Editing Polish złoty (section)

==History==
===First złoty===
[[File:Denar miejski Toruń Kazimierz Jagiellończyk.jpg|thumb|right|A 15th-century ''[[denarius|denar]]'' featuring the [[Coat of arms of Poland|Polish white eagle]], minted in [[Toruń]]]]

The first form of tangible currency in Poland was the [[denarius]] (''denar''), which began circulating in the 10th century.<ref>{{cite book |last=Krajewski |first=Mirosław |date=2000 |title=Historia gospodarcza Polski do 1989 roku |url=https://books.google.com/books?id=kWOaAAAAIAAJ&q=pierwsz%C4%85%20polsk%C4%85%20monet%C4%85%20denar%20grzywna |publisher=Wyższa Szkoła Humanistyczno-Ekonomiczna |page=39 |isbn=978-83-911136-0-8 |language=pl}}</ref> During this period, Polish coinage had a single [[face value]] and was minted from [[bullion]] (primarily silver, but also compounded with copper and other precious metals).<ref>{{cite book |author=Grzegorz Wójtowicz |author2=Anna Wójtowicz |date=2003 |title=Historia monetarna Polski |url=https://books.google.com/books?id=ry6sAAAAIAAJ&q=denar%20%20jeden%20nomina%C5%82 |publisher=Twigger |page=39 |isbn=978-83-88904-29-5 |language=pl}}</ref> The standard unit of [[mass]] used at the time was the [[grzywna (unit)|grzywna]] rather than the [[Pound (mass)|pound]], with one grzywna being equivalent to 240 denars.<ref>{{Harvnb|Krajewski|2000|p=39}}</ref> From the 1300s to the mid-16th century, the [[Prague groschen]] (or groat) dominated the market and its high supply reduced the demand for a national currency across [[Central Europe]].<ref>{{cite book |author=Adam Dylewski |author2=Katarzyna Kucharczuk |date=2012 |title=Od denara do złotego. Dzieje pieniądza w Polsce |volume=1st Edition |location=Warszawa (Warsaw) |publisher=CARTA BLANCA Sp. z o.o. Grupa Wydawnicza PWN |page=45 |isbn=978-83-7705-206-8}}</ref> Certain cities and autonomous regions of the Polish Kingdom held the privilege of minting their own currency, for instance the [[shilling]] (''szeląg'') in the [[Duchy of Prussia]], which Poland co-adopted in 1526.<ref>{{cite web |url=https://sztetl.org.pl/pl/slownik/szelag |title=Szeląg |date=n.d. |website=Wirtualny Sztetl |publisher=POLIN |access-date=30 October 2021 |language=pl}}</ref>

Initially, the term "złoty" ({{lit|the golden one}}) was used in the 14th and 15th centuries for a number of [[Guilder|foreign gold coins]], most notably [[Republic of Venice|Venetian]] [[ducat]]s, [[florins]] and [[Gold coin|gulden]]s. In 1496, the [[Sejm|Sejm parliament]] debated on the creation of a domestic currency and approved the złoty, which until then acted as a [[unit of account]].<ref>{{cite web |url=https://www.cpnbp.pl/__data/assets/pdf_file/0020/215552/bankoteka_dzieje_zlotego.pdf |title=History of the Złoty |author=Centrum Pieniądza |date=2018 |publisher=Narodowy Bank Polski (NBP) |access-date=30 October 2021}}</ref> An exchange rate of 30 grosz was imposed for one gold piece, which remained the traditional subdivision until the 19th century.<ref>{{cite web |url=https://www.cpnbp.pl/__data/assets/pdf_file/0020/215552/bankoteka_dzieje_zlotego.pdf |title=History of the Złoty |author=Centrum Pieniądza |date=2018 |publisher=Narodowy Bank Polski (NBP) |access-date=30 October 2021}}</ref> In the years 1526–1535, as part of an extensive monetary reform proposed by [[Nicolaus Copernicus]] and [[Justus Ludwik Decjusz|Justus Decius]], King [[Sigismund I the Old|Sigismund I]] defined the złoty as a legal tender in the minting ordinance on 16 February 1528.<ref>{{cite book |last=Dylewski |first=Adam |date=2011 |title=Historia pieniądza na ziemiach polskich |location=Warszawa (Warsaw) |publisher=CARTA BLANCA Sp. z o.o. Grupa Wydawnicza PWN |page=161 |isbn=978-83-7705-068-2}}</ref>

[[File:Złotówka 1766.jpg|thumb|right|Złoty coin featuring the profile of [[Stanisław II Augustus]], 1766]]

The Polish monetary system remained complex and intricate from the 16th to 18th centuries until a [[monetary reform]] enacted by [[Stanisław 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 the [[Holy Roman Empire]] by setting the [[Conventionsthaler]] = 8 złoty = 23.3856 g fine silver and the [[North German thaler]] = 6 złoty = 17.5392 g silver (hence 2.9232 g silver in a złoty).

