20 zlotych 1948
Market Prices
62 salesAbout This Note
This is a Polish 20 Złotych banknote from 1948, issued by Narodowy Bank Polski following World War II reconstruction. The note is in AU (About Uncirculated) condition with pristine appearance, featuring a portrait of a woman in traditional headscarf on the obverse and the ornate Cloth Hall (Sukiennice) of Kraków on the reverse. With 4 known serial number varieties and consistent eBay market pricing in the $40-70 range for similar grades, this represents a desirable early post-war Polish currency example.
Common. Despite post-war production context, this denomination appears frequently in market circulation with consistent eBay sales data spanning over a decade (2010-2026). Average selling prices for similar condition grades (AU/AUNC) range from $35-75, with even higher grades (PMG 65-67) consistently selling in the $40-100 range. Aggregate market activity and price stability indicate substantial surviving quantities.
Issued on July 1, 1948, this banknote marks Poland's early monetary stabilization period following World War II devastation. The reverse depicts Kraków's historic Cloth Hall (Tuchhalle/Sukiennice), a 16th-century Renaissance landmark symbolizing Polish cultural recovery and economic restoration. The portrait of the woman wearing traditional dress on the obverse represents the Polish people and national identity during this critical post-war reconstruction phase.
The obverse features an allegorical female portrait in a rectangular frame positioned right-center, wearing a traditional Polish headscarf, representing the Polish nation. A crowned Polish eagle (Orzeł) with spread wings is centered in the lower-left area, symbolizing Polish sovereignty. The reverse showcases Kraków's Sukiennice (Cloth Hall), a multi-story Renaissance building with distinctive towers, spires, and an arched colonnade with multiple archways on the ground level. Both sides employ ornate baroque-style decorative frames with floral cross patterns and scroll work in all corners, with denomination numerals '20' repeated in corner positions. The color scheme utilizes cream/beige base stock with blue-gray primary printing and red/rose-tinted accent elements.
FRONT: 'NARODOWY BANK POLSKI' (National Bank of Poland); '20 DWADZIEŚCIA ZŁOTYCH' (20 Twenty Zloty); 'WARSZAWĄ' (Warsaw); 'DNIA 1 LIPCA 1948 ROKU' (July 1st, 1948); 'PREZES NACZELNY DYREKTOR SKARBNIK' (President, Chief Director, Treasurer - signature titles); Serial number 'FS 4447549'. BACK: '20 DWADZIEŚCIA ZŁOTYCH' (20 Twenty Zloty, repeated in four corners); 'BILETY NARODOWEGO BANKU POLSKIEGO SĄ PRAWNYM ŚRODKIEM PŁATNICZYM W POLSCE' (Banknotes of the National Bank of Poland are legal means of payment in Poland).
Line engraved intaglio printing on pale cream/beige stock with blue-gray and red color separations. Fine guilloche patterns and complex decorative elements throughout demonstrate high-security engraving techniques typical of Narodowy Bank Polski's post-war production. The precision of the fine-line work and multi-color registration indicates professional security printing standards of the period.
Four serial number varieties are documented for this issue. The examined specimen displays serial number 'FS 4447549' in red text positioned upper left and lower right. Serial number prefix variations (such as 'FS') represent the known varieties for this Pick-137 note. No date varieties exist as the issue date (1 lipca 1948/July 1, 1948) is standard across all examples.
