{"product_id":"hungary-p-122-1000000-pengo-1945-vf-xf","title":"Hungary P122 1000000 Pengő 1945 VF+ Very Fine Plus—Kossuth Lajos—Lake Balaton","description":"\u003ch3\u003eBanknote Characteristics\u003c\/h3\u003e\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003eVarieties:\u003c\/strong\u003e Single variety — P-122, issued 16 November 1945 by the \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Provisional_National_Government_of_Hungary\" target=\"_blank\"\u003eProvisional Government\u003c\/a\u003e\n\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eColor:\u003c\/strong\u003e Obverse — details below; Reverse — details below\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eFront:\u003c\/strong\u003e Portrait of \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Lajos_Kossuth\" target=\"_blank\"\u003eKossuth Lajos\u003c\/a\u003e, leader of the \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Hungarian_Revolution_of_1848\" target=\"_blank\"\u003e1848 Revolution\u003c\/a\u003e against Habsburg rule\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eBack:\u003c\/strong\u003e Painting \u003cem\u003e“At the Shores of \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Lake_Balaton\" target=\"_blank\"\u003eLake Balaton\u003c\/a\u003e”\u003c\/em\u003e by \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/G%C3%A9za_M%C3%A9sz%C3%B6ly\" target=\"_blank\"\u003eGéza Mészöly\u003c\/a\u003e; denomination in Hungarian, German, and Serbo-Croatian\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eWatermark:\u003c\/strong\u003e Not specified\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 169 × 83 mm\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eIssuing entity:\u003c\/strong\u003e \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Magyar_Nemzeti_Bank\" target=\"_blank\"\u003eHungarian National Bank (Magyar Nemzeti Bank)\u003c\/a\u003e\n\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eDemonetized:\u003c\/strong\u003e Yes — \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Demonetization_(currency)\" target=\"_blank\"\u003e6 May 1946\u003c\/a\u003e\n\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eSignatures:\u003c\/strong\u003e Not specified\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\"\u003eHungarian Pengő\u003c\/a\u003e (1927–1946)\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003ch3\u003eAbout Hungary\u003c\/h3\u003e\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 pop. ~1.7 million; metro ~3.3 million)\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003ePopulation:\u003c\/strong\u003e ~9.6 million (UN 2023)\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eArea:\u003c\/strong\u003e 93,028 km² (35,920 mi²) post-\u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Treaty_of_Trianon\" target=\"_blank\"\u003eTrianon\u003c\/a\u003e — similar to \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Portugal\" target=\"_blank\"\u003ePortugal\u003c\/a\u003e or \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Indiana\" target=\"_blank\"\u003eIndiana\u003c\/a\u003e; the historic \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Kingdom_of_Hungary\" target=\"_blank\"\u003eKingdom of Hungary\u003c\/a\u003e was ~325,000 km² (125,500 mi²) — similar to \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Poland\" target=\"_blank\"\u003ePoland\u003c\/a\u003e or \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Montana\" target=\"_blank\"\u003eMontana\u003c\/a\u003e\n\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 ~$40,000 USD (IMF 2024) — ranks ~45th out of 193 globally\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eMain exports:\u003c\/strong\u003e Vehicles and automotive parts, machinery, electronics, pharmaceuticals\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eBorders:\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 (Magyar)\u003c\/a\u003e (~98% of population) — 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\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 Celtic and Illyrian tribes\u003c\/li\u003e\n\u003cli\u003e\n\u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Hunnic_Empire\" target=\"_blank\"\u003eHunnic Empire\u003c\/a\u003e (433–469) — Huns arrived from the Eurasian steppe under Attila; empire collapsed after his death\u003c\/li\u003e\n\u003cli\u003eGermanic and Avar kingdoms (469–895)\u003c\/li\u003e\n\u003cli\u003eMagyar conquest (895) — Magyars from the Ural region, arrived under Árpád\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 Stephen I\u003c\/li\u003e\n\u003cli\u003eBattle of Mohács (1526) — Ottoman victory; Hungary partitioned\u003c\/li\u003e\n\u003cli\u003eHabsburg rule (1526–1867)\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)\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) — \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Treaty_of_Trianon\" target=\"_blank\"\u003eTreaty of Trianon\u003c\/a\u003e (1920) stripped ~72% of territory\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) — \u003cstrong\u003ethis note issued during this period\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003cli\u003e“People’s Republic” (1949–1989) — communist dictatorship, Soviet satellite state\u003c\/li\u003e\n\u003cli\u003eRepublic (1989–date)\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003ch3\u003eHungary Unfiltered\u003c\/h3\u003e\u003cp\u003eThe \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Hungarian_peng%C5%91\" target=\"_blank\"\u003ePengő\u003c\/a\u003e became the \u003cstrong\u003emost hyperinflated currency in recorded human history\u003c\/strong\u003e. By July 1946, prices were doubling every \u003cstrong\u003e15 hours\u003c\/strong\u003e. 