{"product_id":"hungary-p-123-10000000-pengo-1945-vfxf-very-fine-extra-fine-green","title":"Hungary P123 10000000 Pengő 1945 VF+ Very Fine Plus—Greens","description":"\u003cp\u003e\u003cem\u003eTen million Pengős, issued in November 1945 — bearing the face of the man who built modern Hungary, on a note already sliding toward absurdity. A beautifully composed document that’s quietly losing the argument it’s trying to make.\u003c\/em\u003e\u003c\/p\u003e\n\n\u003ch3\u003eBanknote Characteristics\u003c\/h3\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003eComposition:\u003c\/strong\u003e Paper\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eColor:\u003c\/strong\u003e Dark green and black; pale red underprint; red serial numbers\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eSize:\u003c\/strong\u003e 180 × 85 mm (7.09 × 3.35 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 16 November 1945\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-123\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\n\u003ch3\u003eFront (Obverse)\u003c\/h3\u003e\n\u003cp\u003eThe obverse returns to a full monumental composition — portrait, heraldry, ornament — at a denomination that would have been unthinkable a year earlier. The design asserts authority and continuity. The number contradicts both.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003ePortrait medallion (right):\u003c\/strong\u003e Bust of \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Istv%C3%A1n_Sz%C3%A9chenyi\" target=\"_blank\"\u003eIstván Széchenyi\u003c\/a\u003e facing left, framed by an angular cartouche with geometric corner devices — the statesman known as “the greatest Hungarian” (\u003cem\u003ea legnagyobb magyar\u003c\/em\u003e), architect of Hungary’s 19th-century modernization\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eLeft panel — coat of arms with supporters:\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 and double cross on triple hill, crowned — flanked by two winged allegorical female figures standing and facing inward, supporting the shield; base features an interlace knot motif (Celtic-style endless knot, symbol of continuity)\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eCentral text panel:\u003c\/strong\u003e \u003cem\u003eTÍZMILLIÓ PENGŐ\u003c\/em\u003e in large bold serif; date and issuing authority below; two engraved signatures with titles (Elnök, Főtanácsos, Vezérigazgató)\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eLower ornamental system:\u003c\/strong\u003e Dense scrollwork with stylized floral and star elements; \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Guilloch%C3%A9\" target=\"_blank\"\u003eguilloché\u003c\/a\u003e rosettes embedded in background; anti-counterfeiting warning in horizontal band at bottom\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eBorder system:\u003c\/strong\u003e Continuous frame with repeating zigzag dentils, rosettes, and wave motifs; top border repeats denomination text continuously\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003ch3\u003eBack (Reverse)\u003c\/h3\u003e\n\u003cp\u003eThe reverse pivots from authority to aspiration — a dove in flight where the portrait would be, multilingual inscriptions recalling the old empire’s reach.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003eCentral vignette:\u003c\/strong\u003e \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Doves_as_symbols\" target=\"_blank\"\u003eDove in flight\u003c\/a\u003e with olive branch, facing right, wings fully extended — a classical symbol of peace and renewal, set against a background panel dated \u003cstrong\u003e1945\u003c\/strong\u003e\n\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eSide panels:\u003c\/strong\u003e Vertical ornamental columns with interlace knots, crosses, and floral motifs in symmetrical textile-like patterning\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eLower denomination panel:\u003c\/strong\u003e Large \u003cstrong\u003e10,000,000\u003c\/strong\u003e in Arabic numerals, flanked by star separators\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\u003eTop band (left → right): \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Rusyn_language\" target=\"_blank\"\u003eRuthenian (Rusyn)\u003c\/a\u003e — \u003cem\u003eДЕСЯТЬ МИЛІОНІВ ПЕНҐЕ\u003c\/em\u003e; \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Romanian_language\" target=\"_blank\"\u003eRomanian\u003c\/a\u003e — \u003cem\u003eZECE