
The official currency symbol is zł, composed of lowercase z and ł which are the two first letters of "złoty".[5] It has no representation in the Unicode Standard as a single sign, but previously it had representation in Polish typewriters and computers.[6] The symbol of the "grosz" subunit is represented by lowercase gr.[7]
The first form of tangible currency in Poland was the denarius (denar), which circulated since the 10th century.[8] During this period, Polish coinage had a single face value and was minted from bullion, primarily silver, but also compounded with copper and other precious metals.[9] The standard unit of mass used at the time was the grzywna rather than the pound, with one grzywna being equivalent to 240 denars.[10] From the 1300s to the mid-16th century, the Prague groschen (or groat) dominated the market and its high supply reduced the demand for a national currency across Central Europe.[11] Certain cities and autonomous regions of the Polish Kingdom held the privilege of minting its own currency, for instance the shilling (szeląg) in the Duchy of Prussia, which Poland co-adopted in 1526.[12]
Initially, the term "złoty" (lit. the golden one) was used in the 14th and 15th centuries for a number of foreign gold coins, most notably Venetianducats, florins and guldens. In 1496, the Sejm parliament debated on the creation of a domestic currency and approved the złoty, which until then acted as a unit of account.[13] An exchange rate of 30 grosz was imposed for one gold piece, which remained the traditional subdivision until the 19th century.[14] In the years 1526–1535, as part of an extensive monetary reform proposed by Nicolaus Copernicus and Justus Decius, king Sigismund I defined the złoty as a legal tender in the minting ordinance on 16 February 1528.[15]
The Polish monetary system stayed complex and intricate from the 16th to 18th centuries until a monetary reform was done by Stanisław II Augustus which removed all other monetary units except the złoty divided into 30 groszy. Polish currency was then linked to that of the Holy Roman Empire by setting the Conventionsthaler = 8 złoty = 23.3856 g fine silver and the North German thaler = 6 złoty = 17.5392 g silver (hence 2.9232 g silver in a złoty).
Radical changes to the currency were made during the Kościuszko Uprising. The second partition of the vast Polish–Lithuanian Commonwealth resulted in the loss of approximately 200,000 square kilometres of land and precipitated an economic collapse. The widespread shortage of funds to finance the defense of remaining territories forced the insurrectionist government to look for alternatives. In June 1794, Tadeusz Kościuszko began printing paper money and issuing first Polish banknotes as a substitute for coinage, which could not be minted in required quantities.[16] These entered circulation on 13 August 1794.
The złoty remained in circulation after the Partitions of Poland and Napoleon's Duchy of Warsaw issued coins denominated in grosz, złoty and talars, with the talar (thaler) of 6 złoty slightly reduced in value to the Prussian thaler of 16.704 g fine silver (hence 2.784 g silver in a złoty).[17] Talar banknotes were also issued. In 1813, while Zamość was under siege, the town authorities issued 6 grosz and 2 złoty coins. Following the 1815 Congress of Vienna, Austrian and Russian sectors of partitioned Poland continued to use the złoty for some time; whereas the German sector replaced the talar and złoty with the Prussian thaler and afterwards the German gold mark.
On 19 November O.S. (1 December N.S.) 1815, the law regarding the monetary system of Congress Poland (in Russia) was passed, which pegged the złoty at 15 kopecks (0.15 Imperial roubles, or almost 2.7 g fine silver) and the groszy at 1⁄2 kopeck, and with silver 1, 2, 5 and 10 złotych coins issued from 1816 to 1855.
At the time of the 1830 November Uprising, the insurrectionists issued their own "rebel money" – golden ducats and silver coins in the denomination of 2 and 5 złoty, with the revolutionary coat of arms, and the copper 3 and 10 grosz.[18] These coins were still traded long after the uprising was quelled. As a consequence of the uprising, the rubel became the sole legal tender of Congress Poland since 1842, although coins marked as złoty in parallel with ruble were minted in Warsaw until 1865 and remained legal until 1890. In 1892 the Austro-Hungarian krone was introduced in Austrian Galicia. Between 1835 and 1846, the Free City of Kraków also used its own independent currency, the Kraków złoty, with the coins actually being made in Vienna, it remained legal until 1857.
