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POLAND 3rd Republic (from 1995) - Polish zloty reformed [PLN]

1 złoty = 100 groszy

In the beginning of the '90s a hyperinflation affected Poland. This was a result of implementation political and economical improvements after communistic rule that had collapsed in 1989. Everyday shopping was paid in thousands, salaries were earned in millions, prices of housing was calculated in billions of Polish zlotys [PLZ]. Coins were practically not circulating and in 1993 the National Bank of Poland was already printing banknotes with face value of 2,000,000 PLZ. Based on the decision from July 7, 1994 a new currency was introduced on January 1, 1995. Old 10,000 PLZ were exchanged into new 1 PLN. For the next two years both PLZ and PLN currencies were circulating, but after this period PLZ could have been exchanged in the National Bank of Poland by December 31, 2010. A coin production of the new zloty began already in 1990 when face values 1, 2, 5, 10, 20 and 50 groszy as well as 1 zloty were minted. The first coins of 2 and 5 zlotys were minted in 1994.

last update: 8 II 2015

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