{"product_id":"hungary-p-118-1000-pengo-1945-vfxf-very-fine-extra-fine-dark-green-woman-stamp","title":"Hungary P118b 1000 Pengő 1945 VF+ Very Fine Plus—Dark Green—Woman—Stamp","description":"\u003cp\u003e\u003cem\u003eIssued two months after the war ended, featuring an allegorical woman on a note that would be worthless within a year — and stamped by government order, forcing every holder to walk into a bank and pay three times its face value just to keep it legal.\u003c\/em\u003e\u003c\/p\u003e\n\u003ch3\u003eBanknote Characteristics\u003c\/h3\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003eVarieties:\u003c\/strong\u003e\n\u003cul\u003e\n\u003cli\u003eP-118a — without red adhesive stamp\u003c\/li\u003e\n\u003cli\u003eP-118b — with red adhesive stamp (December 1945 capital levy; unstamped notes reduced to one-quarter face value)\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eComposition:\u003c\/strong\u003e Paper\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eSize:\u003c\/strong\u003e 185 × 90 mm (7.28 × 3.54 in)\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eIssuing entity:\u003c\/strong\u003e \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Hungarian_National_Bank\" target=\"_blank\"\u003eMagyar Nemzeti Bank\u003c\/a\u003e (Hungarian National Bank)\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eIssued:\u003c\/strong\u003e 15 July 1945\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eSignatures:\u003c\/strong\u003e Zsigmond Thaly (Főtanácsos), Imre Oltványi \u0026amp; Lajos Faragó (Vezérigazgató)\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003e\u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Demonetization_(currency)\" target=\"_blank\"\u003eDemonetized\u003c\/a\u003e:\u003c\/strong\u003e 6 May 1946\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eReferences:\u003c\/strong\u003e P-118; Adamo MBK2# P22\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eCurrency:\u003c\/strong\u003e \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Hungarian_peng%C5%91\" target=\"_blank\"\u003ePengő\u003c\/a\u003e (1927–1946)\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eCountry:\u003c\/strong\u003e \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Provisional_National_Government_of_Hungary\" target=\"_blank\"\u003eHungary\u003c\/a\u003e — \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Provisional_National_Government_of_Hungary\" target=\"_blank\"\u003eProvisional Government\u003c\/a\u003e (1944–1945)\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003ch3\u003eFront (Obverse)\u003c\/h3\u003e\n\u003cp\u003eThe front is printed in dense black \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Intaglio_printing\" target=\"_blank\"\u003eintaglio\u003c\/a\u003e over a pink-tinted ground — a wartime economy of means that gives the note a striking, high-contrast look. Engraved by Franke Rupert, designed by Helbing Ferenc.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003ePortrait medallion (right):\u003c\/strong\u003e An allegorical woman in historical Hungarian dress — rose in her hair, lace collar, embroidered bodice — set in an oval frame of concentric \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Guilloch%C3%A9\" target=\"_blank\"\u003eguilloché\u003c\/a\u003e rings with bead-and-reel and floral detailing\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eCoat of arms (lower right):\u003c\/strong\u003e The \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Coat_of_arms_of_Hungary\" target=\"_blank\"\u003eHungarian coat of arms\u003c\/a\u003e — Árpád stripes on the left, double cross on hills on the right, crowned above, wrapped in foliage and ribbon scrolls\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eCentral denomination cartouche:\u003c\/strong\u003e A large framed oval bearing \u003cem\u003eEZER PENGŐ\u003c\/em\u003e in bold serif\n\u003cul\u003e\n\u003cli\u003eInner border: fine guilloché mesh with micro-ornamental beading\u003c\/li\u003e\n\u003cli\u003eOuter border: baroque scrollwork with \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Acanthus_(ornament)\" target=\"_blank\"\u003eacanthus\u003c\/a\u003e-leaf extensions\u003c\/li\u003e\n\u003cli\u003e“1000” numeral panel at top center in its own ornate cartouche with a drop-shadow engraving effect\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eIssuing authority block:\u003c\/strong\u003e \u003cem\u003eBudapest, 1945. évi július hó 15-én\u003c\/em\u003e in small caps; \u003cem\u003eMAGYAR