During World War I, the rouble and krone were replaced by the Polish marka, a currency initially equivalent to the German mark. The marka stayed in use after Poland regained its independence in 1918, but was extremely unstable, disrupted the whole economy, and triggered galloping inflation.
Second złoty
The złoty was reintroduced in 1924 and replaced the marka (Mp 500 banknote pictured above).A 20-złotych banknote featuring Emilia Plater from 1936.
The złoty was reintroduced by the Minister of Finance, Władysław Grabski, in April 1924.[19] It replaced the marka at a rate of 1 złoty equaling 1,800,000 marks and was subdivided into 100 grosz, instead of the traditional 30 grosz, as it had been earlier.[20]
Following its inauguration, the second złoty was pegged to the United States dollar through a stabilization loan provided by the Federal Reserve Bank of New York.[21] The budget deficit ballooned and out-of-control inflation ensued. The złoty began to stabilise in 1926 (chiefly due to significant exports of coal),[22] and was re-set on the dollar-złoty rate 50% higher than in 1924. Up to 1933 the złoty was freely exchanged into gold and foreign currency. Based on these developments, the Polish government made the decision to adopt the gold standard and maintain it for a significant period to attract global investors.[23]
Under the occupation during World War II, the Germans created an Emissary Bank (Bank Emisyjny) in Kraków, as Polish bank officials fled to Paris in France.[24] It started operating on 8 April 1940, and in May old banknotes from 1924 to 1939 were overstamped by the new entity.[25] Money exchange was limited per individual; the limits varied according to the status of the person. The fixed exchange rate was 2 złoty per 1 Reichsmark.[26] A new issue of notes appeared in the years 1940–1941.[27]
On 15 January 1945 the National Bank of Poland was formed, and a new printing plant opened in Łódź.[28] The series II and III notes were designed by Ryszard Kleczewski and Wacław Borowski. The first three series were taken out of circulation in line with legislation signed on 28 October 1950, covering the introduction of a new złoty with a revived coinage system.[29]
Third złoty (PLZ)
In 1950, the third złoty (PLZ) was introduced, replacing all notes issued up to 1948 at a rate of one hundred to one, while all bank assets were re-denominated in the ratio 100:3. The new banknotes were dated in 1948, while the new coins were dated in 1949. Initially, by law with effect from 1950 1 złoty was worth 0.222168 grams of pure gold.[30] The banknotes went from 10 zlotych all the way to 5 million zlotych.[31]
With the fall of communism in 1989 and successive hyperinflation in 1990, the złoty had to be redenominated. On 11 May 1994, a redenomination project from the NBP was approved; the act allowing the project to come into force was ratified on 7 July 1994.[32] Thus, on 1 January 1995 the old 10,000 PLZ became the new 1 PLN.[26] Redesigned coins and banknotes were released, featuring Polish monarchs, which were printed by De La Rue in London (until 1997) and PWPW in Warsaw (from 1997).[33]
Between 2013 and 2014, the banknotes received additional security features. The design does not differ greatly from the original 1994 series, but are distinguishable by the added white-coloured field with a watermark on the obverse. The updated notes also possess randomly arranged dotting, which are part of the EURion constellation.[34]
On 10 February 2017, a 500zł banknote with the likeness of John III Sobieski began circulating.[35] On 2 October 2019, the 19 złotych note was released.[36] In 2021, Adam Glapiński, president of the National Bank of Poland, announced that a 1000zł note will be introduced in the near future.[37]
One of the conditions of Poland's joining the European Union in May 2004 obliges the country to eventually adopt the euro, though not at any specific date and only after Poland meets the necessary stability criteria. Serious discussions regarding joining the Eurozone have ensued.[38][39][40] Article 227[41] of the Constitution of the Republic of Poland will need to be amended first.[42] While opinion on the euro has not always been in favor, 2022 opinion polling on behalf of the European Commission found around 60% support for adopting the Euro.[43]
