Hungarian pengő paper money was part of the physical form of Hungary's historical currency, the Hungarian pengő

Hungarian pengo

The pengő was the currency of Hungary between 1 January 1927, when it replaced the korona, and 31 July 1946, when it was replaced by the forint. The pengő was subdivided into 100 fillér...

. Paper money usually meant banknotes, which were issued (either in fact or in name) by the Hungarian National Bank

Hungarian National Bank

The Hungarian National Bank is the central bank of Hungary. The principal aim of the bank is to retain price stability. It is also responsible for issuing the national currency, the forint, controlling the cash circulation, setting the Central Bank base rate, publishing official exchange rates...

. Later - during and after the second world war - other types of paper money appeared, including emergency money, bonds and savings certificates.

In the beginning, paper money was designed abroad Hungary, and were printed using simple methods. Later, developed techniques were used creating banknotes which reflected stability. After the war, in parallel with the value loss, the quality of banknotes decreased. Finally, not even serial numbers were printed on the notes.

First series (1926)

The first series of pengő banknotes were printed in 1926 with the following denominations: 5 P, 10 P, 20 P, 50 P, and 100 P. All banknotes were designed by Ferenc Helbing

Ferenc Helbing

Ferenc Helbing was a Hungarian graphic artist and painter.Helbing was born in Érsekújvár, then in Hungary, today in Slovakia. He started his career as a lithographer. After studying applied graphics and applied arts, he became a printing manager...

. Due to the poor printing technology (offset printing

Offset printing

Offset printing is a commonly used printing technique in which the inked image is transferred from a plate to a rubber blanket, then to the printing surface...

) counterfeits appeared in a short time. The situation was so serious that the banknotes had to be replaced with a new series in a short time. As a consequence, these belong to the most valued collector rarities among the Hungarian banknotes.

1926 series
Image		Value	Dimensions	Description		Date of
Obverse	Reverse			Obverse	Reverse	printing	issue	withdrawal
		5 pengő	150 × 75 mm	Portrait of Count István Széchenyi István Széchenyi Széchenyi committed suicide by a shot to his head on April 8, 1860. All Hungary mourned his death. The Academy was in official mourning, along with the most prominent persons of the leading political and cultural associations...  by Friedrich Amerling	View of the Széchenyi Chain Bridge Széchenyi Chain Bridge The Széchenyi Chain Bridge is a suspension bridge that spans the River Danube between Buda and Pest, the western and eastern sides of Budapest, the capital of Hungary...	1 March 1926	27 December 1926	30 June 1929
		10 pengő	157 × 78 mm	Ferenc Deák Ferenc Deák Ferenc Deák de Kehida , , was a Hungarian statesman and Minister of Justice. He was known as "The Wise Man of the Nation".-Early life and law career:...	The Hungarian Parliament Building Hungarian Parliament Building The Hungarian Parliament Building is the seat of the National Assembly of Hungary, one of Europe's oldest legislative buildings, a notable landmark of Hungary and a popular tourist destination of Budapest. It lies in Lajos Kossuth Square, on the bank of the Danube, in Budapest...			30 June 1930
		20 pengő	166 × 84 mm	Lajos Kossuth Lajos Kossuth Lajos Kossuth de Udvard et Kossuthfalva was a Hungarian lawyer, journalist, politician and Regent-President of Hungary in 1849. He was widely honored during his lifetime, including in the United Kingdom and the United States, as a freedom fighter and bellwether of democracy in Europe.-Family:Lajos...	Géza Mészöly Géza Mészöly Géza Mészöly was a Hungarian Romantic painter.-External links:***... 's painting: "Balaton Lake Balaton Lake Balaton is a freshwater lake in the Transdanubian region of Hungary. It is the largest lake in Central Europe, and one of its foremost tourist destinations. As Hungary is landlocked , Lake Balaton is often affectionately called the "Hungarian Sea"...  scene"			31 May 1931
		50 pengő	175 × 90 mm	Portrait of Ferenc II Rákóczi by Ádám Mányoki Ádám Mányoki Ádám Mányoki was one of the most significant Hungarian Baroque painters of the 18th century.He was a pupil of the great German painter, A. Scheitz. He initially worked as a court painter of Francis II Rákóczi the prince of Hungary and Transylvania...	Károly Lotz Károly Lotz Lotz Károly Antal Pál, or Karl Anton Paul Lotz was a German-Hungarian painter.- Career :Karl Lotz was born in Bad Homburg vor der Höhe, Germany, the 7th and youngest surviving child of Wilhelm Christian Lotz and Antonia Höfflick ... 's painting: "Stallions in the shower"			31 March 1935
		100 pengő	182 × 96 mm	Portrait of King Matthias Corvinus by Giovanni Antonio Boltraffio Giovanni Antonio Boltraffio Giovanni Antonio Boltraffio was an Italian painter of the High Renaissance from Lombardy, who worked in the studio of Leonardo da Vinci. Boltraffio and Bernardino Luini are the strongest artistic personalities to emerge from Leonardo's studio...	View of the Buda Castle Buda Castle Buda Castle is the historical castle and palace complex of the Hungarian kings in Budapest, first completed in 1265. In the past, it was also called Royal Palace and Royal Castle ....  with the Danube Danube The Danube is a river in the Central Europe and the Europe's second longest river after the Volga. It is classified as an international waterway....			30 April 1933

