20 marek 1919
Market Prices
9 salesAbout This Note
This Polish National Loan Bank 20 Marek note from May 1919 represents an early example of Poland's post-independence currency during the transitional period following World War I. The note exhibits VG condition with prominent vertical center creasing, multiple horizontal folds, and age-appropriate discoloration consistent with over a century of circulation. The front features ornate Celtic-style geometric borders with the Polish eagle emblem and three authorizing signatures, while the reverse displays a classical portrait medallion in an elaborate oval frame—identified as Tadeusz Kościuszko, the Polish-Lithuanian military commander and national hero—surrounded by fine intricate floral and geometric patterns.
Common. The eBay price history provided demonstrates consistent market pricing in the $9.50-$21.50 range for VG condition notes across the period 2014-2021, with no significant appreciation trajectory. The catalog value cited for VG condition is $10, and multiple VG examples have sold at auction with moderate bidding activity (11-16 bids), all indicators of adequate supply in the collector market. This denomination and issue from the 1919 Polish Krajowa Kasa Pożyczkowa series maintains stable market presence with regular circulation in the secondary market, contradicting any scarcity classification.
Issued by the Polska Krajowa Kasa Pożyczkowa (Polish National Loan Bank) on May 17, 1919, this note emerged during Poland's critical reconstruction period immediately following independence. The inclusion of Tadeusz Kościuszko on the reverse reflects the newly sovereign nation's emphasis on national heroes and historical continuity, while the denomination and official state guarantee inscription demonstrate the provisional Polish government's efforts to establish monetary credibility. The ornate design and multiple signatures served both security and propaganda purposes, symbolizing Poland's restoration as a nation-state after 123 years of partition.
The obverse features the Polish eagle emblem prominently positioned in the top center, symbolizing Polish national sovereignty. The design employs symmetrical layout with large decorative serif numerals '20' anchoring the left and right sides. Three handwritten signatures occupy the center section, representing authorization by bank officials. The entire note is framed by ornamental borders incorporating Celtic-style geometric interlocking patterns with decorative vine and scrollwork throughout, typical of early 20th-century European central bank security design. The reverse presents a classical portrait medallion depicting Tadeusz Kościuszko (1746-1817), the renowned Polish-Lithuanian general, shown in left-facing profile within an ornate oval frame adorned with shell and scroll ornaments. The background employs fine parallel line work and repeating floral motifs executed through intaglio printing, creating sophisticated anti-counterfeiting complexity through visual density and precision.
FRONT: 'DWADZIEŚCIA' (Twenty) / 'BILET POLSKIEJ KRAJOWEJ KASY POŻYCZKOWEJ' (Polish National Loan Bank Note) / 'Państwo Polskie zapewnia odpowiedzialność za wymienianie niniejszego biletu z swoją polską walutę według stanu na dniu, którego dla Marek Polskich Biletów tego wyrażony' (The Polish State guarantees responsibility for exchanging this note for Polish currency according to the state on the day expressed for Polish Mark Tickets) / 'DYREKCJA Polskiej Krajowej Kasy Pożyczkowej' (Board/Direction of the Polish National Loan Bank) / 'DWADZIEŚCIA MAREK POLSKICH' (Twenty Polish Marks) / Serial number: E 0444724 (in red ink). BACK: Large denomination numerals '20' in top corners (Twenty). No other legible text inscriptions visible on reverse, design dominated by portrait and ornamental patterns.
This note was produced using intaglio (recess) engraving and printing, evidenced by the fine line work, precise geometric patterns, and dimensional quality visible in both the portraits and ornamental borders. The portrait medallion and background patterns demonstrate the hallmark characteristics of steel plate engraving with multiple color passes—the tan/beige base color combined with red serial number printing indicates separate printing runs. The security printer for Polish interwar banknotes of this period was typically a European security establishment; records suggest involvement of Polish government printing facilities or contracted European printers specializing in currency production.
Serial number E 0444724 observed on the obverse in red ink. This note corresponds to Pick P-21 (base variety). The PMG population report indicates a single catalogued variant for this Pick number (P-21s). Varieties for this issue are primarily distinguishable by serial number prefixes (E-series noted here) and signature combinations. The specific date of issue is May 17, 1919 as per issuing authority records. No overprints, color variations, or significant printing anomalies are evident on this specimen that would establish it as a distinct sub-variety beyond standard P-21 classification.
