Polish złoty

Not to be confused with Zloți.
Polish złoty .
Polski złoty  (Polish)
200-złotych banknote obverse5-złotych coin obverse
ISO 4217 code PLN
Central bank National Bank of Poland
 Website www.nbp.pl
User(s) Poland
Inflation −1.3%
 Source [1] (April 2015)
Subunit
 1⁄100 Grosz
Symbol zł
 Grosz gr
Plural The language(s) of this currency belong(s) to the Slavic languages. There is more than one way to construct plural forms.
Coins 1gr, 2gr, 5gr, 10gr, 20gr, 50gr, 1zł, 2zł, 5zł
Banknotes 10zł, 20zł, 50zł, 100zł, 200zł
Mint Mennica Polska
 Website www.mennica.com.pl

The złoty (pronounced [ˈzwɔtɨ];[2] sign: zł; code: PLN), which literally means "golden", is the currency of Poland. The modern złoty is subdivided into 100 groszy (singular: grosz; alternative plural forms: grosze and groszy). The recognized English form of the word is zloty, plural zloty or zlotys.[3] The currency sign, zł, is composed of Polish small letters z and ł (Unicode: 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 January 1, 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 5 złoty for a United States dollar.

History

Before the złoty

The predecessors of the złoty, according to historians, 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 hrywna was worth 48 groszy; a kopa cost 60 groszy.

First złoty

Kingdom of Poland and Polish–Lithuanian Commonwealth

The złoty (golden) is a traditional Polish currency unit dating back to the 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. One złoty at the very beginning of their introduction cost 12–14 groszy; however, groszy 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. 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 by 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; by the reign of Sigismund III Vasa 1 złoty was worth 90 groszy, while a ducat was worth 180 groszy.

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

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.

Following the monetary reform carried out by King Stanisław August Poniatowski, the złoty became Poland's official currency and the exchange rate of 1 złoty to 30 groszy was confirmed. The king came to 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 groschen). 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.

The Kościuszko Insurrection and Russian part of Poland until 1807

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, as well as 5 and 10 groszy, and 1 and 4 złoty coins (later banknotes).

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.

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 15 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:

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. 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. 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.

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
Main article: Kraków złoty

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

Main article: Polish marka

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 didn't rise significantly, so not to gain resent from people. 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 Poniatowski's abdication, with post-Prussian territories the best developed, and Galicia and 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 shorten expenditures. The Sejm accepted it, but made a lot of corrections. The 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 not worth much. 10 million marks cost only US$1,073 in January 1924. Some immediate action had to be taken. Władysław Grabski was invited to stop the pending hyperinflation. The second Polish złoty was created.

Second złoty

Władysław Grabski monetary reform

The złoty was reintroduced as Poland's currency by Władysław Grabski in 1924, following the hyperinflation and monetary chaos of the years after 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 was 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 it was not immediately. The temporary solution of the problem was ingenious. A 500,000 mark banknote was cut in two, and on each side there were overstamps that showed these were 1 grosz "coins". The same happened with the 10,000,000 marks, to make 2 "coins" worth 5 groszy. This was not suitable at all, but somehow, people had to get at least some money.

Transition to złoty

When second złoty was created, it was pegged to the US dollar. The Sejm was a weak institution when it came to the financial control in the country. Parties demanded the government to spend more money, which was not foreseen in the budget.

The deficite in the budget occurred, and inflation was at the brink of coming out of control. The government tried with all efforts to cut the expenditures, and it often came into conflict with the Sejm. However, the government didn't allow the hyperinflation come again. To achieve that, the government made an emission of securities, which went along with the temporary "bilety zdawkowe", coins and złoty banknotes printed in 1919.

By the end of 1925 the Polish government couldn't pay off the released securities. The economy of Poland was at the brink of crack.

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

Even though, Grabski refused to receive foreign help, because he was afraid Poland would become dependent from the League of Nations. The Polish PM thought that as soon as złoty would become stable, the foreign creditors would give credits and investments on more favourable conditions than were proposed at that time. However, the lack of trust in the Polish economy had made these thoughts impossible.

Because of Grabski's position, Poland was trying to attract foreign investors. His government was forced to sell some country's property on unfavourable conditions, without any significant effects. In total, złoty has become 50% cheaper than it was in 1923, Grabski resigned from his post, however, the hyperinflation was averted.