{{multiple images
| footer            = The [[Polish–Lithuanian Commonwealth]] first issued złoty banknotes on 8 June 1794 under the authority of [[Tadeusz Kościuszko]]. The 5, 10, 25, 50, 100, 500, 1000 złotych are depicted above.
| width             = 50
| image1            = POL-A1a-Bilet Skarbowy-5 Zlotych (1794 First Issue).jpg
| alt1              = 5 Zlotych, first issue of 1794
| image2            = POL-A2a-Bilet Skarbowy-10 Zlotych (1794 First Issue).jpg
| alt2              = 10 Zlotych, first issue of 1794
| image3            = POL-A3a-Bilet Skarbowy-25 Zlotych (1794 First Issue).jpg
| alt3              = 25 Zlotych, first issue of 1794
| image4            = POL-A4-Bilet Skarbowy-50 Zlotych (1794 First Issue).jpg
| alt4              = 50 Zlotych, first issue of 1794
| image5            = POL-A5-Bilet Skarbowy-100 Zlotych (1794 First Issue).jpg
| alt5              = 100 Zlotych, first issue of 1794
| image6            = 1794Polish banknote-500zloty.png
| alt6              = 500 zloty 1794.
| image7            = 1000-1794zl..png
| alt7              = 1000zl 1794.
}}

Radical changes to the currency were made during the [[Kościuszko Uprising]]. The [[Second Partition of Poland|second partition]] of the vast [[Polish–Lithuanian Commonwealth]] resulted in the loss of approximately 200,000 square kilometres 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 Polish [[banknotes]] as a substitute for coinage, which could not be minted in required quantities.<ref>{{cite web |url=https://www.cpnbp.pl/__data/assets/pdf_file/0020/215552/bankoteka_dzieje_zlotego.pdf |title=History of the Złoty |author=Centrum Pieniądza |date=2018 |publisher=Narodowy Bank Polski (NBP) |access-date=30 October 2021}}</ref> These entered circulation on 13 August 1794.

The złoty remained in circulation after the [[Partitions of Poland]] and [[Napoleon]]'s [[Duchy of Warsaw]] issued coins denominated in grosz, złoty and talars, with the ''talar'' (thaler) of 6 złoty slightly reduced in value to the [[Prussian thaler]] of 16.704 g fine silver (hence 2.784 g silver in a złoty).<ref>{{cite book |last=Nadolski |first=Artur |date=2008 |title=Pani Chłodna |url=https://books.google.com/books?id=G0OCrG1cpooC |location=Warszawa (Warsaw) |publisher=Bellona |page=91 |isbn=978-83-11-11258-2}}</ref> Talar banknotes were also issued. In 1813, while [[Zamość]] was under siege, the town authorities issued 6 grosz and 2 złoty coins. Following the 1815 [[Congress of Vienna]], Austrian and Russian sectors of partitioned Poland continued to use the złoty for some time, while the [[Grand Duchy of Posen|German sector]] replaced the ''talar'' and ''złoty'' with the [[Prussian thaler]] and later, the [[German 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 Imperial [[rouble]]s, or almost 2.7 g fine silver) and the groszy at {{frac|1|2}} kopeck, and with silver 1, 2, 5 and 10 złotych coins issued from 1816 to 1855.

At the time of the 1830 [[November 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.<ref>{{cite book |author=Jan Głuchowski |date=2001 |title=Leksykon finansów |url=https://books.google.com/books?id=AJLwAAAAMAAJ&q=z%C5%82ot%C3%B3wki%20powstanie%20listopadowe%202%205%20z%C5%82otych |location=Warszawa (Warsaw) |publisher=Polskie Wydawn. Ekonomiczne |page=172 |isbn=978-83-208-1336-4}}</ref> 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 of [[Congress 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, the [[Austro-Hungarian krone]] was introduced in [[Kingdom of Galicia and Lodomeria|Austrian Galicia]]. Between 1835 and 1846, the [[Free City of Kraków]] also used its own independent currency, the [[Kraków złoty]] (minted in [[Vienna]]), which remained legal until 1857.

