Zloty

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Polish złoty banknotes
Denomination Portrait
10 Prince Mieszko I
20 King Boleslaus I the Brave
50 King Casimir III the Great
100 King Vladislaus II Jagiello
200 King Sigismund I the Old
Polish złoty coins
Image:1zl r.gif
1 złoty
See all Polish coins and banknotes:
current and historical

Złoty (literally meaning "golden", plural: złote or złotych, depending on the number) is the Polish currency unit.

As a result of hyperinflation in the early 1990s, the decimal point on the currency was moved by four places. Thus, on January 1, 1995, 10,000 old złotych (PLZ) became one new złoty (PLN).

Contents

Historical Currencies

Zloty in Kingdom of Poland and Polish-Lithuanian Commonwealth

Czerwony zloty.

Złoty of Congress Kingdom 1815-1850?

1-marka banknote from 1917
Enlarge
1-marka banknote from 1917

Polish marka 1916-1924

From 1916 to 1924 Polish currency was not zloty, but marka.

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1936.jpg
2-zloty banknote from 1936

Polish Złoty 1924-1939

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50-zloty banknote from 1940

Złoty of General Gouvernment

On December 15th 1939, the new Emissionsbank im Generalgouvernement is established by German government. In May 1940, old banknotes of Polish Złoty 1924-1939 are stamped by the new entity. The money exchange was limited, and limits varied to status of person (Pole, Jew etc.). The fixed exchange rate 2 Złote = 1 Reichsmark was established.

Polish Złoty 1944-1950

Polish Złoty was introduced after July 22 1944, denominated in 1948 and was replaced by currency exchange in 1950.

Polish Złoty PL

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50zl_a_(1950-1978).jpg
Pre-1975 50 zloty banknote
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50_zl_a_1975.jpg
Post-1975 50 zloty banknote with face of Karol Swierczewski
.

Polish Złoty was Polish currency established in People's Republic of Poland by currency exchange in 1950, replaced from 1975-1978 with new design and again replaced after denomination in 1994. From Jan 1st 1990 it was convertible currency. Emission bank: Narodowy Bank Polski. Between 1950 and 1990, a coin known as Złoty dewizowy was used as an artificial currency for calculations purposes only.

New Polish Złoty PLN

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50zl_r.jpg
50 zloty banknote of Poland with face of Casimir III the Great

New Polish Złoty is the current currency of Poland and was introduced on January 1, 1995. The denomination rate was 10 000 Polish Złoty to 1 New Polish Złoty. The emission bank is the Narodowy Bank Polski.

History of the name

The złoty 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 golden coins used in Poland. In 1496 the Sejm approved the creation of a national currency and its value was set at 30 Prague groschen, later converted to local Polish grosz. It was not the only currency in use and the name was used for the 30 groszy coin called the Polish golden (polski złoty , as opposed to the Red golden or czerwony złoty ).

Following the monetary reform carried out by King Stanisław August Poniatowski, the złoty became Poland's official currency. It remained in circulation after the Partitions of Poland and both the Duchy of Warsaw and the Congress Kingdom used it. The Warsaw mint issued them until 1841, although the golden coins remained in use until the early 20th century.

The modern złoty was introduced by Władysław Grabski in 1924 following the hyperinflation and monetary chaos of the years after World War I. It replaced the Polish mark which had been in use since 1916. Denomination: 1 złoty = 100 groszy = 0.1687 grams of pure gold; 1 złoty = 1 800 000 Polish Marks, 1 1939 złoty = 8 2004 złoty.

Current Coins

  • 1 grosz
  • 2 grosze
  • 5 groszy
  • 10 groszy
  • 20 groszy
  • 50 groszy
  • 1 złoty
  • 2 złote
  • 5 złotych

Banknotes

  • 10 złotych
  • 20 złotych
  • 50 złotych
  • 100 złotych
  • 200 złotych

Future

Poland's entry into the European Union (2004) means it must adopt the euro but not immediately. The złoty will be the main currency and the euro a secondary one. Introduction of the euro in Poland will most probably not happen before 2010 (according to Standard & Poor's analysis), although certain conditions could delay the introduction. Poland itself said in June 2004 that it would like to join the euro in 2008, this forecast mainly being made due to its strong quarterly GDP growth and the lowering of the budget deficit. However, the złoty will remain the currency for the foreseeable future.

External links

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