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 1919 (ND 1924) 100 Złotych, Pick 57, PMG 58 EPQ

Poland 1919 (ND 1924) — 100 Złotych Issued Note (Pick 57)

100 Złotych dated 28 February 1919, part of the first złoty issue commissioned by the newly reborn Republic of Poland. Printed by Waterlow & Sons in London, this landmark series replaced the chaotic wartime mark with a stable national currency, reinforcing sovereignty after more than a century of partitions. The obverse features Tadeusz Kościuszko, hero of both Poland and the American Revolution, whose portrait was chosen to embody sacrifice, unity, and independence. ... Read more →

PolandIssued Note1919100 ZłotychPMG 58 EPQ Choice About Unc PolandPick 57Issued NoteBank PolskiEPQFirst Zloty IssueWaterlowbanknotWaterlow & Sons100 zlotychMilczakKosciuszkozlotychII RP1919PMG 58 EPQMuseum GradeR7 Extremely Rare
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Poland 1919 1 Złoty, Radar Serial 070070, PMG 66 EPQ Top Pop

Poland 1919 (ND 1924) — 1 Złoty Issued Note Radar Serial 070070 (Pick 51)

The 1 złoty of 28 February 1919, printed in London by Waterlow & Sons, stands as the inaugural złoty of the reborn Republic of Poland following independence in 1918. It was the lowest denomination of the reform series and among the most widely used, yet it carried enormous symbolic weight: the obverse bears the portrait of Tadeusz Kościuszko, national hero of both Poland and the American Revolution, surrounded by intricate guilloches and the bold legend 'Bank Polski.' Kościuszko’s inclusion underscored the continuity of national identity after more than a century of partitions. This example is further distinguished by its serial number: a radar repeater, 070070 (Series S.26 C), a pattern highly prized by collectors for its symmetry and rarity. ... Read more →

PolandIssued Note19191 ZłotyPMG 66 EPQ (Top Pop) Bank PolskiEPQPMG 66 EPQFirst Zloty IssueWaterlowbanknotRadar SerialWaterlow & SonsPolskaPolandzlotyMilczakmiedzywojnieKosciuszkozlotychPick 51Issued NoteII RPTop Pop1919
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Poland 1919 1 Złoty WZÓR „Bez wartości”, PMG 40 EPQ

Poland 1919 — 1 Złoty WZÓR „Bez wartości” (Pick 51s)

Specimen of the 1 złoty from the 1919 reform issue, printed by Waterlow & Sons in London and featuring the same Kościuszko portrait as the circulating note. Series S.36 B. This official specimen carries the full set of trial cancellations: diagonal red overprint 'WZÓR.' (with dot) between parallel lines, 'Bez wartości' twice on each side, and two vertical perforations. ... Read more →

PolandSpecimen19191 ZłotyPMG 40 EPQ EPQPolandSpecimenRed Overprintwzor akceptacyjnywzor akceptacyjny bez nadrukówII RPBez wartoscibanknotMilczakzlotyPick 51sPick 51Bank PolskiWaterlowegzemplarz probnyKosciuszkoWZORFirst Zloty IssueWaterlow & Sonsmiedzywojniezlotych1919
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Poland 1919 1000 Złotych, Unissued, PMG 63 EPQ

Poland 1919 — 1000 Złotych Unissued Note (Pick 59a)

The 1000 złotych of the 1919 reform series, printed by Waterlow & Sons in London, is one of the largest and most ornate denominations prepared for the new złoty. Intended as part of the first złoty issue of the Second Republic, it was never officially released into circulation in 1924 due to its very high value. Some researchers suggest that a portion of the stock may have been used informally during the September Campaign of 1939 to pay Polish military officers, though no formal documentation confirms this. ... Read more →

PolandUnissued Note19191000 ZłotychPMG 63 EPQ EPQPolskaPolandII RPbanknotMilczakzlotyUnissued Noteemisja niewprowadzonaBank Polskiniewprowadzona emisjaSecond RepublicWaterlowKosciuszkoWaterlow & SonsmiedzywojniePick 59azlotychniewprowadzonanieobiegowy1919
Held
Poland 1940 10 Złotych Printing Remnants, forgery workshop underprint, PMG descriptive holder

Poland 1940 — 10 Złotych Printing Remnants Forgery Workshop Underprint (Miłczak 94)