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 (10²⁰). This 1,000,000 Pengő note — an almost incomprehensible sum when the Pengő was introduced in 1927 — was worth less than a loaf of bread within months of issue.\u003c\/p\u003e\u003cp\u003e\u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Lajos_Kossuth\" target=\"_blank\"\u003eKossuth Lajos\u003c\/a\u003e, whose portrait appears on the front, led the \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Hungarian_Revolution_of_1848\" target=\"_blank\"\u003e1848 Revolution\u003c\/a\u003e against Habsburg rule — one of the most dramatic bids for Hungarian independence in history. He was eventually forced into exile and died in Turin in 1894, never returning to Hungary. He remains one of the most revered figures in Hungarian national memory.\u003c\/p\u003e\u003cp\u003e\u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Lake_Balaton\" target=\"_blank\"\u003eLake Balaton\u003c\/a\u003e on the reverse — painted by \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/G%C3%A9za_M%C3%A9sz%C3%B6ly\" target=\"_blank\"\u003eGéza Mészöly\u003c\/a\u003e in the 19th century — is Central Europe’s largest lake and Hungary’s most beloved landscape. \u003cstrong\u003ePlacing a serene lakeside painting on a note issued amid economic catastrophe was either an act of defiant national pride or a profound irony — possibly both.\u003c\/strong\u003e\u003c\/p\u003e\u003cp\u003eThe Provisional Government that issued this note was itself a transitional body between the Arrow Cross collapse and the communist takeover. It was printing currency to fund a country that had just been liberated and devastated simultaneously by the Soviet advance.\u003c\/p\u003e\n\n\u003ch2\u003eOne Million. And It Was Already Too Late.\u003c\/h2\u003e\u003cp\u003eWhen the \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Hungarian_peng%C5%91\" target=\"_blank\"\u003ePengő\u003c\/a\u003e was introduced in 1927, it was a model of monetary stability — pegged, respected, modern. \u003cstrong\u003eBy November 1945, when this note was issued, the denomination “1,000,000” had already become routine.\u003c\/strong\u003e The Provisional Government was printing millions because thousands no longer bought anything. Within six months, even millions would be obsolete — replaced by the milpengő (million Pengő) and then the b.-pengő (billion Pengő) as the collapse accelerated beyond the capacity of language to describe it.\u003c\/p\u003e\n\n\u003ch2\u003eThe Revolutionary on the Note\u003c\/h2\u003e\u003cp\u003e\u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Lajos_Kossuth\" target=\"_blank\"\u003eKossuth Lajos\u003c\/a\u003e was the closest thing Hungary had to a founding father who failed. In 1848, he led a revolution that briefly made Hungary an independent republic — \u003cstrong\u003eabolishing serfdom, establishing a free press, and drafting a constitution\u003c\/strong\u003e — before the Habsburgs crushed it with Russian military help. Kossuth spent the rest of his life in exile, issuing proclamations from Turin that nobody in power listened to. He died in 1894 without ever seeing Hungary free. \u003cstrong\u003ePlacing his face on a note issued by a government trying to rebuild from rubble was a statement of continuity — we are still the nation he fought for.\u003c\/strong\u003e\u003c\/p\u003e\n\n\u003ch2\u003eA Painting of Calm on a Note Issued in Crisis\u003c\/h2\u003e\u003cp\u003eThe reverse reproduces \u003cem\u003e“At the Shores of Lake Balaton”\u003c\/em\u003e by \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/G%C3%A9za_M%C3%A9sz%C3%B6ly\" target=\"_blank\"\u003eGéza Mészöly\u003c\/a\u003e — a 19th-century \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Realism_(art_movement)\" target=\"_blank\"\u003eRealist\u003c\/a\u003e landscape of Hungary’s great inland sea. \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Lake_Balaton\" target=\"_blank\"\u003eLake Balaton\u003c\/a\u003e is 77 km long, the largest lake in Central Europe, and has been the symbolic heart of Hungarian summer life for centuries. \u003cstrong\u003eThe choice to put a tranquil lakeside scene on a note issued amid the worst inflation in human history is either an act of extraordinary defiance or extraordinary denial.\u003c\/strong\u003e Either way, it is one of the more quietly poignant design decisions in the entire Pengő series.\u003c\/p\u003e\n\n\u003ch2\u003eOwn a Note From the Million-Pengő Moment\u003c\/h2\u003e\u003cp\u003eThe P-122 sits at the inflection point — the moment when Hungarian denominations crossed into seven figures and kept going. \u003cstrong\u003eIt is the note that made “one million” feel ordinary.\u003c\/strong\u003e In VF-XF condition, Kossuth’s portrait is still sharp, the Balaton landscape still legible, the engraving still doing its job on a note that the economy had already abandoned.\u003c\/p\u003e\u003cp\u003eKossuth looks out from the front. The lake is calm on the back. The Pengő had six months left to live.\u003c\/p\u003e","brand":"World Money Store","offers":[{"title":"Default Title","offer_id":51886271725879,"sku":"HU122VF","price":2.99,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0969\/7165\/3431\/files\/122o_75399384-7608-4119-9f53-42fa1ee86646.jpg?v=1775419067","url":"https:\/\/worldmoneystore.com\/products\/hungary-p-122-1000000-pengo-1945-vf-xf","provider":"World Money Store","version":"1.0","type":"link"}