Poland Banknotes: Marka, Złoty & Two Hyperinflations
Poland's paper money packs a century of drama into one album: a wartime marka that died in the great inflation of 1923, a gold-backed złoty born from the 1924 Grabski reform, communist-era portraits of great Poles, and a 1995 currency that dropped four zeroes.
Last updated: July 2026
Poland's currency is the złoty, issued by Narodowy Bank Polski, and it replaced the Polish marka in 1924 after one of history's documented hyperinflations. That gives collectors two currencies and five distinct eras to explore: the marka of 1917 to 1924, the interwar złoty of the Grabski reform, the communist-era złoty with its "Great Poles" portrait notes, the soaring denominations of the late 1980s, and the redenominated złoty of 1995 whose banknotes still circulate today.
What currencies has Poland used?
Modern Poland has used two currencies. The marka served from 1917 to 1924, and the złoty has served ever since, though it was reset so many times that catalogs treat its eras almost as separate currencies. The table below maps the collecting landscape. World War II occupation issues sit outside this mainline series and are collected as a specialty of their own.
| Era / issuer | Years | What collectors look for |
|---|---|---|
| Polish marka (Polska Krajowa Kasa Pożyczkowa) | 1917 to 1924 | White Eagle notes, portraits of Queen Jadwiga and Tadeusz Kościuszko, and million-mark hyperinflation issues |
| Second Republic złoty (Bank Polski) | 1924 to 1939 | Gold-standard notes born from the Grabski reform |
| People's Republic złoty (Narodowy Bank Polski) | 1945 to 1989 | The "Great Poles" portrait series introduced from 1974 |
| Transition-era złoty (PLZ) | 1989 to 1994 | High denominations up to 2,000,000 złotych as inflation returned |
| Fourth złoty, PLN (Narodowy Bank Polski) | 1995 to present | Andrzej Heidrich's "Polish Rulers" series, 10 to 500 złotych |
What was the Polish marka, and why did it collapse?
The marka began as occupation money. The Polska Krajowa Kasa Pożyczkowa (Polish National Loan Bank) was created by the German administration in December 1916 and began issuing marka notes in April 1917 at par with the German mark (Wikipedia, "Polish National Loan Bank"). When Poland regained independence in November 1918, the young republic kept both the bank and the currency, and later printings swapped German-made designs for Polish ones, with Queen Jadwiga and Tadeusz Kościuszko on the portrait notes (Wikipedia, "Polish marka").
A state reassembled from three partitions, and at war with Soviet Russia in its first years, leaned on the printing press to cover its deficits, and the marka unraveled. The Hanke-Krus World Hyperinflation Table (Cato Institute) records Poland's episode as running from January 1923 to January 1924, with the worst single month in October 1923, when wholesale prices rose 275 percent and were doubling roughly every 16 days. See where that collapse sits among the all-time records in our ranking of every hyperinflation.
How did the 1924 Grabski reform introduce the złoty?
Prime Minister Władysław Grabski, who also held the finance portfolio, pushed a currency reform through the Sejm in January 1924. A new central bank, Bank Polski, opened on 28 April 1924 and exchanged the ruined marka for the new złoty at 1,800,000 marks per złoty, with the złoty set at par with the gold franc (Obserwator Finansowy, Narodowy Bank Polski). The reform stabilized Poland's money without foreign supervision, a point of national pride, and Bank Polski notes carried the Second Republic until the 1939 invasion. That makes interwar issues a natural companion to marka inflation notes in a collection.
What are communist-era Polish banknotes known for?
