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The (First) Peace of Thorn was a peace treaty formally ending the Polish–Lithuanian–Teutonic War between allied Kingdom of Poland and Grand Duchy of Lithuania on one side, and the Teutonic Knights on the other. It was signed on 1 February 1411 in Thorn (Toruń), one of the southernmost cities of the Monastic State of the Teutonic Knights. In historiography, the treaty is often portrayed as a diplomatic failure of Poland–Lithuania as they failed to capitalize on the decisive defeat of the Knights in the Battle of Grunwald in June 1410. The Knights returned Dobrzyń Land which they captured from Poland during the war and made only temporary territorial concessions in Samogitia, which returned to Lithuania only for the lifetimes of Polish King Władysław Jagiełło and Lithuanian Grand Duke Vytautas. The Peace of Thorn was not stable. It took two other brief wars, the Hunger War in 1414 and Gollub War in 1422, to sign the Treaty of Melno that solved the territorial disputes. However, large war reparations were a significant financial burden on the Knights, causing internal unrest and economic decline. The Teutonic Knights never recovered their former might.
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