Topics of coins
The Return of Gold to Poland
Narodowy Bank Polski presently holds 228.6 tons of gold, of which
105 tons is kept in NBP vaults. In 2018–2019 NBP gold reserves
increased by 125.7 tons (122%), with the purchases in 2018
amounting to 25.7 tons and another 100 tons in 2019. As a consequence
of the purchases carried out in the last two years, NBP has
moved up in the ranking of gold holdings from 34th to 22nd place
among central banks all over the world and from 15th to 11th place
in Europe, ahead of all the countries of the region. At the same
time, the share of monetary gold in official reserve assets has increased
to 9.1% (against 3.8% at the end of 2017).
The strategic decision to purchase gold was, among others, a result
of the good economic situation and the steady increase in
reserve assets. Gold is perceived as a strategic component of
foreign exchange reserves, partly because it is free from loan risk
defined as the possibility of issuer default, because of its decoupling
from the economic policy of any single country, as well as its
physical properties, such as durability and virtual indestructability.
The significant increase in the holdings of gold was one of the reasons
why the Management Board of NBP decided to have it stored
in more numerous locations, with the goal of approximately half of
the gold reserves, i.e. 100 tons, being stored in NBP vaults. This is
the way that other central banks proceed as well.
In a symbolic sense, history may be considered to have come full
circle, with Polish central bank vaults holding gold like they did in
the Second Polish Republic.
The presence of a significant share of Polish gold reserves on the
territory of Poland in NBP vaults has been highlighted by the issue
of a special coin in the form of a gold bar.
This exceptional coin is also our homage paid to the workers of the
pre-war Bank Polski SA (Bank of Poland) who, putting their lives at
risk, persevered in preventing the gold holdings from being taken
over by the German occupiers.
Adam Glapiński
President of Narodowy Bank Polski