Fascinating semi-finished product from a wartime forgery workshop, connected with the 10 złotych 1940 issue (Miłczak 94). The piece is printed only with the underprint of the obverse design — background guilloches and the female allegorical portrait at left — without the main face value, overprints, or full intaglio elements. Trimmed to the correct banknote format, it represents an intermediate stage in the counterfeiting process. ... Read more →

PolandContemporary Counterfeit194010 złotychPMG Holdered (Descriptive, no numeric grade) Polandfragment arkuszaUnderprintPolskaForgeryII wojna swiatowaokupacja niemieckaGeneralne GubernatorstwoOccupation IssueWartime ForgerybanknotMilczakzlotyWorkshopWorld War IIWWIICounterfeitContemporary Counterfeit1940falszerstwoPrinting RemnantsBank EmisyjnyMilczak 94bez wartoscifalszerstwo dywersyjneokupacjamakulaturawzorzlotych10 złotych10 zlotychniedokonczony druk
Held
Poland 1940 500 Złotych Series A with counterfeit numbering link, PMG 15

Poland 1940 — 500 Złotych, Series A with Counterfeit Numbering (Pick 98a)

Original 500 złotych note of 1 March 1940 issued by the Bank Emisyjny w Polsce, Series A, with numbering that falls into the ranges later associated with diversionary forgeries. This note is genuine, but its serial begins within the counterfeit sequences (12xxxxx and 13xxxxx), making it an extremely rare survivor of the group later ordered withdrawn. During the German occupation, large numbers of forged 500 złotych notes were introduced into circulation as part of diversionary sabotage. ... Read more →

PolandIssued Note with Counterfeit Link1940500 ZłotychPMG 15 Choice Fine Poland500 ZlotychPolskaII wojna swiatowaokupacja niemieckaMilczak 98aGeneralne Gubernatorstwofalszerstwo londynskiePick 98aOccupation IssuebanknotMilczakzlotyWorld War IIWWII1940falszerstwoBank Emisyjnyfalszerstwo dywersyjneSeries AokupacjadywersyjnefalsyfikatzlotychCounterfeit Numbering
Held
Poland 1941 1 Złoty uncut sheet of 3 notes with serial numbers and red cancellation mark, PMG 55

Poland 1941 — 1 Złoty, Uncut Sheet of 3 Notes with Serial Numbers (Pick 99b)

Uncut sheet of three 1 Złoty notes printed by the Emission Bank in 1941, Series BE. Each note bears its complete serial number sequence — a rare feature for surviving production materials from the wartime period. Two perforation control holes and a red diagonal cancellation mark across the center indicate withdrawal during the printer’s inspection phase. ... Read more →

PolandUncut Sheet19411 ZłotyPMG 55 About Uncirculated PolandPolskaEmission BankBank EmisyjnyGeneral GovernmentGeneralne GubernatorstwoWWIIWorld War II1941Pick 99bMilczakUncut SheetUncut Sheet of 3 NotesPrinter’s Materialzlotybanknotokupacja niemieckadrukarniaarkusz drukarski
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Poland 1933 — 25 Złotych Investment Fund Voucher, Series I, PMG 55 EPQ

Poland 1933 — 25 Złotych Investment Fund Voucher, Series I Bon Funduszu Inwestycyjnego (Lucow 732)

Investment Fund Voucher for 25 złotych, dated 1 December 1933 and issued by the Ministry of the Treasury of the Second Republic of Poland. Series I, with an especially attractive serial number 38888*. Certified PMG 55 EPQ, confirming original paper quality and freshness. ... Read more →

PolandInvestment Fund Voucher193325 ZłotychPMG 55 EPQ About Uncirculated Bon Funduszu InwestycyjnegoLucow 732Bank PolskiSecond RepublicbanknotPolskaPolandMilczakBykowski 25zlotymiedzywojniezlotychII RPMazur E.33Moczydlowski B63Investment Voucher1933
Held
Poland 1940 20 Złotych Series N, WWII London Counterfeit, PMG 64

Poland 1940 — 20 Złotych, Series N WWII London Counterfeit (Pick 95b)

20 złotych dated 1 March 1940, issued under the Bank Emisyjny w Polsce during the German occupation, here from Series N — a rarer subtype known as the 'WWII London Counterfeit' (LC). This variety is recognized by its distinct olive-toned underprint, setting it apart from the more common genuine emissions. PMG has described this piece as a diversionary counterfeit, aligning it with the series of clandestine productions created to destabilize the wartime Polish economy. ... Read more →