Second series (1927-1932)

The first denomination of the second series of pengő banknotes was the 1000 pengő note, designed by Zoltán Egri. Contrary to the 1926-series, this banknote (as well as the other bills of these series) was printed using intaglio

Intaglio (printmaking)

Intaglio is a family of printmaking techniques in which the image is incised into a surface, known as the matrix or plate, and the incised line or area holds the ink. Normally, copper or zinc plates are used as a surface, and the incisions are created by etching, engraving, drypoint, aquatint or...

 printing. The next banknote of the series is the 5 pengő note (dated 1928), then the 10 pengő (1929), 20 and 100 pengő (1930), and the 50 pengő notes (1932) were issued. These banknotes were designed by Álmos Jaschik.

1927-1932 series
Image		Value	Dimensions	Description		Date of
Obverse	Reverse			Obverse	Reverse	printing	issue	withdrawal
		5 pengő	150 × 75 mm	Portrait of Count István Széchenyi István Széchenyi Széchenyi committed suicide by a shot to his head on April 8, 1860. All Hungary mourned his death. The Academy was in official mourning, along with the most prominent persons of the leading political and cultural associations...  by Friedrich Amerling	View of the Széchenyi Chain Bridge Széchenyi Chain Bridge The Széchenyi Chain Bridge is a suspension bridge that spans the River Danube between Buda and Pest, the western and eastern sides of Budapest, the capital of Hungary...	1 August 1928	20 December 1928	31 December 1930
		10 pengő	159 × 80 mm	Ferenc Deák Ferenc Deák Ferenc Deák de Kehida , , was a Hungarian statesman and Minister of Justice. He was known as "The Wise Man of the Nation".-Early life and law career:...	The Hungarian Parliament Building Hungarian Parliament Building The Hungarian Parliament Building is the seat of the National Assembly of Hungary, one of Europe's oldest legislative buildings, a notable landmark of Hungary and a popular tourist destination of Budapest. It lies in Lajos Kossuth Square, on the bank of the Danube, in Budapest...	1 February 1929	11 December 1929	30 November 1939
		20 pengő	165 × 85 mm	Lajos Kossuth Lajos Kossuth Lajos Kossuth de Udvard et Kossuthfalva was a Hungarian lawyer, journalist, politician and Regent-President of Hungary in 1849. He was widely honored during his lifetime, including in the United Kingdom and the United States, as a freedom fighter and bellwether of democracy in Europe.-Family:Lajos...	The Hungarian National Bank Hungarian National Bank The Hungarian National Bank is the central bank of Hungary. The principal aim of the bank is to retain price stability. It is also responsible for issuing the national currency, the forint, controlling the cash circulation, setting the Central Bank base rate, publishing official exchange rates...  building	2 January 1930	20 November 1930	31 October 1943
		50 pengő	168 × 86 mm	Sándor Petőfi Sándor Petofi Sándor Petőfi , was a Hungarian poet and liberal revolutionary. He is considered as Hungary's national poet and he was one of the key figures of the Hungarian Revolution of 1848...	János Visky's painting: "Herding in Hortobágy Hortobágy Hortobágy is both the name of a village in Hajdú-Bihar county and an 800 km² national park in Eastern Hungary, rich with folklore and cultural history. The park, a part of the Alföld , was designated as a national park in 1973 , and elected among the World Heritage sites in 1999... "	1 October 1932	10 September 1934	6 May 1946
