Polish mark
From Biocrawler, the free encyclopedia.
The Polish Mark (Marka polska, abbreviated mp) was the currency of the Regency Kingdom of Poland (1916-1918) during the years of its existence and of the Second Polish Republic between 1918 and 1924.
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The Polish Mark, a List of Facts
- 1915: after besieging the Russians the Central Powers occupy the whole territory of former Congress Poland and appoint two Governors General: a German one (Hans Hartwig von Beseler) in Warsaw, and an Austro-Hungarian one (Karl Kuk) in Lublin. The civil administration of the country is laid into the hands of imported German (mostly Prussian) and Austrian officials (mostly Poles). The small country has now four currencies: the old Russian Rouble, the German Mark, the German Occupation Mark and the Austrian Crown, which creates chaos.
- 1916, December 9th: after consultations with the Austrians the chief of German Administration, Wolfgang von Kries proclaims a foundation of a new Bank, called Loan Bank of the Polish Country (Polska Krajowa Kasa Pożyczkowa) and a creation of a new currency unit, called the Polish Mark. The stability of the new currency is guaranteed by the German Reichsbank up to 1 billion marks.
- 1917, January: the printing of new banknotes (1/2 mark, 1 mark, 2, 5, 10, 20, 50, 100, 500 and 1000 marks) begins. All the banknotes are white with the White Eagle of Poland in a red field.
- 1918: at the time of the Armistice of 11th November there are already 880 million Polish Marks in circulation. The new Polish government decides to retain the mark as currency and to allow the Loan Bank to continue its existence.
- 1919: new banknotes with Polish historical motives come into circulation: the notes of 10, 20 and 500 marks display a picture of Queen Hedwig (Jadwiga), the notes of 5, 10, 100 and 1000 marks show Tadeusz Kosciuszko. A silver coin of 50 marks is planned, but never issued due to the galopping inflation. Only one such coin is known to be in existence today.
Later, in 1920, new banknotes of 1/2 mark with Kosciuszko and 5000 marks with both the Queen and Kosciuszko come into use. There are now 5 billion marks in circulation.
- 1922: a really ruinous inflation begins. There are now 207 billion marks in circulation. It is necessary to print notes of 10 000 and 50 000 marks.
- 1923: the inflation gains speed. At the beginning of that year the notes of 100 000, 250 000, 500 000 and 1 million marks are introduced. At the end of the year it is necessary to issue notes of 5 and 10 million marks.
- 1923 - 1924: the exchange rate of US $ is in Polish marks: in 1919: 90; in 1921: 6000; in May 1923: 52000; in July 1923: 140000; in the beginning of November 1923: 2 000 000; an the end of November 1923: 5 000 000; in January 1924: 9 300 000.
- 1924, April 14th: after the founding of a new National Bank (Bank Polski) the Polish mark is exchanged against a new currency which is based on gold, the Zloty, at the rate of 1 800 000 marks against 1 Zloty. One American dollar is now worth 5,18 zloties. The exchange rate undergoes no greater changes until 1939, the zloty is at that time one of Europe's strongest currencies.
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Bibliography
- Tadeusz Kałkowski, Tysiąc lat monety polskiej, Cracow 1981
- Paweł Zaremba, Historia dwudziestolecia 1918-1939 (1 - 2), Paris 1981