NEMZETI BANK\u003c\/em\u003e centered in heavier serif below\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eAnti-counterfeiting text:\u003c\/strong\u003e \u003cem\u003eA bankjegyhamisítást a törvény bünteti\u003c\/em\u003e (“Counterfeiting banknotes is punishable by law”), quietly integrated into the central panel\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eCorner rosettes:\u003c\/strong\u003e Circular guilloché medallions in all four corners with spirographic radial geometry\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eStamp (P-118b only):\u003c\/strong\u003e A red rectangular adhesive stamp, slightly angled, affixed over the portrait’s upper medallion\n\u003cul\u003e\n\u003cli\u003eDesign: crowned MNB emblem on a sunburst\/rosette background\u003c\/li\u003e\n\u003cli\u003ePurpose: revalidates the note as legal tender without reprinting — unstamped notes were cut to one-quarter face value\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003ch3\u003eBack (Reverse)\u003c\/h3\u003e\n\u003cp\u003eThe reverse continues the same black-on-pink intaglio language, with the ornamental density turned up. There’s no portrait here — just denomination, language, and pattern filling every inch.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003eCentral denomination panel:\u003c\/strong\u003e \u003cem\u003eEZER PENGŐ\u003c\/em\u003e in bold serif, surrounded by layered \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Guilloch%C3%A9\" target=\"_blank\"\u003eguilloché\u003c\/a\u003e ovals and interlaced scrollwork; “1000” in its own oval guilloché cartouche at top center, flanked by symmetrical floral rosettes\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eMultilingual denomination inscriptions:\u003c\/strong\u003e Arching across the upper left and right in six languages — \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Hungarian_language\" target=\"_blank\"\u003eHungarian\u003c\/a\u003e, \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/German_language\" target=\"_blank\"\u003eGerman\u003c\/a\u003e, \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Slovak_language\" target=\"_blank\"\u003eSlovak\u003c\/a\u003e, \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Romanian_language\" target=\"_blank\"\u003eRomanian\u003c\/a\u003e, \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Rusyn_language\" target=\"_blank\"\u003eRuthenian (Ukrainian)\u003c\/a\u003e, and \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Serbo-Croatian\" target=\"_blank\"\u003eSerbo-Croatian\u003c\/a\u003e in both Latin and Cyrillic alphabets — a quiet record of the multi-ethnic world Hungary once ruled\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eSerial numbers:\u003c\/strong\u003e Printed in red — prefix + number at left, full numeric serial at right; clean sans-serif that pops against the ornate field\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eOrnamental field:\u003c\/strong\u003e Scrolling vines and \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Acanthus_(ornament)\" target=\"_blank\"\u003eacanthus leaves\u003c\/a\u003e mirrored symmetrically across the vertical axis\n\u003cul\u003e\n\u003cli\u003eInterlocking ribbons and spiral volutes throughout\u003c\/li\u003e\n\u003cli\u003eRosette clusters of varying sizes scattered across the field\u003c\/li\u003e\n\u003cli\u003eContinuous engraved border with alternating thick scrolls and fine filigree, densest at the corners\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003ch3\u003eDesign Summary\u003c\/h3\u003e\n\u003cp\u003eThis note belongs to a tradition of \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Security_printing\" target=\"_blank\"\u003esecurity printing\u003c\/a\u003e rooted in late 19th-century historicist engraving — the same visual language used on the great banknotes of the Austro-Hungarian era, now pressed into service under postwar austerity.