{"product_id":"hungary-set-of-8-hyperinflation-art-deco-100-10000000-forint-1930-1945-vfxf","title":"Hungary  7 Pc Set—Hyperinflation—100-10000000 forint 1930–1945 VF+ Very Fine Plus","description":"\u003ch2\u003eThis Set Contains 7 Notes\u003c\/h2\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003eP-98\u003c\/strong\u003e — 100 Pengő (1930) — King Matthias Corvinus \/ Hungarian Parliament — Horthy Regency\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eP-111\u003c\/strong\u003e — 100 Pengő (1945) — King Matthias Corvinus \/ Hungarian Parliament — Horthy Regency\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eP-117\u003c\/strong\u003e — 500 Pengő (1945) — Allegorical Woman — Provisional Government\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eP-118b\u003c\/strong\u003e — 1,000 Pengő (1945) — Allegorical Woman \/ Red Adhesive Stamp — Provisional Government\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eP-119b\u003c\/strong\u003e — 10,000 Pengő (1945) — Allegorical Woman \/ Brown-on-Green Adhesive Stamp — Provisional Government\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eP-121a\u003c\/strong\u003e — 100,000 Pengő (1945) — Brown Version — Provisional Government\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eP-123\u003c\/strong\u003e — 10,000,000 Pengő (1945) — István Széchenyi \/ Green — Provisional Government\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003chr\u003e\n\n\u003ch2\u003eP-98 — 100 Pengő (1930) — King Matthias — Parliament\u003c\/h2\u003e\n\u003cp\u003e\u003cem\u003eIssued in 1930, when the Pengő was still a credible currency and Hungary still believed in its own recovery. The note that opened the series — before the war, before the hyperinflation, before the zeros.\u003c\/em\u003e\u003c\/p\u003e\n\u003ch3\u003eBanknote Characteristics\u003c\/h3\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003eDenomination in words:\u003c\/strong\u003e SZÁZ PENGŐ in Hungarian, German, Slovak, Romanian, \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Rusyn_language\" target=\"_blank\"\u003eRusyn\u003c\/a\u003e, and Serbo-Croatian in both alphabets (Latin and Cyrillic)\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eComposition:\u003c\/strong\u003e Paper\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\"\u003eMagyar Nemzeti Bank\u003c\/a\u003e (Hungarian National Bank)\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eIssued:\u003c\/strong\u003e 1930\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-98\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\u003ePeriod:\u003c\/strong\u003e \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Kingdom_of_Hungary_(1920%E2%80%931946)\" target=\"_blank\"\u003eHorthy Regency\u003c\/a\u003e (1920–1944)\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003ch3\u003eFront (Obverse)\u003c\/h3\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003ePortrait (right):\u003c\/strong\u003e \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Matthias_Corvinus\" target=\"_blank\"\u003eKing Matthias Corvinus\u003c\/a\u003e — Hungary’s greatest Renaissance monarch, reigned 1458–1490; framed in an engraved oval medallion\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eCentral vignette:\u003c\/strong\u003e The \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Hungarian_Parliament_Building\" target=\"_blank\"\u003eHungarian Parliament Building\u003c\/a\u003e in Budapest — completed 1904, one of Europe’s largest parliament buildings\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eIssuing authority:\u003c\/strong\u003e \u003cem\u003eMAGYAR NEMZETI BANK\u003c\/em\u003e in bold serif\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eDenomination:\u003c\/strong\u003e \u003cem\u003eSZÁZ PENGŐ\u003c\/em\u003e (One Hundred Pengő)\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003ch3\u003eBack (Reverse)\u003c\/h3\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003eMultilingual denomination inscriptions:\u003c\/strong\u003e Denomination in six languages — Hungarian, German, Slovak, Romanian, \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Rusyn_language\" target=\"_blank\"\u003eRusyn\u003c\/a\u003e, and Serbo-Croatian in both Latin and Cyrillic alphabets\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eOrnamental system:\u003c\/strong\u003e Fine \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Guilloch%C3%A9\" target=\"_blank\"\u003eguilloché\u003c\/a\u003e engraving throughout\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003ch3\u003eAbout King Matthias Corvinus\u003c\/h3\u003e\n\u003cp\u003e\u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Matthias_Corvinus\" target=\"_blank\"\u003eMatthias Corvinus\u003c\/a\u003e (1443–1490) was one of medieval Europe’s most powerful and cultured rulers — King of Hungary from 1458, later also ruling parts of Austria and Bohemia. \u003cstrong\u003eHe built the \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Bibliotheca_Corviniana\" target=\"_blank\"\u003eCorvina Library\u003c\/a\u003e, one of Europe’s finest manuscript collections, second only to the Vatican at the time.