Zloty

Zloty
Country:	Poland Poland
Subdivision:	100 Groszy
ISO 4217 code :	PLN
Abbreviation:	zł, zł
Exchange rate : (August 24, 2020)	1 EUR = 4.399 PLN 1 PLN = 0.227 EUR 1 CHF = 4.088 PLN 1 PLN = 0.245 CHF

The złoty [ ˈzwɔtɨ ] ( listen ^?^/^I ) is the currency of the Republic of Poland . One zloty is divided into 100 groszy (abbreviation: Gr or gr ).

history

Kingdom of Poland

20 zloty gold coin from 1925, minted according to LMU standards

The Złoty Polski ( metonymically derived from the Polish adjective złoty ("the golden one") and the noun złoto ("gold") to Złoty meaning "the golden coin", "the golden money"; similar to the German, where the noun guilders on gold back) was a currency of the Kingdom of Poland from the 14th to the 19th centuries. Under King Sigismund I , guilders were minted in Krakow based on the Hungarian guilder model. Its value was initially equivalent to 30 krongroschen, and this value was retained as a bill of exchange, even as the groschen became increasingly inferior over time. During the November uprising in Congress Poland of 1830, 2-zloty pieces (43 48/125 pieces) and 5-zloty pieces (17 211/625 pieces from the Cologne mark ) were minted with the Polish-Lithuanian coat of arms. The zloty was abolished in 1841 with the introduction of the ruble currency .

Second republic

100 zloty banknote 1934

100 złoty banknote under German occupation until 1945

In 1924, the złoty was reintroduced after the hyperinflation of the First World War and the associated monetary chaos. It replaced the Polish Mark of the Regency Kingdom of Poland , which had been in circulation since 1916 and was initially retained after the Second Polish Republic was founded in 1918. The exchange rate at that time was 1 zloty = 0.1687 grams of gold (= 1,800,000 Polish marks). In circulation were: 5, 10, 20, 50, 100 and 500 zloty banknotes; Banknotes of 1000 and 5000 zloty were prepared but were never introduced. The coins were: 2, 5 and 10 złoty in silver, there were also 10 and 20 złoty in gold (collector coins, these coins were not intended for payment transactions and could instead be purchased from the Polish central bank until 1939 against gold levy and minting costs), these were minted according to the norms of the Latin Monetary Union at 2.9 g fine gold for the 10 and 5.81 g fine gold for the 20 zloty coin. Furthermore, 1 zloty, 50, 20 and 10 groschen were minted in nickel alloy, 1, 2 and 5 groschen in bronze.

Even after the collapse of the Polish Republic as a result of the German invasion in 1939 , the złoty was the only official currency in the Generalgouvernement occupied by Germany . However, the newly established issuing bank in Poland issued new banknotes.

People's Republic

After the end of the war in 1945 there was strong inflation, and everyday calculations were made in thousands (average salary: 20,000 złoty). There were no coins, only banknotes of 1, 2, 5, 10, 20, 50, 100, 500 and 1000 zloty.

The currency reform of 1949 increased the face value (average salary: around 1000 zloty). The banknote with the highest face value was 500 zloty, coins were also reintroduced (1, 2, 5 and 10 zlotys and 1, 2, 5, 10, 20 and 50 groschen). In 1949 all coins were first made in heavy nickel alloys, but in the same year aluminum coins were used. In the 1970s, 100-zloty collector coins were also minted in silver (around 50 issues in total).

During the 1980s, the zloty experienced high rates of inflation . A 10 and a 20 złoty note were introduced in 1982, and 10 years later a 2 million złoty banknote had to be introduced, the highest face value in the context of this inflation. Around 1990 a loaf in Poland cost a little more than 100 zloty.

After 1989

Exchange rate of the euro to the zloty since 1999

With the introduction of the market economy reforms in 1990, inflation rates fell continuously thanks to the strict monetary policy of the Polish National Bank . In the first quarter of 2003 the inflation rate was only 0.6 percent.

On January 1, 1995, the zloty was revalued to a factor of 1: 10,000. The Nowy Złoty received the ISO code PLN (the old one had the abbreviation PLZ). 10,000 postcodes are therefore 1 PLN. The old postcodes (notes and coins) were still valid until the end of 1997. With the currency changeover, new coins and notes were introduced. There are banknotes of 10, 20, 50, 100, 200 and 500 zloty.

After Poland joined the EU on May 1, 2004, the złoty experienced a rapid appreciation. In the ten months after joining, it appreciated against the euro by 24 percent and against the US dollar by 37 percent. On July 4th, 2008 it exceeded its high of June 2001 for the first time, on July 28th, 2008 it had its highest level of 3.2053 zloty for one euro. In the following six months, the value of the zloty fell sharply during the financial crisis ; In February 2009 it almost reached its all-time low of 4.9346 zlotys for one euro on February 20, 2004.

