A rarer variety with the numeral 2 after the series letter.
PMG-certified banknote with a PMG 67 EPQ grade.
A beautifully preserved banknote with the second highest grade in the PMG registry.
Only one piece rated higher at the time of creating the auction description.
In 1944, the Polish lands fell under Soviet influence. In 1944, after the expulsion of German troops beyond the Vistula River, the organization of a new monetary system began. In the conditions of the still ongoing war, the return of the Bank of Poland from London was impossible, and the communist authorities did not agree to maintain the activities of the Bank of Issue in Poland. At the end of August, the Central Treasury Fund was established, which issued paper zlotys with an issue date of 1944. The exchange rate of the zloty was equalized with that of the ruble. In mid-January 1945, the National Bank of Poland was established and took over the duties of the central bank. At the exchange of the Polish Emission Bank's zlotys into NBP zlotys, it was allowed to exchange at a ratio of 1:1 the amount of 500 zlotys for each adult.
In order to restore the country's market balance between monetary circulation, wages and prices, a second monetary reform was necessary. The need for it began to be considered in 1947. At that time, they proceeded to prepare new monetary signs in the form of coins and banknotes to be introduced into circulation.
The monetary reform was introduced by the Sejm with the law of October 28, 1950. At that time, a new monetary unit was introduced with a parity of 1 zloty = 0.222168 grams of pure gold. The reference of the value of the Polish currency to the value of gold was purely theoretical, since the 1950 reform broke with the tradition of money being covered by bullion. The parity of the Polish currency, established in 1950, formally survived until 1982, when it was repealed. The law stipulated that between October 30 and November 8, 1950, all post-war banknotes in circulation would be exchanged for new ones dated July 1, 1948. Existing money ceased to be legal tender on October 29, 1950.
The 1950 money exchange had no restrictions on the amount, but there was a very short time limit on the amount. It occurred in the ratio of 100 old zlotys to 1 new zloty. In 1950, prices and wages were converted at an exchange rate of 100:3. The introduction of such a ratio of old to new zlotys at the exchange resulted in a significant decrease in the real value of money held by the population. The implementation of the reform of the monetary system in 1950 was intended to prevent inflation and raise the purchasing value of the zloty.
The composition of the obverses of paper money issued on July 15, 1947 is different from those issued on January 15 and May 15, 1946. On these denominations, one can see the symmetry of the composition with respect to the vertical axis. As on the earlier issue, the ideological charge of the 20 zloty denomination was placed on the reverse. In the central part of the front side of the banknotes of denominations: 100, 500 and 1,000 zlotys feature classical figures shown in statuesque poses symbolizing: agriculture, maritime economy and heavy industry. As with the series of paper money of the 1946 issue, the reverses featured representations in stylized frames. The views from the reverses complement the figures from the obverses.
