“100th Anniversary of Putting the Złoty into Circulation”

A new collector coin “100th Anniversary of Putting the Złoty into Circulation” will be available for sale from 25 April 2024. 

The coin with a face value of 1 złoty is made of 999 purity silver (with a selective gliding), has a square shape (a klippe coin) of 40.00 x 40.00 millimetres, and weighs 28.28 grams. It has been minted in up to 10,000 pieces and is sold at all the Regional Branches of NBP and in the NBP online shop Kolekcjoner at the price of PLN 400.

The reverse of the coin shows the image of the reverse of a 1924 coin with a face value of 1 złoty. The 2024 coin also depicts the image of a fragment of a portal above the entrance to the main hall of Bank Polski SA in Warsaw and graphic elements of a 100 złoty banknote issued in 1934: on the left side, there is the allegory of commerce in the form of Mercury holding a caduceus staff, and on the right side, the personification of industry. The obverse of the coin features the obverse of the 1924 coin with a face value of 1 złoty.

After Poland regained independence in November 1918, the decision was taken swiftly to establish a new bank of issue and introduce a new Polish currency, the złoty. However, the effort put into the reconstruction of the state and the need to fight the war on the country’s borders made a speedy implementation of the reforms impossible. In addition, since the very start of its existence the reborn Polish state had to fight rising inflation, which morphed into hyperinflation in the second half of 1923. An economic crisis set in, and the social and political situation was very tense.

In December 1923, the Władysław Grabski government was formed and the cabinet faced the task of carrying out the fiscal and currency reforms. The Sejm (Polish parliament) granted the government special powers. The government managed to make  a number of savings, impose levies on real estate, adjust the taxes, start to actively fight inflation and reform the banking system. Thanks to the recovery programme, it was possible to stabilise the exchange rate of the Polish mark, the then Polish currency. There was an increase in US dollar reserves, which along with the country’s gold stocks, were supposed to back the new currency

The złoty was first put into circulation in April 1924 and its value was carefully calculated. The new Polish currency was based on the parity of gold and convertible currencies. One złoty was the equivalent of 9/31 grams of (pure) gold; 100 złoty was equal in value to 1 troy ounce, and the price of 1 kilogram of gold amounted to 3,444 złoty. One US dollar cost 5.18 złoty, and the value of the Polish currency was pegged to the Swiss franc. According to the reform arrangements, at least 30% of the issue of the new Polish currency had to be backed by gold stocks and foreign currencies. At the same time, the decision was made to withdraw the existing means of payment. The exchange rate was set at 1,800,000 Polish marks for 1 złoty. The issue of the złoty was within the remit of Bank Polski Spółka Akcyjna (a joint-stock company), the newly established bank of issue which replaced the Polish Loan Bank (Polska Krajowa Kasa Pożyczkowa), the institution set up by the German occupier during World War I.

The reform proved to be an outstanding success, because it not only led to the consolidation of public finances, but also provided an impulse for the country’s economic development. The reform also resulted in a significant strengthening of Poland’s position on the international arena.

More information can be found in the brochure.

NBP collector coins and banknotes are sold in commercial packaging with an attached certificate.

The next issue is scheduled for 14 May 2024. On that date Narodowy Bank Polski will be putting into circulation collector coins “230th Anniversary of the Kościuszko Insurrection” – a gold coin with a face value of 100 złoty and a silver coin with a face value of 50 złoty.

Contact for collectors: e-mail kolekcjoner@nbp.pl, tel. +48 22 185  17 05

Contact for the media: e-mail press@nbp.pl, tel. +48 22 185 2012

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About NBP

Narodowy Bank Polski holds the exclusive right to issue banknotes and coins in Poland. All currency issued by NBP, including collector banknotes and coins, is legal tender in Poland. Issuing collector items is an occasion to commemorate historic figures and anniversaries as well as to develop the interest of the public in Polish culture, science and tradition.

High-resolution images of the coins https://nbp.pl/en/coins-and-banknotes/collector-coins/catalogue/