During [[World War I]], the rouble and krone were replaced by the [[Polish marka]], a currency initially equivalent to the [[German Papiermark|German mark]]. The marka remained in use after Poland regained its independence in 1918, but was extremely unstable, disrupted the whole [[economy of Poland|economy]], and triggered [[galloping inflation]].

===Second złoty===
[[File:Wzór 500 mkp styczeń 1919 awers.jpg|thumb|right|The złoty was reintroduced in 1924 and replaced the marka (Mp&nbsp;500 banknote pictured above).]]
[[File:20zl 1936.jpg|thumb|right|A 20-złotych banknote featuring [[Emilia Plater]] from 1936.]]
The złoty was reintroduced by the [[Minister of Finance of Poland|Minister of Finance]], [[Władysław Grabski]], in April 1924.<ref>{{cite book |author=Jerzy Lukowski |author2=Hubert Zawadzki |date=2019 |title=A Concise History of Poland |url=https://books.google.com/books?id=5uaADwAAQBAJ |location=Cambridge |publisher=University Press |page=304 |isbn=978-1-108-42436-3}}</ref> 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.<ref>{{cite book |author=J. Scott-Keltie |author2=M. Epstein |date=2016 |title=The Statesman's Year-Book |url=https://books.google.com/books?id=A9TMDQAAQBAJ |location=London |publisher=Palgrave Macmillan UK |page=1211 |isbn=978-0-230-27053-4}}</ref>

Following its inauguration, the second złoty was pegged to the [[United States dollar]] through a stabilization loan provided by the [[Federal Reserve Bank of New York]].<ref>{{Cite book|last=Steiner|first=Zara|title=The lights that failed: European international history, 1919-1933|date=2005|publisher=Oxford University Press|isbn=978-0-19-151881-2|location=Oxford|oclc=86068902}}</ref> The budget deficit ballooned and out-of-control inflation ensued. The złoty began to stabilise in 1926 (chiefly due to significant exports of coal),<ref>{{cite book |author=Uniwersytet Łódzki |date=1957 |title=Zeszyty naukowe. Nauki humanistyczno społeczne |volume=Seria 1. Wyd. 5-7 |url=https://books.google.com/books?id=rfoPAAAAIAAJ&q=z%C5%82oty%201926%20w%C4%99gla |location=Łódź |publisher=Państwowe Wydawnictwo Naukowe |page=233 |oclc=5226662}}</ref> 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 the [[gold standard]] and maintain it for a significant period to attract global investors.<ref>{{cite book |last=Venken |first=Machteld |date=2021 |title=Peripheries at the Centre |location=New York |publisher=Berghahn Books |page=123 |isbn=978-1-78920-967-9}}</ref>

Under the occupation during [[World War II]], the Germans created an Emissary Bank (''Bank Emisyjny'') in [[Kraków]], as Polish bank officials fled to [[Paris]] in France.<ref>{{cite book |author=Anna Szelągowska |date=2009 |title=Instytucje rynku finansowego w Polsce |url=https://books.google.com/books?id=GUewAAAAIAAJ&q=bank%20emisyjny%20do%20pary%C5%BCa |location=Warszawa (Warsaw) |publisher=CeDeWu |page=22 |isbn=978-83-60089-62-0}}</ref> It started operating on 8 April 1940, and in May, old banknotes from 1924 to 1939 were overstamped by the new entity.<ref>{{cite book |last=Chałupski |first=Jerzy |date=2020 |title=Specjalizowany Katalog Monet Polskich |volume=2 |url=https://books.google.com/books?id=Dv_gDwAAQBAJ |location=Sosnowiec |publisher=Ridero |page=307 |isbn=978-83-8221-035-4}}</ref> Money exchange was limited per individual; the limits varied according to the status of the person. The fixed exchange rate was 2 złoty per 1 [[German reichsmark|Reichsmark]].<ref name="Zarys historii Polski w liczbach">{{cite book |editor=Cezary Kuklo |date=2012 |title=Zarys historii Polski w liczbach |location=Warszawa (Warsaw) |publisher=Zakład Wydawnictw Statystycznych |page=298 |isbn=978-83-7027-481-8}}</ref> A new issue of notes appeared in the years 1940–1941.<ref>{{cite book |author=Czesław Brzoza |author2=Andrzej Sowa |date=2006 |title=Historia Polski 1918-1945 |url=https://books.google.com/books?id=7v9oAAAAMAAJ&q=bank%20emisyjny%20nowe%20banknoty%201941 |location=Kraków |publisher=Wydawnictwo Literackie |page=563 |isbn=978-83-08-03845-1}}</ref>