		100 pengő	176 × 91 mm	Portrait of King Matthias Corvinus by Andrea Mantegna Andrea Mantegna Andrea Mantegna was an Italian painter, a student of Roman archeology, and son in law of Jacopo Bellini. Like other artists of the time, Mantegna experimented with perspective, e.g., by lowering the horizon in order to create a sense of greater monumentality...	View of the Buda Castle Buda Castle Buda Castle is the historical castle and palace complex of the Hungarian kings in Budapest, first completed in 1265. In the past, it was also called Royal Palace and Royal Castle ....  with the Danube Danube The Danube is a river in the Central Europe and the Europe's second longest river after the Volga. It is classified as an international waterway....	1 July 1930	25 October 1932
		1000 pengő	192 × 112 mm	The Hungária-head from the Statue of Liberty in Arad	Gyula Benczúr Gyula Benczúr Gyula Benczúr was a Hungarian painter and pedagogue. He won international success with his first few paintings, winning several competitions. He assisted Karl von Piloty with the frescoes of Maximilianeum and Rathaus in Munich. He also illustrated books by the great German writer, Friedrich... 's painting: "Baptism of Vajk"	1 July 1927	27 December 1927	14 June 1945

Low denomination series (1938)

In 1938, a series of 50 fillér, 1, 2, and 5 pengő bills were designed by Franke Rupert

Franke Rupert

Franke Rupert was an Austrian graphic and engraver. He worked for the Austro-Hungarian Bank until the its liquidation, then for the Hungarian Banknote Printing Co., later for the Oesterreichische Nationalbank...

. The aim of the National Bank was to quickly supply the territories of which Hungary gained control according to the Vienna Awards

Vienna Awards

The Vienna Awards are two arbitral awards by which arbiters of Nazi Germany and Fascist Italy sought to enforce peacefully the claims of Hungary on territory it had lost in 1920 when it signed the Treaty of Trianon...

 with low denomination money. However, only the 1 and 5 pengő bills were put into circulation but printer's proof of the others also exist. Since the amount of 1 P bills allowed by the serial number proved to be insufficient, a second issue was printed that was marked with a star in the serial number.

1938 series
Image		Value	Dimensions	Description		Date of
Obverse	Reverse			Obverse	Reverse	printing	issue	withdrawal
		50 fillér	81 × 48 mm	Female model	Value in different languages	15 January 1938	never	-
		1 pengő	99 × 56 mm				20 January 1941	10 March 1942
		1 pengő (2nd issue)
		2 pengő	110 × 61 mm				never	-
		5 pengő	120 × 65 mm				5 November 1938	31 July 1939

War series (1936-1941)

The first banknote of the series is the 10 pengő bill, which is dated 1936 but was not put into circulation earlier than 1939. This banknote was followed by the 5 pengő bill (dated 1939), then the 2 pengő (1940) and the 20 pengő bills (1941). A 100 pengő note was also planned, however, it was printed in a slightly different version and only used by the evacuated troops in Austria. The banknotes of the series were designed by Endre Horváth)

