View source for Hungarian pengő

{{short description|Former currency of Hungary, used 1927–1946}}
{{Use British English|date=August 2024}}
{{Use dmy dates|date=August 2024}}
{{Infobox currency
| currency_name_in_local = {{native name|hu|pengő}}
| image_1 = HUP_100MB_1946_obverse.jpg
| image_title_1 = 100&nbsp;million trillion (100 quintillion) pengő (1946)
| using_countries = {{flag|Kingdom of Hungary (1920–46)|name=Kingdom of Hungary}}<br />{{flag|Hungarian Republic (1946–49)|name=Republic of Hungary}}
| superunit_ratio_1 = {{val|1000000}}
| superunit_name_1 = [[milpengő]]
| superunit_ratio_2 = 1&nbsp;trillion
| superunit_name_2 = [[b.-pengő]]
| subunit_ratio_1 = {{frac|1|100}}
| subunit_name_1 = [[fillér]]
| plural = pengők
| plural_subunit_1 = fillérek (note: the plural is typically not used about currency)
| symbol = P
| symbol_subunit_1 = f.
| coin_article = Coins of the Hungarian pengő
| date_of_introduction = 1 January 1927
| frequently_used_banknotes = 50&nbsp;P, 100&nbsp;P, 500&nbsp;P, {{gaps|1|000}}&nbsp;P, {{gaps|10|000}}&nbsp;P, {{gaps|100|000}}&nbsp;P, 1&nbsp;million-P, 10&nbsp;million-P, 100&nbsp;million-P, 1&nbsp;trillion-P<br />{{gaps|10|000}}-mil.‑P, {{gaps|100|000}}-mil.‑P, 1&nbsp;million-mil.‑P, 10&nbsp;million-mil.‑P, 100&nbsp;million-mil.‑P, 1&nbsp;trillion-mil.‑P<br />{{gaps|10|000}}, {{gaps|100|000}}, 1&nbsp;million b.‑P, 10&nbsp;million b.‑P, 100&nbsp;million b.‑P
| rarely_used_banknotes = 1&nbsp;billion b.‑P (never issued)
| banknote_article = Paper money of the Hungarian pengő
| issuing_authority = [[Hungarian National Bank]]
| issuing_authority_website = {{URL|www.mnb.hu}}
| printer = Hungarian Banknote Printing Corp.
| printer_website = {{URL|www.penzjegynyomda.hu}}
| mint = Hungarian Mint Ltd.
| mint_website = {{URL|www.penzvero.hu}}
| replaced_currency = [[Hungarian korona]]
| date_of_withdrawal = 1946
| replaced_by_currency = [[Hungarian adópengő]]<br/>[[Hungarian forint]]
| obsolete = 31 July 1946
| inflation_rate = {{val|4.16e16}}%<ref>https:/upwiki/wikipedia/commons/8/88/The_Hanke_Krus_Hyperinflation_Table.pdf {{Bare URL PDF|date=March 2022}}</ref><!--{{val|9.7e120}}% Calculations shown on talk page (22 Aug 2018)--><br />(annualised rate, July 1946)
}}
The '''pengő''' ({{IPA-hu|ˈpɛŋɡøː|lang}}; sometimes spelled as ''pengo'' or ''pengoe'' in English) was the [[currency]] of [[Kingdom of Hungary (1920–46)|Hungary]] between 1 January 1927<!-- do not modify this date, since this is the date of introduction included in the Act XXXV of 1925 -->, when it replaced [[Hungarian korona|the korona]], and 31 July 1946, when it was replaced by [[Hungarian forint|the forint]]. The pengő was subdivided into 100 [[fillér]]. Although the introduction of the pengő was part of a post-[[World War I]] stabilisation program, the currency survived for only 20 years and experienced the most extreme [[hyperinflation]] ever recorded.

