2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
One of the oldest currencies in Europe, which has survived to this day, is the Polish zloty. Despite the fact that Poland is a member of the European Union, the citizens of this country decided not to give up their national currency, thus showing its viability.
Formation of the Zloty
The first mention of the zloty dates back to the middle of the 15th century. At that time, another currency was used in the state - the hryvnia, equal to 48 grosz. But over time, the zloty began to come into use. It was the equivalent of a Venetian ducat worth 30 groszy. In fact, the zloty was then considered the popular name for the golden ducat. In the course of economic reforms since the 16th century, the monetary unit of Poland received an official name. She began to be called zloty.
Initially, this banknote was equal to 12 grosz, but since the state began to save on silver contained in coins, the rate increased to 30. Over time, its value changed, it became equal to 50 grosz. The history of the zloty is directly related to the formation of the state. Therefore, the Polish currency has undergone many trials. The creation and collapse of the Commonwe alth, aggressive wars fromother states - all this disturbed the zloty, either depreciating or raising its value. And the introduction of other currencies in this territory did not stop the minting and circulation of the zloty. With the advent of Russian hegemony, and with it the Russian ruble, circulation and minting of the national currency continued. Only in this case, the coin had an image of the profile of Alexander I or the coat of arms of the Russian Empire.
In 1918, the Poles decided to get rid of all the currencies that flooded their market, inherited from the countries during the First World War. A local brand is introduced into use, but it did not last long. Six years later, the monetary unit of Poland is again the zloty. This time it was equal to 100 groszy.
And even during the years of the occupation of Poland by fascist Germany, occupying zlotys were in circulation on the territory of the country, actually retaining the previous design. But coins began to be minted from an alloy of zinc and iron.
New Zloty Story
Literally after the liberation of Poland from Nazi occupation, new banknotes were put into circulation. Later they were re-issued, and only in 1950 the złoty was denominated at a ratio of 100:1. New coins are also introduced during this period.
From 1974 to 1991, due to the growing economic crisis, the zloty depreciated, which led to the appearance of banknotes with a face value of 5000, and later 1 million and 2 million zlotys. Coins were also hit, changing the minting material from brass to cheaper aluminum.
The modern monetary unit of Poland waspresented in 1995. At the same time, the zloty was denominated 10,000 times.
Circulation of old banknotes and coins continued until the end of 1996, and then they were exchanged in banks for new ones until 2011.
Modern zloty quotes
Since the złoty is not a world reserve currency, its circulation is limited to Poland only. Despite the fact that the state is a member of the European Union, all financial transactions within the country are carried out in the national currency - the zloty. It, as before, is equal to 100 pennies, which are minted in denominations: 1, 2, 5, 10, 50 units. Coins of 1, 2 and 5 złoty were also issued.
In general, today the Polish currency is quite stable on the world market. Its exchange rate against the US dollar is slightly less than 4 zlotys per dollar, and 1 euro is already worth 4 with a little.
Should I take dollars to Poland?
Despite the fact that the zloty is the only currency in Poland, it is advisable to take euros or US dollars with you when traveling to the country. Their exchange can be easily made without commission at specialized points, which, as a rule, are located in crowded places and have a convenient work schedule.
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