Problems further occurred in Poland's economy, especially because of the 1920 social protection act. It was now evident that the system can't work anymore. The apogeum of the crisis came in November 1925. PPS demanded to make a so-called sanation. On 14 November 1925 Piłsudski claimed he was disturbed by such a crisis.

Piłsudski's reforms

In May 1926 a coup d'état was made, which resulted in Piłsudski becoming the authoritarian leader of Poland. Almost immediately(in the Q3), the budget was stabilized. The tax incomes rose significantly, a credit was taken from the USA, and the Bank of Poland's policy was now more strongly controlled by the government. That stopped the Polish economy's deterioration.

As it was earlier in the case with Austria and Hungary, a special monitoring commission arrived in Poland to analize the economic situation. The head of the commission was E. Kemmerer, the American professor.

Złoty, which started to devaluate in 1925, started to stabilize the next year(mainly thanks to big exports of coal), and was set on the dollar-złoty rate 50% higher than in 1924. Up to 1933 złoty was freely exchanged into gold and foreign currencies. Polish government has made the conclusions from the previous years, so the golden standard of złoty was introduced.

In 1924-1925 there was a big outflow of capital from the banks, but 1926 saw people investing actively in the banks. As said earlier, the main factor that made the economic progress was the increased demand for coal. However, in 1927 the economic growth was slowed down because of overrated złoty. As a result, the coal was too expensive, and the amount of bought coal diminished, while import became cheaper than export, and the trade balance turned to negative. Again, Poland plunged into crisis. In total, the economic growth in years 1926 to 1929 wasn't strongly felt. The main reason for that was the decline of industry, which was inflicted by the decline of the demand for Polish items. The crisis lasted until the mid-30s. It was deepened by the Great Crisis of 1929-1932.

Polish złoty in 1930s

As Poland entered another economical crisis, the government took action to remove the budget deficit by cutting the expenses again that did not concern the army. Even though a third of expenses was reduced, deficit persisted. The capital in Poland from taxpayers that should have been leading the country out of crisis was spent instead to pay out the debt burden. Some of the money necessary for the economy was given out by the government to creditors and foreign banks. To further cut the expenses Poland had to import less and export more. The tariffs were risen again for foreign products, while subsidies were given to exporters.

In 1935 Piłusdski died, and the power came to the generals. They were very disturbed by the crisis. Poland was yet an argarian country(61% of population in 1931). To reform the economy, the government was thinking about further intervention. As a result, Poland nationalized the industry in 1935-1939, starting the work communists ended later. The amount of produced goods exceeded the expectations in the state-owned factories. The result was instant - the economy stabilized, there were no fears for further devaluation of złoty, and rapid growth was seen. However, the World War II ended all the prosperity abruptly. The government had to flee from Germans. 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(with the exception of 1, 2 and 10 złotych). Those were printed in the USA.

Commemoraive coins of the Second Polish Republic

General Government

500 zł banknote from 1940

When Germans created the General Government, the first thing about the paper money they started doing was withdrawing 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.

The 100 złotych banknotes were overstamped with an red inscription: "Generalgouvernement / für die besetzen polnischen Gebiete"(The General Government / for the occupied 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 in Kraków, as the Bank Polski officials urgently 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 (Pole, Jew, etc.). The fixed exchange rate 1 Reichsmark = 2 złote was established. A new issue of notes appeared in 1941. The General Government also issued coins using similar designs to earlier types but with cheaper metals.

Lublin Poland

New złoty banknotes were introduced after July 22, 1944, by the Narodowy Bank Polski. They circulated until 1950.

Third złoty

20 zł note from the third series

In 1950, a new złoty (PLZ) was introduced, replacing all earlier issues at a rate of one hundred to one. The new banknotes were dated 1948, while the new coins were dated 1949. Initially by law from 1950 1 złoty (zł) = 0.222168 g of pure gold, see also Dziennik Ustaw 50, 459. From January 1, 1990, it was a convertible currency.