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003eStyle:\u003c\/strong\u003e Late historicist \/ neo-baroque engraving adapted for security printing\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eSecurity approach:\u003c\/strong\u003e High-density \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Guilloch%C3%A9\" target=\"_blank\"\u003eguilloché\u003c\/a\u003e; complex radial \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Rosette_(design)\" target=\"_blank\"\u003erosettes\u003c\/a\u003e; layered line-thickness variation simulating intaglio depth\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eVisual hierarchy:\u003c\/strong\u003e Denomination dominates — portrait humanizes — ornament fills the rest\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eMaterial economy:\u003c\/strong\u003e Single ink (black) on a tinted pink substrate instead of multicolor printing — a postwar constraint that became a coherent aesthetic\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003ch3\u003eAbout Hungary\u003c\/h3\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003eCapital:\u003c\/strong\u003e \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Budapest\" target=\"_blank\"\u003eBudapest\u003c\/a\u003e (city ~1.7 million; metro ~3.3 million)\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003ePopulation:\u003c\/strong\u003e ~9.7 million (UN 2023) — similar to North Carolina or Michigan\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eArea:\u003c\/strong\u003e 93,028 km² (35,918 mi²) — similar to Indiana or Portugal\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eGDP per capita at \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Purchasing_power_parity\" target=\"_blank\"\u003ePPP\u003c\/a\u003e:\u003c\/strong\u003e ~$43,000 USD (IMF 2024) — ranks ~45th out of 193 globally\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eMain exports:\u003c\/strong\u003e Vehicles, machinery, electronics, pharmaceuticals\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eBorders (current):\u003c\/strong\u003e \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Austria\" target=\"_blank\"\u003eAustria\u003c\/a\u003e, \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Slovakia\" target=\"_blank\"\u003eSlovakia\u003c\/a\u003e, \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Ukraine\" target=\"_blank\"\u003eUkraine\u003c\/a\u003e, \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Romania\" target=\"_blank\"\u003eRomania\u003c\/a\u003e, \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Serbia\" target=\"_blank\"\u003eSerbia\u003c\/a\u003e, \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Croatia\" target=\"_blank\"\u003eCroatia\u003c\/a\u003e, \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Slovenia\" target=\"_blank\"\u003eSlovenia\u003c\/a\u003e\n\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eOfficial\/spoken language:\u003c\/strong\u003e \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Hungarian_language\" target=\"_blank\"\u003eHungarian\u003c\/a\u003e (~100%) — a \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Uralic_languages\" target=\"_blank\"\u003eUralic language\u003c\/a\u003e unrelated to any of its neighbors\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eSovereignty:\u003c\/strong\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Pannonia\" target=\"_blank\"\u003ePannonia\u003c\/a\u003e — Roman province (1st century AD–433); before Rome, home to \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Celts\" target=\"_blank\"\u003eCeltic\u003c\/a\u003e and \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Illyrians\" target=\"_blank\"\u003eIllyrian\u003c\/a\u003e tribes\u003c\/li\u003e\n\u003cli\u003e\n\u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Huns\" target=\"_blank\"\u003eHunnic Empire\u003c\/a\u003e (433–469) — Huns arrived from the Eurasian steppe (Central Asia) under \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Attila\" target=\"_blank\"\u003eAttila\u003c\/a\u003e; empire collapsed after his death\u003c\/li\u003e\n\u003cli\u003eGermanic and \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Avars\" target=\"_blank\"\u003eAvar\u003c\/a\u003e kingdoms (469–895)\u003c\/li\u003e\n\u003cli\u003e\n\u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Hungarian_conquest_of_the_Carpathian_Basin\" target=\"_blank\"\u003eMagyar conquest\u003c\/a\u003e (895) — \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Magyars\" target=\"_blank\"\u003eMagyars\u003c\/a\u003e from the Ural region, arrived under \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Arpad\" target=\"_blank\"\u003eÁrpád\u003c\/a\u003e, displacing\/absorbing Slavs\/Avars\u003c\/li\u003e\n\u003cli\u003e\n\u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Kingdom_of_Hungary\" target=\"_blank\"\u003eKingdom of Hungary\u003c\/a\u003e (1000–1526) — founded by \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Stephen_I_of_Hungary\" target=\"_blank\"\u003eStephen I\u003c\/a\u003e, ruling \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Transylvania\" target=\"_blank\"\u003eTransylvania\u003c\/a\u003e, \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Kingdom_of_Croatia_(medieval)\" target=\"_blank\"\u003eCroatia and Dalmatia\u003c\/a\u003e, \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Upper_Hungary\" target=\"_blank\"\u003eSlovakia\u003c\/a\u003e, \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Subcarpathian_Ruthenia\" target=\"_blank\"\u003eTranscarpathia\u003c\/a\u003e, and \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Vojvodina\" target=\"_blank\"\u003eVojvodina\u003c\/a\u003e\n\u003c\/li\u003e\n\u003cli\u003e\n\u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Battle_of_Moh%C3%A1cs\" target=\"_blank\"\u003eBattle of Mohács\u003c\/a\u003e (1526) — Ottoman victory; Hungary split into: \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Ottoman_Hungary\" target=\"_blank\"\u003eOttoman-occupied central Hungary\u003c\/a\u003e, \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Principality_of_Transylvania\" target=\"_blank\"\u003esemi-autonomous Transylvania\u003c\/a\u003e, and \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Royal_Hungary\" target=\"_blank\"\u003eRoyal Hungary\u003c\/a\u003e (most = today’s Slovakia) under the Habsburgs — with \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Bratislava\" target=\"_blank\"\u003ePozsony (Bratislava)\u003c\/a\u003e serving as the capital and coronation city\u003c\/li\u003e\n\u003cli\u003e\n\u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Habsburg_Hungary\" target=\"_blank\"\u003eHabsburg rule\u003c\/a\u003e (1526–1867) — Ottomans expelled by 1699; \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Bratislava\" target=\"_blank\"\u003ePozsony\u003c\/a\u003e remained the capital until 1848, when Budapest took over; Hungary subject to Vienna throughout\u003c\/li\u003e\n\u003cli\u003e\n\u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Austria-Hungary\" target=\"_blank\"\u003eAustro-Hungarian Dual Monarchy\u003c\/a\u003e (1867–1918) — Hungary co-equal partner with Austria, ruling a vast multi-ethnic empire\u003c\/li\u003e\n\u003cli\u003e\n\u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Kingdom_of_Hungary_(1920%E2%80%931946)\" target=\"_blank\"\u003eHorthy Regency\u003c\/a\u003e (1920–1944)\n\u003cul\u003e\n\u003cli\u003e\n\u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Treaty_of_Trianon\" target=\"_blank\"\u003eTreaty of Trianon\u003c\/a\u003e (1920) — Hungary lost ~72% of its territory and ~64% of its population:\n\u003cul\u003e\n\u003cli\u003e\n\u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Transylvania\" target=\"_blank\"\u003eTransylvania\u003c\/a\u003e to Romania\u003c\/li\u003e\n\u003cli\u003e\n\u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Slovakia\" target=\"_blank\"\u003eSlovakia\u003c\/a\u003e and \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Subcarpathian_Ruthenia\" target=\"_blank\"\u003eTranscarpathia\u003c\/a\u003e to Czechoslovakia\u003c\/li\u003e\n\u003cli\u003e\n\u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Vojvodina\" target=\"_blank\"\u003eVojvodina\u003c\/a\u003e to Yugoslavia\u003c\/li\u003e\n\u003cli\u003e\n\u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Kingdom_of_Croatia-Slavonia\" target=\"_blank\"\u003eCroatia-Slavonia\u003c\/a\u003e and \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Kingdom_of_Dalmatia\" target=\"_blank\"\u003eDalmatia\u003c\/a\u003e to Yugoslavia and Italy\u003c\/li\u003e\n\u003cli\u003e\n\u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Burgenland\" target=\"_blank\"\u003eBurgenland\u003c\/a\u003e to Austria\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/li\u003e\n\u003cli\u003e\n\u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Arrow_Cross_Party\" target=\"_blank\"\u003eArrow Cross \/ German occupation\u003c\/a\u003e (1944–1945)\u003c\/li\u003e\n\u003cli\u003e\n\u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Provisional_National_Government_of_Hungary\" target=\"_blank\"\u003eProvisional Government\u003c\/a\u003e (1944–1945)\u003c\/li\u003e\n\u003cli\u003e\n\u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/People%27s_Republic_of_Hungary\" target=\"_blank\"\u003e“People’s Republic”\u003c\/a\u003e (1949–1989) — communist dictatorship, \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Soviet_satellite_state\" target=\"_blank\"\u003eSoviet satellite state\u003c\/a\u003e; USSR crushed the \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Hungarian_Revolution_of_1956\" target=\"_blank\"\u003e1956 uprising\u003c\/a\u003e\n\u003c\/li\u003e\n\u003cli\u003e\n\u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Hungary\" target=\"_blank\"\u003eRepublic\u003c\/a\u003e (1989–present) — member of \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/NATO\" target=\"_blank\"\u003eNATO\u003c\/a\u003e (1999–present) and the \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/European_Union_accession_of_Hungary\" target=\"_blank\"\u003eEuropean Union\u003c\/a\u003e (2004–present)\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003ch2\u003eThe stamp that split this note into two versions\u003c\/h2\u003e\n\u003cp\u003eIn December 1945, the provisional government attempted a one-off capital levy to slow inflation. \u003cstrong\u003eHolders had to walk into a bank, hand over three times the note’s face value in cash, and receive a red adhesive stamp in return — proof that the note was still legal tender.\u003c\/strong\u003e Skip the queue, lose the money: unstamped notes were immediately reduced to one-quarter of their nominal worth. The 1,000 Pengő was one of three denominations subject to this measure. It failed to stop the inflation. Notes with and without the stamp now exist as distinct collectible varieties.\u003c\/p\u003e\n\u003ch2\u003eThe Pengő and the hyperinflation that ended it\u003c\/h2\u003e\n\u003cp\u003eThe \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Hungarian_peng%C5%91\" target=\"_blank\"\u003ePengő\u003c\/a\u003e was introduced in 1927 as a stable, modern currency. \u003cstrong\u003eBy July 1945, when this note was issued, the collapse was well underway.\u003c\/strong\u003e Within a year, Hungary experienced the worst hyperinflation in recorded human history — prices doubling every 15 hours by July 1946. Denominations climbed from thousands to millions to billions, eventually requiring entirely new naming conventions: the milpengő (million Pengő) and the b.-pengő (billion Pengő). The largest denomination ever printed was the \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Sz%C3%A1zmilli%C3%A1rd_b-peng%C5%91\" target=\"_blank\"\u003e100 quintillion Pengő\u003c\/a\u003e. The Pengő was demonetized on 6 May 1946 and replaced by the \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Hungarian_forint\" target=\"_blank\"\u003eForint\u003c\/a\u003e at a rate of 400,000 quadrillion to one.\u003c\/p\u003e\n\u003ch2\u003eA Posthumous Ode to the Pengő, by World Money Store\u003c\/h2\u003e\n\u003cp\u003eThe printing press for the Hungarian pengő,\u003cbr\u003eWent crazy, but why? Had it learned the flamenco?\u003cbr\u003eNo! Government, weak, had to pay for its spending,\u003cbr\u003eSo prices went higher; it was never ending.\u003c\/p\u003e\n\u003cp\u003eMore pengős in money supply caused such trouble,\u003cbr\u003eThat merchants were constantly marking tags double;\u003cbr\u003eThe workers got salaries paid in the morning,\u003cbr\u003eAnd spent them by noontime, since prices were soaring.\u003c\/p\u003e\n\u003cp\u003eA note marked ten thousand for onions and bread,\u003cbr\u003eThen one hundred thousand, then millions it said.\u003cbr\u003eTen milpengő meant it was valued ten million,\u003cbr\u003eA b-pengő meant it's already a trillion.\u003c\/p\u003e\n\u003cp\u003eThe last of them seen said one hundred quintillion,\u003cbr\u003eBut one they held back was a stunning sextillion!\u003cbr\u003eThey had to replace the poor pengő with forint,\u003cbr\u003eTo close this book's chapter: \"Inflation Abhorrent\"\u003c\/p\u003e\n\u003ch2\u003eOwn this note from the opening of the collapse\u003c\/h2\u003e\n\u003cp\u003eThe 1,000 Pengő was a large denomination in peacetime. By the time this note was printed, it was already becoming ordinary. \u003cstrong\u003eIt is a document of the moment Hungary crossed the threshold from postwar hardship into economic catastrophe.\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003e\u003cem\u003eThe woman on the note looks serene. The economy was not.\u003c\/em\u003e\u003c\/p\u003e","brand":"World Money Store","offers":[{"title":"Default Title","offer_id":51877790351671,"sku":"HU118VFXF","price":2.99,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0969\/7165\/3431\/files\/118o_8a49abed-65c2-492a-bbe5-b257d35c6cf1.jpg?v=1775312108","url":"https:\/\/worldmoneystore.com\/products\/hungary-p-118-1000-pengo-1945-vfxf-very-fine-extra-fine-dark-green-woman-stamp","provider":"World Money Store","version":"1.0","type":"link"}