Poland - Polish–Lithuanian Commonwealth

The Polish–Lithuanian Commonwealth, from 1385 to 1569, was a period of personal union between the two states. It began with the Union of Krewa, under which the Grand Duke of Lithuania, Jagiellon II, married Queen Hedwig I of Poland and was crowned King of Poland. This personal union lasted, with several interruptions, until the Union of Lublin in 1569, when the two states were united into a closer, real union. During this period, the foreign policies of the two states were coordinated and they had a common army, but their internal administration remained separate.

The coinage of the Polish–Lithuanian Commonwealth (1385–1569) is a complex picture, as the two countries had different monetary systems until the Union of Lublin (1569), although there was some overlap and interaction through the personal union. There was no immediate monetary union with the accession of the Jagiellonian dynasty. The previous monetary system remained in force in Poland, based on the denarius, the grosz and the Kraków zloty. The Kraków zloty was not yet an actual minted coin, but a unit of account, usually equal to 48 Kraków zlotys. Major coins: Denarius (denarius): A small silver coin, the basis of the monetary system. Grosz (grossus cracoviensis): A larger silver coin, modeled on the Czech grosz. It was an important trade coin. Zloty: Functioned as a unit of account, but towards the end of the era the first gold zloty coins also appeared. Kraków was the most important royal mint, but other cities also had temporary or local mints (e.g. Malbork, Lublin, Poznań). Lithuania had its own monetary system, different from the Polish one. The basis of the Lithuanian monetary system was the Lithuanian denar or pengas, which was of lesser value than the Polish denar. Main coins: Pengas (děnar litewski): A small silver coin. Garas litewski: A silver coin similar to the Polish grosz, but of different weight and value. Półgrosz: A coin worth half a grosz. Vilnius was the most important Lithuanian mint, where Lithuanian coins were minted. The currencies of the two countries had different values. The Polish grosz was usually more valuable than the Lithuanian grosz. The exchange rate between the two currencies was constantly changing depending on the economic and political situation. During trade between the two countries, it was necessary to exchange coins, which complicated economic relations. Although there was no formal monetary union, personal union and economic interests eventually led to the convergence of monetary systems. In the mid-16th century, during the preparation of the union, the idea of a unified monetary system arose, but this was not immediately realized by the Union of Lublin.