==Name==
The Hungarian [[participle]] ''pengő'' means 'ringing' (which in turn derives from the verb ''peng'', an [[Onomatopoeia|onomatopoeic word]] equivalent to English 'ring') and was used from the 15th to the 17th century to refer to silver coins making a ringing sound when struck on a hard surface, thus indicating their precious metal content. (The onomatopoeic word used for gold coins is ''csengő'', an equivalent of English 'clinking' meaning a sharper sound; the participle used for copper coins is ''kongó'' meaning a deep pealing sound.) After the introduction of [[paper money of the Austro-Hungarian gulden]] ({{langx|hu|forint}}) in Hungary, the term ''pengő forint'' was used to refer to [[Coins of the Austro-Hungarian gulden|forint coins]] literally meaning 'ringing forint', figuratively meaning 'silver forint' or 'hard currency'.<ref>{{in lang|hu}} [http://www.hix.com/arch/?page=issue&issueid=19174] (info on the etymology of the word ''pengő'')</ref>

At the beginning of the First World War precious metal coins were recalled from circulation, and in the early 1920s all coins disappeared because of the heavy inflation of the Hungarian korona. The name ''pengő'' was probably chosen to suggest stability. However, there was some controversy when choosing the name of the new currency, though the majority agreed that a Hungarian name should be chosen. Proposals included ''[[turul]]'' (a bird from Hungarian mythology), ''turán'' (from the geographical name and ideological term [[Turan]]), ''libertás'' (the colloquial name of the [[poltura]] coins issued by [[Francis II Rákóczi]]), and ''máriás'' (the colloquial name of coins depicting [[Mary (mother of Jesus)|Mary]], patroness of Hungary).

The denomination of the banknotes was indicated in the languages of ethnicities living in the territory of Hungary. The name of the currency was translated as follows: ''Pengö'' ([[plural|{{abbr|pl.|plural}}]] ''Pengö'') in [[German language|German]], ''pengő'' ({{abbr|pl.|plural}} ''pengi'') in [[Slovak language|Slovak]], пенгов ({{abbr|pl.|plural}} пенгова) in Cyrillic script [[Serbo-Croatian]], пенгыв ({{abbr|pl.|plural}} пенгывов, later пенге) in [[Rusyn language|Rusyn]], and ''pengő'' ({{abbr|pl.|plural}} ''pengei'', later ''penghei'') in [[Romanian language|Romanian]]. Later ''pengov'' ({{abbr|pl.|plural}} ''pengova''), the Latin script [[Serbo-Croatian]] version was also added.

The symbol of the pengő was a capital '''P''' placed after the numerals and it was divided into 100 fillér (symbol: f.).
{{-}}

==History==

===Introduction of the pengő===
{{Infobox currency
| name = [[Interwar period|Interwar]] pengő
| date_of_introduction = 1 January 1927
| frequently_used_coins = 1&nbsp;f., 5&nbsp;f., 10&nbsp;f., 20&nbsp;f., 50&nbsp;f., 1&nbsp;P, 2&nbsp;P, 5&nbsp;P
| rarely_used_coins = 10&nbsp;P, 20&nbsp;P (never issued due to the Great Depression)
| coin_article = Coins of the Hungarian pengő
| used_banknotes = 5&nbsp;P, 10&nbsp;P, 20&nbsp;P, 50&nbsp;P, 100&nbsp;P, 1000&nbsp;P
| banknote_article = Paper money of the Hungarian pengő
| obsolete = 1939
}}
After the [[World War I|First World War]], according to article 206 of the [[Treaty of Saint-Germain]], the [[Austro-Hungarian Bank]] had to be liquidated and the [[Austro-Hungarian krone]] had to be replaced with a different currency,<ref>[http://www.austlii.edu.au/au/other/dfat/treaties/1920/3.html Full text]</ref> which in the case of Hungary was the [[Hungarian korona]]. This currency suffered a high rate of inflation during the early 1920s. A stabilisation program covered by a [[League of Nations]] loan helped bring down inflation, and the korona was replaced on 1 January 1927 by a new currency, the ''pengő'', which was introduced by Act XXXV of 1925.<ref>{{in lang|hu}} [http://www.1000ev.hu/index.php?a=3&param=7646 www.1000ev.hu] (the Law No. XXXV 1925 &ndash; definition of the pengő value and related regulations)</ref> It was valued at 12,500 korona, and defined as 3,800 to one kilogram of fine [[gold]] &ndash; which meant that the pengő was pegged to the [[gold standard]], but was not [[Convertibility|convertible]] to gold. In the beginning the cover ratio{{clarify|date=December 2021}} (which included gold and &ndash; up to 50% &ndash; foreign exchange) was fixed at 20%, but this had to be raised to 33.3% within five years.<ref>{{in lang|hu}} [http://mek.oszk.hu/02100/02185/html/371.html#380 mek.oszk.hu] (Hungary in the 20th century)</ref> This goal was reached quickly: the cover ratio was 51% on 31 July 1930. Later it decreased somewhat due to the economic and financial crisis caused by the [[Great Depression]]. Until then the pengő was the most stable currency of the region.
{{-}}

