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The history of central banking in Poland dates back nearly 200 years. From 1828 to 1886, the first issuing institution called Bank Polski operated in the Kingdom of Poland. It was a state bank, funded by the government, which issued the Polish złoty notes and serviced public debt as well as conducting credit activity. Although the history of the Polish central banking system took on a real shape during the partition era, the idea of creating a central bank in the Polish Republic—a bank understood as the national, issuing bank with a commercial character—was born in the final years of the First Republic. 1 The idea sprang mainly from the need for a change in Poland’s monetary system seen by the contemporaries. The lack of bullion money in circulation was felt, which was to be replaced with the so-called bilet bankowy [bank note—Translator’s note]. The task of issuing paper money was to be carried out by the state bank. This publication presents the conception of creating a national bank, which was the subject of discussion of the elite of that time. At the end of the eighteenth century, the debate yielded numerous plans, which due to the collapse of the Polish state were never put into practice. 2

The Idea of Central Banking in the Final Years of the First Polish Republic