Collection PL

About

Poland’s paper money reflects a nation repeatedly redefining itself through independence, conflict, reform, and renewal. The rebirth of the Polish state after 1918 found its monetary expression in the 1919 złoty issue, printed in London by Waterlow & Sons. The 1 złoty note bearing Tadeusz Kościuszko became the emblem of that moment, a circulating symbol of sovereignty whose well-preserved survivors are today scarce. The 100 złotych Kościuszko note served as a higher working denomination and was subjected to heavy circulation, leaving few examples intact. At the upper end, the imposing 1000 złotych note illustrates the ambition of the early Polish monetary system: fully designed and printed, yet never released into circulation.

The interwar period brought rapid advances in design, engraving, and printing. Banknotes such as the 1936 Dąbrowski 50 złotych represent a mature artistic language that was abruptly interrupted by the outbreak of World War II. Alongside circulation issues, non-circulating material from this era — including remainders and approval-stage prints — preserves production details that are largely absent from worn circulation survivors. These materials form an essential documentary layer within Poland’s numismatic record.

A distinct and technically well-documented chapter emerged with the introduction of the 1994 złoty series, the foundation of Poland’s modern currency. Produced as a tightly defined, one-cycle project and completed before circulation began in 1995, the series was printed jointly by Thomas De La Rue (London) and PWPW (Warsaw). Unlike long-running emissions subject to incremental revisions, the 1994 issue can be reconstructed today as a closed production process, supported by surviving pre-circulation material.

Within this process, the same banknote design existed in several clearly differentiated control forms, each tied to a specific production function. These include unmarked approval notes confirming final design and security features; reference notes bearing red WZÓR overprints (PWPW) or SPECIMEN markings and stamps (TDLR) intended for institutional distribution; and a final archival form permanently invalidated by perforation reading SPECIMEN OF NO VALUE. These forms do not represent collectible “variants” in the modern sense, but successive technical stages documenting the pathway from approval to archival closure.

Standard catalogs record only part of this structure, largely confined to the most visible approval and reference forms. Preserved material demonstrates, however, that the same production logic was applied beyond a single prefix or denomination. The 50 złotych note with AR prefix, documented here as a complete approval–reference–archival sequence, serves as a concrete illustration of this broader pattern. Its role is evidentiary rather than exceptional: it shows how the control framework observed in the reference prefix extends across different production runs within the 1994 emission. A detailed technical breakdown of these production-stage forms is presented in the Spotlight study on the four documented control types of the 1994 issue, which situates these examples within a fully reconstructed production sequence.

Taken together, these episodes — from the 1919 Kościuszko issues and interwar design achievements to the rigorously structured 1994 production process — demonstrate how Polish banknotes function not only as instruments of payment, but as durable records of statehood, design intent, and printing practice. Preserved today in institutional and private archives, they form a continuous narrative in which circulation issues and non-circulating control material are equally essential to understanding Poland’s monetary history.

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Poland 1994 50 Złotych front proof, Pick 175ap1, PMG 63 Choice Uncirculated, final approved obverse design by Thomas De La Rue

Poland 1994 — 50 Złotych Front Proof (Pick 175ap1)

The definitive front proof of the 1994 50 Złotych issue, this sheet represents the final approved obverse design prepared by Thomas De La Rue for Narodowy Bank Polski during Poland’s post-communist monetary reform. Executed as an internal production proof, it preserves the complete engraved obverse exactly as authorized for issue, prior to serial numbering and reverse printing. The design features the portrait of King Kazimierz III Wielki (Casimir the Great), rendered in De La Rue’s modern intaglio style and integrated into a complex guilloche framework reflecting European security-printing standards of the early 1990s. ... Read more →

PolandFront Proof199450 ZłotychPMG 63 Choice Uncirculated (Front Proof, Top Pop 1/1) Front ProofPick 175ap1Thomas De La RueTDLRNarodowy Bank PolskiKazimierz WielkiCasimir the GreatModern Polish BanknotesRedenomination SeriesPoland1994PMG 63Top PopR9 Extremely RareUniqueMuseum Grade
Held
Poland 1994 50 Złotych remainder without serial numbers, Pick 175ar, PMG 66 Gem Uncirculated EPQ, unnumbered production-stage banknote

