Description and research notes
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. His image is repeated in the watermark, merging patriotic symbolism with advanced anti-counterfeiting.
The design reflects Waterlow’s high standards of the era: intricate guilloches, balanced ornamentation, and a warm dual-color underprint that gave the note a distinctly Polish character. At the time, Poland lacked secure banknote facilities, making these London-printed issues vital to establishing credibility at home and abroad.
While many survivors show heavy circulation, this example stands out for its originality. Graded PMG 58 EPQ, it combines near-Uncirculated sharpness with the elusive EPQ designation—rarely awarded for this series due to common press and paper irregularities. With strong color, wide margins, and fully original surfaces, it ranks among the finest obtainable representatives of Poland’s 1919 reform issue: both a symbol of independence and a showcase of world-class engraving.