MILIOANE PENGHEI\u003c\/em\u003e; \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Serbian_language\" target=\"_blank\"\u003eSerbian (Cyrillic)\u003c\/a\u003e — \u003cem\u003eДЕСЕТ МИЛИЈУН ПЕНГОВА\u003c\/em\u003e\n\u003c\/li\u003e\n\u003cli\u003eBottom band (left → right): \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Slovak_language\" target=\"_blank\"\u003eSlovak\u003c\/a\u003e — \u003cem\u003eDESAŤMILIÓNOV PENGŐ\u003c\/em\u003e; \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Serbian_language\" target=\"_blank\"\u003eSerbian (Latin)\u003c\/a\u003e — \u003cem\u003eDESETMILIONA PENGOVA\u003c\/em\u003e; \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/German_language\" target=\"_blank\"\u003eGerman\u003c\/a\u003e — \u003cem\u003eZEHN MILLIONEN PENGŐ\u003c\/em\u003e\n\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eBorder:\u003c\/strong\u003e Dense geometric and floral edging with continuous repeating denomination text\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003ch3\u003eDesign Summary\u003c\/h3\u003e\n\u003cp\u003eThe 10,000,000 Pengő is the most ambitious note in the inflation series — monumental national imagery paired with a denomination already sliding toward absurdity.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003eStyle:\u003c\/strong\u003e Full historicist engraving — portrait, heraldry, allegorical figures, guilloché — the complete vocabulary of 19th-century 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; pale red underprint; red serial numbers; continuous border denomination text\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eDesign logic:\u003c\/strong\u003e Obverse = authority and history (Széchenyi → reform and stability; coat of arms → continuity of state); Reverse = aspiration (dove → peace after war; multilingual inscriptions → memory of Greater Hungary)\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eVisual hierarchy:\u003c\/strong\u003e Portrait and heraldry share the obverse as equals — denomination anchors both sides — ornament fills every remaining surface\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003ch3\u003eAbout István Széchenyi\u003c\/h3\u003e\n\u003cp\u003e\u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Istv%C3%A1n_Sz%C3%A9chenyi\" target=\"_blank\"\u003eIstván Széchenyi\u003c\/a\u003e (1791–1860) is considered \u003cstrong\u003e“the greatest Hungarian”\u003c\/strong\u003e — a title given to him by his rival \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Lajos_Kossuth\" target=\"_blank\"\u003eLajos Kossuth\u003c\/a\u003e. He promoted infrastructure (most notably the \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Chain_Bridge,_Budapest\" target=\"_blank\"\u003eChain Bridge in Budapest\u003c\/a\u003e), economic reform and credit institutions, and the development of the Hungarian language in public life. Unlike Kossuth, he advocated gradual reform within the Habsburg system rather than revolution. \u003cstrong\u003eHis presence on a note from a moment of total economic collapse is the note’s central irony\u003c\/strong\u003e — the man who built modern Hungary, on a piece of paper that modern Hungary could no longer sustain.\u003c\/p\u003e\n\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\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 November 1945, when this note was issued, ten million of them were an ordinary transaction.\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\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\n\u003ch2\u003eOwn this note from deep inside the collapse\u003c\/h2\u003e\n\u003cp\u003eThe 10,000,000 Pengő is the most beautifully composed note in the inflation series — and one of the most poignant. \u003cstrong\u003eSzéchenyi built the Chain Bridge. The government that printed his face on this note couldn’t build a stable currency.\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003e\u003cem\u003eThe dove on the reverse is flying toward peace. The denomination is flying toward infinity.\u003c\/em\u003e\u003c\/p\u003e","brand":"World Money Store","offers":[{"title":"Default Title","offer_id":51881737978167,"sku":"HU123VFXF","price":2.99,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0969\/7165\/3431\/files\/123o_bfabeb30-311f-43be-866b-7647dc5a228b.jpg?v=1775338087","url":"https:\/\/worldmoneystore.com\/products\/hungary-p-123-10000000-pengo-1945-vfxf-very-fine-extra-fine-green","provider":"World Money Store","version":"1.0","type":"link"}