Description and research notes
This archival sheet represents an original watermark paper prepared by Thomas De La Rue and Company Limited in London for the 20 złotych banknote dated 2 January 1928 for Bank Polski. The banknote itself was never introduced into circulation, and surviving material from this project is known almost exclusively in specimen form. The present piece preserves the production substrate — the multitone watermark paper — rather than a printed banknote.
The 1928 London emission consisted of two denominations, 10 and 20 złotych. While the 10 złotych proceeded into circulation and is known in both issued and specimen forms, the 20 złotych did not advance beyond limited specimen preparation. The project was ultimately withdrawn, most likely due to the exceptionally high cost of production associated with its advanced steel engraving and security features. A subsequent printing was executed in the existing design format with a revised emission date of 1929.
For this emission, steel engraving (staloryt) was used for the first time in Polish banknote production. The portrait of Marynia Połaniecka, after the graphic work of Piotr Stachiewicz, was executed in intaglio and became the central artistic feature of the planned banknote. This same portrait was translated into a multitone watermark positioned in the unprinted field of the note, representing a technically sophisticated integration of engraved design and watermark engineering.
The present sheet originates from the Thomas De La Rue archive in London. In recent years, only a small number of such archival sheets have appeared on the international market, including examples sold at auction in the United Kingdom. This piece represents the first recorded appearance of this watermark paper on the Polish auction market.
Known only in relation to an unrealized banknote issue and preserved in extremely limited archival quantities, this watermark sheet constitutes primary production evidence of one of the rarest twentieth-century Polish banknote projects. It documents both the artistic ambition and the technical advancement pursued by Bank Polski in 1928.
R9 Extremely Rare. Archival watermark sheets for the unissued 1928 20 złotych are known in only a handful of examples, all originating from the Thomas De La Rue archive. The present example represents one of the very few documented specimens and the first noted offering on the Polish auction market.