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A new silver coin with a face value of 10 zlotych has been issued by the National Bank of Poland to celebrate the 100th anniversary of the founding of Bank Polski SA, which was the second central bank of the Second Polish Republic.Bank Polski SA (Bank Polski Spółka Akcyjna)
The creation of Bank Polski SA was connected with the monetary reform and consolidation of public finances, which were carried out by the government of Władysław Grabski from December 1923 to spring 1924. The recovery programme aimed at achieving budgetary stabilisation, a balanced money market and a stable exchange rate of the Polish mark, which would later be replaced by the złoty, a new Polish currency. Bank Polski SA became a bank of issue replacing the Polish Loan Bank, the institution created by the German occupier in 1916.
The legal mandate of the bank was established by the Act of 11 January 1924 on the repair of the state treasury and monetary reform. Polish President Stanisław Wojciechowski signed the statute of Bank Polski as a joint-stock company on 20 January 1924. The document defined the institutional powers of the bank, set out the principles governing the appointment of the bank's authorities and contained the terms and conditions of the issue of Polish currency.
The Bank was granted the exclusive right to issue złoty until 31 December 1944. Subscription to its shares began in March 1924. 176,000 buyers purchased one million shares of Bank Polski SA with a nominal value of 100 złoty each. Initially, the State Treasury's share in the issue was only 1 percent and the ownership structure of the remaining shares was largely dispersed, which allowed the bank to remain independent of state authorities. The founding meeting of the newly established institution was scheduled for 15 April 1924, and the bank started its activities on 28 April 1924.
Władysław Grabski unveiled a plaque (placed inside the building originally built for the Russian State Bank at Bielańska Street No. 10 in Warsaw) with the following inscription: “The Polish State, by establishing Bank Polski in 1924 as the pillar of the monetary order in the country and as an expression of the present-day bond with the thousand-year-old institution of that name, expresses its gratitude to the numerous citizens who spared no sacrifices to the National Treasury” – on the same day the bank launched a lawsuit against the złoty.
The activity of Bank Polski SA was interrupted by the outbreak of World War II, and the institution was evacuated to Paris and later to London, where it continued its activity, albeit with reduced operations. After the end of World War II, the bank was deprived of its issuing rights and formally liquidated in 1951.
The legal mandate of the bank was established by the Act of 11 January 1924 on the repair of the state treasury and monetary reform. Polish President Stanisław Wojciechowski signed the statute of Bank Polski as a joint-stock company on 20 January 1924. The document defined the institutional powers of the bank, set out the principles governing the appointment of the bank's authorities and contained the terms and conditions of the issue of Polish currency.
The Bank was granted the exclusive right to issue złoty until 31 December 1944. Subscription to its shares began in March 1924. 176,000 buyers purchased one million shares of Bank Polski SA with a nominal value of 100 złoty each. Initially, the State Treasury's share in the issue was only 1 percent and the ownership structure of the remaining shares was largely dispersed, which allowed the bank to remain independent of state authorities. The founding meeting of the newly established institution was scheduled for 15 April 1924, and the bank started its activities on 28 April 1924.
Władysław Grabski unveiled a plaque (placed inside the building originally built for the Russian State Bank at Bielańska Street No. 10 in Warsaw) with the following inscription: “The Polish State, by establishing Bank Polski in 1924 as the pillar of the monetary order in the country and as an expression of the present-day bond with the thousand-year-old institution of that name, expresses its gratitude to the numerous citizens who spared no sacrifices to the National Treasury” – on the same day the bank launched a lawsuit against the złoty.
The activity of Bank Polski SA was interrupted by the outbreak of World War II, and the institution was evacuated to Paris and later to London, where it continued its activity, albeit with reduced operations. After the end of World War II, the bank was deprived of its issuing rights and formally liquidated in 1951.
The reverse of the coin features the image of the bank's first president, Stanisław Karpiński, against the background of a portal located above the entrance to the bank's main trading room.
The obverse of the coin depicts the pre-war façade of the Bank Polski SA building on Bielańska Street in Warsaw.
Technical characteristics
Country: Poland
Quality: Proof
Face value: 10 zlotych
Design: Robert Kotowicz
Diameter: 32 mm
Metal: 999 Silver
Weight: 31.10 g
Issue volume: 11,000
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