1936-1941 series
Image		Value	Dimensions	Description		Date of
Obverse	Reverse			Obverse	Reverse	printing	issue	withdrawal
		2 pengő	114 × 58 mm	Female model	Mother with her child	15 July 1940	20 January 1941	10 March 1942
		5 pengő	121 × 59 mm	Female model	Statue of Sebestyén Tinódi Lantos Sebestyén Tinódi Lantos Sebestyén "Lantos" Tinódi was a 16th century Hungarian lyricist, epic poet, political historian, and minstrel.- Biography :...  by Gyula Bezerédi	25 October 1939	18 March 1940	5 August 1942
							28 April 1945	6 May 1946
		10 pengő	158 × 71 mm	Mary with Jesus Jesus Jesus of Nazareth , commonly referred to as Jesus Christ or simply as Jesus or Christ, is the central figure of Christianity...  and a female model	Statue of king St. Stephen by Alajos Stróbl Alajos Stróbl Alajos Stróbl was a Hungarian sculptor and artist. His work can be best characterized with sensitive realistic modelling and he became one of the most renowned sculptors of memorials in Hungary at the turn of the 20th century....	22 December 1936	15 May 1939
		20 pengő	164 × 75 mm	Female model	Young wife and old man in the fields	15 January 1941	16 November 1942
		100 pengő	?	Female model	Coat of arms Coat of arms of Hungary The current coat of arms of Hungary was adopted on July 3, 1990, after the end of communist rule. The arms have been used before, both with and without the Holy Crown of Hungary, sometimes as part of a larger, more complex coat of arms, and its elements date back to the Middle Ages.The shield is...  and male nudes	?	never	-

Veszprém series (1943)

Series of banknotes were printed in Veszprém

Veszprém

Veszprém is one of the oldest urban areas in Hungary, and a city with county rights. It lies approximately north of the Lake Balaton. It is the administrative center of the county of the same name.-Location:...

 by the evacuated Szálasi

Ferenc Szálasi

Ferenc Szálasi was the leader of the National Socialist Arrow Cross Party – Hungarist Movement, the "Leader of the Nation" , being both Head of State and Prime Minister of the Kingdom of Hungary's "Government of National Unity" for the final three months of Hungary's participation in World War II...

 government and circulated in the Nazi-ruled part of Hungary in 1944.

First, the 100 P bill of 1930 and the 10 P bill of 1936 were reprinted in late 1944. These banknotes were marked with a star in the serial number (1 pengő bills of 1938 with a star in the serial number are not Veszprém issues), and are much less common than those without it. Some of the 100 P banknotes were overstamped with an 1000 P adhesive stamp - these were later replaced by the 1000 P bill of 1943.

Later in 1944 there was a plan to issue a new series of 10, 100 and 1000 P banknotes - all designed by Endre Horváth. Due to lack of time, only the 1000 P bill was officially put into circulation, 100 P bills were printed but only used by the evacuated troops in Austria, the 10 P bill is only known as printer's proof. The 100 and 1000 P bills were designed using elements of earlier banknotes.

In the last days of the Szálasi government, some of the bills (10 P of 1936, 20 P of 1941, 50 P of 1932, 100 P of 1930 and 1000 P of 1943) were overstamped with a green arrow-cross

Arrow Cross

A cross whose arms end in arrowheads is called a "cross barby" or "cross barbee" in the traditional terminology of heraldry. In Christian use, the ends of this cross resemble the barbs of fish hooks, or fish spears...

 stamp - however, most of these overstamped banknotes are considered to be fake (i.e. overstamped later to turn these common banknotes into more expensive 'rarities') : stamp inks are tend to be very fresh on these banknotes and it is not clear what the purpose of such overstamping would have been.

