10 Zlotys (Polish Theatre in Warsaw) – Poland
Non-circulating coins
Commemoration: 100th Anniversary of the Polish Theatre in Warsaw
Poland
Obverse
Description:
Central stylised bas-relief of Irydion from Warsaw's Teatr Polski, with Poland's Eagle emblem below. Flanked by "10-ZŁ", topped by "RZECZPOSPOLITA POLSKA 2013". Below the Eagle, a composition of a window frame and balcony balustrade. Mint mark M/W under "ZŁ".
Inscription:
RZECZPOSPOLITA POLSKA 2013
IRY DION
10 ZŁ
mw
IRY DION
10 ZŁ
mw
Translation:
REPUBLIC OF POLAND 2013
JOHN PAUL II
10 ZŁOTYCH
JOHN PAUL II
10 ZŁOTYCH
Script: Latin
Designer: Urszula Walerzak
Reverse
Description:
Centered, a stylized fragment of the Polish Theatre in Warsaw's façade. Above, against an ornamental plafond segment, the inscription: "100 lat / TEATRU POLSKIEGO / W WARSZAWIE." Stylized stage curtain fragments flank the sides.
Inscription:
100 lat
TEATRU POLSKIEGO
W WARSZAWIE
TEATRU POLSKIEGO
W WARSZAWIE
Translation:
One Hundred Years
of the Polish Theatre
in Warsaw
of the Polish Theatre
in Warsaw
Script: Latin
Language: Polish
Designer: Urszula Walerzak
Edge
Plain
Mints
| Name | Mark |
|---|---|
| Mint of Poland | (MW) |
Mintings
| Year | Mint Mark | Mintage | Quality | Collection |
|---|---|---|---|---|
| 2013 | MW | 28,000 | Proof |
Historical background
In 2013, Poland's currency situation was dominated by the significant depreciation of the Polish złoty (PLN), primarily driven by external market pressures. The year began with the złoty trading at approximately 3.15 against the euro, but it weakened considerably throughout the spring and summer, breaching the psychologically important level of 4.30 PLN/EUR in late August. This sharp decline was largely a reaction to international factors, most notably market speculation about the US Federal Reserve "tapering" its quantitative easing program. This led to a broad sell-off of emerging market assets, with investors pulling capital from countries like Poland, which was seen as a stable but vulnerable economy within the region.
Domestically, Poland's economic fundamentals remained relatively strong, with steady GDP growth and controlled inflation, which provided some underlying support for the currency. However, the external shock exposed Poland's sensitivity to global capital flows. The National Bank of Poland (NBP), under Governor Marek Belka, faced a policy dilemma. While a weaker złoty benefited exporters, it also raised concerns about imported inflation and the cost of servicing foreign currency mortgages, a significant household debt burden. The NBP initially adopted a cautious stance, intervening directly in the forex market in June 2013 for the first time since 2010, but it resisted more aggressive measures like interest rate hikes that could stifle domestic growth.
By the final quarter of 2013, the złoty began to recover some ground, stabilizing around 4.15 PLN/EUR, as global market tensions eased and confidence returned. The year highlighted Poland's integration into global financial markets and the challenges of maintaining monetary stability in a period of international volatility. The episode also reinforced ongoing concerns about the risks posed by widespread Swiss franc-denominated loans, setting the stage for future political and regulatory actions to address this legacy issue in the years that followed.
Domestically, Poland's economic fundamentals remained relatively strong, with steady GDP growth and controlled inflation, which provided some underlying support for the currency. However, the external shock exposed Poland's sensitivity to global capital flows. The National Bank of Poland (NBP), under Governor Marek Belka, faced a policy dilemma. While a weaker złoty benefited exporters, it also raised concerns about imported inflation and the cost of servicing foreign currency mortgages, a significant household debt burden. The NBP initially adopted a cautious stance, intervening directly in the forex market in June 2013 for the first time since 2010, but it resisted more aggressive measures like interest rate hikes that could stifle domestic growth.
By the final quarter of 2013, the złoty began to recover some ground, stabilizing around 4.15 PLN/EUR, as global market tensions eased and confidence returned. The year highlighted Poland's integration into global financial markets and the challenges of maintaining monetary stability in a period of international volatility. The episode also reinforced ongoing concerns about the risks posed by widespread Swiss franc-denominated loans, setting the stage for future political and regulatory actions to address this legacy issue in the years that followed.
💎 Extremely Rare