The wordzłoty is a masculine form of the Polish adjective 'golden', which closely relates with its name to theguilder, whereas the grosz subunit is based on thegroschen, cognate to the English wordgroat. It was officially introduced to replace its interim predecessor, thePolish marka, on 28 February 1919 and began circulation in 1924. The only bodies permitted to manufacture or mint złoty coins and banknotes are thePolish Security Printing Works, founded inWarsaw on 25 January 1919, andMennica Polska, founded in Warsaw on 10 February 1766.
As a result of inflation in the early 1990s, the currency underwentredenomination. Thus, on 1 January 1995, 10,000 old złoty (PLZ) became one new złoty (PLN). As a member of theEuropean Union, Poland is obliged to adopt theeuro when all specific conditions are met; however, there is no time limit for fulfilling all of them.
Fractions should be rendered withzłotego[zwɔˈtɛɡɔ] andgrosza[ˈɡrɔʂa], for example 0.1złotego; 2.5złotego 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]
Keyboard ofŁucznik 1016 typewriter withzł key (shared with; symbol) in the top row.
The officialcurrency symbol iszł, composed of lowercasez andł which are the two first letters of "złoty".[5] It has no representation in theUnicode Standard as a single sign, but previously had representation in Polish typewriters and computers.[6] The symbol of the "grosz" subunit is represented by lowercasegr.[7]
The first form of tangible currency in Poland was thedenarius (denar), which began circulating in the 10th century.[8] During this period, Polish coinage had a singleface value and was minted frombullion (primarily silver, but also compounded with copper and other precious metals).[9] The standard unit ofmass used at the time was thegrzywna rather than thepound, with one grzywna being equivalent to 240 denars.[10] From the 1300s to the mid-16th century, thePrague groschen (or groat) dominated the market and its high supply reduced the demand for a national currency acrossCentral Europe.[11] Certain cities and autonomous regions of the Polish Kingdom held the privilege of minting their own currency, for instance theshilling (szeląg) in theDuchy of Prussia, which Poland co-adopted in 1526.[12]
The Polish monetary system remained complex and intricate from the 16th to 18th centuries until amonetary reform enacted byStanisław II Augustus which removed all other monetary units except the złoty, which was divided into 30 groszy. Polish currency was then linked to that of theHoly Roman Empire by setting theConventionsthaler = 8 złoty = 23.3856 g fine silver and theNorth German thaler = 6 złoty = 17.5392 g silver (hence 2.9232 g silver in a złoty).
Radical changes to the currency were made during theKościuszko Uprising. Thesecond partition of the vastPolish–Lithuanian Commonwealth resulted in the loss of approximately 200,000 square kilometres (77,000 sq mi) 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 Polishbanknotes as a substitute for coinage, which could not be minted in required quantities.[13] These entered circulation on 13 August 1794.
The złoty remained in circulation after thePartitions of Poland andNapoleon'sDuchy of Warsaw issued coins denominated in grosz, złoty and talars, with thetalar (thaler) of 6 złoty slightly reduced in value to thePrussian thaler of 16.704 g fine silver (hence 2.784 g silver in a złoty).[15] Talar banknotes were also issued. In 1813, whileZamość was under siege, the town authorities issued 6 grosz and 2 złoty coins. Following the 1815Congress of Vienna, Austrian and Russian sectors of partitioned Poland continued to use the złoty for some time, while theGerman sector replaced thetalar andzłoty with thePrussian thaler and later, theGerman 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 Imperialroubles, or almost 2.7 g fine silver) and the groszy at1⁄2 kopeck, and with silver 1, 2, 5 and 10 złotych coins issued from 1816 to 1855.
At the time of the 1830November 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.[16] These coins continued to be traded long after the uprising was quelled. As a consequence of the uprising, the rubel became the sole legal tender ofCongress Poland from 1842, although coins marked as złoty in parallel with ruble were minted in Warsaw until 1865 and remained legal until 1890. In 1892, theAustro-Hungarian krone was introduced inAustrian Galicia. Between 1835 and 1846, theFree City of Kraków also used its own independent currency, theKraków złoty (minted inVienna), which remained legal until 1857.
DuringWorld War I, the rouble and krone were replaced by thePolish marka, a currency initially equivalent to theGerman mark. The marka remained in use after Poland regained its independence in 1918, but was extremely unstable, disrupted the wholeeconomy, and triggeredgalloping inflation.
The złoty was reintroduced in 1924 and replaced the marka (Mp 500 banknote pictured above).A 20-złotych banknote featuringEmilia Plater from 1936.
