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On April 25, the Bank of Poland, Narodowy Bank Polski, issued a new coin minted in pure silver and with a face value of 1 złoty, dedicated to the centenary of the złoty's entry into circulation.Centenary of the zloty (1924)
After Poland regained its independence in November 1918, a decision was quickly taken to establish a new bank of issue and introduce a new Polish currency, the złoty. However, the effort put into rebuilding the state and the need to wage war on the country's borders made a quick implementation of the reforms impossible. Moreover, from the very beginning of its existence, the reborn Polish state had to fight against rising inflation, which turned into hyperinflation in the second half of 1923.
In December 1923, the government of Władysław Grabski was formed and the cabinet was faced with the task of carrying out fiscal and monetary reforms. The Sejm (Polish parliament) gave the government special powers. The government managed to make a number of savings, impose levies on real estate, adjust taxes, begin to actively fight inflation and reform the banking system. Thanks to the recovery program, it was possible to stabilize the exchange rate of the Polish mark, the then Polish currency. There was an increase in US dollar reserves, which, together with the country's gold reserves, were to support 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 equal to 9/31 grams of (pure) gold; 100 złoty were equal 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 provisions, at least 30% of the issue of the new Polish currency had to be backed by gold and foreign currency reserves. At the same time, a decision was made to withdraw existing means of payment. The exchange rate was set at 1,800,000 Polish marks per 1 złoty. The issue of the złoty was within the competence of Bank Polski Spółka Akcyjna (a joint-stock company), the newly created bank of issue that replaced the Polish Loan Bank (Polska Krajowa Kasa Pożyczkowa), the institution created by the German occupier during World War I.
The reform proved to be an extraordinary success, because it not only led to the consolidation of public finances, but also boosted the country's economic development. The reform also resulted in a significant strengthening of Poland's position in the international arena.
The reverse of the coin features the image of the reverse of the 1 złoty coin from 1924. The 2024 coin also features an image of a fragment of a portal above the entrance to the main hall of Bank Polski SA in Warsaw and graphic elements from a 100 złoty banknote issued in 1934: on the left side, there is the allegory of trade in the form of Mercury holding a caduceus, and on the right side, the personification of industry.
While the obverse of the piece shows the obverse of the 1 złoty coin minted in 1924.
Technical characteristics
Country: Poland
Date of issue: April 25, 2024
Face value: 1 zloty
Quality: Proof
Diameter: 40 x 40 mm
Metal: 999 Silver
Weight: 28.28 g
Issue volume: 10,000
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