===World War II===
{{More citations needed section |date=September 2013}}
{{Infobox currency
| name = [[World War II|WWII]] pengő
| date_of_introduction = 1939
| frequently_used_coins = 2&nbsp;f., 10&nbsp;f., 20&nbsp;f., 1&nbsp;P, 2&nbsp;P
| rarely_used_coins = 5&nbsp;P (commemorative only)
| coin_article = Coins of the Hungarian pengő
| used_banknotes = 2&nbsp;P, 5&nbsp;P, 10&nbsp;P, 20&nbsp;P, 100&nbsp;P, 1000&nbsp;P{{efn|name=1000p|The 1000&nbsp;P banknote was, along with 10&nbsp;P and 100&nbsp;P notes, only issued as part of the Veszprém series, during which coins were never issued.}}
| banknote_article = Paper money of the Hungarian pengő
| obsolete = December 1945
}}
{{Infobox currency
| name = [[Red Army]] pengő
| date_of_introduction = 1944
| used_banknotes = 1&nbsp;P, 2&nbsp;P, 5&nbsp;P, 10&nbsp;P, 20&nbsp;P, 50&nbsp;P, 100&nbsp;P, 1000&nbsp;P
| banknote_article = Paper money of the Hungarian pengő
| obsolete = December 1945
}}

The war caused enormous costs and, later, even higher losses to the relatively small and open Hungarian economy. The national bank was practically under government control, and the issue of money was proportional to budgetary demands. By this time, silver coins disappeared from circulation, and, later, even bronze and cupro-nickel coins were replaced by coins made of cheaper metal. In one of the last acts of World War II, the Szálasi government took control of banknote printing and issued notes without any cover, first in Budapest, then in Veszprém when Budapest had to be evacuated. The occupying Soviet army issued its own military money according to the [[Hague Conventions (1899 and 1907)|Hague Conventions]].
{{-}}

===Hyperinflation===
<!-- this section's title is used by a redirect ([[Hungarian pengő hyperinflation]]) -->
{{More citations needed section |date=September 2013}}
The pengő lost value dramatically after [[World War II]], suffering the highest rate of [[hyperinflation]] ever recorded in human history. There were several attempts to slow it down, such as a 75% [[capital levy]] in December 1945. However, this did not stop the hyperinflation, and prices continued spiraling out of control, with ever-higher denominations introduced. The denominations ''milpengő'' (one million pengő) and ''bilpengő'' (short: ''b.-pengő'', one [[trillion]] ({{gaps|1|000|000|000|000}})&nbsp;P) were used to simplify calculations, cut down the number of zeros and enable the reuse of banknote designs with only the colour and denomination name changed.

The hyperinflation was so out of control that at one stage it took about 15 hours for prices to double and about four days for the pengő to lose 90% of its original value.

==== Adópengő ====
{{Main|Hungarian adópengő}}

The Hungarian government introduced the adópengő ({{lit|tax pengő}}) on 1 January 1946, originally as an [[indexed unit of account]] for budget planning: the idea was that by setting the value of the adópengő in terms of regular pengős every day, the adópengő would try to protect the government budget from the effects of hyperinflation.<ref name="paal">{{cite book|last1=Paal|first1=Beatrix|title=Measuring the Inflation of Parallel Currencies: An Empirical Reevaluation Of the Second Hungarian Hyperinflation|date=June 2000|publisher=Stanford Institute for Economic Policy Research|location=Stanford|url=https://www-siepr.stanford.edu/papers/pdf/00-01.pdf|access-date=18 October 2022|archive-url=https://web.archive.org/web/20100718013923/https://www-siepr.stanford.edu/papers/pdf/00-01.pdf|archive-date=18 July 2010}}</ref>{{rp|4}} The value of the adópengő in terms of regular pengős started at par, but the rate declined to 630&nbsp;pengős by 1 May 1946, and then two sextillion pengős ({{val|2e21}} = 1,000 billion billion) by 31 July the same year.<ref name="penzportal">{{cite web|last1=Garami|first1=Erika|title=Hyperinflation in numbers|url=http://www.penzportal.hu/index.cgi?r=&v=&l=&feaz=75a8wc4sitder9&mf=&p=12732|website=Pénzportál|access-date=19 October 2022|archive-url=https://web.archive.org/web/20110721085706/http://www.penzportal.hu/index.cgi?r=&v=&l=&feaz=75a8wc4sitder9&mf=&p=12732|archive-date=21 July 2011|language=Hungarian|date=1 November 2006|url-status=unfit}}</ref>

