50 Zlotych

Bank Polski was reestablished in 1924 as part of Władysław Grabski's currency reform — one of the more successful stabilization programs in interwar Europe, replacing the badly inflated Polish marka with the new złoty at a rate of 1,800,000 to one. This 1925 note belongs to the first full series issued under that reformed system, before the pressures of the Great Depression and subsequent political turbulence would force further monetary adjustments.

Printing in Warsaw rather than abroad was a deliberate assertion of institutional independence for a state only recently reconstituted after 123 years of partition. The watermark security relied on domestic papermaking capacity that was still being consolidated at the time.