Banknotes
The banknotes range from 12 to 15 centimetres in length and from 60 to 75 millimetres in width. The length increases by 6mm and the width by 3mm with every higher denomination. The obverse features the left profile of a Polish monarch clothed in armour or royal regalia; the sovereigns are arranged chronologically based on the period of reign. The reverse illustrates important landmarks, early coinage or important objects from Poland's history. Architectural elements comprising portals, columns, windows or flower motifs are scattered throughout each banknote, both on the obverse and on the reverse. Predominant colours used include shades of brown, pink or purple, blue, green and gold. Face value is given in numerals in the upper-left and upper-right corners on the obverse, and in the upper-right corner on the reverse. The written form of the nominal value is embedded vertically on the obverse and horizontally on the reverse.[34]
The notes are adorned by the shieldless coat of arms of the Republic of Poland, along with signatures of the President and General Treasurer of NBP – the National Bank of Poland.[34]
1.3 (Kurland grosz) or 3.4 grams ("Kingdom" grosz);
3.89 g (Stanislaus II Augustus)
Grosz, 1536Grosz of Sigismund III Vasa, 1626Latin: "GROSI CRACOVIENSESS" ("Kraków grosz"); Casimir III the GreatLatin: "DEI GRATIA REX POLONIE", "KAZIMIRUS PRIMUS" ("By the grace of God, King of Poland", "Casimir I")
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
These images are to scale at 0.7 pixel per millimetre. For table standards, see the banknote specification table.
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 millimetre. 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
Frédéric Chopin, the mansion in Żelazowa Wola where the composer was born, reproduction of the first edition of Mazurka in B-flat major, Opus 7 No 1, Chopin's autograph.
Facsimile of a fragment of Étude in f-minor, Opus 10, No 9; landscape in Central Poland with Masovian willows.
Chopin
120,000
26 February 2010
20 zł
138×69
Brown and green
Maria Skłodowska-Curie, Sorbona w Paryżu (Sorbonne school building in Paris), Coat of arms, Ra (atomic symbol for radium) in SPARK patch in concentric circles.
Curie quotation ("I have detected the radium, but not created it; the glory does not belong to me, but it is the property of the whole mankind."), Instytut Radowy w Warszawie (Radium Institute building in Warsaw); Nobel Prize medal for chemistry.
Marie Skłodowska Curie and electrotype denomination
60,000
12 December 2011
20 zł
147×67
Green, brown, yellow and blue
Belvedere Palace hologram; coat of arms with crowned eagle; Commander Józef Klemens Piłsudski wearing military uniform.
Eagle badge of the Polish Legions; Grand Cross (with Star) of the Order of Virtuti Militari; badge of the First Brigade of the Polish Legions; Belvedere Palace hologram.
^Adam Dylewski; Katarzyna Kucharczuk (2012). Od denara do złotego. Dzieje pieniądza w Polsce. Vol. 1st Edition. Warszawa (Warsaw): CARTA BLANCA Sp. z o.o. Grupa Wydawnicza PWN. p. 45. ISBN978-83-7705-206-8.
^"Szeląg". Wirtualny Sztetl (in Polish). POLIN. n.d. Retrieved 30 October 2021.
^Centrum Pieniądza (2018). "History of the Złoty"(PDF). Narodowy Bank Polski (NBP). Retrieved 30 October 2021.
^Centrum Pieniądza (2018). "History of the Złoty"(PDF). Narodowy Bank Polski (NBP). Retrieved 30 October 2021.
^Dylewski, Adam (2011). Historia pieniądza na ziemiach polskich. Warszawa (Warsaw): CARTA BLANCA Sp. z o.o. Grupa Wydawnicza PWN. p. 161. ISBN978-83-7705-068-2.
^Centrum Pieniądza (2018). "History of the Złoty"(PDF). Narodowy Bank Polski (NBP). Retrieved 30 October 2021.
^Steiner, Zara (2005). The lights that failed: European international history, 1919-1933. Oxford: Oxford University Press. ISBN978-0-19-151881-2. OCLC86068902.
^The nominative plural, used for numbers ending in 2, 3 and 4 (except those in 12, 13 and 14), is złote[ˈzwɔtɛ]; the genitive plural, used for all other numbers, is złotych[ˈzwɔtɘx]
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