Description and research notes
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.
Only two series are known to fall into this counterfeit-linked category, making authentic survivors extremely difficult to locate. This example, graded PMG 64 Choice Uncirculated, is an unusually high-grade representative of the type. The note displays excellent embossing, original surfaces, and vivid color, all preserved in a holder that formally notes the WWII LC attribution.
Diversionary counterfeits were introduced in significant volume during the occupation, intended to erode public confidence in currency circulation. Today, genuine notes tied to these suspect serial ranges are both historically important and highly collectible, as they embody the unusual wartime interplay between monetary policy, sabotage, and survival. This Series N specimen captures that history in outstanding quality.
Reference: Miłczak 95b.