Narodowy Bank Polski, still Poland's central bank today, was formed on 15 January 1945 as the war ended (Wikipedia, "Polish złoty"). A confiscatory 1950 currency exchange followed, swapping old notes at 100 to 1 while bank assets converted at a more favorable 100 to 3 (Wikipedia, "Polish złoty"). The era collectors love, though, began in December 1974, when the bank started releasing the "Great Poles" series designed by Andrzej Heidrich, opening with a 500 złotych note of Tadeusz Kościuszko (Typoteka). The 1,000 złotych Nicolaus Copernicus followed in 1975, and as the economic crisis of the 1980s pushed prices upward the series stretched to ever larger numbers, topping out with the 2,000,000 złotych Ignacy Jan Paderewski note issued in 1992 (Leftover Currency). These late notes are abundant, inexpensive, and a vivid record of a system in its final years.
Why did Poland cut four zeroes in 1995?
Poland is one of the countries that appears twice in the Hanke-Krus table. As communism collapsed, inflation crossed the hyperinflation threshold again from October 1989 to January 1990, peaking at 77.3 percent in a single month in January 1990 (Hanke-Krus World Hyperinflation Table, Cato Institute). The Balcerowicz Plan, launched on 1 January 1990, brought the spiral under control, though consumer prices for 1990 as a whole still rose roughly 585 percent (IMF). With stability restored, Narodowy Bank Polski redenominated the currency on 1 January 1995 at 10,000 old złotych to 1 new złoty (Narodowy Bank Polski).
The new money arrived with new art: Heidrich's "Polish Rulers" series, with Mieszko I on the 10, Bolesław I the Brave on the 20, Casimir III the Great on the 50, Władysław II Jagiełło on the 100, and Sigismund I the Old on the 200. A 500 złotych note of John III Sobieski joined the family in February 2017 (CoinWeek). These remain Poland's circulating banknotes today.
How do I start collecting Polish banknotes?
- Pick an era. Marka hyperinflation notes, interwar Bank Polski issues, "Great Poles" portraits, or the 1989 to 1994 high denominations each make a coherent, affordable focus. Poland also slots naturally into a broader collapse-themed collection alongside our hyperinflation sets.
- Buy on condition. Late communist-era notes are common enough that crisp uncirculated examples cost little more than worn ones. Our banknote grading guide explains the scale, and for scarcer marka or interwar notes consider graded banknotes certified by a third-party service.
- Learn the language. Terms like redenomination, series, and watermark come up constantly with Polish material; our banknote glossary covers them.
When you are ready to buy, browse the full banknotes by country directory to see what is currently in stock, and read our guide to collecting world banknotes for building a themed set.
Frequently asked questions
Did Poland ever have hyperinflation?
Yes, twice. The Hanke-Krus World Hyperinflation Table (Cato Institute) lists a marka episode from January 1923 to January 1924, with a peak monthly inflation rate of 275 percent in October 1923, and a second złoty episode from October 1989 to January 1990, peaking at 77.3 percent per month in January 1990.
What currency did Poland use before the złoty?
The Polish marka, issued by the Polska Krajowa Kasa Pożyczkowa from 1917. It began as German occupation money at par with the German mark, was kept by independent Poland after 1918, and was replaced in 1924 at 1,800,000 marks per złoty after hyperinflation destroyed its value.
What was the 1995 Polish redenomination?
On 1 January 1995, Narodowy Bank Polski replaced the old złoty (PLZ) with a new złoty (PLN) at 10,000 to 1, removing four zeroes after the high inflation of the late 1980s and early 1990s. The change introduced the "Polish Rulers" banknote series still used today.
Who appears on Polish banknotes today?
The "Polish Rulers" series, designed by Andrzej Heidrich, features Mieszko I (10 złotych), Bolesław I the Brave (20), Casimir III the Great (50), Władysław II Jagiełło (100), Sigismund I the Old (200), and John III Sobieski (500, added in February 2017).
Are old Polish banknotes worth collecting?
Yes. Demonetized marka and old złoty notes can no longer be spent, so they are collected for history and design, and condition drives value. Late communist-era notes are plentiful and affordable even in uncirculated grades, while scarcer marka and interwar Bank Polski notes reward careful grading and, for higher-value pieces, third-party certification.
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