1943 series
Image		Value	Dimensions	Description		Date of
Obverse	Reverse			Obverse	Reverse	printing	issue	withdrawal
		10 pengő	? mm	Female model	Woman with sickle and wheat	24 February 1943	never	-
		100 pengő	156 × 100 mm	Female model	Coat of arms Coat of arms of Hungary The current coat of arms of Hungary was adopted on July 3, 1990, after the end of communist rule. The arms have been used before, both with and without the Holy Crown of Hungary, sometimes as part of a larger, more complex coat of arms, and its elements date back to the Middle Ages.The shield is...  and male nudes		never (see text)	-
		1000 pengő	183 × 100 mm	The Hungária-head from the Statue of Liberty in Arad	View of Buda Buda For detailed information see: History of Buda CastleBuda is the western part of the Hungarian capital Budapest on the west bank of the Danube. The name Buda takes its name from the name of Bleda the Hun ruler, whose name is also Buda in Hungarian.Buda comprises about one-third of Budapest's...  with the statue of St. Gellért Gerard Sagredo Saint Gerard Sagredo , also called Gerhard or Gellert, was an Italian bishop from Venice who operated in the Kingdom of Hungary , and educated Saint Emeric of Hungary, the son of Saint Stephen of Hungary). He played a major role in converting Hungary to Christianity...		4 November 1944	14 June 1945

Postwar inflation series (1945-1946)

After the war the new democratic government suffered from serious lack of money, so it ordered the national bank to manufacture banknotes quickly and cheaply. There was little time to design new notes, thus the plates of banknotes printed in 1926 were reused (compare the 50, 100, 1 000 000 and 100 000 000 notes with the 50, 100, 20 and 10 pengő notes from the 1926 series, respectively) as well as portraits from other notes (e.g. compare the 500 pengő note with the 500 000 korona

Hungarian korona

The Hungarian korona was the replacement currency of the Austro-Hungarian Krone/korona amongst the boundaries of the newly created post-World War I Hungary. It suffered a serious inflation and was replaced by the pengő in 1925...

 note and the 100 000 pengő note with the 2 pengő note from 1940). Beginning with the 1000 pengő note, only denominations of integer powers of ten were used. The uncontrolled banknote issuing aggravated inflation.

In December 1945, the government tried (and failed) to take the inflation under control by a one-time capital levy

Capital levy

A capital levy is a tax on capital rather than income, and is collected once rather than annually. For example, a capital levy of 30% will see an individual or business with a net worth of $100,000 pay $30,000 in tax, regardless of income. It is considered difficult for a government to implement,...

. This meant that the 1000, 10 000 and 100 000 pengő banknotes had to be overstamped with a stamp that could be bought for 3 times the value of the banknote. Banknotes without stamp were worth 1/4 of their nominal value after this campaign. Later the 100 000 pengő note was issued again with different colors - this banknote and higher denominations did not fall under the capital levy.

Although there were plans to issue ten billion (10¹⁰) pengő notes (similar in design as the 1946-version 10 Ft note), denominations higher than one billion were renamed milpengő (which stands for million pengő) and the indicated value was reduced with a factor one million. The next denomination after the one billion pengő note became the 10 000 milpengő, which was equal with ten thousand times million (that is ten billion) pengő, and had similar design as the 10 000 pengő note. The aim was to alleviate everyday money handling and accounting as well as to reuse the designs of earlier banknotes with little changes.

After the one billion milpengő note a new abbreviation had to be found out, since further higher denominations were necessary. This became the b.-pengő (which stands for billion pengő; billion is on the long scale

Long and short scales

The long and short scales are two of several different large-number naming systems used throughout the world for integer powers of ten. Many countries, including most in continental Europe, use the long scale whereas most English-speaking countries use the short scale...

 i.e. million times million) and the designes could be reused again with changes in the color and adding "B" letters. The highest printed denomination - the one billion b.-pengő (i.e. 10²¹ pengő) note - was never released into circulation.

This naming scheme and reuse of the designs is the reason of the cycle pattern in the hyperinflation pengő notes. The cycle was 6 digit, meaning that notes with the same number before the denomination (e.g. 10 000 pengő, 10 000 milpengő, 10 000, b.-pengő) had the same design.