Poland 1994 — 50 Złotych Remainder (Pick 175ar Miłczak 198a–b)

Remainder of the 50 złotych note issued by Narodowy Bank Polski within the first fully modern banknote series of the Third Republic, dated 25 March 1994. This example represents production-stage material retained outside the finalized circulation workflow and is cataloged as Pick 175ar, corresponding to Miłczak 198a–b. The note preserves the complete printed design prepared by Thomas De La Rue, London, including the portrait of King Kazimierz III Wielki (Casimir the Great), the integrated guilloche structures, and the finalized denomination and emblematic layout of the modernized Polish currency system. ... Read more →

PolandRemainder199450 ZłotychPMG 66 Gem Uncirculated EPQ Remainder50 ZlotychUnnumbered BanknoteWithout Serial NumbersThomas De La RueTDLRNarodowy Bank PolskiKazimierz WielkiCasimir the GreatModern Polish BanknotesRedenomination SeriesProduction StagePoland1994PMG 66Pick 175arMilczak 198R8 Extremely RareMuseum Grade
Held
Poland 1926 10 Złotych remainder Pick 65br with Bolesław Chrobry 992–1025 portrait watermark, PMG 40 Extremely Fine

Poland 1926 — 10 Złotych Remainder Bolesław Chrobry 992–1025 Watermark (Pick 65br)

This banknote is a remainder from the 10 złotych issue of Bank Polski dated 20 July 1926, printed on paper carrying a portrait watermark of Bolesław Chrobry together with the dates of his reign, 992–1025. In standard catalog references, this material is recorded as Pick 65br and represents the remainder counterpart to the issued type Pick 65b, sharing the same paper and watermark characteristics. The portrait watermark featuring Poland’s first crowned king was introduced within a specific historical and symbolic framework. ... Read more →

PolandRemainder192610 złotychPMG 40 Extremely Fine RemainderBank Polski10 ZlotychPortrait WatermarkBoleslaw Chrobry992–10251926 Banknote IssueSecond Polish RepublicState SymbolismWatermark HistoryPoland1926Museum GradeR9 Extremely RareUniquePick 65brMilczak 64PMG 40
Held
Poland 1994 50 Zlotych AR prefix approval specimen without overprints, serial AR0000000, produced by Thomas De La Rue

Poland 1994 50 Zlotych Approval Specimen Without Overprints AR Prefix (Pick Unlisted)

This example documents the use of a previously unrecorded AR prefix on a known approval specimen type of the 50 zlotych banknote from the 1994 Polish issue. The note is a fully printed approval specimen produced by Thomas De La Rue in London for the National Bank of Poland as part of the formal approval process for the final design intended for circulation. It retains the complete structure of the emission design, corresponding to the version that subsequently entered regular production. ... Read more →

PolandApproval Specimen Without Overprints199450 ZlotychUncirculated Approval SpecimenSpecimen Without OverprintsSpecimenUncataloguedAR PrefixSerial AR0000000Thomas De La RueTDLRMilczak UnlistedPick UnlistedPoland Currency Redesign 1994National Bank of PolandModern Polish BanknotesSecurity Printing HistoryDesign Approval ProcessPre Issue Control NotePoland199450 ZlotychMuseum GradeR9 Extremely RareUnique
Held
Poland 1994 50 Zlotych AR Specimen with red SPECIMEN overprint, De La Rue NO VALUE ovals, and drilled control holes

Poland 1994, 50 Zlotych Specimen with Red Overprint & Oval Stamp AR Prefix (Pick Unlisted)

This AR-prefix specimen is a fully printed presentation example of the 50 zlotych banknote from Poland’s 1994 series, prepared by Thomas De La Rue for controlled institutional use. The note preserves the complete production design corresponding to the issued banknote and carries serial number AR0000000 together with the official signatures of the National Bank of Poland. A bold red diagonal SPECIMEN overprint spans the face of the note and is accompanied by two red oval NO VALUE stamps applied in the standard De La Rue format. ... Read more →

