Ducat

Shortly after his election, Stanisław August Poniatowski (1732-1798) swore the pacta conventa , the new king's personal vows in the areas of politics, economy and culture. Article 45 concerned the implementation of a monetary reform. Fulfilling this obligation, the ruler appointed a Mint Commission to develop new rates for coins. The king was greatly involved in the reform, and he had the ambition to create a strong currency. He also spearheaded the efforts to establish a new mint in Warsaw in 1766. The reform covered all kinds of money, which would now fall within the framework of a cohesive system. Gold coins were to be based on Dutch rates – since the 17th century, the Dutch ducat has set the standard for gold coins in international trade relations. Moreover, the adoption of the Dutch rate made it unprofitable to export Polish ducats abroad. The coins had a purity of 982.6 and a rate of 16 and 3/4 złotys. Even their design was to refer to the Dutch ducats. Over the years, the design of Polish ducats has evolved, leading to the loss of the Dutch look. The coin shown here was minted between 1779 and 1795. The obverse features the ruler's head with hair fastened with a diadem and curls falling down to the nape of the neck. The portrait is surrounded by the standard abbreviated title of Polish kings. The obverse side features a Latin inscription framed by a laurel wreath: Gold Coin of Poland and the date. Under the wreath, we can see the initials EB – they denote Efraim Brenn (1774-1792), accountant of the Warsaw mint. In 1787, in reaction to the export of Polish coins to Prussia, the exchange rate of the ducat was raised to 18 złotys, and the subsequent monetary reform of 1794, announced in the last months of the existence of the Polish State, envisaged new types of gold coins, characterised by lower purity – three-ducat Stanislasdor and the half Stanislasdor – a coin worth 1.5 ducats.

Mieszko Pawłowski