The złoty was reintroduced by theMinister of Finance,Władysław Grabski, in April 1924.[17][18] It replaced the marka at a rate of 1 złoty to 1,800,000 marks and was subdivided into 100 grosz rather than the traditional 30 grosz.[19]
Following its inauguration, the second złoty was pegged to theUnited States dollar through a stabilization loan provided by theFederal Reserve Bank of New York.[20] The budget deficit ballooned and out-of-control inflation ensued. The złoty began to stabilise in 1926 (chiefly due to significant exports of coal),[21] and was re-set on the dollar-złoty rate 50% higher than in 1924. Up until 1933, the złoty was freely exchanged into gold and foreign currency. Based on these developments, the Polish government made the decision to adopt thegold standard and maintain it for a significant period to attract global investors.[22]
Under the occupation duringWorld War II, the Germans created an Emissary Bank (Bank Emisyjny) inKraków, as Polish bank officials fled toParis in France.[23] It started operating on 8 April 1940, and in May, old banknotes from 1924 to 1939 were overstamped by the new entity.[24] Money exchange was limited per individual; the limits varied according to the status of the person. The fixed exchange rate was 2 złoty per 1Reichsmark.[25] A new issue of notes appeared in the years 1940–1941.[26]
On 15 January 1945, theNational Bank of Poland was formed, and a new printing plant opened inŁódź.[27] The series II and III notes were designed by Ryszard Kleczewski andWacław 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.[28]
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 1948, while the new coins were dated 1949. Initially, by law with effect from 1950, 1 złoty was worth 0.222168grams of pure gold.[29] The banknotes were issued in denominations ranging from 10 zlotych to 5 million zlotych.[30]
After the fall ofcommunism in 1989 and resultinghyperinflation in 1990, the złoty was againredenominated. On 11 May 1994, a redenomination project from theNBP was approved; the act allowing the project to come into force was ratified on 7 July 1994.[31] Thus, on 1 January 1995, the PLN was introduced at a rate of 1 PLN to 10,000 PLZ.[25] Redesigned coins and banknotes were released featuringPolish monarchs, which were printed byDe La Rue inLondon (until 1997) and PWPW inWarsaw (from 1997).[32]
Between 2013 and 2014, the banknotes received additional security features. The design does not differ greatly from the original 1994 series, but is 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 theEURion constellation.[33]
On 10 February 2017, a 500-złotych banknote with the likeness ofJohn III Sobieski began circulating.[34] On 2 October 2019, the commemorative19 złotych note was released.[35] In 2021, Adam Glapiński, president of the National Bank of Poland, announced that a 1,000-złotych note will be introduced in the near future,[36] but the project was cancelled in 2024.
One of the conditions of Poland joining theEuropean Union in May 2004 obliges the country to eventually adopt the euro, though not at any specific date and only after Poland meets the necessarystability criteria; serious discussions regarding joining theEurozone have ensued.[37][38][39] An amendment to Article 227[40] of theConstitution of the Republic of Poland, which cedes the exclusive right to issue money to the Bank of Poland, will be required.[41] Public opinion remains skeptical about adopting the euro; a 1 January 2026 opinion poll found that 72% of respondents disapprove of adopting euro.[42] As of the beginning of 2026, Poland has not yet begun the process of switching to the euro.
The banknotes range from 120 to 150 millimetres in length and from 60 to 75 millimetres in width. The length increases by 6mm and the width by 3mm with every higher denomination. Theobverse features the left profile of a Polish monarch clothed in armour orroyal regalia; the sovereigns are arrangedchronologically based on the period of reign. Thereverse illustrates important landmarks, early coinage or important objects fromPoland'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 embeddedvertically on the obverse andhorizontally on the reverse.[33]
The notes are adorned by the eagle charge from the Polishcoat of arms, along with signatures of the President and General Treasurer of NBP – theNational Bank of Poland.[33]
1.3 (Kurland grosz) or 3.4 grams ("Kingdom" grosz);
3.89 g (Stanislaus II Augustus)
Grosz, 1536Grosz ofSigismund 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 ofWładysław I the Elbow-high was issued in the 1320s.40 ducats ofSigismund 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 (18 pixel per inch). For table standards, see thebanknote 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 (18 pixel per inch). For table standards, see thebanknote 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 inŻelazowa 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; CommanderJózef 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.
^Dylewski, Adam; Kucharczuk, Katarzyna (2012).Od denara do złotego. Dzieje pieniądza w Polsce (in Polish). Vol. 1st Edition. 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. Retrieved30 October 2021.
^abcCentrum Pieniądza (2018)."History of the Złoty"(PDF). Narodowy Bank Polski (NBP). Retrieved30 October 2021.
^Dylewski, Adam (2011).Historia pieniądza na ziemiach polskich (in Polish). Warsaw: CARTA BLANCA Sp. z o.o. Grupa Wydawnicza PWN. p. 161.ISBN978-83-7705-068-2.
^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), iszłote[ˈzwɔtɛ]; the genitive plural, used for all other numbers, iszłotych[ˈzwɔtɨx]
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