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The Polish złoty (alternative spelling: zloty; [1] Polish: polski złoty, Polish: ⓘ; [a] abbreviation: zł; code: PLN) [b] is the official currency and legal tender of Poland. It is subdivided into 100 grosz (gr). [c] It is the most-traded currency in Central and Eastern Europe and ranks 21st most-traded in the foreign exchange market. [2] [3]
At the end of 1993, new reworked editions of banknotes(50.000,100.000,500.000,1.000.000 and 2.000.000 Zloty) were released which also erased the old Polish People's Republic name from the 50.000 and 100.000 Zloty banknotes in circulation. In 1994 they stopped printing old Zloty notes to later establish the Fourth Zloty by 1st January 1995.
Polish coat of arms, Belweder Palace, Commander Józef Piłsudski: White eagle, Monument of the Heroic Deed of Polish Legions in Kielce. Józef Piłsudski, electrotype denomination 80,000 November 3, 2008 20 zł 138 x 69 mm Orange, yellow, brown Polish coat of arms, Chalet in Krzemieniec, Juliusz Słowacki
The exchange system was meant to boost the German economy at the expense of the Polish economy. [2] The black market exchange rate varied between three and four zlotys to one reichsmark. [2] The most famous of the notes was the 500 zloty note, the góral ("highlander" or "mountaineer") named after the image of a góral on its front. [1]
The Polish 1,000 złoty note is a formal banknote used in Poland from 1794 to1996, but plans exist to revive this note to Polish currency, during the third banknote series. On the obverse, it features the text 1000 Tysiąc Złotych (One Thousand Złoty). Along with some other common trzecia seria features, it shows Nicolaus Copernicus.
The 10 Polish Złotych note is the lowest value złoty banknote and has been used since the redenomination of the złoty in 1995. The note is used as the sole currency in Poland, a country with a population of about 38 million. It is the smallest note, measuring 120×60mm with a dark brown and green colour scheme.
The note was issued in 19 denominations, by the National Bank of Poland (Polish: Narodowy Bank Polski) and date its origins to 1528 as the "ducat," although there is debate about which polish coins was the first zloty. [2] The 20th-century zloty dates back to 1924. [2] The Zlotych notes were withdrawn from circulation in 1995. [3]
The exchange rate of the złoty was frozen at 10,000 per dollar for about a year and a half. Later, the crawling peg method was used for several years. [10] Polish złoty was heavily devaluated against the US dollar, which together with additional import levies, became a heavy contributor to inflation. [11]