Between 1950 and 1990, a unit known as the złoty dewizowy (which can be roughly translated as the "foreign exchange złoty") was used as an artificial currency for calculation purposes only. It existed because at the time the złoty was not convertible and its official rate of exchange was set by the Government, and there existed several exchange rates depending on the purpose of the transaction and who was exchanging, i.e., a given amount in złoty could be exchanged for, say, US dollars at one of several official exchange rates depending on what was to be bought for the hard currency and the company that was buying foreign exchange; it worked similarly when a company had some earnings in Western currency and wanted (or needed) to convert them into złotych. The exchange rate did not depend on the amount being converted. Visitors from countries outside of the Soviet Bloc were offered a particularly poor exchange rate. Concurrently, the private black-market exchange rate contrasted sharply with the official government exchange rate until the end of communist rule in 1989 when official rates were tied to market rates.

Fourth złoty

The new Polish złoty (PLN) is the unofficial name of the current currency of Poland, introduced on January 1, 1995, as a result of the redenomination of the old currency. The official name of the Polish currency did not change since the Polish currency law of 1950 (DZ.U nr 50. poz. 459 with later changes), which defines the official currency as the złoty, up to one million denominated notes remains in effect. The redenomination rate was 10,000 old Polish złoty to 1 new Polish złoty. The issuing bank is the National Bank of Poland. See also original law from 7 July 1994 Dziennik Ustaw Nr 84, 386

Future

Conditions of Poland's joining the European Union (in May 2004) oblige the country to eventually adopt the euro, though not at any specific date and only after Poland meets the necessary stability criteria. Serious discussions of joining the Eurozone have ensued.[9][10][11] However, article 227[12] of the Constitution of the Republic of Poland will need to be amended first,[13] so it seems unlikely that Poland will adopt the euro before 2019.[14] Public opinion research by CBOS from March 2011 shows that 60% of Poles are against changing their currency. Only 32% of Poles want to adopt the euro, compared to 41% in April 2010.[15]

Coins

First złoty coins

In the late 18th century, coins were issued in denominations of 1⁄3, 1⁄2, 1, 3, 6, 7 1⁄2, 10 and 15 groszy, 1, 2, 4, 6 and 8 złotych. The 1⁄3 and 1⁄2 grosz were denominated as the solidus and polgrosz, whilst the 7 1⁄2 and 15 groszy (copper) were denominated as 1 and 2 silver groschen. Coins up to 3 grosz were minted in copper, those between 6 and 15 grosz were billon whilst the denominations from 1 złoty upward were in silver.

The Duchy of Warsaw issued copper 1 and 3 grosze, billon 5 and 10 groszy and silver 1⁄6, 1⁄3 and 1 talar. After 1816, the Congress Poland issued copper 1 and 3 grosze, billon 5 and 10 groszy, silver 1, 2, 5 and 10 złotych, and gold 25 and 50 złotych. During the insurrection of 1831, coins were minted for 3 and 10 groszy, 2 and 5 złotych.

Between 1832 and 1834, coins denominated in both Polish and Russian currencies were issued, for 1 złoty (15 kopeck), 2 złote (30 kopeck), 5 złotych (3⁄4 ruble), 10 złotych (1 1⁄2 ruble) and 20 złotych (3 ruble). These were issued, along with the copper and billon coins, until 1841. In 1842, Russian coins were introduced, supplemented by 40 groszy (20 kopeck) and 50 groszy (25 kopeck) coins. These two coins were issued until 1850.

Second złoty coins

In 1924, coins were introduced in denominations of 1, 2, 5, 10, 20 and 50 groszy, and 1 and 2 złote. The lowest three denominations were first minted in brass, then in bronze. The 10, 20 and 50 groszy were in nickel, with the higher denominations in silver. Gold 10 and 20 złotych coins were minted in 1925. Silver 5 złotych coins were introduced in 1928. The size of the silver coins was reduced in 1932, a move accompanied by the introduction of silver 10 złotych coins. During the German occupation of World War II, 1, 5, 10 and 20 groszy coins were issued (dated 1923) in zinc and 50 groszy (dated 1938) in nickel plated iron or iron.

Third złoty coins

In 1950, coins were issued for 1, 2, 5, 10, 20 and 50 groszy and 1 złoty. All denominations were minted in aluminium. Previously (1949) the 5 groszy was minted in bronze, the denominations above 5 groszy minted in cupro-nickel and 1 and 2 groszy were in aluminium. From 1957, aluminium coins for 5, 10, 20 and 50 groszy and 1 złoty were issued, with aluminium 2 and 5 złotych introduced in 1958. Cupro-nickel 10 and 20 złotych followed in 1959 and 1973, respectively. Brass 2 and 5 złotych were introduced in 1975, reverting to aluminium in 1989. In 1990, 1 (aluminium), 10, 20, 50 and 100 złotych coins were issued, although they saw little circulation due to the high inflation occurring at that time.

