100 Zlotys German occupation

This note was printed before the German invasion of September 1939 but issued — and given its "occupation" designation — under the Nazi administration that retained Bank Polski as a nominal institution in the early occupation period. The Germans initially allowed pre-war Polish banknote stocks to circulate rather than immediately replacing them, a pragmatic decision that also served to extract real goods from the Polish economy using paper already in existence.

The PWPW printing facility in Warsaw was seized and eventually forced to produce occupation currency under German supervision. Notes from this 1939 series were later demonetized and replaced by the Emisyjny Bank Polski issues from 1940 onward.