20 marek 1919

Common. This note regularly appears on the secondary market with consistent eBay sales activity spanning from 2009 to 2025. The market data shows examples in various grades (VG through PMG 67) trading at modest prices, with most sales between $2-$10 and even high-grade examples (PMG 66-67) rarely exceeding $150. The 2016 catalogue valuation of $15 for UNC reflects mainstream collector accessibility. The sustained trading history and absence of any premium pricing pattern indicates this was a regularly produced issue without significant print run restrictions.

Issued by the Polska Krajowa Kasa Pożyczkowa (Polish National Loan Bank) on August 23, 1919, this note represents Poland's early monetary efforts during the immediate post-WWI reconstruction period. The extensive Polish-language inscriptions, including text acknowledging state responsibility for currency exchange and the formal date from Warsaw, reflect the newly independent Polish state's efforts to establish financial credibility. The stern counterfeiting warning in Polish demonstrates the authorities' concerns about currency stability during this volatile economic transition.

The note features a symmetrical layout dominated by intricate engraved scrollwork and ornamental patterns in the classical style. The obverse displays a formal portrait of a male figure in profile within an ornate oval decorative frame positioned on the right side, alongside the Polish coat of arms at the top. The denomination '20' appears in circular markers in the bottom right. The reverse maintains the ornamental aesthetic with two symmetrical circular denomination markers containing '20' on the left and right sides, flanking central text panels. All elements are framed by a scalloped border design. The color scheme combines red and mauve tones over cream/tan underprinting with white accents, typical of high-quality security printing of the period.

FRONT: 'Polska Krajowa Kasa Pożyczkowa' (Polish National Loan Bank) / 'Dwadzieścia Marek Polskich' (Twenty Polish Marks) / Extended government declaration: 'The Polish State takes responsibility for the exchange of this note for the proper Polish currency according to the rate which Polish marks maintained in the legislative parliament. Warsaw, August 23, 1919. Director of the Polish National Loan Bank' / 'Skarbnik Główny' (Chief Treasurer). BACK: 'II Serja DH' (Series II DH) / Serial number 'N'704947' / Counterfeiting warning: 'Whoever counterfeits or falsifies tickets of the Polish National Loan Bank or writes on them or puts counterfeit or falsified tickets into circulation is subject to severe imprisonment.'

Engraved intaglio printing, evidenced by the detailed background patterns, fine scrollwork, decorative borders, and sharp line definition visible throughout the design. The intricate security printing demonstrates the sophisticated engraving work typical of central bank note production in this era. The scalloped borders and ornamental frames show the precision characteristic of line-engraved security currency.

This example is identified as Series II, variety DH with serial number N'704947. The visual analysis confirms the presence of two serial number varieties mentioned in reference catalogs, and this specimen displays the 'N'' prefix format. PMG records indicate one catalogued variant for Pick number P-26, suggesting limited official variety differentiation, though the series and letter designations (II/DH) may indicate secondary classification variants within the broader issue.