5,000 with both the Queen and Kosciuszko came into use. There were now 5 billion marks in circulation. However, the following years the crisis deepened and by 1922 a period of truly ruinous inflation began. By then there were 207 billion marks in circulation. It was necessary to print notes of Mp 10,000 and Mp 50,000. At the beginning of the following year the inflation gained even more momentum and speed, and notes of Mp 100,000, Mp 250,000, Mp 500,000 and Mp 1,000,000 were introduced, only to be followed by notes of Mp 5,000,000 and Mp 10,000,000 later that year. Early in 1924, financial reforms devised by politician and economist Władysław Grabski were instituted. The Bank Polski was proclaimed as the new central bank of Poland. The marka was exchanged for a new, gold-based currency, the złoty, at the rate of Mp 1,800,000 to 1 zł. One US dollar was then worth 5.18 zł—or Mp 9,324,000. Exchange rates Exchange rate of 1 US dollar to the Polish marka: 1919 - Mp 90 1921 - Mp 6,000 May 1923 - Mp 52,000 July 1923 - Mp 140,000 Beginning of November 1923 - Mp 2,000,000 End of November 1923 - Mp 5,000,000 January 1924 - Mp 9,300,000 References Tadeusz Kałkowski, Tysiąc lat monety polskiej, Cracow 1981 Paweł Zaremba, Historia dwudziestolecia 1918-1939 (1 - 2), Paris 1981 External links Currencies of Poland Economic history of Poland Second Polish Republic Modern obsolete currencies 1917 establishments in Poland 1924 disestablishments in Poland