| Description | The marka (Polish: marka polska, Polish mark, abbreviated mp, Polish-language plural declensions: marki, marek) was the currency of the Kingdom of Poland and of the Republic of Poland between 1917 and 1924. It was subdivided into 100 fenigs (a Polish spelling of German "pfennig"), much like its German original after which it was modelled.
In 1917 new coins (1, 5, 10 and 20 fenigs) and banknotes (½, 1, 2, 5, 10, 20, 50, 100, 500 and 1000 markas) were introduced and started to replace all the previously-used currencies. All the banknotes were white with the White Eagle of Poland on a red field. At the time of the Armistice of November 11, 1918, 880 million markas were already in circulation. The new Polish government decided to retain the marka as currency and to allow the Loan Bank to continue operating. The following year the German-made banknotes were replaced in circulation with new ones. These featured Polish historical motifs. The notes of 10 and 500 markas displayed a picture of Queen Jadwiga, the notes of 5, 10, 100 and 1000 markas showed Tadeusz Kościuszko. A silver coin of 50 markas was planned but never issued due to the galloping inflation. Only one such coin is known to exist today.
Early in 1924 financial reforms of devised by politician/economist Władysław Grabski were instituted. The Bank Polski was proclaimed as the new central bank of Poland. The marka was exchanged for a new, gold-based currency, the złoty, at the rate of 1,800,000 markas to 1 złoty. |
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