10 Zlotys (Polish Underground State) – Poland
Non-circulating coins
Commemoration: 70th Anniversary of creating the Polish Underground State
Poland
Obverse
Description:
Top left: Poland's Eagle emblem. Below it, against a stylized insurgent armband, the Fighting Poland symbol. Mint mark M/W under the Eagle's left leg.
Inscription:
RZECZPOSPOLITA POLSKA 2009
mw
10 ZŁ
19
39
DELEGA-TURA RZĄDU NA KRAJ·KWP·KWC·WACH-LARZ·AKCJAV1·V2·BURZA·AKCJA OSTRA BRAMA·WALKA CYWILNA BIP·ŻEGOTA·KEDYW·27 WO-ŁYŃSKA DYWIZJA PIECHOTY AK·
POWSTANIE WARSZAWSKIE`44·SZP·ZWZ·A
19
45
mw
10 ZŁ
19
39
DELEGA-TURA RZĄDU NA KRAJ·KWP·KWC·WACH-LARZ·AKCJAV1·V2·BURZA·AKCJA OSTRA BRAMA·WALKA CYWILNA BIP·ŻEGOTA·KEDYW·27 WO-ŁYŃSKA DYWIZJA PIECHOTY AK·
POWSTANIE WARSZAWSKIE`44·SZP·ZWZ·A
19
45
Translation:
REPUBLIC OF POLAND 2009
10 ZŁ
DELEGATION OF THE GOVERNMENT FOR THE COUNTRY·KWP·KWC·FAN·ACTION V1·V2·STORM·OPERATION SHARP GATE·CIVILIAN STRUGGLE BIP·ŻEGOTA·KEDYW·27TH VOLHYNIAN INFANTRY DIVISION OF THE HOME ARMY·
WARSAW UPRISING '44·SZP·ZWZ·A
10 ZŁ
DELEGATION OF THE GOVERNMENT FOR THE COUNTRY·KWP·KWC·FAN·ACTION V1·V2·STORM·OPERATION SHARP GATE·CIVILIAN STRUGGLE BIP·ŻEGOTA·KEDYW·27TH VOLHYNIAN INFANTRY DIVISION OF THE HOME ARMY·
WARSAW UPRISING '44·SZP·ZWZ·A
Script: Latin
Language: Polish
Designer: Urszula Walerzak
Reverse
Description:
Left: stylized bust of General Stefan Rowecki. Background: fragment of the Fighting Poland emblem. Diagonal: stylized insurgent armband.
Inscription:
GEN. DYW. STEFAN ROWECKI „GROT” POLSKIE PAŃSTWO PODZIEMNE
SZP ZWZ AK.
1939
1945
GEN. DYW. MICHAŁ KARASZEWICZ-TOKARZEWSKI „TORWID” GEN. DYW. TADEUSZ KOMOROWSKI „BÓR” GEN. BRYG. LEOPOLD OKULICKI „NIEDŹWIADEK”
SZP ZWZ AK.
1939
1945
GEN. DYW. MICHAŁ KARASZEWICZ-TOKARZEWSKI „TORWID” GEN. DYW. TADEUSZ KOMOROWSKI „BÓR” GEN. BRYG. LEOPOLD OKULICKI „NIEDŹWIADEK”
Translation:
GEN. DYW. STEFAN ROWECKI "GROT" POLISH UNDERGROUND STATE
SZP ZWZ AK.
1939
1945
GEN. DYW. MICHAŁ KARASZEWICZ-TOKARZEWSKI "TORWID" GEN. DYW. TADEUSZ KOMOROWSKI "BÓR" GEN. BRYG. LEOPOLD OKULICKI "NIEDŹWIADEK"
SZP ZWZ AK.
1939
1945
GEN. DYW. MICHAŁ KARASZEWICZ-TOKARZEWSKI "TORWID" GEN. DYW. TADEUSZ KOMOROWSKI "BÓR" GEN. BRYG. LEOPOLD OKULICKI "NIEDŹWIADEK"
Script: Latin
Language: Polish
Designer: Urszula Walerzak
Edge
Plain
Mints
| Name | Mark |
|---|---|
| Mint of Poland | (MW) |
Mintings
| Year | Mint Mark | Mintage | Quality | Collection |
|---|---|---|---|---|
| 2009 | MW | 50,000 | Proof |
Historical background
In 2009, Poland was an outlier in Central and Eastern Europe, being the only EU member state to avoid a technical recession during the global financial crisis. This relative resilience, however, unfolded against a complex and volatile currency situation centered on the Polish złoty (PLN). The złoty experienced significant depreciation pressure in the first half of the year, losing approximately 30% of its value against the euro from mid-2008 peaks. This was driven by a global "flight to safety," where investors retreated from emerging market assets, and by regional concerns over economic stability, which hit Central European currencies hard.
The currency's weakness presented a dual-edged sword for the Polish economy. On one hand, it boosted the competitiveness of Polish exports, which provided a crucial buffer as domestic demand softened. On the other hand, it posed serious risks: many Polish households and businesses had taken out mortgages and loans denominated in Swiss francs (CHF) or euros during earlier stable periods. The złoty's fall dramatically increased the local currency cost of servicing these foreign-denominated debts, threatening a wave of defaults and putting strain on the banking sector. The National Bank of Poland (NBP) responded with a series of interest rate cuts starting in November 2008 to stimulate the economy, a move that typically could further weaken the currency but was deemed necessary.
By the latter half of 2009, the situation began to stabilize. Improved global risk sentiment and Poland's comparatively strong economic fundamentals, including a flexible exchange rate regime that acted as a shock absorber, led to a gradual recovery of the złoty. The currency regained much of its lost ground, alleviating the pressure on foreign currency borrowers. This period underscored Poland's economic decoupling from its regional peers and set the stage for its subsequent nickname as a "green island" of growth, but it also left a lasting legacy of concern over the Swiss franc mortgage crisis, which would become a major political and financial issue in the following years.
The currency's weakness presented a dual-edged sword for the Polish economy. On one hand, it boosted the competitiveness of Polish exports, which provided a crucial buffer as domestic demand softened. On the other hand, it posed serious risks: many Polish households and businesses had taken out mortgages and loans denominated in Swiss francs (CHF) or euros during earlier stable periods. The złoty's fall dramatically increased the local currency cost of servicing these foreign-denominated debts, threatening a wave of defaults and putting strain on the banking sector. The National Bank of Poland (NBP) responded with a series of interest rate cuts starting in November 2008 to stimulate the economy, a move that typically could further weaken the currency but was deemed necessary.
By the latter half of 2009, the situation began to stabilize. Improved global risk sentiment and Poland's comparatively strong economic fundamentals, including a flexible exchange rate regime that acted as a shock absorber, led to a gradual recovery of the złoty. The currency regained much of its lost ground, alleviating the pressure on foreign currency borrowers. This period underscored Poland's economic decoupling from its regional peers and set the stage for its subsequent nickname as a "green island" of growth, but it also left a lasting legacy of concern over the Swiss franc mortgage crisis, which would become a major political and financial issue in the following years.
⭐ Rare