100th anniversary of Władysław Grabski's currency reform – a new Polish Post stamp
To mark this year's centennial of Władysław Grabski's currency reform, the Polish Post issued a commemorative stamp on January 30. The monetary reform introduced by Władysław Grabski (1874–1938), a distinguished economist, Prime Minister of the Second Polish Republic, and Minister of the Treasury, is a crucial event in the history of the Polish economy.
The stamp, designed by Jarosław Ochendzan, features a photographic portrait of Władysław Grabski and a 1 złoty coin. The issue is accompanied by a First Day of Circulation (FDC) envelope featuring a stylized photograph of the State Bank building on Bielańska Street in Warsaw from 1908.
After regaining independence in 1918, Poland faced the challenge of uniting lands with different economic, legal, and cultural systems. Unifying these areas, not only politically but also economically, posed a formidable challenge. At the beginning of independence, at least four currencies were used in Poland, complicating the economic situation. Russian rubles, German marks, Austrian crowns, and Polish marks had different exchange rates and purchasing power. Furthermore, Poland struggled with an excessive budget deficit, fueling inflation. Consequently, hyperinflation erupted in 1923, triggering a wave of strikes and increasing social unrest.
In response to the difficult situation, the government appointed by Władysław Grabski decided to implement reforms aimed at repairing the treasury and stabilizing the currency. Through special powers of attorney, functioning as presidential decrees, a number of significant changes were introduced. The existing Polish mark was abolished, replaced by a new currency called the Polish złoty. The złoty exchange rate was equal to the Swiss franc. An extraordinary wealth tax was introduced, replacing the existing inflation tax and "ordinary" taxes, such as income and revenue taxes. Grabski then liquidated the Polish National Loan Fund (established in 1916) and in its place established the Bank of Poland, responsible for issuing the new currency. The actions of Grabski's government during 1924 effectively quelled hyperinflation and brought order to the Polish economy.
About the stamp:
100th anniversary of Władysław Grabski's currency reform
Designer: Jarosław Ochendzan
Number of stamps: 1
Value: PLN 3.90
Circulation: 128,000 pcs.
Printing technique: offset
Stamp format: 51 x 31.25 mm
Paper: fluorescent
Sales sheet: 8 stamps
Date of circulation: January 30, 2024