Description and research notes
Investment Fund Voucher for 25 złotych, dated 1 December 1933 and issued by the Ministry of the Treasury of the Second Republic of Poland. Series I, with an especially attractive serial number 38888*. Certified PMG 55 EPQ, confirming original paper quality and freshness. These vouchers were printed with two different watermark types — both positive and negative patterns — making them a fascinating technical product as well as a financial one.
The vouchers (bony funduszu inwestycyjnego) functioned as state debt instruments, essentially IOUs of the Treasury. They were non-interest bearing, but widely accepted for the payment of taxes, customs duties, and official fees owed to the state. To encourage their use, the government held weekly drawings in which selected bond numbers were repurchased at four times face value, meaning that a 25 zł voucher could be redeemed for 100 zł if chosen. This combination of fiscal utility and lottery incentive gave the notes a dual role as both practical and speculative instruments in the interwar economy.
Survivors in higher grade with EPQ designation are scarce, as most were redeemed, cancelled, or simply used for routine payments. This example, with its distinctive serial and certification, represents both a monetary curiosity and a historical window into Poland’s interwar treasury operations.
References: Mazur E.33; Bykowski 25; Moczydłowski B63; Lucow 732.