1945-1946 series
Image		Value	Dimensions	Description		Date of
Obverse	Reverse			Obverse	Reverse	printing	issue	withdrawal
		50 pengő	175 × 90 mm	Portrait of Ferenc II Rákóczi by Ádám Mányoki Ádám Mányoki Ádám Mányoki was one of the most significant Hungarian Baroque painters of the 18th century.He was a pupil of the great German painter, A. Scheitz. He initially worked as a court painter of Francis II Rákóczi the prince of Hungary and Transylvania...	Károly Lotz Károly Lotz Lotz Károly Antal Pál, or Karl Anton Paul Lotz was a German-Hungarian painter.- Career :Karl Lotz was born in Bad Homburg vor der Höhe, Germany, the 7th and youngest surviving child of Wilhelm Christian Lotz and Antonia Höfflick ... 's painting: "Stallions in the shower"	5 April 1945	5 June 1945	6 May 1946
		100 pengő	183 × 97 mm	Portrait of King Matthias Corvinus by Giovanni Antonio Boltraffio Giovanni Antonio Boltraffio Giovanni Antonio Boltraffio was an Italian painter of the High Renaissance from Lombardy, who worked in the studio of Leonardo da Vinci. Boltraffio and Bernardino Luini are the strongest artistic personalities to emerge from Leonardo's studio...	View of the Buda Castle Buda Castle Buda Castle is the historical castle and palace complex of the Hungarian kings in Budapest, first completed in 1265. In the past, it was also called Royal Palace and Royal Castle ....  with the Danube Danube The Danube is a river in the Central Europe and the Europe's second longest river after the Volga. It is classified as an international waterway....		9 May 1945
		500 pengő	177 × 86 mm	Female model	Value in different languages	15 May 1945	1 June 1945
		1000 pengő	185 × 90 mm	Female model	Value in different languages	15 July 1945	16 July 1945	31 December 1945
		1000 pengő (red adhesive stamp)	185 × 90 mm	Female model	Value in different languages		19 December 1945	6 May 1946
		10 000 pengő	171 × 82 mm	Female model	Value in different languages	15 July 1945	17 October 1945	31 December 1945
		10 000 pengő (brown adhesive stamp)	171 × 82 mm	Female model	Value in different languages		19 December 1945	5 July 1946
		100 000 pengő	179 × 81 mm	Female model	Coat of arms Coat of arms of Hungary The current coat of arms of Hungary was adopted on July 3, 1990, after the end of communist rule. The arms have been used before, both with and without the Holy Crown of Hungary, sometimes as part of a larger, more complex coat of arms, and its elements date back to the Middle Ages.The shield is...  and value in different languages	23 October 1945	12 December 1945	31 December 1945
		100 000 pengő (green adhesive stamp)	179 × 81 mm	Female model	Coat of arms Coat of arms of Hungary The current coat of arms of Hungary was adopted on July 3, 1990, after the end of communist rule. The arms have been used before, both with and without the Holy Crown of Hungary, sometimes as part of a larger, more complex coat of arms, and its elements date back to the Middle Ages.The shield is...  and value in different languages		19 December 1945	5 July 1946
		100 000 pengő (2nd issue)	179 × 81 mm	Female model	Coat of arms Coat of arms of Hungary The current coat of arms of Hungary was adopted on July 3, 1990, after the end of communist rule. The arms have been used before, both with and without the Holy Crown of Hungary, sometimes as part of a larger, more complex coat of arms, and its elements date back to the Middle Ages.The shield is...  and value in different languages		27 December 1945	31 January 1946
