{"product_id":"hungary-p-121-100000-pengo-1945-vfxf-very-fine-extra-fine-brown-version","title":"Hungary P121a 100000 Pengő 1945 VF+ Very Fine Plus—Brown Version","description":"\u003cp\u003e\u003cem\u003eBy October 1945, the denomination had jumped tenfold from July. The portrait is still there — but the ornament is tightening, the geometry hardening, the color draining. The collapse was accelerating faster than the engravers could keep up.\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-121a — without adhesive stamp (this note)\u003c\/li\u003e\n\u003cli\u003eP-121b — with red adhesive stamp (~0.7% of known examples)\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eColor:\u003c\/strong\u003e Muted green ground with brown \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Intaglio_printing\" target=\"_blank\"\u003eintaglio\u003c\/a\u003e; blue secondary print layer\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 177 × 80 mm (6.97 × 3.15 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 23 October 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-121\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 (1944–1946)\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003ch3\u003eFront (Obverse)\u003c\/h3\u003e\n\u003cp\u003eThe front still carries a portrait and a full ornamental system — but something has shifted. The scrollwork is more angular, the geometry tighter, the color flatter. This is the same design tradition as the July series, but under pressure. You can feel the production urgency in the composition.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003ePortrait medallion (right):\u003c\/strong\u003e Female figure in traditional attire with braided hair, set in an angular, almost shield-like oval frame — less soft than earlier issues; background is a denser, darker \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Guilloch%C3%A9\" target=\"_blank\"\u003eguilloché\u003c\/a\u003e field, increasing contrast\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eCentral denomination cartouche:\u003c\/strong\u003e Large oval panel bearing \u003cem\u003eSZÁZEZER PENGŐ\u003c\/em\u003e in bold serif\n\u003cul\u003e\n\u003cli\u003eInner field: fine guilloché lattice, tighter and more geometric than earlier issues\u003c\/li\u003e\n\u003cli\u003eOuter frame: thick baroque scrolls with heavier, more angular \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Acanthus_(ornament)\" target=\"_blank\"\u003eacanthus\u003c\/a\u003e leaf forms\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eTop denomination panel:\u003c\/strong\u003e “100000” in bold serif numerals, embedded in a continuous border band at top\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eBottom denomination panel:\u003c\/strong\u003e “100000” nested within a scroll frame, visually anchoring the composition at the base\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eIssuing authority block:\u003c\/strong\u003e \u003cem\u003eBudapest, 1945. évi október hó 23-án\u003c\/em\u003e; \u003cem\u003eMAGYAR NEMZETI BANK\u003c\/em\u003e centered and prominent; layout more compact than earlier notes\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eSignature panel:\u003c\/strong\u003e Two engraved signatures (Főtanácsos and Vezérigazgató), slightly compressed, integrated tightly under the main inscription\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”), contained in a straight horizontal band rather than a curved ribbon — a shift toward more rigid compositional geometry\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eFlanking ornamental panels:\u003c\/strong\u003e Cross-hatched diamond grid motifs — more geometric and less floral than earlier denominations; a transitional design language moving from organic to structured\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eCorner ornaments:\u003c\/strong\u003e Stylized floral \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Rosette_(design)\" target=\"_blank\"\u003erosettes\u003c\/a\u003e within rectangular corner frames; border system more rigid with repeated linear motifs; reduced negative space throughout\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003ch3\u003eBack (Reverse)\u003c\/h3\u003e\n\u003cp\u003eThe reverse makes a significant departure: the portrait is gone, replaced by the coat of arms as the central visual anchor. The ornamental system is more architectural than baroque — almost altar-like in its axial symmetry. Blue ink appears for the first time as a secondary print layer.