PolandSpecimen with Red Overprint & Oval Stamp199450 ZlotychPMG 66 EPQ Gem Uncirculated SpecimenRed OverprintOval NO VALUE StampPunch CancelledSpecimen Tracking PanelAR PrefixSerial AR0000000Pick UnlistedMilczak UnlistedUncataloguedThomas De La RueTDLRSecurity Printing HistorySpecimen Control ProceduresModern Banknote DevelopmentPoland199450 ZlotychPMG 66 EPQMuseum GradeR9 Extremely RareUnique
Held
Poland 1994 50 Zlotych AR Specimen perforated SPECIMEN OF NO VALUE with handwritten archive date 30.4.96

Poland 1994, 50 Zlotych Specimen with Perforated 'SPECIMEN OF NO VALUE' AR Prefix (Pick Unlisted)

This AR-prefix specimen is a fully printed 50 zlotych banknote from Poland’s 1994 series, permanently cancelled by a large perforated inscription reading “SPECIMEN OF NO VALUE” across the portrait of King Casimir III the Great. The perforation represents a terminal archival control form prepared by Thomas De La Rue and retained for internal documentation and security reference. The banknote preserves the complete production design corresponding to the issued currency, including serial number AR0000000 and the official signatures of the National Bank of Poland. ... Read more →

PolandSpecimen Perforated 'SPECIMEN OF NO VALUE'199450 ZlotychUncirculated SpecimenPerforatedPerforated 'SPECIMEN OF NO VALUE'Printer AnnotationsUncataloguedAR PrefixSerial AR0000000Thomas De La RueTDLRMilczak UnlistedPick UnlistedThree Known Variations of 1994 Polish SpecimensPoland Currency Redesign 1994National Bank of PolandModern Polish BanknotesSecurity Printing HistoryDe La Rue Archival ControlSpecimen Control ProceduresPoland199450 ZlotychMuseum GradeR9 Extremely RareUnique
Held
Poland 1936 50 Zlotych Jan Henryk Dabrowski, Pick 78a, PMG 55 EPQ

Poland 1936 — 50 Zlotych Jan Henryk Dąbrowski (Pick 78a, Miłczak 77a–b)

The 50 Zlotych note dated 11 November 1936 with the portrait of General Jan Henryk Dąbrowski represents the highest artistic and symbolic achievement of Polish interwar banknote design. Conceived as the flagship denomination of a fully modernized Bank Polski series, it was intended to embody state continuity, national identity, and technical excellence at a moment when the Second Polish Republic had reached institutional maturity. The choice of date was deliberate. ... Read more →

PolandUnissued Note193650 ZlotychPMG 55 EPQ About Uncirculated Unissued Note50 ZlotychJan Henryk DabrowskiBank PolskiPolish Interwar CurrencySecond Polish RepublicNational IconographySteel EngravingPortrait WatermarkPoland1936PMG 55 EPQMuseum GradeR7 Extremely Rare
Held
Poland 1936 50 Zlotych Progressive Proof reverse, Pick 78pp2, PMG 66 EPQ Top Pop

Poland 1936 — 50 Zlotych Reverse Progressive Proof (Pick 78pp2)

Progressive proof of the reverse design for the unissued 1936 50 Zlotych — one of the most advanced and visually ambitious notes ever conceived by the Second Polish Republic. Printed by the Państwowa Wytwórnia Papierów Wartościowych (PWPW) in Warsaw, this sheet captures a transitional stage in the birth of a masterpiece. The reverse artwork was executed under the artistic supervision of Wacław Borowski and engraved by Włodzimierz Vacek, two of the most accomplished figures in pre-war Polish graphic arts. ... Read more →

PolandProgressive Proof193650 ZlotychPMG 66 EPQ Gem Uncirculated (Top Pop) DabrowskiBank PolskibanknotPolskaPolandMilczakzlotymiedzywojenny50 zlotychPMG 66 EPQPMGII RPTop PopPick 78pp2Interwar Rarity1936PWPWR7 Extremely RareMuseum GradeProgressive Proof
Held
Poland 1940 10 Złotych contemporary counterfeit Pick 94x PMG 55 AU with purple WERTLOS stamp and Zigzag Lines watermark