On 29 May 1946, [[Ferenc Gordon]] (then [[Minister of Finance (Hungary)#Hungarian Republic (1946–1949)|Minister of Finance]]) started issuing adópengő [[Paper money of the Hungarian adópengő|tax bills]],<ref name="paal"/>{{rp|11}} and on 9 July the same year, the tax bills became legal tender. According to William Bomberger and Gail Makinen in October 1983, the issuance of the tax bills escalated the hyperinflation that eventually affected both regular pengős and adópengős — but the adópengő nevertheless forced the regular pengő into disuse as prices expressed in the latter became unbearable.<ref name="jpe-1983">{{cite journal|last1=Bomberger|first1=William|last2=Makinen|first2=Gail|title=The Hungarian Hyperinflation and Stabilization of 1945-1946|journal=Journal of Political Economy|date=October 1983|volume=91|issue=5|pages=801–824|publisher=University of Chicago Press|location=Chicago|doi=10.1086/261182 |s2cid=154281087 |issn=0022-3808}}</ref>{{rp|808–810}}

===End of the pengő===
On 11 July 1946, the Hungarian National Bank released the last pengő banknotes, for 100 million B-pengős ({{val|e=20}} = 100 quintillion); the Bank also printed banknotes for one billion B-pengős ({{val|e=21}} = one sextillion), but they never entered circulation.<ref>{{cite book|editor1-last=Linzmayer|editor1-first=Owen|title=The Banknote Book|date=1 July 2019|publisher=Owen W. Linzmayer|pages=21–22|edition=7|chapter=Hungary}}</ref> The last adópengő banknote, for {{gaps|100|000|000}}&nbsp;adópengős, followed on 25 July, and was equal to 200 octillion pengős ({{val|2e29}} = 200 billion billion billion) on 31 July.

Ultimately, only a new currency could stabilize the country's financial situation. On 1 August 1946, Hungary reintroduced the [[Hungarian forint|forint]] at a ratio of 400 [[octillion]] pengős to 1 ({{val|4e29}} = 400 billion billion billion), dropping 29 zeroes from the old currency, or {{gaps|200|000|000}}&nbsp;adópengős to 1.<ref name="jpe-1983"/>{{rp|814}}

According to Bomberger and Makinen, the circulation of regular pengő notes peaked at around 76 septillion pengős ({{val|7.6e25}} = 76 million billion billion) on 15 July 1946.<ref name="jpe-1983"/>{{rp|810}} The conversion rate therefore reduced the peak value of all circulating pengő notes to 0.019&nbsp;filler ({{frac|19|{{gaps|100|000}}}}&nbsp;forint), allowing the Hungarian National Bank to start over without having to redeem regular pengő notes.<ref name="pfq-2016">{{cite journal|last1=Huszti|first1=Ernő|title=70 Years of the Hungarian Forint|journal=Public Finance Quarterly|date=2015|volume=61|issue=4|page=434|publisher=SAGE Publications|location=Thousand Oaks|issn=0031-496X}}</ref> By contrast, the largest [[Paper money of the Hungarian adópengő|tax bill]] in circulation ({{gaps|100|000|000}}&nbsp;adópengős) was worth 50 fillérs each, and remained in circulation for a short time after the reform.<ref name="jpe-1983"/>{{rp|810}}

The reform also attempted to reduce the risk of hyperinflation on the forint, by setting the exchange rate for gold at 13.21&nbsp;forints per gram:<ref name="pfq-2016"/> however, nobody could convert forints at that rate.<ref name="jpe-1983"/>{{rp|814}}

==Coins==
{{Main|Coins of the Hungarian pengő}}
[[File:HUP 2coin 1936 reverse.jpg|thumb|left|80px|2 pengő, 1936]]
In 1926, coins of 1, 2, 10, 20 and 50 fillér and 1&nbsp;P were introduced. The 1f and 2f pieces were bronze, the 10f, 20f and 50f were cupro-nickel and the 1&nbsp;P coins were 64% silver. In 1929, 2&nbsp;P coins were introduced, also in 64% silver. Commemorative 2&nbsp;P and 5&nbsp;P coins were also issued on anniversaries, with a non-commemorative 5&nbsp;P coin issued in 1939.