\u003c\/strong\u003e He commanded the \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Black_Army_of_Hungary\" target=\"_blank\"\u003eBlack Army\u003c\/a\u003e, one of Europe’s first professional standing forces. Celebrated in folklore as \u003cem\u003e“Matthias the Just”\u003c\/em\u003e, he is remembered across Central Europe as a wise king who disguised himself to walk among his people.\u003c\/p\u003e\n\u003ch2\u003eThe Parliament on a note from before the fall\u003c\/h2\u003e\n\u003cp\u003eThe Hungarian Parliament Building was completed in 1904 — the largest building in Hungary, one of the largest parliament buildings in the world. \u003cstrong\u003eIt was built to project permanence, grandeur, and the confidence of a great empire.\u003c\/strong\u003e By 1930, when this note was issued, the empire was gone, two-thirds of Hungary’s territory had been stripped away by Trianon, and the country was navigating the Great Depression. The Parliament still stood. The Pengő was still stable. This note is from that narrow window of relative calm.\u003c\/p\u003e\n\u003ch2\u003eOwn this note from Hungary’s interwar recovery\u003c\/h2\u003e\n\u003cp\u003eThe P-98 is the foundation of the Hungarian Pengő series — the note that set the visual standard before the war and the hyperinflation rewrote everything. \u003cstrong\u003eMatthias Corvinus and the Parliament Building: the greatest king and the grandest building, on the most stable note Hungary would issue for the next two decades.\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003e\u003cem\u003eThe Pengő lasted until 1946. This note outlasted the currency, the regime, and the empire that inspired it.\u003c\/em\u003e\u003c\/p\u003e\n\n\u003chr\u003e\n\n\u003ch2\u003eP-111 — 100 Pengő (1945) — King Matthias — Parliament\u003c\/h2\u003e\n\u003cp\u003e\u003cem\u003eIssued under a regent who was neither king nor president, featuring a king who died 440 years before the note was printed — and a parliament building that was the largest in the world when it opened.\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 Single variety (P-111); arrow cross stamps are falsifications\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eColor:\u003c\/strong\u003e Brown tones\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eFront:\u003c\/strong\u003e Portrait of \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Matthias_Corvinus\" target=\"_blank\"\u003eMatthias Corvinus\u003c\/a\u003e (King of Hungary and Croatia, 1458–1490); engraved by Franke Rupert; designed by Álmos Jaschik\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eBack:\u003c\/strong\u003e \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Hungarian_Parliament_Building\" target=\"_blank\"\u003eHungarian Parliament Building\u003c\/a\u003e, Budapest; denomination inscribed in Hungarian, German, Slovak, Romanian, \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Rusyn_language\" target=\"_blank\"\u003eRusyn\u003c\/a\u003e, and Serbo-Croatian in both alphabets (Latin and Cyrillic)\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 × 93 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\"\u003eMagyar Nemzeti Bank\u003c\/a\u003e\n\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eIssued:\u003c\/strong\u003e 1945\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eSignatures:\u003c\/strong\u003e Végh, Sándor Popovics, Béla Schober\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-111\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\u003ePeriod:\u003c\/strong\u003e Regency of \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Mikl%C3%B3s_Horthy\" target=\"_blank\"\u003eMiklós Horthy\u003c\/a\u003e (1920–1944)\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003ch2\u003eA king who made Hungary the envy of Europe\u003c\/h2\u003e\n\u003cp\u003e\u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Matthias_Corvinus\" target=\"_blank\"\u003eMatthias Corvinus\u003c\/a\u003e came to the throne at 15 and ruled for 32 years, turning Hungary into the most powerful state in Central Europe. \u003cstrong\u003eHe built the first standing professional army in European history — the \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Black_Army_of_Hungary\" target=\"_blank\"\u003eBlack Army\u003c\/a\u003e — conquered Moravia, Silesia, and Austria, and briefly held Vienna.