Discussion about replacement by the euro

Poland's accession to the European Union on May 1, 2004 did not mean the introduction of the euro in Poland. The accession treaty contained an obligation to strive for compliance with the EU convergence criteria and to join the European Monetary Union (EMU), but without any time limits. In order to join EMU, Poland must first have been a member of Exchange Rate Mechanism II (“Euro waiting area”) for at least two years . In 2011, the Polish Foreign Minister Radosław Sikorski said that Poland could and would like to introduce the euro as the official currency within four years, i.e. by 2015/2016, if certain reforms are implemented in the euro area by then and the introduction of the common currency serves Polish interests. In 2012, Finance Minister Jacek Rostowski and Prime Minister Donald Tusk declared that the euro should not be introduced as planned due to the crisis in the euro area. Nevertheless, achieving the Maastricht criteria remains a declared goal of the government. The position of the Polish National Bank in Article 227 of the Polish Constitution could be a legal hurdle .

Cash

Coins

Visually, the 1 euro coin is very similar to the 2 złoty coin and the 2 euro coin to the 5 złoty coin.

All coins bear the coat of arms of Poland as a motif on one side . The value pages are adorned with wreaths and leaves, the number of which corresponds to the value of the coin in złoty or grosz. On March 3, 2014, new 1, 2 and 5 Grosz coins were issued. They are made of steel, brass-plated. From 2017, new 10, 20 and 50 Grosz coins as well as a new 1 złoty coin were issued. The side with the coin value shown has remained the same and the reverse has been optically minimally changed.

Coin value	colour	diameter	Weight	edge	Issue years
1 grosz	yellow	15.5 mm	1.64 g	corrugated	1990-1993, 1995, 1997-2013
1 grosz	yellow	15.5 mm	1.64 g	corrugated	2014-2016
2 large	yellow	17.5 mm	2.13 g	smooth	1990-1992, 1997-2014
2 large	yellow	17.5 mm	2.13 g	smooth	2014-2016
5 Groszy	yellow	19.5 mm	2.59 g	interrupted corrugated	1990-1993, 1998-2013
5 Groszy	yellow	19.5 mm	2.59 g	interrupted corrugated	2014-2016
10 Groszy	silver	16.5 mm	2.51 g	interrupted corrugated	1990-1993, 1998-2012
20 Groszy	silver	18.5 mm	3.22 g	corrugated	1990-1992, 1996-2012
50 Groszy	silver	20.5 mm	3.94 g	corrugated	1990-1992, 1995, 2008-2014
1 zloty	silver	23.0 mm	5.00 g	interrupted corrugated	1990–1995, 2008–2010, 2012–2016
2 złot	yellow outside, silver inside	21.5 mm	5.21 g	smooth	1994–1995, 2005–2010, 2014–2016
5 złotych	outside silver, inside yellow	24.0 mm	6.54 g	interrupted corrugated	1994, 1996, 2008-2010 2015, 2016

Banknotes

Historically important rulers of Poland have been depicted on the banknotes since 1994 . In 2014, new 10, 20, 50 and 100 złoty notes with improved security features were issued, and the design was largely retained. There are five different editions up to 2015.

200 zloty notes with new security features were issued from 2016. In 2017 a completely new 500 złoty note was issued.

Note value	size	colour	portrait
10 złotych	120 × 60 mm	brown	Duke Mieszko I.
20 złotych	126 × 63 mm	violet	King Bolesław I.
50 złotych	132 × 66 mm	blue	King Kazimierz III.
100 złotych	138 × 69 mm	green	King Władysław II Jagiełło
200 PLN	144 × 72 mm	yellow	King Zygmunt I.
500 złotych	150 × 75 mm	Gray	King Jan III Sobieski

literature

Tadeusz Kałkowski: Tysiąc lat monety polskiej. Wydanie 3. Wydawnictwo Literackie, Kraków 1981.

Web links

Commons : Money of Poland - Collection of pictures, videos and audio files

Wiktionary: Zloty - explanations of meanings, word origins, synonyms, translations

Wiktionary: Złoty - explanations of meanings, word origins, synonyms, translations

Individual evidence

↑ Marc Buggeln: Currency plans for the European metropolitan area. The discussion of the National Socialist economic experts about a future European payment system . In: European integration. German hegemonic policy towards Western Europe 1920–1960. (= Contributions to the history of National Socialism, vol. 18), Wallstein, Göttingen 2002, pp. 41–76, here p. 49.
↑ Expansion of the euro zone: Poland wants to introduce the euro in four years. FOCUS Online, December 2, 2011, accessed December 4, 2011 .
↑ Poland cancels the introduction of the euro in 2015. Finanz.net, January 31, 2012, accessed January 31, 2012 .
^ Constitution of the Republic of Poland - adopted by the National Assembly on April 2, 1997. Translation into German (sejm.gov.pl)
↑ New coins for general circulation with the face values of 1 grosz, 2 grosz and 5 grosz. (PDF) Narodowy Bank Polski, accessed on September 16, 2014 .
↑ Náklady emisji monet obiegowych. (Years of issue of the coins). Narodowy Bank Polski, accessed September 7, 2017 (Polish).
↑ Rekomendowane przez Narodowy Bank Polski standardy postępowania z banknotami w obrocie gotówkowym. (PDF) Descriptions of the banknotes. Narodowy Bank Polski, July 8, 2015, accessed September 7, 2017 (Polish).
↑ NBP zaprezentował nowy banknot. Zobacz, jak wygląda 500 zł. In: tvn. June 6, 2016, Retrieved June 27, 2016 (Polish).