The Bank Polski (lit. 'Bank of Poland'), sometimes referred to as the "First Bank of Poland" to distinguish it from its 20th-century namesake,[1] was a public bank in Congress Poland. It was created in 1828, initially with a broad scope of activities that soon started shrinking as a consequence of Poland's political upheavals. The Bank Polski ceased minting coins in late 1832, ceased issuing notes in Polish złoty in 1841, lost its monetary role entirely in 1870, and was eventually absorbed in 1885 by the State Bank of the Russian Empire.[2]
History
The first Bank of Poland was founded in Warsaw by royal decree of 1828/01/29 on the initiative of Prince Franciszek Ksawery Drucki-Lubecki. An institution of the government of the Kingdom of Poland, it was entitled with issuance of Polish currency as well as control over the credit rates. It was also entitled with a concession to operate foreign currencies and buy off credits issued by foreign companies and banks. Its initial activity was largely linked to the management of the Polish debt, including "old debt" inherited from the defunct Duchy of Warsaw.
The Bank Polski was initially allowed to issue banknotes up to the amount of the capital that the government had provided to it together with the Land Credit Society of the Kingdom of Poland, initially 30 million