250 000 Polish marks

The banknote of 250,000 Polish marks (mkp), introduced into circulation on 30 August 1923, remained the highest denomination banknote of the Second Republic for only ten weeks. Its predecessor in this role was the 50,000 mkp note, which had been in circulation since January 1923, and its successor, the 1,000,000 mkp note, introduced on 10 November. In less than a year, therefore, there was a twenty-fold increase in the highest denominations. This corresponded to the inflation of the mkp as expressed by the ratio of this currency to the dollar. Whereas at the beginning of 1923 the dollar cost 17,800 mkp, by the end of November it was already 350,000 mkp. In the autumn of 1923, the previously very high inflation turned into hyperinflation, reaching a record rate of 360% per month in October, or almost 12% per day. Such a dynamic fall in the currency hit the economy, causing unemployment and falling wages. Social discontent grew, expressed in demonstrations and increasingly frequent strikes.

When the banknote was introduced, the evening edition of "Kurier Warszawski" cost 3,000 mkp. An advertisement in this paper encouraged people to take advantage of the offer of the "Leonard" Photographic Studio in Warsaw, which offered six retouched photographs for 15,000 mkp. Another advert offered a 200,000 mkp reward for the discovery of a missing doberman, the purchase of elegant velvet ladies' hats for 400,000 mkp and a good grand piano for tuition for 7,000,000 mkp.

Designed by Leonard Sowiński (1908-1954), the banknote was printed on smooth light cream paper using a mixed lithographic and letterpress technique at the State Graphic Works in Warsaw and the Graphic Works of the Publishing Institute "Biblioteka Polska" in Bydgoszcz. The denomination has numerous printing faults, visible in the date numerals as well as in the series and number markings, resulting from under printing or ink spilling over. These flaws are also visible on our copy. The banknote was watermarked with squares with rounded corners. The legal clause on the banknote, stipulating heavy imprisonment for counterfeiting, falsifying or circulating such money, was not the sufficient barrier, given the numerous known forgeries.

Tomasz Markiewicz