MY COLLECTION - ALBUM NO 7 - SOVIET UNION & EUROPE - POLAND COINS

CHAPPIDI ABHIRATH REDDY,g
C/O COL GKS REDDY,

Secunderabad - 500 015.


Poland Coins

        The złoty (pronounced [ˈzwɔtɨ] ( listen); sign: zł; code: PLN), which literally means "golden", is the currency of Poland. The modern złoty is subdivided into 100 groszy (singular: grosz, alternative plural forms: grosze; groszy). The recognized English form of the word is zloty, plural zloty or zlotys. The currency sign zł, is composed of Polish small letters z and ł (Unicode:U+007A z latin small letter z & U+0142 ł latin small letter l with stroke).

         As a result of inflation in the early 1990s, the currency underwent redenomination. Thus, on January 1, 1995, 10,000 old złotych (PLZ) became one new złoty (PLN).

History of Zloty

          The złoty (golden) is a traditional Polish currency unit dating back to the Middle Ages. Initially, in the 14th and 15th centuries, the name was used for all kinds of foreign gold coins used in Poland, most notably Venetian and Hungarian ducats. In 1496 the Sejm approved the creation of a national currency, the złoty, and its value was set at 30 groszy, a coin minted since 1347 and modelled on the Prague groschen. The grosz was subdivided into 2 półgrosz or 3 solidi.

          The name złoty (sometimes referred to as the florin) was used for a number of different coins, including the 30 groszy coin called the polski złoty, the czerwony złoty (Red złoty) and the złoty reński (the Rhine guilder), which were in circulation at the time. However, the value of the Polish złoty dropped over time relative to these foreign coins and it became a silver coin, with the foreign ducats eventually circulating at approximately 5 złotych.

          Following the monetary reform carried out by King Stanisław August Poniatowski, the złoty became Poland's official currency and the exchange rate of 1 złoty to 30 groszy was confirmed. Until 1787, the złoty was tied to the Conventionsthaler of the Holy Roman Empire, with 8 złoty equal to one Conventionsthaler and, consequently, 4 groschen equal to the złoty. Two debasements of the currency occurred in the years before the final partition of Poland.

The new Polish złoty (PLN) is the unofficial name of the current currency of Poland, introduced on January 1, 1995 as a result of the redenomination of the old currency. The official name of the Polish currency did not change since the Polish currency law of 1950 (DZ.U nr 50. poz. 459 with later changes), which defines the official currency as the złoty, up to one million denominated notes remains in effect. The redenomination rate was 10,000 old Polish złoty to 1 new Polish złoty. The issuing bank is the National Bank of Poland. See also original law from 7 July 1994 Dziennik Ustaw Nr 84, 386

          Conditions of Poland's joining the European Union (in May 2004) oblige the country to eventually adopt the euro, though not at any specific date and only after Poland meets the necessary stability criteria. Serious discussions of joining the Eurozone have ensued. However, article 227 of the Constitution of the Republic of Poland will need to be amended first, so it seems unlikely that Poland will adopt the Euro before 2019. Public opinion research by CBOS from March 2011 shows that 60% of Poles are against changing their currency. Only 32% of Poles want to adopt the Euro, compared to 41% in April 2010

Note - Some of the images of coins in my collection, have been taken from the Gallery to the extent available, to save on time & effort involved in photography & editing.