\u003c\/strong\u003e He was also a Renaissance patron who filled his court with Italian humanists, built one of the finest libraries in Europe (the \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Bibliotheca_Corviniana\" target=\"_blank\"\u003eBibliotheca Corviniana\u003c\/a\u003e), and corresponded with the leading scholars of his age. When he died in 1490, reportedly poisoned, his empire collapsed within years. The Ottomans arrived 36 years later.\u003c\/p\u003e\n\u003cp\u003eHe appears on this note not as a historical curiosity but as a political statement. \u003cstrong\u003eThe Horthy regime, ruling a Hungary stripped of two-thirds of its territory by the \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Treaty_of_Trianon\" target=\"_blank\"\u003eTreaty of Trianon\u003c\/a\u003e, chose the king who had made Hungary great as the face of its currency.\u003c\/strong\u003e Nostalgia as monetary policy.\u003c\/p\u003e\n\u003ch2\u003eThe parliament that was built for an empire that no longer existed\u003c\/h2\u003e\n\u003cp\u003eThe \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Hungarian_Parliament_Building\" target=\"_blank\"\u003eHungarian Parliament Building\u003c\/a\u003e on the reverse was completed in 1904 — the largest parliament building in the world at the time, and still one of the largest. \u003cstrong\u003eIt was designed for a Hungary that was half of the Austro-Hungarian Empire, with a population of 20 million and ambitions to match.\u003c\/strong\u003e By the time this note was issued in 1945, Hungary had 8 million people and borders drawn by its enemies. The building remained. The empire did not.\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 — and for its first decade it was. \u003cstrong\u003eThis 100 Pengő note, issued in 1945, was printed as the economy was already collapsing.\u003c\/strong\u003e By July 1946, prices were doubling every 15 hours. 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\u003cp\u003e\u003cem\u003eMatthias built an empire. The Pengő became worthless. The note survived both.\u003c\/em\u003e\u003c\/p\u003e\n\n\u003chr\u003e\n\n\u003ch2\u003eP-117 — 500 Pengő (1945) — Allegorical Woman\u003c\/h2\u003e\n\u003cp\u003e\u003cem\u003eIssued on 15 May 1945 — one week after Germany’s surrender — by a provisional government trying to hold a shattered economy together. It had less than a year before the worst hyperinflation in recorded history made it worthless.\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 Standard issue (P-117) and error variation\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eColor:\u003c\/strong\u003e Black print on underprint in shades of brown\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eFront:\u003c\/strong\u003e Allegorical (idealized) Hungarian woman; dense guilloché linework, lathework rosettes in corners, arabesque scrollwork, composite border of interlaced geometric and foliate motifs\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eBack:\u003c\/strong\u003e Denomination inscribed in Hungarian, German, Slovak, Romanian, \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Rusyn_language\" target=\"_blank\"\u003eRusyn\u003c\/a\u003e, and Serbo-Croatian in both alphabets; scalloped central cartouche with “500” corner medallions; guilloché mesh, pearl-dot borders, and symmetrical ribbon framework throughout; series and serial number in red\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 × 86 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\"\u003eMagyar Nemzeti Bank\u003c\/a\u003e\n\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eIssued:\u003c\/strong\u003e 15 May 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-117\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\u003ePeriod:\u003c\/strong\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\u003ch2\u003ePrinted one week after the war ended\u003c\/h2\u003e\n\u003cp\u003eThis note was issued on 15 May 1945 — seven days after \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Victory_in_Europe_Day\" target=\"_blank\"\u003eV-E Day\u003c\/a\u003e. \u003cstrong\u003eBudapest had been under siege for 50 days earlier that year, one of the longest and most destructive urban battles of the Second World War.\u003c\/strong\u003e The city was in ruins. The government issuing this note was a Soviet-backed provisional authority scrambling to restore basic economic function. The 500 Pengő denomination — a significant sum just years earlier — was already losing its meaning.\u003c\/p\u003e\n\u003cp\u003e\u003cem\u003eThe war ended. The currency didn’t survive it.