Fourth złoty coins

Coins were introduced in 1995 (dated from 1990) in denominations of 1, 2, 5 (colloquially called miedziaki corresponding to its copper colour or dziady as coins with very low value and identified with poor people), 10, 20 and 50 groszy, 1 (colloquially called złotówka), 2 (colloquially called dwózłotówka) and 5 złotych (colloquially called pięciozłotówka). The 1, 2, and 5 groszy are minted in brass, and the 10, 20 and 50 groszy and 1 złoty in cupro-nickel, whilst the 2 and 5 złotych are bimetallic. 10, 20, 25, 50, 100, 200 and 500 złotych coins also exist and are legal tender, but are not in normal circulation. The 5, 10 and 20 złotych coins are often made of silver, whilst the 25, 50, 100, 200 and 500 złotych coins are made of gold. They are minted by the Mint of Poland and issued by the Bank of Poland for the main purpose of numismatics. Until 2014, commemorative 2 zl coins were issued every year, an average of 20 annually, made of Nordic Gold; they are legal tender, but not recommended for circulation. In 2014, the Polish Mint introduced new versions of the 1, 2 and 5 groszy coins, minted in brass-plated steel.

Emission

The emission of zloty and grosz coins is shown in the tables.[16]

Year\coin 5 zł 2 zł 1 zł 50 gr 20 gr 10 gr 5 gr 2 gr 1 gr Total amount Worth
1990 20,240,000 29,152,000 25,100,000 43,055,000 70,240,000 34,400,000 29,140,000 251,327,000 48,632,900 PLZ
1991 60,080,000 99,120,000 75,400,000 123,164,300 171,040,000 97,410,000 79,000,000 705,214,300 148,326,630 PLZ
1992 102,240,000 116,000,000 106,100,001 210,000,005 103,784,000 157,000,003 362,000,000 1,157,124,009 214,409,200.76 PLZ
1993 20,904,000 84,240,008 20,280,101 80,780,000 206,204,109 31,149,805.85 PLZ
1994 112,896,033 79,644,000 69,956,000 262,496,033 793,724,165 PLZ
1995 122,880,020 99,740,122 101,600,113 102,280,109 426,500,364 377,323,019.59 PLN
1996 52,940,003 29,745,000 82,685,003 270,649,015 PLN
1997 59,755,000 92,400,002 103,080,002 255,235,004 14,829,800.06 PLN
1998 52,500,000 62,695,000 93,472,002 154,840,050 257,640,003 621,147,055 27,116,301.13 PLN
1999 25,985,000 47,040,000 99,024,000 187,900,000 203,970,000 563,919,000 20,649,900 PLN
2000 52,135,000 104,060,000 75,600,000 94,500,000 210,100,000 536,395,000 28,604,000 PLN
2001 41,980,001 62,820,000 67,368,000 84,000,000 210,000,020 466,168,021 21,826,400.40 PLN
2002 10,500,000 10,500,000 67,200,000 83,910,000 240,000,000 412,110,000 10,588,200 PLN
2003 20,400,000 31,500,000 48,000,000 80,000,000 250,000,000 429,900,000 13,730,000 PLN
2004 40,000,025 70,500,000 62,500,000 100,000,000 300,000,000 573,000,025 23,175,005 PLN
2005 5,000,000 37,000,025 94,000,000 113,000,000 163,003,250 375,000,000 787,003,275 39,460,070 PLN
2006 5,000,000 35,000,000 40,000,000 80,000,000 35,500,000 PLN
2007 20,000,000 68,000,000 100,000,000 116,000,000 160,000,000 330,000,000 794,000,000 75,900,000 PLN
2008 5,000,000 15,000,000 5,000,000 13,000,000 91,000,000 103,000,000 107,000,000 172,000,000 316,000,000 827,000,000 106,950,000 PLN
2009 59,000,000 62,000,000 34,000,000 57,000,000 133,000,000 146,000,000 160,000,000 222,000,000 338,000,000 1,211,000,000 538,520,000 PLN
2010 30,000,000 15,000,000 3,000,000 12,000,000 45,000,000 62,000,000 100,000,000 120,000,000 150,000,000 537,000,000 213,100,000 PLN
2011 10,000,000 15,000,000 80,000,000 90,000,000 150,000,000 270,000,000 615,000,000 26,200,200 PLN
2012 10,000,000 12,000,000 38,000,000 136,000,000 60,000,000 100,000,000 365,000,000 721,000,000 45,850,000 PLN
2013 21,000,000 30,000,000 36,000,000 142,000,000 88,000,000 150,000,000 323,000,000 790,000,000 68,030,000 PLN
2014 28,000,000 35,250,000 28,400,000 46,000,000 88,000,000 96,004,500 137,084,750 420,924,900 879,664,150 135,201,169 PLN
2015 38,040,000 34,350,000 39,000,000 44,010,000 78,030,000 112,050,000 115,050,000 129,870,000 388,560,000 978,960,000 358,951,500 PLN
Total 297,876,036 386,874,020 520,410,122 587,282,113 1,166,630,052 1,912,624,313 1,923,562,003 2,670,318,055 5,704,475,034 15,170,052,718 3,708,396,951.79 zł
Worth 1,489,380,180 zł 773,748,040 zł 520,410,122 zł 293,641,056.50 zł 233,326,010.40 zł 191,262,431.30 zł 96,178,100.15 zł 53,406,361.10 zł 57,044,750.34 zł -
Note. Coins from 1990-1994 are valid, but were released as third(PLZ), not fourth(PLN), Polish złoty coins.

