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1 000 000 Zlotych
| Issuer | Narodowy Bank Polski (National Bank of Poland) |
|---|---|
| Year | 1991 |
| Type | Log in to see details |
| Value | 1 000 000 Zlotys (1 000 000 Złotych) |
| Currency | Log in to see details |
| Composition | Log in to see details |
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| Printer | Log in to see details |
| Designer(s) | Log in to see details |
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| Obverse description | Portrait of Władysław Reymont, Nobel Prize-winning Polish novelist, at right in intaglio print against a guilloche underprint in shades of brown and pink. The Polish state arms (crowned white eagle) appears centrally between two facsimile signatures, with the large denomination numeral 1000000 in bold letterpress at upper centre and lower left. Date and place of issue — Warszawa, 15 Lutego 1991 r. — are printed below the denomination. |
|---|---|
| Obverse lettering | Log in to see details |
| Reverse description | Log in to see details |
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| Protection type | Watermark, Security thread |
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| Comments |
By 1991, Polish inflation had been running so destructively that the złoty required denominations unthinkable a decade earlier. This million-złoty note was not a novelty — it was a working banknote, used for ordinary transactions. The hyperinflationary spiral that produced it stemmed directly from the late communist government's practice of subsidizing failing state enterprises through money creation, a habit the Balcerowicz reforms of 1990 were designed to break but could not immediately undo in the circulating money supply.
Poland's redenomination in 1995 converted 10,000 old złotych to 1 new złoty, rendering this note equivalent to 10 groszy — one tenth of a new złoty coin.