POLAND People's Republic (1945-1990) - Polish zloty [PLZ]

1 złoty = 100 groszy

On July 22nd, 1944, right after Soviet army reached Polish territory pushing German forces westwards, Soviet dictator Josef Stalin created Polish government called Polski Komitet Wyzwolenia Narodowego - PKWN (Polish Committee of National Liberation). It was a typical puppet organisation, which was recognised only by Soviet Union, because the legal government was still residing in London. Five days later PKWN signed in Moscow a border treaty in which Poland accepted the delineation agreed between Germans and Soviets in 1939 right before they both attacked Poland. The border was splitting Poland into halves and in 1944 Soviet Union generously gave Poland back the German part. On August 24th PKWN created a central bank and made it responsible for issuing Polish currency, which was called Polish zloty [PLO] and was pegged to Soviet Rouble [SUG] at 1:1 ratio. Only banknotes entered circulation. Six years later, on October 30th, 1950 Poland implemented a financial reform to unify monetary system with the Soviet New Rouble [SUN]. A new unit called Polish Heavy Zloty [PLZ] was based on gold in relation 222 milligrams of gold for 1 PLZ, but possessing gold in coins or bars was in Poland forbidden, as was possessing foreign currencies. Prices and salaries were converted in ratio 3 PLZ for 100 PLO, but bank or home savings only in ratio 1 PLZ : 100 PLO. Polish were robbed from two-thirds of their belongings. Moreover, the population was given 10 days for the exchange and after this period PLO banknotes were becoming worthless. No wonder that the reform preparations were kept in secret.

In 1951 first coins entered circulation, all of them back-dated to 1949. In 1952 the official name of the country changed into Polska Rzeczpospolita Ludowa (People's Republic of Poland), what was projected to coins' obverse starting from year 1957.