On 15 January 1945, the [[National Bank of Poland]] was formed, and a new printing plant opened in [[Łódź]].<ref>{{cite book |last=Myślak |first=Ewa |date=2013 |title=Narodowy Bank Polski w systemie ustrojowym Rzeczpospolitej Polskiej |url=https://books.google.com/books?id=VRryCwAAQBAJ |location=Kraków |publisher=Wydawnictwo UJ |page=35|isbn=978-83-233-8898-2 }}</ref> The series II and III notes were designed by Ryszard Kleczewski and [[Wacław 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.<ref>{{cite book |author=Anna Żbikowska-Migoń |author2=Elżbieta Herden |author3=Krzysztof Migoń |author4=Marta Skalska-Zlat |date=2006 |title=Druki ulotne i okolicznościowe |url=https://books.google.com/books?id=3n_gAAAAMAAJ&q=28%20pa%C5%BAdziernika%201950%20banknoty |location=Wrocław |publisher=Wydawn. Uniwersytetu Wrocławskiego |page=147 |isbn=978-83-229-2766-3}}</ref>

===Third złoty (PLZ)===
In 1950, the third złoty ({{ISO 4217|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 0.222168 [[gram]]s of pure gold.<ref>http://dziennikustaw.gov.pl/du/1950/s/50/459/D1950050045901.pdf Dziennik Ustaw 50, 459</ref> The banknotes were issued in denominations ranging from 10 zlotych to [[5,000,000 złotych note|5 million zlotych]].<ref>{{Cite web |date=15 August 2018 |title=The history of the Polish zloty began almost 500 years ago {{!}} Obserwator Finansowy: Ekonomia {{!}} Gospodarka {{!}} Polska {{!}} Świat |url=https://www.obserwatorfinansowy.pl/in-english/the-history-of-the-polish-zloty-began-almost-500-years-ago/ |access-date=15 February 2024 |website=Obserwator Finansowy: ekonomia, debata, Polska, świat |language=en-EN}}</ref>

===Fourth złoty (PLN)===
{{main|Polish coins and banknotes}}

After the fall of [[Polish People's Republic|communism]] in 1989 and successive [[hyperinflation]] in 1990, the złoty was again [[Redenomination|redenominated]]. On 11 May 1994, a redenomination project from the [[National Bank of Poland|NBP]] was approved; the act allowing the project to come into force was ratified on 7 July 1994.<ref>http://dziennikustaw.gov.pl/du/1994/s/84/386/D1994084038601.pdf Dziennik Ustaw Nr 84, 386</ref> Thus, on 1 January 1995, the PLN was introduced at a rate of 1 PLN to 10,000 PLZ.<ref name="Zarys historii Polski w liczbach"/> Redesigned coins and banknotes were released featuring [[Polish monarchs]], which were printed by [[De La Rue]] in [[London]] (until 1997) and PWPW in [[Warsaw]] (from 1997).<ref>{{cite web |url=https://biznes.wprost.pl/firmy-i-rynki/10274752/de-la-rue-na-skraju-upadku-drukuje-jedna-trzecia-banknotow-swiata.html |title=Drukuje 30 proc. banknotów świata, jej zawdzięczamy złote po denominacji. Właśnie stanęła na skraju upadku |last=Haber |first=Marcin |date=2019 |website=biznes.wprost.pl |publisher=Wprost Biznes |access-date=1 November 2021}}</ref>

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 the [[EURion constellation]].<ref name="nbp">{{cite web |url=https://www.nbp.pl/home.aspx?f=/banknoty_i_monety/banknoty_obiegowe/wszystkie_banknoty.html |title=Banknoty i monety. Banknoty obiegowe |date=n.d. |website=nbp.pl |publisher=National Bank of Poland (Narodowy Bank Polski NBP) |access-date=1 November 2021}}</ref>