		1 000 000 pengő	167 × 84 mm	Lajos Kossuth Lajos Kossuth Lajos Kossuth de Udvard et Kossuthfalva was a Hungarian lawyer, journalist, politician and Regent-President of Hungary in 1849. He was widely honored during his lifetime, including in the United Kingdom and the United States, as a freedom fighter and bellwether of democracy in Europe.-Family:Lajos...	Géza Mészöly's painting: "Balaton Lake Balaton Lake Balaton is a freshwater lake in the Transdanubian region of Hungary. It is the largest lake in Central Europe, and one of its foremost tourist destinations. As Hungary is landlocked , Lake Balaton is often affectionately called the "Hungarian Sea"...  scene"	16 November 1945	28 February 1946	24 June 1946
		10 000 000 pengő (107 pengő)	184 × 84 mm	Lajos Kossuth Lajos Kossuth Lajos Kossuth de Udvard et Kossuthfalva was a Hungarian lawyer, journalist, politician and Regent-President of Hungary in 1849. He was widely honored during his lifetime, including in the United Kingdom and the United States, as a freedom fighter and bellwether of democracy in Europe.-Family:Lajos...	Dove carrying an olive Olive The olive , Olea europaea), is a species of a small tree in the family Oleaceae, native to the coastal areas of the eastern Mediterranean Basin as well as northern Iran at the south end of the Caspian Sea.Its fruit, also called the olive, is of major agricultural importance in the...  branch		2 April 1946
		100 000 000 pengő (108 pengő)	159 × 79 mm	Female model	The Hungarian Parliament Building Hungarian Parliament Building The Hungarian Parliament Building is the seat of the National Assembly of Hungary, one of Europe's oldest legislative buildings, a notable landmark of Hungary and a popular tourist destination of Budapest. It lies in Lajos Kossuth Square, on the bank of the Danube, in Budapest...	18 March 1946	30 April 1946	10 July 1946
		1 000 000 000 pengő (109 pengő)	174 × 84 mm	Female model	Value		13 May 1946
		10 000 milpengő (1010 pengő)	171 × 82 mm	Female model	Value	29 April 1946	27 May 1946	31 July 1946
		100 000 milpengő (1011 pengő)	179 × 81 mm	Female model	Coat of arms Coat of arms of Hungary The current coat of arms of Hungary was adopted on July 3, 1990, after the end of communist rule. The arms have been used before, both with and without the Holy Crown of Hungary, sometimes as part of a larger, more complex coat of arms, and its elements date back to the Middle Ages.The shield is...  and value		3 June 1946
		1 000 000 milpengő (1012 pengő)	167 × 84 mm	Lajos Kossuth Lajos Kossuth Lajos Kossuth de Udvard et Kossuthfalva was a Hungarian lawyer, journalist, politician and Regent-President of Hungary in 1849. He was widely honored during his lifetime, including in the United Kingdom and the United States, as a freedom fighter and bellwether of democracy in Europe.-Family:Lajos...	Géza Mészöly Géza Mészöly Géza Mészöly was a Hungarian Romantic painter.-External links:***... 's painting: "Balaton Lake Balaton Lake Balaton is a freshwater lake in the Transdanubian region of Hungary. It is the largest lake in Central Europe, and one of its foremost tourist destinations. As Hungary is landlocked , Lake Balaton is often affectionately called the "Hungarian Sea"...  scene"	24 May 1946	12 June 1946
		10 000 000 milpengő (1013 pengő)	184 × 84 mm	Lajos Kossuth Lajos Kossuth Lajos Kossuth de Udvard et Kossuthfalva was a Hungarian lawyer, journalist, politician and Regent-President of Hungary in 1849. He was widely honored during his lifetime, including in the United Kingdom and the United States, as a freedom fighter and bellwether of democracy in Europe.-Family:Lajos...	Dove carrying an olive Olive The olive , Olea europaea), is a species of a small tree in the family Oleaceae, native to the coastal areas of the eastern Mediterranean Basin as well as northern Iran at the south end of the Caspian Sea.Its fruit, also called the olive, is of major agricultural importance in the...  branch		18 June 1946
		100 000 000 milpengő (1014 pengő)	159 × 79 mm	Female model	The Hungarian Parliament Building Hungarian Parliament Building The Hungarian Parliament Building is the seat of the National Assembly of Hungary, one of Europe's oldest legislative buildings, a notable landmark of Hungary and a popular tourist destination of Budapest. It lies in Lajos Kossuth Square, on the bank of the Danube, in Budapest...	3 June 1946	24 June 1946
