Red złoty (Polish: czerwony złoty; also known as Polish ducats or florins) refers to circulating gold coins minted in the Kingdom of Poland (later, the Polish-Lithuanian Commonwealth) from 1526 to 1831. Whereas złoty "(adj.) gold(en)" could simply refer to the colour, czerwony (red) specified the material as gold.
The red złoty was different from the Polish złoty proper, which was the money of account adopted during Alexander's reign in 1496. To combat the confusion and inflation resulting from the different coinage used in the Kingdom of Poland, Sigismund I the Old around 1526-1528 introduced further monetary reform, which included increased minting of the red złoty in Kraków. From 1528 the new monetary system was used in the Polish province of Royal Prussia, and in 1569 (following the Union of Lublin and the formation of the Commonwealth), in the Grand Duchy of Lithuania.
The red złoty was minted at 3.5 grams of gold. There was also a silver złoty, worth 23.1 grams of silver. In 1526 a monetary scale was introduced in which 1 złoty = 5 szóstaków (sixpences) = 10 trojaków (threepences) = 30 groszy (groschen) = 90 szelągów (shillings) = 180 ternarów/trzeciaków (ternarii) = 540 denarów (denarii). |