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1 Zloty Bilet Państwowy

Issuer Polish State Treasury (Ministerstwo Skarbu)
Year 1938
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Size 108 × 60 mm
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Reverse lettering BILET PAŃSTWOWY
JEDEN ZŁOTY

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Protection type Watermark
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Comments

The 1938 series of Polish State Treasury notes was authorized not by the central bank but directly by the Finance Ministry — a distinction that mattered legally, as Bilet Państwowy notes carried the full faith of the state rather than the National Bank's backing. By 1938, Poland had rebuilt its currency infrastructure substantially since the hyperinflationary collapse of the early 1920s, and PWPW was producing work of genuine quality entirely domestically, without subcontracting to foreign security printers as had been common a decade earlier.

This note circulated right into the German occupation. Post-September 1939 currency policy allowed certain Polish denominations to remain nominally valid under the Generalgouvernement before systematic replacement began in 1940.

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