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Item: 185383276963
Returns Accepted:ReturnsNotAccepted
Modified Item:Yes
Year of Issue:1919
Number of Notes:8
Region:Europe
Country:Poland
Type:Notes
Features:Uncirculated
Modification Description:copies
Denomination:Assorted
Collections/ Bulk Lots:Collections/ Bulk Lots
The set consists of 8 copies of banknotes in denominations of 1, 2, 5, 10, 20, 50, 1,000 zlotys and 5,000 zlotys with the word SAMPLE (WZÓR) issued by the Bank of Poland on February 28, 1919. The copies of the banknotes are professionally printed in the printing house while maintaining the true colors and dimensions of the originals. The dimmensions of the biggest banknote – 5000 Złotych: 18,9 x 11,2 cm (!) 1. 1 Złoty 28/02/1919 (Miłczak 47b)2. 2 Złote 28/02/1919 (Miłczak 48b)3. 5 Złotych 28/02/1919 (Miłczak 49 b)4. 10 Złotych 28/02/1919 (Miłczak 50a)5. 20 Złotych 28/02/1919 (Miłczak 51b)6. 50 Złotych 28/02/1919 (Miłczak 52a)7.1000 Złotych 28/02/1919 (Miłczak 55a)8.5000 Złotych 28/02/1919 (Miłczak 129) The history of the issue of Bank Polski banknotes in 1919 The regaining of independence by the Polish state after 123 years of partitions was a process spread over time. Officially, the day of regaining independence is November 11, 1918. On that day, the Polish authorities took over the Polish National Loan Fund (PKKP). On February 28, 1919, the parliament passed an act on replacing the current currency of the “Polish Mark” with the new currency “Złoty”.In 1919, banknotes in denominations of 1, 2, 5, 10, 20, 50, 100 and 500 zlotys were printed. The series of Polish banknotes contained this date, and the issuer was the Bank of Poland, which was not there this year. The obstacle preventing the introduction of newly printed banknotes was the huge budget deficit and growing inflation.The currency reform was not carried out until April 28, 1924. In 1924, currency reform was inevitable due to the extremely low value of the Polish Mark. On April 28, 1924, the Polish National Loan Association (PKKP) was liquidated, the functions of which were taken over by the newly opened Bank of Poland. On the same day, the exchange of the Polish Mark into the zloty was started. PLN 1 was paid for 1,800,000 Polish Marks.The function of the coin was performed by printed out-of-pocket tickets worth 10, 20 and 50 Groszy, as well as 1 and 5 Groszy, which were made up of 500,000 and 10,000,000 mkp banknotes, respectively. The forfeit tickets were kept until the market was saturated with coins. The postage tickets could be exchanged until June 30, 1932. The entire issue of February 28, 1919, the banknote put into circulation only after the currency reform of Władysław Grabski, on April 28, 1924, after the withdrawal of Polish Marks.Signatures: Management of the Bank of Poland Stanisław Karpiński, Zygmunt Chamiec Watermark: Tadeusz Kościuszko’s profile in the oval on the right Designer: unknown Printing: Waterlow & Sons Limited, LondonIn circulation: from April 28, 1924 to January 31, 1940Thousand-zloty banknotes with the date of February 28, 1919 are a real rarity. They never went into circulation. To avoid embarrassment, they were not even announced as existing. Thus, it is easy to imagine the amazement of an employee of the Komunalna Kasa Oszczędności bank in Górna Wilda, when they set out in Poznań at the beginning of February 1937. The highest denomination at that time was … five hundred zlotys. “The arrest of the owner of 5 banknotes of 1000 zlotys” – reported on February 9, 1937, “Dziennik Poznański”. “A woman came to the branch of Komunalna Kasa Oszczędności in Górna Wilda in Poznań on Friday, 5th May, and when presenting the 1000 zloty banknote, asked if the ticket had any value. The 1000 zloty banknote caused a stir not only in the KKO branch in Wilda, but also in the headquarters Cash registers at Nowa Street. ” Bankers from Poznań were not even bothered by the fact that such banknotes could exist. There was only one problem. The banknote I brought did not seem to be counterfeit at all. It was very similar to 500, it even had a legible watermark. On the obverse, on the left, there was an image of Tadeusz Kościuszko, and on the reverse, on the right, an emblem. After inspection, specialists from the headquarters decided to inform the relevant services about the whole incident. “The case of 1,000 zlotys was vigorously dealt with by the police authorities, which after carrying out a search in the apartment of a woman reporting a worthless banknote, found 4 more identical 1,000 zlotys in her apartment.The owner of 1,000 zlotys banknotes was arrested” – reported “Dziennik Poznański”. The secret of the banknote was quickly revealed. In post-war Poland, it was necessary to merge the tax apparatus and introduce a single currency (among others, tsarist rubles, Austrian crowns and German Marks were in circulation), therefore in 1919 the Ministry of the Treasury of the newly created Polish state ordered from the London-based securities printing house Waterlow & Sons Press a large batch of banknotes in denominations of 100, 500 and just 1000 Zlotys. All of them had the image of Kościuszko. Unfortunately, in 1920, during the sea transport from London to Gdańsk, in never explained circumstances, a whole box with new thousands of zlotys was lost. A total of 4,000 banknotes disappeared, which, as it is easy to calculate, resulted in a loss of 4 million zlotys! Due to the compromising slip-up and the nominal value too high for the money market at that time, it was decided not to put the notes into circulation. Five pieces did not come out until 1937.Later, banknotes appeared during the defensive war in 1939. They were distributed to soldiers as pay. Only a few dozen have survived to this day in perfect condition.Five years ago, banknotes were valued at 3.5 thousand. zloty. Their price would probably be much higher, but in recent years, a source has emerged outside Poland, from which a dozen more thousand zlotys have entered the market. After the introduction of new, better-secured banknotes in 1926, banknotes in denominations of 1, 2, 5, 10, 20 and 50 zlotys were gradually and quickly withdrawn from circulation. Therefore, they are very rare at present. There are numerous forgeries of the 500 zloty banknote of February 28, 1919.Sample auction prices:WCN 56/687 auction 2 zloty banknote from 28/02/1919, state 1, bid price: PLN 2 687 WCN 44/982 auction 5 zloty banknote from 28/02/1919, state 1, bid price: PLN 10,230WCN 96/901 auction 10 zlotys banknote from 28/02/1919, state 1, bid price: PLN 12,000WCN 50/078 auction: 20 zlotys banknote from 28/02/1919, condition 3+, bid price: PLN 13,200WCN 49/718 auction: 50 zlotys banknote from 28/02/1919, condition 3, bid price: PLN 13,200WCN 57/795 auction 100 zlotys banknote from 28/02/1919, state 1, bid price: PLN 1,792WCN 59/656 auction: 500 zloty banknote from 28/02/1919, state 1, bid price: PLN 350WCN 47/193 auction: 1000 zloty banknote from 28/02/1919, state 1, bid price: PLN 4 730
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