Banknotes

First złoty banknotes

In 1794, treasury notes were issued in denominations of 5 and 10 groszy, 1 złoty, 4 złote, 5, 10, 25, 50, 100, 500 and 1000 złotych. The Duchy of Warsaw issued notes for 1, 2 and 5 talarów.

In 1836, the Bank Kassowy Królestwa Polskiego issued notes for 10, 50 and 100 złotych. The Bank Polski issued notes dated 1830 and 1831 in denominations of 1, 5, 50 and 100 złotych, whilst assignats for 200 and 500 złotych were issued during the insurrection of 1831. From 1841, the Bank Polski issued notes denominated in rubel.

Second złoty banknotes

In 1924, along with provisional notes (overprints on old, bisected notes) for 1 and 5 groszy, the Ministry of Finance issued notes for 10, 20 and 50 groszy, whilst the Bank Polski introduced 1, 2, 5, 10, 20, 50, 100, 500 and 1000 złotych. From 1925, the Ministry of Finance issued 2 and 5 złotych notes, before they were replaced by silver coins, and the Bank Polski issued 5, 10, 20 and 50 złotych notes, with 100 złotych only reintroduced in 1932. In 1936, the Bank Polski issued 2 złote notes, followed in 1938 by Ministry of Finance notes for 1 złoty.

In 1939, the General Government overprinted 100 złotych notes for use before, in 1940, the Bank Emisyjny w Polsce was set up and issued notes for 1, 2, 5, 10, 20, 50, 100 and 500 złotych. After liberation, notes (dated 1944) were introduced by the Narodowy Bank Polski for 50 grosz, 1, 2, 5, 10, 20, 50, 100 and 500 złotych, with 1000 złotych notes added in 1945.

Third złoty banknotes

In 1950, new notes (dated 1948), were introduced for 2 złote, 5, 10, 20, 50, 100 and 500 złotych. 1000 złotych notes were added in 1962. 200 and 2000 złotych notes were added in 1976 and 1977, followed by 5000 złotych notes in 1982. The late 1980s and early 1990s saw high inflation in Poland and led to the introduction of notes in denominations of 10,000 (in 1987), 20,000 (1989), 50,000 (1989), 100,000 (1990), 200,000 (1989), 500,000 (1990), 1,000,000 (1991) and 2,000,000 złotych (1992). A possible 5,000,000 zlotych banknotes with the portrait of Marshall Jozef Pilsudski was in planning, but scrapped after the fall of Communism. These notes (and coins of course) were valid (with the exception of the 200,000 one) until the end of 1996. They could be exchanged at the National Bank of Poland (and some banks obligated to it by the NBP) until December 31, 2010; they are no longer legal tender.