During the Second World War, the 1&nbsp;f. coin ceased production, the 2&nbsp;f. coins were issued in steel and then zinc, the 10&nbsp;f. and 20&nbsp;f. coins were minted in steel and the 1&nbsp;P, 2&nbsp;P and 5&nbsp;P pieces were struck in aluminium.

In 1945, the provisional government introduced new aluminium 5&nbsp;P coins, the last issued before the hyperinflation.

==Paper money==
{{Main|Paper money of the Hungarian pengő}}
 
The Hungarian National Bank issued the first series of 5&nbsp;P, 10&nbsp;P, 20&nbsp;P, 50&nbsp;P, 100&nbsp;P banknotes in the last days of 1926. These were offset prints on watermarked paper (except for the 5&nbsp;P note). The banknotes featured notable Hungarian people on the obverse and either different locations in Budapest or paintings on the reverse; the banknotes also served educational purposes.

[[File:HUP 10 1929 obverse.jpg|thumb|left|150px|10&nbsp;P, 1929]]
A new series of banknotes soon had to be printed to meet higher security standards. The engravings were executed and designed by Endre Horváth, a Hungarian graphic artist. New 5&nbsp;P, 10&nbsp;P, 20&nbsp;P, 50&nbsp;P and 100&nbsp;P pengő notes were printed and a 1000&nbsp;P banknote was added to this series — however, the latter had such a high value that it was rarely used except for large cash transactions between businesses and banks. This new series had almost the same features as the previous ones. 5&nbsp;P notes were soon replaced with silver coins.

[[File:HUP 10 1936 obverse.jpg|thumb|right|150px|10&nbsp;P, 1936]]
After the Vienna Award, Hungary had to supply its recovered territories with money. Since increasing the amount of silver coins would have been too expensive, 1&nbsp;P and 5&nbsp;P notes were issued in 1941 and 1938, respectively. These notes were of simple design and poor quality. Meanwhile, a series of new banknotes including 2&nbsp;P, 5&nbsp;P, 10&nbsp;P and 20&nbsp;P denominations was issued. The designs represented ornaments based on Hungarian folk art and people.

At the end of the Second World War, the Szálasi government and the occupying Soviet army issued provisional notes in the territories under their power, exacerbating inflation.

[[File:HUP 10Mmil 1946 obverse.jpg|thumb|left|150px|10 million mil.-P, 1946]]
In 1945 and 1946, hyperinflation caused the issuance of notes up to 100 million b.-P (100 [[quintillion]] or 10<sup>20</sup>&nbsp;P). During the period of hyperinflation, note designs were reused, changing the colour and replacing the word pengő with first milpengő, then [[b.-pengő]], to generate higher denominations. The largest denomination produced was 100 million b.-P (100 [[quintillion]] or 10<sup>20</sup>&nbsp;P). The note was initially worth about US$0.20. Notes of one [[milliard]] b.-P (one [[sextillion]] or 10<sup>21</sup>&nbsp;P) were printed but never issued.

[[File:HAP 10M obverse.jpg|thumb|right|150px|10 million adópengő, 1946]]
The introduction of [[adópengő]] was an attempt to limit inflation. It slowed inflation somewhat, but did not stop the depreciation of the currency. Bonds were issued by the Ministry of Finance in denominations between {{gaps|10|000}} and {{gaps|100|000|000}} adópengő. These simple design notes on low-quality paper became legal currency in the last months of the hyperinflation, almost completely replacing the pengő.

The enormous amount of paper consumed during the production of adópengő notes caused a shortage of good quality security paper; this hindered the production of forint banknotes.

