3245) Centenary Anniversary of the Establishment of the Bank of Poland is Commemorated
on New Silver Proof Coins:
The National Bank of Poland have launched new silver
proof coins in honour of the centenary anniversary of the establishment of the
Bank of Poland.
Published on April 19, 2024 The Bank of
Poland's historic building is depicted on the obverse. Precursor to today’s
National Bank, the Bank of Poland was founded after the re-establishment of
Polish independence as a result of the First World War. This anniversary is
especially important in modern Polish history as it is the first institution
that issued the Zloty currency, still in use in Poland and which also turns 100
years old this year.
The Bank Polski Spółka Akcyjna (Bank of Poland Joint-stock
company) was organised to oversee currency reform and the consolidation of
public finances, which were both conducted by the government of Władysław
Grabski from December 1923 to the spring of 1924. The revisionary programme was
aimed at achieving budget stabilisation, a balanced money market and a stable
exchange rate of the-then Polish mark, which was later replaced by the złoty,
Poland’s new currency. Bank Polski SA became a bank of issue, which replaced the
Polish Loan Bank, a remnant of Imperial German occupation in 1916. The legal
mandate of the bank was signed into law by Polish President Stanisław
Wojciechowski who formalised the statute of the Bank Polski as a joint stock
company on the 20th January 1924. The Bank was then granted the exclusive right
to issue the złoty as national currency until the 31st December 1944.
Stanisław
Karpiński was appointed the bank’s first president and the bank commenced its
activities on the 28th April 1924. On that day, Prime Minister Władysław Grabski
unveiled a plaque inside the building originally built in 1911 for use as the
Russian State Bank with the following inscription – ‘The Polish State, by
establishing Bank Polski in 1924 as the mainstay of monetary order in the
country and as an expression of the current link with the age-old institution of
that name, expresses its gratitude to the numerous citizens who spared no
sacrifice to the National Treasury’ The activity of the Bank Polski was
interrupted by the outbreak of World War II. Concerned that the Bank of Poland’s
bullion assets would be looted by advancing invading armies of the Third Reich,
the evacuation of 75 tons of gold from the premises of the Bank of Poland was
planned. It was organised and carried out by Ignacy Matuszewski head of the
Ministry of Treasury along with the Polish diplomat Henryk Floyar-Rajchman in
September 1939. The country’s wealth on gold travelled through Romania, Turkey
and Syria until it eventually found its way to vaults in the United States,
Great Britain and Canada. Meanwhile, soldiers of the Home Army and members of
the Bank’s own staff heroically defended the site for almost a month, preventing
the German attack on the Old Town during that time. The Bank of Poland’s
building sustained significant damage during the Second World War and much of
the structure was later partially demolished.
The institution’s management was
forced to evacuate to Paris, and later to London, where it continued its
activity, however scaling down its operations. At the end of the Second World
War in 1946, by the decision of the management board the Bank of Poland, the
seat of its authority was moved back to Warsaw from London. However, the new
provisional government had established the Narodowy (National) Bank Polski SA by
a decree of the State National Council in January 1945. As a result of this
change, the Bank of Poland was deprived of its issuing rights and thus, that of
a functioning central bank.
The Bank was ordered liquidated in 1951 and
completed one year later. The stock of gold and property which backed the value
of the banknotes of the Bank of Poland was distributed by the communist
authorities for budget expenditure in the years 1946–1958. A portion of the gold
and its value was allocated as compensation for citizens of foreign countries
whose property was expropriated as a result of the Act on the Nationalization of
Industry.
Today, the Senator Office complex occupies much of the location where
the Bank once stood. Remnants of the surviving historic elements of the walls
and foundations, primarily the right half on Bielańska Street in Warsaw are
preserved and entered into Poland’s register of monuments. The silver proof
coins are produced by the Mint of Poland at their facilities in Warsaw on behalf
of the National Bank and designed by Dominika Karpińska-Kopiec.
The reverse of
the coin features the pre-war façade of the building of the Bank Polski. The
building was built between 1907 and 1911 and originally used as a branch of the
State Bank of the Russian Empire. Above the primary design is the text
RZECZPOSPOLITA POLSKA 2024 along the upper rim. Poland’s national symbol, the
crowned Eagle is placed below the text and the denomination 10 ZŁ. is placed
just to the lower right of the crest.
The obverse side depicts an image of the
Bank of Poland’s first president Stanisław Karpiński against the background of
an ornate portal above the entrance to the bank’s main operations hall.
The
commemorative inscription along the upper rim reads 100. ROCZNICA UTWORZENIA
BANKU POLSKIEGO SA with STANISŁAW KARPIŃSKI placed below his likeness.
The specifications of this Coin are:
Denomination Metal Weight Diameter Quality Maximum Mintage 10 Zlotych .999
Silver 31.1 g. 32 mm. Proof 11,000
- Available from the 25th April, each silver
proof quality coin is encapsulated and presented in a heavy-gauge lined card
case, accompanied with a Certificate of Authenticity (COA).
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