Poland 1940 — 10 Złotych Contemporary Counterfeit with WERTLOS Stamp (Pick 94x)

Striking example of a 1940 Poland 10 Złotych contemporary counterfeit, catalogued as Pick 94x and certified PMG 55 About Uncirculated. Produced clandestinely during the German occupation, this note replicates the official Bank Emisyjny design but lacks serial numbers and issue letters — clear hallmarks of underground production. A bold purple 'WERTLOS' (worthless) overprint was applied across the face, likely as an official or resistance-era cancellation after discovery. ... Read more →

PolandContemporary Counterfeit194010 ZłotychPMG 55 About Uncirculated PolandPolskaGeneralne GubernatorstwoII Wojna ŚwiatowaOccupation IssueWartime ForgeryCounterfeitContemporary CounterfeitPick 94xMilczak 94WERTLOSBank Emisyjny194010 ZłotychWartimeOccupation CurrencyFalsyfikatResistanceBez Wartości
Held
Poland 1940 10 Złotych, Bank Emisyjny w Polsce, Series F prefix, printed by Giesecke & Devrient, PMG 65 EPQ Gem Uncirculated

Poland 1940 — 10 Złotych Bank Emisyjny Series F Giesecke & Devrient (Pick 94a)

The 10 Złotych of 1 March 1940 was the first note issued by Bank Emisyjny w Polsce, the German-controlled central bank established in the General Government after the September 1939 invasion. Designed and printed by Giesecke & Devrient in Leipzig, it replaced pre-war Bank Polski currency and became the everyday money of occupied Poland. Obverse: allegorical female figures of Industry and Agriculture within neoclassical ornament; crowned female head at left — a faint echo of national dignity amid occupation imagery. ... Read more →

PolandIssued Note194010 złotychPMG 65 EPQ Gem Uncirculated PolandPolska1940Pick 94aBank EmisyjnyGeneralne GubernatorstwoWorld War IIII wojna światowaokupacja niemieckaEPQGem UncirculatedSeries Fbanknotzłoty10 złotych10 zlotychMilczak
Held
Poland 1929 10 Złotych Bank Polski issue with Bolesław Chrobry multitonal 10 ZŁ watermark, Pick 69, PMG 67 EPQ Superb Gem Uncirculated

Poland 1929 — 10 Złotych Issued Note (Pick 69, CM#68)

The 10 Złotych dated 20 June 1929 completed Bank Polski’s first modern post-stabilization currency series. Designed in Warsaw and printed by PWPW (Państwowa Wytwórnia Papierów Wartościowych), it brought a balanced Art-Deco neoclassical aesthetic that symbolized the Second Polish Republic’s recovery after early-1920s hyperinflation. Obverse: allegorical Industry and Agriculture flank the national arms within ornate guilloché and geometric framing. ... Read more →

PolandIssued Note192910 ZłotychPMG 67 EPQ Superb Gem Uncirculated PolandChrobry10 ZŁ watermarkPMG 67 EPQIssued NoteBank PolskiMilczak1929II RPPick 69złotychPMGSuperb Gem10 złotych10 zlotych
Held
Poland 1926 10 Zlotych watermarked paper with Boleslaw Chrobry 10 ZL watermark

Poland 1926 — Bank Polski 10 Zlotych Archival Watermarked Paper (Miłczak 64)

Blank paper stock prepared for the 1926 10 Zlotych issue, classified by PMG as Watermarked Paper. This piece represents the base security paper manufactured for the early interwar 10 Zł notes before the final design was printed. It bears the undated watermark reading 'Bolesław Chrobry 10 ZŁ' (Milczak type), positioned diagonally across the sheet and visible when held to light. ... Read more →

PolandArchival Watermarked Paper192610 złotychPMG Certified Archival PaperWatermarked PaperBoleslaw Chrobry WatermarkDiagonal Watermark LayoutBank PolskiSecurity Paper ProductionWatermark StandardizationInterwar Printing ProcessSecond Polish Republic CurrencyUnissued IssueInterwar Polish BanknotesPoland192610 ZlotychPick 65Milczak 64PMG 1922053-018Museum GradeR8 Extremely Rare
Held
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