- published: 05 Jan 2016
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The złoty (pronounced [ˈzwɔtɨ] ( listen);sign: zł; code: PLN), which literally means "golden", is the currency of Poland. The modern złoty is subdivided into 100 groszy (singular: grosz, alternative plural forms: grosze; groszy). The recognized English form of the word is zloty, plural zloty or zlotys. The currency sign zł, is composed by U+007A z latin small letter z + U+0142 ł latin small letter l with stroke.
As a result of inflation in the early 1990s, the currency underwent redenomination. Thus, on January 1, 1995, 10,000 old złotych (PLZ) became one new złoty (PLN).
The złoty (golden) is a traditional Polish currency unit dating back to the Middle Ages. Initially, in the 14th and 15th centuries, the name was used for all kinds of foreign gold coins used in Poland, most notably Venetian and Hungarian ducats. In 1496 the Sejm approved the creation of a national currency, the złoty, and its value was set at 30 groszy, a coin minted since 1347 and modelled on the Prague groschen. The grosz was subdivided into 2 półgrosz or 3 solidi.