		1 000 000 000 milpengő (1015 pengő)	174 × 84 mm	Female model	Value		27 June 1946
		10 000 b.‑pengő (1016 pengő)	171 × 82 mm	Female model	Value	3 June 1946	1 July 1946	31 July 1946
		100 000 b.‑pengő (1017 pengő)	179 × 81 mm	Female model	Coat of arms Coat of arms of Hungary The current coat of arms of Hungary was adopted on July 3, 1990, after the end of communist rule. The arms have been used before, both with and without the Holy Crown of Hungary, sometimes as part of a larger, more complex coat of arms, and its elements date back to the Middle Ages.The shield is...  and value		2 July 1946
		1 000 000 b.‑pengő (1018 pengő)	167 × 84 mm	Lajos Kossuth Lajos Kossuth Lajos Kossuth de Udvard et Kossuthfalva was a Hungarian lawyer, journalist, politician and Regent-President of Hungary in 1849. He was widely honored during his lifetime, including in the United Kingdom and the United States, as a freedom fighter and bellwether of democracy in Europe.-Family:Lajos...	Géza Mészöly Géza Mészöly Géza Mészöly was a Hungarian Romantic painter.-External links:***... 's painting: "Balaton Lake Balaton Lake Balaton is a freshwater lake in the Transdanubian region of Hungary. It is the largest lake in Central Europe, and one of its foremost tourist destinations. As Hungary is landlocked , Lake Balaton is often affectionately called the "Hungarian Sea"...  scene"		4 July 1946
		10 000 000 b.‑pengő (1019 pengő)	184 × 84 mm	Lajos Kossuth Lajos Kossuth Lajos Kossuth de Udvard et Kossuthfalva was a Hungarian lawyer, journalist, politician and Regent-President of Hungary in 1849. He was widely honored during his lifetime, including in the United Kingdom and the United States, as a freedom fighter and bellwether of democracy in Europe.-Family:Lajos...	Dove carrying an olive Olive The olive , Olea europaea), is a species of a small tree in the family Oleaceae, native to the coastal areas of the eastern Mediterranean Basin as well as northern Iran at the south end of the Caspian Sea.Its fruit, also called the olive, is of major agricultural importance in the...  branch		8 July 1946
		100 000 000 b.‑pengő (1020 pengő)	159 × 79 mm	Female model	The Hungarian Parliament Building Hungarian Parliament Building The Hungarian Parliament Building is the seat of the National Assembly of Hungary, one of Europe's oldest legislative buildings, a notable landmark of Hungary and a popular tourist destination of Budapest. It lies in Lajos Kossuth Square, on the bank of the Danube, in Budapest...		11 July 1946
		1 000 000 000 b.‑pengő (1021 pengő)	174 × 84 mm	Female model	Value		Never	-

Soviet Red Army issues

In 1944, during the Soviet

Soviet Union

The Soviet Union , officially the Union of Soviet Socialist Republics , was a constitutionally socialist state that existed in Eurasia between 1922 and 1991....

 occupation of Hungary, the Red Army

Red Army

The Workers' and Peasants' Red Army started out as the Soviet Union's revolutionary communist combat groups during the Russian Civil War of 1918-1922. It grew into the national army of the Soviet Union. By the 1930s the Red Army was among the largest armies in history.The "Red Army" name refers to...

issued paper money without cover in the areas under its control. These banknotes were of poor quality, and aggravated the inflation of the pengő.

Red Army series
Image		Value	Dimensions	Description		Date of
Obverse	Reverse			Obverse	Reverse	issue	withdrawal
		1 pengő	135 × 70 mm	Value	Value	1944	28 February 1946
		2 pengő	138 × 69 mm
		5 pengő	135 × 67 mm
		10 pengő	161 × 81 mm
		20 pengő	165 × 84 mm
		50 pengő	179 × 90 mm
		100 pengő	184 × 97 mm
		1000 pengő	194 × 104 mm