==Historical exchange rates==
{| class="wikitable"
|+Exchange rates (US$1 in pengő)
!Date!!Pengő<ref>{{in lang|hu}} [http://www.centropa.hu/ujfogalomtar.ivy?colid=a581f10c-bd8e-4545-8c4f-ced991f5a37e&objectID=76e38e7c-fb16-41d3-9b74-5f995774d1a1 www.centropa.hu] {{webarchive|url=https://web.archive.org/web/20070516144754/http://www.centropa.hu/ujfogalomtar.ivy?colid=a581f10c-bd8e-4545-8c4f-ced991f5a37e&objectID=76e38e7c-fb16-41d3-9b74-5f995774d1a1 |date=2007-05-16}}</ref><ref>{{in lang|hu}} [http://www.numismatics.hu/cikkek/inflacio.htm www.numismatics.hu] {{webarchive|url=https://web.archive.org/web/20051109213218/http://numismatics.hu/cikkek/inflacio.htm |date=2005-11-09}}</ref>
|-
|align="right"| 1 January 1927 ||align="right"|5&nbsp;P. 26&nbsp;f.
|-
|align="right"| 31 December 1937 ||align="right"|5&nbsp;P. 40&nbsp;f.
|-
|align="right"| 31 March 1941 ||align="right"|5&nbsp;P. 06&nbsp;f.
|-
|align="right"| 30 June 1944 ||align="right"|33&nbsp;P. 51&nbsp;f.
|-
|align="right"| 31 August 1945 ||align="right"|{{gaps|1|320}}&nbsp;P
|-
|align="right"| 31 October 1945 ||align="right"|{{gaps|8|200}}&nbsp;P
|-
|align="right"| 30 November 1945 ||align="right"|{{gaps|108|000}}&nbsp;P
|-
|align="right"| 31 December 1945 ||align="right"|{{gaps|128|000}}&nbsp;P
|-
|align="right"| 31 January 1946 ||align="right"|{{gaps|795|000}}&nbsp;P
|-
|align="right"| 31 March 1946 ||align="right"|{{gaps|1|750|000}}&nbsp;P
|-
|align="right"| 30 April 1946 ||align="right"|{{gaps|59|000|000|000}}&nbsp;P<br />({{val|5.9e10}}&nbsp;P)
|-
|align="right"| 31 May 1946 ||align="right"|{{gaps|42|000|000|000|000|000}}&nbsp;P<br />({{val|4.2e16}}&nbsp;P)
|-
|align="right"| 10 July 1946 ||align="right"|{{gaps|460|000|000|000|000|000|000|000|000|000}}&nbsp;P<br />({{val|4.6e29}}&nbsp;P)
|}

{| class="wikitable"
|+Exchange rates (1 adópengő in pengő)
!Date!!Pengő<ref>{{in lang|en}} {{cite web |url=http://shoebox.heindorffhus.dk/frame-HungaryInflation03.htm |title=Hungary — Postal History — Hyperinflation, pg. 3 |access-date=2008-08-11 |url-status=dead |archive-url=https://web.archive.org/web/20080607170335/http://shoebox.heindorffhus.dk/frame-HungaryInflation03.htm |archive-date=2008-06-07}}</ref>
|-
|align="right"| 1 January 1946||align="right"|1&nbsp;P
|-
|align="right"| 1 February 1946 ||align="right"|1&nbsp;P. 70&nbsp;f.
|-
|align="right"| 1 March 1946 ||align="right"|10&nbsp;P
|-
|align="right"| 1 April 1946 ||align="right"|44&nbsp;P
|-
|align="right"| 1 May 1946 ||align="right"|630&nbsp;P
|-
|align="right"| 1 June 1946 ||align="right"|{{gaps|160|000}}&nbsp;P
|-
|align="right"| 1 July 1946 ||align="right"|{{gaps|7|500|000|000}}&nbsp;P<br />({{val|7.5e9}}&nbsp;P)
|-
|align="right"| 10 July 1946 ||align="right"|{{gaps|2|000|000|000|000|000|000|000}}&nbsp;P<br />({{val|2e21}}&nbsp;P)
|}

==See also==
{{Portal|Numismatics|Money}}
*[[Zimbabwean dollar]]
*[[Hungarian National Bank]]
*[[Hyperinflation]]
*[[Great Depression]]
*[[Names of large numbers]]
*[[Long and short scales]]

==References==
{{Reflist|2}}
{{Refbegin}}
*{{numis cite SCWC|date=1991}}
*{{numis cite SCWPM|date=1994}}
{{Refend}}

