It literally means “golden” and is subdivided into 100 groszy.

As a result of extreme inflation in the early 1990’s, the currency underwent redenomination so that on January 1, 1998, 10,000 old zlotych (PLZ) became one new zloty (PLN).

See also

• History of the Zloty
• 20th century Zloty

Initially, around the 14th and 15th centuries, the name zloty was used to describe all kinds of foreign gold coins, most notably the German and Ruthenian ducats.

In 1496, the Sejm approved the creation of a national currency and set the zloty at 30 groszy-a coin minted since 1347. The grosz was subdivided into two poltura or three solidi. The name zloty was used for a number of different coins in circulation around the year 1500.

The value of the Polish zloty dropped over time relative to foreign coins and so it became a silver coin. Following the money reform by King Stanislaw Poniatowski, the zloty became the official currency of Poland and the exchange rate of one zloty to 30 groszy was reconfirmed.

Until 1787, the zloty was tied to the Conventionsthaler of the Holy Roman Empire with 8 zloty equal to one Conventionsthaler.

The zloty remained in circulation after the partitions of Poland and the Duchy of Warsaw was able to issue coins of grosz, zloty and talary, which were worth 6 zloty. Banknotes of talar were also issued. The zloty were issued by the Russian-controlled Congress Kingdom from 2826 onward and there was a fixed exchange rate between Russian and Polish currencies. This occurred until 1832 when the Warsaw Mint began to issue coins in both Russian and Polish currencies.

>From 1842 onward, the Warsaw mint issued Russian coins along with some coins from Poland itself. By 1850, the last coins bearing Polish denominations were minted. From 1850 to 1924, the only currency that existed in Poland was Russian currency.

It was introduced by Wladyslaw Grabinski following the monetary chaos after World War II. One zloty contained 0.1687 grams of pure gold.

In 1939, Nazi Germany took over and there was an exchange rate of 1 Reichsmark for every two Zloty. New zloty banknotes were issued after World War II ended. In 1950, the third zloty was introduced, replacing all others. The new zloty lasted until 1995. After hyperinflation, the fourth zloty was made in 1995, replacing all previous forms of zloty. The issuing bank is the Narodowy Bank Polski.