2009 Poland Silver Coin 10 ZL 180 YEARS CENTRAL BANKING

The 180 Years of Central Banking in Poland, a 2009 silver proof 10 zloty coin from Poland.

The National Bank of Poland commemorates the 180 Years of Central Banking with this 2009 silver proof 10-zloty coin featuring a 10 zloty note from the year 1919 and a stylized image of Władysław Grabski (1874-1938), a Polish politician, economist and historian. The obverse also features an image of the head office of the Bank of Poland in Warsaw.

The origins of central banking in Poland go back to the first half of the XIX century. The first Polish issuing bank was the Bank of Poland, established in 1828 in the Kingdom of Poland. It was a state bank, with its share capital coming from governmental funds. It performed issuing tasks (zloty-denominated bank notes exchangeable for silver coins), operated as the bank of the state (servicing public debt, keeping public institutions’ deposits and funds), and functioned as a credit and deposit bank providing support for the development of the state industry and infrastructure.

After the change of political system in 1989, the main goal of the National Bank of Poland was to strengthen the Polish currency. Transformation into a two-tier banking system was fundamental for the introduction of monetary policy instruments typical for market economies. The NBP is an issuing bank, a banks’ bank and a bank of the state. As an issuing bank, it has the exclusive right to issue notes and coins of the Republic of Poland. As a banks’ bank it determines the rules of the banks’ refinancing, decides on the interest rates policy and the reserve requirement. This way it helps to shape the economic policy of Poland. As a bank of the state, the NBP provides cash-settlement services to the central budget units and performs other statutory defined duties.