Fourth złoty banknotes

In 1995, notes were introduced in denominations of 10 (colloquially called dycha), 20, 50, 100 (colloquially called stówa or stówka) and 200 złotych. Since 2006 several commemorative banknotes for collectors have been issued.

On September 24, 2013, the National Bank of Poland presented new banknotes in denominations of 10, 20, 50 and 100 złotych. The designs of the originals have remained unchanged, but the security features have been improved, such as, among others, an outdoor field watermark, enhanced security on both front and back, and the introduction of an opaque paint. The new banknotes were put into circulation on April 7, 2014. On June 23, 2015, a new banknote of 200 złotych was presented, which is planned for introduction in February 2016 and also announced plans of introduction of a new denomination of 500 złotych with Jan III Sobieski in 2017. All old banknotes from the 1994 series are valid indefinitely.[17]

First series, "Sovereigns of Poland", (1994)[18]
Image Value Dimensions Watermark Description Date of
Obverse Reverse Obverse Reverse printing issue annul
10 zł 120 × 60 mm As portrait Mieszko I Silver denar coin during the reign of Mieszko I 25 March 1994 1 January 1995 current
20 zł 126 × 63 mm Bolesław I the Brave Silver denar coin during the reign of Bolesław I Chrobry
50 zł 132 × 66 mm Casimir III the Great White Eagle from the royal seal of Casimir III the Great and the regalia of Poland: sceptre and globus cruciger
100 zł 138 × 69 mm Władysław II Jagiełło Shield bearing a White Eagle from the tombstone of Władysław II Jagiełło, coat of the Teutonic Knights and the Grunwald Swords 1 June 1995
200 zł 144 × 72 mm Sigismund I the Old Eagle intertwined with the letter S in a hexagon, from the Sigismund's Chapel
These images are to scale at 0.7 pixels per millimeter. For table standards, see the banknote specification table.
Second series, "Sovereigns of Poland", (2012)
Image Value Dimensions Watermark Description Date of
Obverse Reverse Obverse Reverse printing issue annul
10 zł 120 × 60 mm As portrait Mieszko I Silver denar coin during the reign of Mieszko I 5 January 2012 7 April 2014 current
20 zł 126 × 63 mm Bolesław I the Brave Silver denar coin during the reign of Bolesław I Chrobry
50 zł 132 × 66 mm Casimir III the Great White Eagle from the royal seal of Casimir III the Great and the regalia of Poland: sceptre and globus cruciger
100 zł 138 × 69 mm Władysław II Jagiełło Shield bearing a White Eagle from the tombstone of Władysław II Jagiełło, coat of the Teutonic Knights and the Grunwald Swords
200 zł 144 × 72 mm Sigismund I the Old Eagle intertwined with the letter S in a hexagon, from the Sigismund's Chapel 30 March 2015 12 February 2016
500 zł 150 × 75 mm As portrait ? John III Sobieski ? ? 2017 (TBA) planned

These images are to scale at 0.7 pixels per millimeter. For table standards, see the banknote specification table.

Exchange rates

Year USD EUR DEM GBP CHF JPY
1990 9500,00 12070,50 5864,19 16862,50 6884,05 6545,00
1991 10584,26 13088,29 6378,62 18 652,81 7379,05 7872,35
1992 13630,12 17662,35 8761,51 24009,90 9742,76 10777,66
1993 18164,84 21204,91 10975,20 27274,86 12308,00 16416,00
1994 22726,95 26913,49 14049,60 34772,23 16670,93 22416,00
Re-denomination(10000:1)
1995 2,4244 3,1358 1,6928 3,8257 2,0545 0,0258
1996 2,6965 3,3774 1,7920 4,2154 2,1826 0,0248
1997 3,2808 3,7055 1,8918 5,3751 2,2627 0,0272
1998 3,4937 3,9231 1,9888 5,7907 2,4149 0,0268
1999 3,9675 4,2270 2,1612 6,4197 2,6413 0,0350
2000 4,3464 4,0110 2,0508 6,5787 2,5747 0,0403
2001 4,0939 3,6685 end 1,9558 5,8971 2,4298 0,0337
2002 4,0795 3,8557 – 6,1293 2,6288 0,0329
2003 3,8889 4,3978 6,3570 2,8911 0,0339
2004 3,6540 4,5340 6,6904 2,9370 0,0337
2005 3,2348 4,0254 5,8833 2,5999 0,0294
2006 3,1025 3,8951 5,7116 2,4761 0,0266
2007 2,7667 3,7829 5,5310 2,3035 0,0235
2008 2,3708 3,4908 4,2200 2,2291 0,0234
2009 3,1175 4,3276 4,8563 2,8665 0,0333
2010 3,0179 3,9939 4,6587 2,8983 0,0345
2011 2,9636 4,1190 4,7463 3,3474 0,0373
2012 3,2581 4,1852 5,1605 3,4724 0,0409
2013 3,1608 4,1975 4,9437 3,4100 0,0324
2014 3,0315 4,1631 5,0167 3,3816 0,028778
2015 3,5725 4,3078 5,5296 3,5833 0,029671
2016 3,9011 4,2615 5,7862 3,9394 0,032411
Current PLN exchange rates
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Name and plural forms

