PLN – Polish Złoty

Sign – zł / Code – PLN

Long before our corporate currency exchange brokers were helping our clients with their Polish Złoty transfers, the Złoty was creating its own rich history.

About the Polish Złoty

The Złoty (which means “golden”) dates back to the Middle Ages, but from 1850 to 1917 the Polish Ruble was adopted following the Russian victory in the January 1863 uprising.

Originally the word “złoty” was used during the 14th and 15th centuries to refer to any gold coin of a foreign currency. it was in 1496 that saw the creation of the Polish Złoty. 

The Złoty was reintroduced in 1924 following the hyperinflation after WW1, but was severely reduced during the Nazi occupation. A new Złoty was produced in 1950 during the Soviet occupation. This version had a very low exchange rate, which often varied depending on who was exchanging money and why. 

The fourth and current Złoty was formed in 1995 after Poland’s independence and continues to enjoy a low inflation rate.

After joining the European Union in 2004, the country should eventually adopt the single currency. However, this is becoming increasingly unlikely due to the fact that as of 2011 only 32% of the populace wish to join the Euro. 

Denominations

Subunit: Grosz – 1/100

Coins: 1 gr, 2 gr, 5g r, 10 gr, 20 gr, 50 gr, 1 zł, 2 zł, 5 zł

Banknotes: 1 0zł, 2 0zł, 50 zł, 100 zł, 200 zł

Bank: National Bank of Poland