==Notes==
{{notelist}}

==Further reading==
* {{cite book |author1=Gyula Rádóczy |author2=Géza Tasnádi | title=Magyar papírpénzek 1848-1992 (Hungarian paper money 1848-1992) | publisher=Danubius Kódex Kiadói Kft | year=1992 | isbn=963-7434-11-9}}
* {{cite book |author1=Károly Leányfalusi |author2=Ádám Nagy | title=Magyarország fém- és papírpénzei 1926-1998 (Coins and paper money of Hungary 1926-1998) | publisher=Magyar Éremgyűjtők Egyesülete, Budapest | year=1998 | isbn=963-03-6023-3}}
* {{cite book | author=Mihály Kupa id. dr. | title=Corpus notarum pecuniariarum Hungariae I-II. (Magyar Egyetemes Pénzjegytár) (General Hungarian Banknote Catalog) | publisher=Informatika Történeti Múzeum Alapítvány, Budapest | year=1993 | isbn=963-04-3658-2}}
*{{cite journal |first1=W. A. |last1=Bomberger |first2=G. E. |last2=Makinen |title=Indexation, Inflationary Finance, and Hyperinflation: The 1945–1946 Hungarian Experience |journal=[[Journal of Political Economy]] |volume=88 |issue=3 |year=1980 |pages=550–560 |jstor=1831932 |doi=10.1086/260886|s2cid=153409632}}

==External links==
* {{in lang|hu|en}} [http://bankjegy.szabadsagharcos.org/ bankjegy.szabadsagharcos.org] (Hungarian banknote catalog)
* {{in lang|hu|en}} [http://www.numismatics.hu/ www.numismatics.hu] (Roman and Hungarian related numismatic site)
* {{in lang|hu}} [http://papirpenz.hu/ papirpenz.hu] (pictures of korona, pengő and forint banknotes)
* {{in lang|hu|en|de|fr}} [http://www.eremgyujtok.hu/index.php?info=2_egyesulet.html www.eremgyujtok.hu] (homepage of the Hungarian Coin Collectors' Society)
* {{in lang|hu}} [http://index.hu/tech/tortenelem/png061230/] article on the history of the pengő

{{n-start|title=Pengő}}
{{n-before|currency=[[Hungarian korona]]|reason=inflation|ratio=1 pengő = 12,500 korona}}
{{n-currency|location=[[Hungary]]|start=1 January 1927|end=31 July 1946|concurrent=adópengő since 1 January 1946|note=korona notes overstamped to pengő in 1926 were not legally considered pengő}}
{{n-after|currency=[[Hungarian forint]]|ratio=1 forint = 4{{e|29}} pengő|reason=Hyperinflation|note=notes were denominated in milpengő and b.-pengő for practical reasons}}

{{n-before|currency=[[Yugoslav dinar|Yugoslav 1920 dinar]]|reason=Hungarian occupation}}
{{n-currency|location=[[Bačka]], [[Međimurje]]|as_part_of=[[Hungary]]|start=1941|end=1945|invisible_top=Y}}
{{n-after|currency=[[Yugoslav dinar|Yugoslav 1945 dinar]]|reason=reunification of [[Yugoslavia]] as a result of [[World War II]] and end of Hungarian occupation}}

{{n-before|rowspan=2|currency=[[Czechoslovak koruna]]|reason=[[First Vienna Award]]}}
{{n-currency|location=southern [[Slovakia]]|as_part_of=[[Hungary]]|start=1938|end=1945|invisible_top=Y}}
{{n-after|currency=[[Czechoslovak koruna]]|reason=reunification of [[Czechoslovakia]] as a result of [[World War II]] and end of Hungarian occupation}}

{{n-currency|location=[[Governorate of Subcarpathia]]|as_part_of=[[Hungary]]|start=1938|end=1945|invisible_top=Y}}
{{n-after|currency=[[Soviet ruble]]|reason=became part of Ukraine SSR, Soviet Union as a result of [[World War II]] and end of Hungarian occupation}}

{{n-before|currency=[[Romanian leu]]|reason=[[Second Vienna Award]]}}
{{n-currency|location=[[Northern Transylvania]]|as_part_of=[[Hungary]]|start=1940|end=1944|invisible_top=Y}}
{{n-after|currency=[[Romanian leu]]|reason=returned to [[Romania]] as a result of [[World War II]] and end of Hungarian occupation}}

{{n-end}}

{{Historical currencies of Hungary}}
{{Financial crises}}
{{DEFAULTSORT:Hungarian pengo}}
[[Category:Modern obsolete currencies]]
[[Category:Economic history of Hungary|Pengo]]
[[Category:1927 establishments in Hungary]]
[[Category:1946 disestablishments in Hungary]]
[[Category:Currencies of Hungary]]