Featured Austria-Hungary, Hungarian & Hungarian Inflationary Paper Money: 1915 - 1989

Discussion in 'Paper Money' started by krispy, Mar 24, 2010.

  1. proofartoncircs

    proofartoncircs Junior Member

    Things got even worse in Hungary than we have covered so far. Jan. 1, 1946 saw a new unit of account introduced - the adopengo (tax pengo). No actual notes were issued at first. The rate then was 1 adopengo = 1 pengo. By July it was 1 adopengo = 2 sextillion pengo. Adopengo notes had been eventualy issued. The highest denomination was 10 million adopengo.

    That would be 20 octillion pengo. When the forint was adopted, it was equal to 400 octillion pengo. The entire stock of pengo notes in the whole country was worth less than one tenth of a US cent.

    More information can be found here:

    Wickipedia has a section on Hungary under "hyperinflation".

    When I was in England in 1985, I was expecting to see the use of "milliard", not realizing it was obsolete. Nobody used billion because you might not know if it was old or new. The universal term was "thousand million".

    In France we have something like Mille Million = Un Milliard.
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  3. krispy

    krispy krispy

    Whew! Just incredible numbers to comprehend... thanks for the extra information.
  4. ikandiggit

    ikandiggit Currency Error Collector

    Great thread, krispy!

    I've had a passing interest in these notes but never took the time to study them. Thanks for compiling all that information in this presentation and thanks to the other members for adding to it.!
  5. krispy

    krispy krispy

    You're welcome. And thanks for checking it out. :)
  6. Sharktooth

    Sharktooth New Member

    Hungarian B Note TIZEZER B PENGO

    I have the TEZ EZER "B" PENGO
  7. Sharktooth

    Sharktooth New Member

    I have both of those notes the SZAZMILLIO MILPENGO & EGYMILLIARD PENGO I have a few others
  8. noambz

    noambz New Member

    10 Kronen banknot

    Dear krispy, I've got in my possession a 10 Kronen Banknote, the first one at your display: 1915 boy model. Do you know how much it is worth? Thanks, noambz

  9. gsalexan

    gsalexan Intaglio aficionado

    Great notes and a great education on hyperinflation!
  10. krispy

    krispy krispy

    We would have to see your note to judge its condition in order to estimate it's grade and potential value range from there.

    Thanks for checking out my notes and this thread.
  11. krispy

    krispy krispy

    Hey! Glad to see you stopped by this old thread of mine. I really like these notes. The hyper-inflationary notes sure are something to behold and take a lesson from, just too bad the designs are not as strong when the engravers were racing to issue new notes to keep up with a poor economic situation.
  12. MorganMan

    MorganMan Member

  13. gsalexan

    gsalexan Intaglio aficionado

    What do you suppose the engravers and printers were thinking about their paychecks as they produced these notes? They could see better than anyone what was on the way. That must have been a surreal position to be in.
  14. gsalexan

    gsalexan Intaglio aficionado

    Hmmm. I double posted, but there doesn't seem to be a way to delete this one. All I can do is edit. Help?
  15. gsalexan

    gsalexan Intaglio aficionado

    These notes pre-date the inflationary era, but since this is the only Hungary-related post I've seen in the paper money section I think I'll add them here. These were printed during the Hungarian revolution, circa 1849, with the printed signature of short-time president-regent Lajos Kossuth. These were engraved and printed by Toppan, Carpenter, Casilear & Co, a predecessor to American Bank Note. I don't know the financial history surrounding them (I'm not sure they were ever issued), but I believe there was a large unissued hoard that came on the market in the 1980s. I remember buying them fairly inexpensively. You still see them now and then on eBay. I collected them for the beautiful vignettes.

    Attached Files:

    tibor likes this.
  16. bobbeth87

    bobbeth87 Coin Collector

    My contribution to this thread....I don't know much about this note other than it is from Hungary's inflationary period and that this is One thousand Million.....(one billion for you non-math majors).

    Anyone who can give me more info on this note...it would be appreciated. :)


    tibor and talerman like this.
  17. petronius

    petronius Duke

    Nice collections guys :thumb:

    As always late, I add some notes of hyperinflation, from my collection.

    Otvenezer (50,000) Adopengorol - First issue, May 25th 1946



    The back is the same in all notes.

    Tizmillio (10,000,000) Adopendgorol - First issue, May 25th 1946


    Egyszazezer (100,000) Adopengorol - Second issue, May 28th 1946

    egyszazazer adopengo.jpg .

    petronius :smile
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  18. petronius

    petronius Duke

    The value of the adopengo was adjusted each day, by radio announcement, but in the Summer 1946 any paper money value was inadequate for any purchase, and barter became the only way to trade.

    From August 1st 1946, currency was changed, and was restored the forint that had been circulated for a short time in 1848, during the first Republic and revolution for independence.

    But they needed time to prepare the engraving plates and print the notes.

    So, in this transition period, they resumed some pengo issues, with a countermark (adhesive stamp) in various colors, corresponded to the value in forint.

    1,000 pengo, July 15th 1945, with RED countermark = 1 forint


    10,000 pengo, July 15th 1945, with BROWN or BLUE countermark = 10 forint


    100,000 pengo, October 23th 1945, with GREEN or RED countermark = 100 forint

    I don't have this note with countermark in my collection. The same note, without countermark, was posted by krispy at post #4.

    petronius :smile
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  19. George McClellan

    George McClellan Active Member

    Nice to see what my 1916 era rags used to look like.
    And to see circulated 1945-46 Hungarian 'Inflas'...
    ...with authentic contemporary folds!
  20. George McClellan

    George McClellan Active Member

    Differentiating P-120 from P-121 100,000 Pengo 1945
    The 120 is "blue" and the 121 is "brown on green under-print".
    The 120 however has a red serial number on reverse and red symbols on either side.
    The 121 has blue ser# and symbols...even though its brown on green undprnt.

    I've spent an hour searching the internet Indices and Museums and Catalogues and my Pick Cat and found a 120 and a 120 repro on ebay.

    Ebay search: Hungary Banknote 100000 Pengo Blue 1945. Repaired VF Extremely Rare.
    Because it may last longer: Hungary 100 000 Pengo 1945. UNC - Reproductions
  21. hotwheelsearl

    hotwheelsearl Well-Known Member

    As far as I can tell, these are issued by a government-in-exile in Pennysylvania. The government escaped (to somewhere) and issued some Forint notes in the US.
    Problem was, these Forints were issued on incredibly thin tissue-like paper, and were never actually issued for any sort of circulation.

    Mainly there to make a statement, I guess.

    These were all signed on the right side, but most were not signed or dated on the left side.
    I am fortunate enough to own an example of 2 Forint that was hand-signed and hand-dated on the left. Makes you think that they almost wanted to circulate them...
    Oldhoopster likes this.
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