\u003c\/em\u003e\u003c\/p\u003e\n\n\u003chr\u003e\n\n\u003ch2\u003eP-118b — 1,000 Pengő (1945) — Allegorical Woman — Red Stamp\u003c\/h2\u003e\n\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 P-118a (without red adhesive stamp); P-118b (with red adhesive stamp — this note; December 1945 capital levy; unstamped notes reduced to one-quarter face value)\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\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\"\u003eMagyar Nemzeti Bank\u003c\/a\u003e\n\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\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\u003ePeriod:\u003c\/strong\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\u003eDense black \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Intaglio_printing\" target=\"_blank\"\u003eintaglio\u003c\/a\u003e over a pink-tinted ground. 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 Allegorical woman in historical Hungarian dress — rose in her hair, lace collar, embroidered bodice — set in an oval \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Guilloch%C3%A9\" target=\"_blank\"\u003eguilloché\u003c\/a\u003e frame\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eCoat of arms:\u003c\/strong\u003e \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 hills, crowned, wrapped in foliage and ribbon scrolls\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eCentral denomination cartouche:\u003c\/strong\u003e Large framed oval bearing \u003cem\u003eEZER PENGŐ\u003c\/em\u003e in bold serif; fine guilloché mesh inner 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\n\u003cstrong\u003eStamp (P-118b):\u003c\/strong\u003e Red rectangular adhesive stamp affixed over the portrait’s upper medallion; crowned MNB emblem on sunburst\/rosette background; revalidates the note as legal tender\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003ch3\u003eBack (Reverse)\u003c\/h3\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 guilloché ovals and interlaced scrollwork\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eMultilingual inscriptions:\u003c\/strong\u003e Hungarian, German, Slovak, Romanian, \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Rusyn_language\" target=\"_blank\"\u003eRusyn\u003c\/a\u003e, and Serbo-Croatian in both Latin and Cyrillic alphabets\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eSerial numbers:\u003c\/strong\u003e Printed in red\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 Unstamped notes were immediately reduced to one-quarter of their nominal worth. It failed to stop the inflation.\u003c\/p\u003e\n\u003cp\u003e\u003cem\u003eThe woman on the note looks serene. The economy was not.\u003c\/em\u003e\u003c\/p\u003e\n\n\u003chr\u003e\n\n\u003ch2\u003eP-119b — 10,000 Pengő (1945) — Allegorical Woman — Brown\/Green Stamp\u003c\/h2\u003e\n\u003cp\u003e\u003cem\u003eIssued the same day as the 1,000 Pengő — but ten times the denomination, 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 P-119a (without adhesive stamp); P-119b (with brown\/green adhesive stamp — this note); P-119c (with blue adhesive stamp)\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 168 × 82 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\"\u003eMagyar Nemzeti Bank\u003c\/a\u003e\n\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-119\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\u003ePeriod:\u003c\/strong\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\u003eYellow-to-orange-to-green horizontal wash underlies the entire surface, overlaid with dense black \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Intaglio_printing\" target=\"_blank\"\u003eintaglio\u003c\/a\u003e engraving. 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 Female profile in classical Hungarian attire; oval \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Guilloch%C3%A9\" target=\"_blank\"\u003eguilloché\u003c\/a\u003e frame with concentric engraved borders and bead-and-scroll detailing\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eCoat of arms:\u003c\/strong\u003e \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, surrounded by stylized vegetal wreath\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eCentral denomination cartouche:\u003c\/strong\u003e Large oval bearing \u003cem\u003eTÍZEZER PENGŐ\u003c\/em\u003e in bold serif; fine guilloché lattice inner field; dense baroque scrollwork with layered \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Acanthus_(ornament)\" target=\"_blank\"\u003eacanthus\u003c\/a\u003e leaves\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eStamp (P-119b):\u003c\/strong\u003e Adhesive stamp with serrated edges affixed over the upper portrait medallion; crowned MNB emblem on starburst\/rosette field; emergency revalidation — unstamped notes cut to one-quarter face value\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003ch3\u003eBack (Reverse)\u003c\/h3\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003eCentral denomination medallion:\u003c\/strong\u003e