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Red złoty ( pl, czerwony złoty; also known as Polish ducats or
The earliest minting of Polish gold coins dates from the 14th century (1320s and 1330s) and the reign of Władysław I the Elbow-high. Władysław after becoming king initiated a reform of the monetary system based on similar policies that had been carried out in Hungary, where he had previously spent some years in exile. The coins issued by Władysław's mints were patterned after the ducats first produced by Charles I of Hungary. These were the first red złotys. Only one example has survived. No more gold coins were produced in Poland until the late 15th century and the reign of Alexander Jagiellon.
The red zloty was different from the Polish zloty 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,
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
''The Origin and History of the Polish Money. Part I''
Bank i Kredyt, listopad-grudzien 2006
Part II
Red złoty ( pl, czerwony złoty; also known as Polish ducats or florin
The Florentine florin was a gold coin struck from 1252 to 1533 with no significant change in its design or metal content standard during that time. It had 54 grains (3.499 grams, 0.113 troy ounce) of nominally pure or 'fine' gold with a purcha ...
s) 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.
Background
The earliest minting of Polish gold coins dates from the 14th century (1320s and 1330s) and the reign of Władysław I the Elbow-high. Władysław after becoming king initiated a reform of the monetary system based on similar policies that had been carried out in Hungary, where he had previously spent some years in exile. The coins issued by Władysław's mints were patterned after the ducats first produced by Charles I of Hungary. These were the first red złotys. Only one example has survived. No more gold coins were produced in Poland until the late 15th century and the reign of Alexander Jagiellon.
The red zloty was different from the Polish zloty 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
Sigismund I the Old ( pl, Zygmunt I Stary, lt, Žygimantas II Senasis; 1 January 1467 – 1 April 1548) was King of Poland and Grand Duke of Lithuania from 1506 until his death in 1548. Sigismund I was a member of the Jagiellonian dynasty, the ...
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 last Polish red złoty were the so-called "insurgent ducats" minted at the Warsaw mint
The Mint of Poland ( pl, Mennica Polska) is a private company (''Mennica Polska S.A.'') which is the only body permitted to manufacture ( mint) coins and investment products in Poland. It is located in Warsaw. It is a joint-stock company
A ...
in 1831, on the eve of the November Uprising
The November Uprising (1830–31), also known as the Polish–Russian War 1830–31 or the Cadet Revolution,
was an armed rebellion in the heartland of partitioned Poland against the Russian Empire. The uprising began on 29 November 1830 in W ...
.
Mint and value
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 szóstak
Szostak is a gender-neutral Polish surname that may refer to
*Alex Szostak (born 1986), Scottish rugby league footballer
*Edward Szostak (1911–1990), Polish basketball player
*Jack W. Szostak (born 1952), Canadian-American biologist of Polish-Bri ...
ów (sixpences) = 10 trojaków (threepences) = 30 groszy ( groschen) = 90 szelągów (shillings) = 180 ternarów/trzeciaków ( ternarii) = 540 denarów ( denarii).
The value of one red złoty in terms of accounting złotys increased in time, while at the same time the amount of silver found in the grosz decreased. for example, in the 16th century the red złoty's value rose from the initial 30 grosze to almost twice that in just a few decades; in the mid-17th century it was worth six accounting Polish złoty (180 groszy), while in late 18th century, one red złoty was worth about 18 Polish accounting złoty (or 540 groszy).
See also
*Bimetallism
Bimetallism, also known as the bimetallic standard, is a monetary standard in which the value of the monetary unit is defined as equivalent to certain quantities of two metals, typically gold and silver, creating a fixed rate of exchange betwee ...
* Chervonets
* Copernicus Law
In economics, Gresham's law is a monetary principle stating that "bad money drives out good". For example, if there are two forms of commodity money in circulation, which are accepted by law as having similar face value, the more valuable co ...
* Historical coins and banknotes of Poland
This a list of historical coins and banknotes of Poland.
Before the 20th century
20th-century and interwar
Coins
1924 - SeDziennik Ustaw 1924-045 Post-WWII
1950-currency reform Series of 1948
The banknotes of the series of 1948 were desi ...
References
External links
* Grzegorz Wójtowicz''The Origin and History of the Polish Money. Part I''
Bank i Kredyt, listopad-grudzien 2006
Part II
Further reading
* * * * * {{DEFAULTSORT:Red zloty Coins of Poland Gold coins