The name złoty is pronounced like zwoti [ˈzwɔtɨ]. There are two plural forms: złote (zwoteh [ˈzwɔtɛ]) and złotych (zwotikh [ˈzwɔtɨx]). The correct usage of plural forms is as following:

and so on, e.g. 1,000,000 złotych; 1,000,002 złote; 1,000,011 złotych; 1,000,024 złote. Fractions should be rendered along with word złotego [zwɔˈtɛɡɔ] and grosza [ˈɡɾɔʂa], e.g. 0,1 złotego; 2,5 złotego etc. It is customary in Poland to use space (non-breaking) for digit grouping (“thousands separator”) and comma for separating fractions from whole numbers; cf. decimal mark.

Here one can find general rules for declension of cardinal (among others) numerals in Polish: classes one, few, many and other for “złoty” are złoty, złote, złotych, złotego respectively and for “grosz” are grosz, grosze, groszy, grosza respectively.

See also

Footnotes

  1. ↑ Kozłowski, Mariusz (15 April 2015). "Komentarz MG: inflacja w marcu 2015 r.". Ministerstwo Gospodarki RP. Retrieved 15 April 2015.
  2. ↑ 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 [ˈzwɔtɨx]
  3. ↑ American Heritage Dictionary of the English Language, 3rd ed., p. 2078.
  4. ↑ "Ort (moneta)". Wikipedia, wolna encyklopedia (in Polish).
  5. 1 2 3 4 5 6 7 8 9 "монеты 1-й Польской Республики 1923-1939 гг.(Coins of II Rzeczpospolita)". site coins.lave.ru. Archived from the original on 2012-01-26. Retrieved 2011-07-02.
  6. 1 2 3 http://zloty.su/glowakobiety.html
  7. 1 2 "5 злотых 1936 г. яхта "Дар Поморья"". сайт ww2.ru. Archived from the original on 2012-01-26. Retrieved 2011-07-02.
  8. ↑ "5 злотых серии Ника". сайт coins.su/forum. Archived from the original on 2012-01-26. Retrieved 2011-07-02.
  9. ↑ "Poland may hold euro referendum in 2010-Deputy PM". Forbes. September 18, 2008. Archived from the original on June 3, 2010. Retrieved September 19, 2008.
  10. ↑ "Poland may push back euro rollout to 2012". The Guardian (London). Archived from the original on October 4, 2013. Retrieved September 19, 2008.
  11. ↑ "Poland may push back euro rollout to 2012". BizPoland. Retrieved September 19, 2008.
  12. ↑ "Constitution of the Republic of Poland of 2nd April 1997, as published in Dziennik Ustaw (Journal of Laws) No. 78, item 483". Parliament of the Republic of Poland. Retrieved September 25, 2009.
  13. ↑ "Polish charter must change before ERM-2". fxstreet.com. Archived from the original on April 23, 2009. Retrieved September 25, 2008.
  14. ↑ Sobczyk, Marcin (May 18, 2011). "Poland Backtracks on Euro Adoption". The Wall Street Journal. Retrieved May 25, 2011.
  15. ↑ "CBOS za przyjęciem euro 32 proc. Polaków, przeciw 60 proc.". bankier.pl. March 28, 2011. Retrieved 2011-04-03.
  16. ↑ "Narodowy Bank Polski".
  17. ↑ Grupa Wirtualna Polska. "500 zł jednak powstanie. Jest deklaracja NBP". biztok.pl.
  18. ↑ "Narodowy Bank Polski".

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