Poland - P-187b - Foreign Paper Money

20 Zlotych, P-187b. Note in folder.

The złoty is the official currency and legal tender of Poland. It is subdivided into 100 grosz (gr). The widely recognised English form of the currency name is the Polish zloty. It is the most traded currency in Central and Eastern Europe and ranks 22nd in the foreign exchange market.

The word złoty is a masculine form of the Polish adjective 'golden', which closely relates with its name to the guilder whereas the grosz subunit was based on the groschen, cognate to the English word groat. It was officially introduced to replace its predecessor, the Polish marka, on 28 February 1919 and began circulation in 1924. The only body permitted to manufacture or mint złoty coins is Mennica Polska, founded in Warsaw on 10 February 1766.

As a result of inflation in the early 1990s, the currency underwent redenomination. Thus, on 1 January 1995, 10,000 old złoty (PLZ) became one new złoty (PLN). Since then, the currency has been relatively stable, with an exchange rate fluctuating between 3 and 4 złoty for a United States dollar. Though Poland is a member of the European Union, nearly 60% of Poles are strongly against replacing the złoty with the euro.

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