A New Era for Poland’s Currency

In 1995, following redenomination, the National Bank of Poland released a new series dated March 25, 1994 — the first issue of the modern złoty (PLN) replacing the old PLZ. Designed by Andrzej Heidrich, the series unified artistry, history, and security into one visual identity. The result was a family of notes that symbolized national renewal and set new standards for Polish banknote design.

Denominations and Designs

Each note features a portrait of a Polish ruler on the front, paired with architecture, heraldry, or symbolic scenes from their reign on the back.

Security Features of the 1994 Issue

• Watermark – a secondary portrait image embedded in the paper, visible when held to the light.
• See-through register – a recto-verso crown printed on both sides of the note that aligns perfectly when viewed against the light.
• Security thread – a clear embedded thread within the paper, containing repeating microprinted inscriptions, visible when held to the light.
• Raised intaglio printing – tactile printing used for portraits, denominations, and key inscriptions, allowing the design to be felt by touch.
• Complex guilloché patterns – dense, overlapping geometric line structures forming the background and borders, designed to resist scanning and photocopying.
• Latent image (angle effect) – the denomination numeral becomes visible when the banknote is tilted at a specific angle.
• UV elements – fluorescent fibers and inks visible under ultraviolet light.

What is a Specimen?

A Specimen (pattern or reference note) is a banknote produced within the banknote manufacturing process for purposes of approval, control, reference distribution, or archival documentation – never intended for circulation. Specimens do not exist in a single uniform form, but appear in several distinct configurations corresponding to different control and documentation stages.

In practice, Polish banknote specimens can be identified by the following characteristics and execution types:

• a characteristic serial number “0000000”, most commonly with the AA prefix, and more rarely with other prefixes used at the testing and reference stages,
• in the case of PWPW control markings – a red “WZÓR” overprint on the obverse and a red “SPECIMEN” overprint on the reverse,
• in the case of Thomas De La Rue (London) control markings – a set of characteristic features, including:
  • red “SPECIMEN” overprints on both obverse and reverse,
  • a red oval stamp “SPECIMEN OF NO VALUE / DE LA RUE”,
  • two round punch holes piercing the banknote.
• the existence of perforated specimens bearing the inscription “SPECIMEN OF NO VALUE”, representing the final archival form of specimen invalidation,
• the existence of approval specimens without any overprints or perforations, preserving the full appearance of a circulation note while serving as formal approval of the design and security layout,
• an additional identifier in the form of a specimen number, applied by the printer for registration and control purposes – appearing on PWPW-controlled examples as WZÓR Nr and on TDLR-controlled examples as SPECIMEN Nº,
• print quality, paper, and security features identical to those of regular circulation notes, confirming their production within the same technological process.

Specimens from the 1994 issue are rare; they were distributed mainly to central banks, museums, and select institutions. On the collectors’ market they are highly sought after, especially in uncirculated (UNC) condition.

Behind the print run: The 1994 notes were designed in Poland, but the first sheets rolled off the presses in London. De La Rue underbid the Warsaw mint by more than 30%, and the National Bank quickly accepted. Time was short — redenomination was only approved in July 1994, but the new złoty had to enter circulation the following year. PWPW couldn’t meet the deadline alone, so Thomas De La Rue took on the job. They printed the entire A–B prefix runs and even part of the C series for the 50-złoty note. Back in Warsaw, production always restarted with DA, which is why the elusive “C” series is absent in most denominations — and in the case of the 50s, the run was cut off midstream.

Context and Collector Questions

Why do banknotes from the 1994 issue matter to collectors?
The 1994 series marks the completion of Poland’s post-denomination monetary reform and represents the first fully unified, modern banknote system of the Third Republic. Beyond availability or condition, these notes are valued for their documentary role: they record how the new currency was designed, approved, and formally introduced into use.

Are 1994 banknotes still legal tender?
Yes, all denominations from the 1994 issue remain legal tender in Poland. From a numismatic perspective, however, collector focus is directed toward non-circulating material—specimens and approval notes—which were never intended for everyday use and retain an archival, rather than transactional, character.

Is a specimen without overprints a distinct type?
Yes. The absence of overprints, stamps, or perforations does not indicate an incomplete note, but a separate approval stage. Such examples document the moment at which a design, layout, and security structure were formally accepted for production and are identified in serious collections as approval specimens, treated as a distinct category.

What role does grading play for reference and specimen notes?
Grading does not alter the documentary nature of a specimen or transform it into a circulation issue. Instead, it provides authentication, consistency, and a shared point of reference, allowing examples to be compared objectively and positioned accurately within private and institutional collections.

How should archival and specimen banknotes be stored?
Proper storage requires chemically neutral holders or grading capsules, stable humidity and temperature, and protection from ultraviolet light and mechanical pressure. These measures preserve the paper structure and ensure long-term archival stability.

The long-term importance of the 1994 issue is defined not by its role as spendable money or face value in circulation, but by its historical context, production function, and documentary integrity.

Prefix Distribution and Replacement Series

The table below shows the prefix distribution for all denominations of the 1994 Polish banknote series, divided between printing by TDLR (London) and PWPW (Warsaw). For every denomination, domestic Polish printing began with the prefix D, regardless of where the London print runs ended.

In summary: for every denomination, PWPW began printing with prefix D. The C prefix does not appear in regular production (with the sole exception of a partial TDLR run for the 50 zł note).

Replacement Series

Replacement series (commonly known as star notes) were special print runs produced to replace sheets damaged or rejected during production. Instead of reusing identical serial numbers, printers employed separate prefixes to clearly distinguish these replacements from regular issues.

For the 1994 series, TDLR consistently used a single replacement prefix: ZA, across all denominations. In contrast, PWPW introduced its own sequence of replacement prefixes, beginning with YA and continuing alphabetically (YB, YC, YD, and so on).

This system allows collectors to identify replacement notes immediately. In practice, replacement series are significantly scarcer and more desirable, as their print quantities were many times smaller than those of regular production.

The table below summarizes the replacement prefixes used for each denomination, shown separately for TDLR and PWPW printing.

In short: TDLR relied on a single universal replacement prefix (ZA), while PWPW implemented its own expanding replacement system (YA, YB, YC…), reflecting a different internal approach to print control.

Printing in London (TDLR) and in Poland (PWPW)

The banknote series dated 25 March 1994 was produced at two locations: in London by Thomas De La Rue & Company, Limited (TDLR), and domestically in Poland by the Polish Security Printing Works (PWPW). Below is a practical comparison of the characteristics most relevant to collectors.

Example of All Known 10 zł Variants (1994 Issue)

Complete Overview of Variants — Illustrated by the 1994 20 Złoty Note

According to the classification used by Czesław Miłczak, the letters a, b, c, d designate circulation and replacement issues, while Wa, Wb, Wc refer to specimen / WZÓR types. The variant Wd (perforated specimen) is not listed in Miłczak’s catalog; the designation Wd is an author-introduced term used here to logically extend the established sequence and clearly distinguish this form.

Below is the complete set of eight known variants of the 20 zł banknote from the 1994 issue:

Contact

Questions, contributions, or additional images and variants to add? Write to: info@1994.pl

Bibliography & sources

• Czesław Miłczak, Katalog banknotów polskich
• Standard Catalog of World Paper Money (Pick)
• NBP articles and materials
• Archival auctions: OneBid, Heritage, and others
• PMG publications ( Paper Money Guaranty )

This section is being expanded on an ongoing basis. Links to external sources will be added later.