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003eCentral coat of arms:\u003c\/strong\u003e The \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Coat_of_arms_of_Hungary\" target=\"_blank\"\u003eHungarian shield\u003c\/a\u003e — Árpád stripes and double cross under crown — framed by highly stylized vegetal forms rising symmetrically in an architecture-like, almost façade structure\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eCentral denomination panel:\u003c\/strong\u003e “100000” positioned below the coat of arms, framed by stepped geometric borders rather than flowing scrolls\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eMultilingual denomination inscriptions:\u003c\/strong\u003e Denomination in six languages — a quiet record of the multi-ethnic world Hungary once ruled\n\u003cul\u003e\n\u003cli\u003eLeft column: \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Rusyn_language\" target=\"_blank\"\u003eRuthenian (Rusyn)\u003c\/a\u003e — \u003cem\u003eСТО ТИСЯЧ ПЕНҐЕ\u003c\/em\u003e; \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Romanian_language\" target=\"_blank\"\u003eRomanian\u003c\/a\u003e — \u003cem\u003eUNA SUTĂ MII PENGHEI\u003c\/em\u003e; \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Serbian_language\" target=\"_blank\"\u003eSerbian (Cyrillic)\u003c\/a\u003e — \u003cem\u003eСТО ХИЉАДА ПЕНГОВА\u003c\/em\u003e\n\u003c\/li\u003e\n\u003cli\u003eRight column: \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Slovak_language\" target=\"_blank\"\u003eSlovak\u003c\/a\u003e — \u003cem\u003eSTOTISÍC PENGŐ\u003c\/em\u003e; \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Serbian_language\" target=\"_blank\"\u003eSerbian (Latin)\u003c\/a\u003e — \u003cem\u003eSTO HILJADA PENGOVA\u003c\/em\u003e; \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/German_language\" target=\"_blank\"\u003eGerman\u003c\/a\u003e — \u003cem\u003eHUNDERTTAUSEND PENGŐ\u003c\/em\u003e\n\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eSerial numbers:\u003c\/strong\u003e Printed in blue (shift from the red of earlier notes) — prefix + number at left, full serial at right; cleaner, more modern typographic feel\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eFlanking vignette motifs (blue):\u003c\/strong\u003e Stylized birds perched on branches holding floral elements — simplified, almost folkloric line style; likely a secondary security print layer\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eSide border panels:\u003c\/strong\u003e Vertical bands with repeated geometric and floral units — more textile-like, less baroque\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003ch3\u003eDesign Summary\u003c\/h3\u003e\n\u003cp\u003eThe 100,000 Pengő sits at a turning point in the series. It still has a portrait, still has guilloché, still has the full ornamental vocabulary — but the aesthetic tone has shifted from ornamental elegance to functional density. \u003cstrong\u003eThe structure is tightening as the value dissolves.\u003c\/strong\u003e\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003eStyle:\u003c\/strong\u003e Late historicist engraving under production pressure — transitional between baroque and utilitarian\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; geometric grid panels; blue secondary print layer (birds, serials) as a new contrasting security element. \u003cstrong\u003eVersus earlier series:\u003c\/strong\u003e\n\u003cul\u003e\n\u003cli\u003eScrollwork more angular, less flowing; geometric grids replace floral arabesques\u003c\/li\u003e\n\u003cli\u003eColor simplified: muted green ground replaces the yellow→orange→green gradient of the 10,000\u003c\/li\u003e\n\u003cli\u003eReverse drops portrait entirely in favor of coat of arms; six-language block retained but restructured into two columns\u003c\/li\u003e\n\u003cli\u003eSerial numbers shift from red to blue; anti-counterfeiting ribbon straightens from curved to horizontal\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eVisual hierarchy:\u003c\/strong\u003e Denomination dominates — coat of arms anchors the reverse — ornament compresses around both\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 (1944–1946)\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 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 October 1945, when this note was issued, 100,000 of them bought what a handful once did.\u003c\/strong\u003e Within months, 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\u003e\u003cem\u003e(Best read aloud in the anapestic meter of \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/A_Visit_from_St._Nicholas\" target=\"_blank\"\u003e“A Visit from St. Nicholas”\u003c\/a\u003e by Clement Clarke Moore — ‘’Twas the night before Christmas’’)\u003c\/em\u003e\u003c\/p\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 middle of the collapse\u003c\/h2\u003e\n\u003cp\u003eThe 100,000 Pengő was unimaginable in peacetime. By October 1945, it was already becoming small change. \u003cstrong\u003eIt is a document of a currency in freefall — the ornament still present, but hardening; the structure tightening as the value dissolves.\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003e\u003cem\u003eThe woman is still on this note. But she doesn’t look serene anymore.\u003c\/em\u003e\u003c\/p\u003e","brand":"World Money Store","offers":[{"title":"Default Title","offer_id":51881360490807,"sku":"HU121aVFXF","price":2.99,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0969\/7165\/3431\/files\/121o_eb61e2b5-40f5-4c2b-94c5-489a61ad7a35.jpg?v=1775333318","url":"https:\/\/worldmoneystore.com\/products\/hungary-p-121-100000-pengo-1945-vfxf-very-fine-extra-fine-brown-version","provider":"World Money Store","version":"1.0","type":"link"}