The 1924 Polish Currency Redenomination – the Polish Mark to the Złoty
Purpose and Scope
A traditional one frame exhibit showing the postal effects of hyperinflation, (beginning on September 1, 1923,) & ultimately redenomination which began on May 1, 1924. Shown are the three distinct periods which occurred; hyperinflation, redenomination, and the aftermath. Examination of all of the rate periods during this time is not within the scope of this exhibit.
Each of the three distinct periods in the redenomination timeline is shown in a separate section.
For each section postal impacts and uses are shown by focusing on key elements including; the first and last days of rates, the use of the 1,000,000 Mk stamp, currency redenomination, and postage due use after redenomination.
Significant and important items are highlighted by a red border.
Original analysis, research or study is represented by this symbol.
Background & Importance
This time is critical within Polish (postal) history. The Second Polish Republic, just five years old, had experienced inflation from the beginning. It was believed that monetary reforms during this period including introduction of a new currency (the zloty) would solve the crisis.
Hyperinflation also led to the introduction of a variety of postal reforms. The allowance of “rounding” when calculating postal fees and the introduction of the Tariff Unit which was a new way for the Polish Post Office to publish rates. In addition, the highest face value Polish postage stamp which saw regular commercial use, the 1,000,000 Mk stamp, was issued during this period.
a. Rate Changes
b. Massive Franking
c. Tariff Unit
d. Million Mark Use
3. The Aftermath
a. Proper Handling
b. Improper Handling
c. Postage Due Use