PolandContemporary Counterfeit194020 ZłotychPMG 64 Choice Uncirculated PolskaPolandII wojna swiatowaokupacja niemieckaMilczak 95bGeneralne Gubernatorstwofalszerstwo londynskiebanknotMilczakLondon CounterfeitzlotyWorld War IIWWIICounterfeitContemporary Counterfeit1940falszerstwoBank Emisyjnybez wartoscifalszerstwo dywersyjneokupacjawzorPick 95bSeries Ndywersyjnezlotychfalsyfikat
Held
Poland 1940 500 Złotych Series B, unfinished print fragment with partial obverse and full reverse, PMG holdered

Poland 1940 — 500 Złotych Series B Unfinished Print Fragment (Pick 98)

Unfinished print fragment of the 500 złotych issue dated 1 March 1940, produced for the Bank Emisyjny w Polsce under German occupation. Cut from a printer’s sheet, this piece is classed as 'makulatura' (waste print) in printing terminology, representing a rare survival of the production process. The obverse carries only two layers of underprint with a double application of series and serial number, but lacks the steel-engraved main design. ... Read more →

PolandPrinting Remnant1940500 ZłotychPMG Holdered (Descriptive, no numeric grade) Milczak 98fragment arkusza500 ZlotychPolskaPolandII wojna swiatowaokupacja niemieckaPick 98Generalne Gubernatorstwoarkusz drukarskibanknotMilczakzlotyWorld War IIWWII1940Unfinished PrintBank EmisyjnyEmission BankPrinting Remnantokupacjapolproduktmakulaturazlotychniedokończony druk
Held
Poland 1988 50 Złotych banknote prefix HK6400358 missing date and signatures of Prezes and Główny Skarbnik due to typographic printing omission

Poland 1988 — 50 Złotych Prefix HK Missing Signatures Date Print Error Issued Note (Pick 142c)

Issued 50 Złotych banknote of the Narodowy Bank Polski dated 1 December 1988 displaying a major typographic omission error. The entire printed layer containing the line 'WARSZAWA, 1 GRUDNIA 1988' together with the signatures of the issuing officials (Prezes and Główny Skarbnik) is completely absent. The national eagle emblem printed in the central guilloche remains intact, demonstrating that only the upper black typographic layer failed to transfer during printing. ... Read more →

PolandIssued Note Error (Missing Print)198850 ZłotychRaw (Circulated) Issued Error NoteMissing Print ErrorMissing SignaturesMissing Date PanelTypographic OmissionKarol Swierczewski PortraitNarodowy Bank PolskiPolska Wytwornia Papierow WartosciowychPWPW Security PrintingLate Communist Era BanknotesPrefix HKSerial HK64003581988 Series50 ZlotychPick 142cCM165CM166CM167CM168CM169CM170Poland1988Error NoteMuseum Grade
Held
Poland 1988 50 Zlotych banknote prefix HK0082865 featuring the portrait of Karol Swierczewski, graded PMG 68 EPQ Superb Gem Uncirculated

Poland 1988 — 50 Złotych Prefix HK Issued Note (Pick 142c)

The 50 Złotych banknote dated 'Warszawa, 1 Grudnia 1988' represents one of the final circulating issues of the Polish People's Republic before the monetary and political transformations of the early 1990s. Printed by Polska Wytwórnia Papierów Wartościowych in Warsaw for the Narodowy Bank Polski, the denomination formed part of the 1986–1988 modernization of the circulating banknote series. The obverse presents the portrait of General Karol Świerczewski, a military figure associated with the communist period of Polish history. ... Read more →

PolandIssued Note198850 ZłotychPMG 68 EPQ Superb Gem Uncirculated Issued NoteKarol Swierczewski PortraitEagle Arms WatermarkIntaglio EngravingOffset Security PrintingNarodowy Bank PolskiPolska Wytwornia Papierow WartosciowychPWPW Security PrintingLate PRL BanknotesPrefix HKSerial HK00828651988 Series50 ZlotychPick 142cCM165CM166CM167CM168CM169CM170Poland1988PMG 68 EPQSuperb Gem UncirculatedMuseum Grade
Held
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