On 10 February 2017, a 500zł banknote with the likeness of [[John III Sobieski]] began circulating.<ref>{{cite web |url=https://wyborcza.biz/biznes/7,147743,21358060,od-dzis-mamy-banknot-500-zl-zamiast-krolowej-jadwigi-jest.html?disableRedirects=true |title=Banknot 500 zł z królem Janem III Sobieskim już w obiegu |last=Popiołek |first=Anna |date=2017 |website=Wyborcza.pl |access-date=1 November 2021}}</ref> On 2 October 2019, the [[19 złotych note]] was released.<ref>{{cite web |last1=Narodowy Bank Polski |first1=Narodowy Bank Polski |title=100-lecie powstania Polskiej Wytwórni Papierów Wartościowych |url=https://nbp.pl/banknoty-i-monety/banknoty-kolekcjonerskie/katalog/100-lecie-powstania-polskiej-wytworni-papierow-wartosciowych-2/ |website=nbp.pl |date=2 October 2019 |access-date=10 February 2024}}</ref> In 2021, Adam Glapiński, president of the National Bank of Poland, announced that a 1000zł note will be introduced in the near future,<ref name="1000zl">{{cite web |last1=Żuławiński |first1=Michał |title=Glapiński: Banknot o nominale 1000 zł zostanie wprowadzony |url=https://www.bankier.pl/wiadomosc/Glapinski-Banknot-o-nominale-1000-zl-zostanie-wprowadzony-8038062.html |website=Bankier.pl |access-date=29 March 2021 |language=pl |date=15 January 2021}}</ref> but the project was cancelled in 2024.

===Future of the złoty===
{{See also|Poland and the euro}}
One of the conditions of Poland joining the [[European Union]] in May 2004 obliges the country to eventually adopt the euro, though not at any specific date and only after Poland meets the necessary [[Convergence criteria|stability criteria]]; serious discussions regarding joining the [[Eurozone]] have ensued.<ref>{{cite news | url=https://www.forbes.com/afxnewslimited/feeds/afx/2008/09/18/afx5440142.html | title=Poland may hold euro referendum in 2010-Deputy PM | work=[[Forbes]] | access-date=19 September 2008 | date=18 September 2008 |archive-url=https://web.archive.org/web/20100308143938/http://www.forbes.com/feeds/afx/2008/09/18/afx5440142.html |archive-date=8 March 2010 }}</ref><ref>{{cite news|url=https://www.theguardian.com/business/feedarticle/7799421 |archive-url=http://arquivo.pt/wayback/20160518204909/http://www.theguardian.com/business/feedarticle/7799421  |archive-date=18 May 2016 |title=Poland may push back euro rollout to 2012 |work=[[The Guardian]] |access-date=19 September 2008 |location=London }}</ref><ref>{{cite web | url=http://www.bizpoland.pl/news/index.php?contentid=172545 | title=Poland may push back euro rollout to 2012 | publisher=BizPoland | access-date=19 September 2008 | archive-url=https://web.archive.org/web/20120220054516/http://www.bizpoland.pl/news/index.php?contentid=172545 | archive-date=20 February 2012}}</ref> An amendment to Article 227<ref>{{cite web | url=http://www.sejm.gov.pl/prawo/konst/angielski/kon1.htm | title=Constitution of the Republic of Poland of 2nd April 1997, as published in Dziennik Ustaw (Journal of Laws) No. 78, item 483 | publisher=Parliament of the Republic of Poland | access-date=25 September 2009}}</ref> of the [[Constitution of the Republic of Poland]], which cedes the exclusive right to issue money to the Bank of Poland, will be required.<ref>{{cite web | url=http://www.fxstreet.com/news/forex-news/article.aspx?StoryId=c5dfd795-8560-498d-99ec-cc0066d38786 | title=Polish charter must change before ERM-2 | publisher=fxstreet.com | access-date=25 September 2008 | archive-url=https://web.archive.org/web/20090423175852/http://www.fxstreet.com/news/forex-news/article.aspx?StoryId=c5dfd795-8560-498d-99ec-cc0066d38786 | archive-date=23 April 2009}}</ref> While opinions of the euro have not always been favorable, 2022 opinion polling on behalf of the European Commission found 60% of respondents support adopting the euro.<ref name=":0">{{Cite web |title=Eurobarometer |url=https://europa.eu/eurobarometer/surveys/detail/2662 |access-date=21 October 2022 |website=europa.eu}}</ref>