Oval with “10000” at center; \u003cem\u003eTÍZEZER\u003c\/em\u003e flanking on both sides; dense guilloché core with layered border rings\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eMultilingual inscriptions:\u003c\/strong\u003e Hungarian, German, Slovak, Romanian, \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Rusyn_language\" target=\"_blank\"\u003eRusyn\u003c\/a\u003e, and Serbo-Croatian in both Latin and Cyrillic alphabets\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eSerial numbers:\u003c\/strong\u003e Printed in red\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003ch2\u003eThe stamp that split this note into three 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 an adhesive stamp in return.\u003c\/strong\u003e The 10,000 Pengő came in three stamp variants — none, brown\/green, or blue — making it one of the more collectible entries in the inflation series. It failed to stop the inflation.\u003c\/p\u003e\n\n\u003chr\u003e\n\n\u003ch2\u003eP-121a — 100,000 Pengő (1945) — Brown Version\u003c\/h2\u003e\n\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 P-121a (brown — this note); P-121b (blue)\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eComposition:\u003c\/strong\u003e Paper\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\"\u003eMagyar Nemzeti Bank\u003c\/a\u003e\n\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eIssued:\u003c\/strong\u003e 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-121a\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\u003ePeriod:\u003c\/strong\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\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 the time this 100,000 Pengő note was issued, the collapse was well underway.\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\u003chr\u003e\n\n\u003ch2\u003eP-123 — 10,000,000 Pengő (1945) — István Széchenyi — Green\u003c\/h2\u003e\n\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\u003ch3\u003eBanknote Characteristics\u003c\/h3\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003cstrong\u003eVarieties:\u003c\/strong\u003e Single variety — P-123\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eColor:\u003c\/strong\u003e Green\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eFront:\u003c\/strong\u003e Portrait of \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Istv%C3%A1n_Sz%C3%A9chenyi\" target=\"_blank\"\u003eIstván Széchenyi\u003c\/a\u003e — “the Greatest Hungarian,” founder of the Hungarian Academy of Sciences, builder of the \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Chain_Bridge,_Budapest\" target=\"_blank\"\u003eChain Bridge\u003c\/a\u003e\n\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eComposition:\u003c\/strong\u003e Paper\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\"\u003eMagyar Nemzeti Bank\u003c\/a\u003e\n\u003c\/li\u003e\n\u003cli\u003e\n\u003cstrong\u003eIssued:\u003c\/strong\u003e 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\u003ePeriod:\u003c\/strong\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\u003ch2\u003eThe man who built modern Hungary — on a note that was already worthless\u003c\/h2\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 known as “the Greatest Hungarian” — a title given to him by his rival \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Lajos_Kossuth\" target=\"_blank\"\u003eKossuth\u003c\/a\u003e. He founded the \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Hungarian_Academy_of_Sciences\" target=\"_blank\"\u003eHungarian Academy of Sciences\u003c\/a\u003e, built the \u003ca href=\"https:\/\/en.wikipedia.org\/wiki\/Chain_Bridge,_Budapest\" target=\"_blank\"\u003eChain Bridge\u003c\/a\u003e connecting Buda and Pest, and modernized Hungarian agriculture, transport, and industry. \u003cstrong\u003eHe spent the last years of his life in a sanatorium, driven to breakdown by the failure of the 1848 revolution and the Habsburg reprisals that followed.\u003c\/strong\u003e Placing his face on a 10,000,000 Pengő note — a denomination that would have been incomprehensible to him — is one of the more quietly tragic design decisions in the entire series.\u003c\/p\u003e\n\u003ch2\u003eA Posthumous Ode to the Pengő, by World Money Store\u003c\/h2\u003e\n\u003cp\u003eSo, the 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","brand":"World Money Store","offers":[{"title":"Default Title","offer_id":51886267793719,"sku":"HUSET7VFP","price":19.99,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0969\/7165\/3431\/files\/set-7pc_c70c2f70-3386-476b-bef1-966d76e676e9.jpg?v=1775420538","url":"https:\/\/worldmoneystore.com\/products\/hungary-set-of-8-hyperinflation-art-deco-100-10000000-forint-1930-1945-vfxf","provider":"World Money Store","version":"1.0","type":"link"}