Hungarian pengő: Difference between revisions
Timur lenk (talk | contribs) |
|||
| Line 44: | Line 44: | ||
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 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. |
||
=== Veszprém series (1943) === |
|||
Series of banknotes were printed in [[Veszprém]] by the evacuated [[Ferenc Szálasi|Szálasi]] government and circulated in the Nazi-ruled part of Hungary in 1944. These included the newly designed 100 and 1000 pengő banknotes and the reprinted 100 pengő bill of 1930, 10 pengő bill of 1936 and 1 pengő bill of 1938. The reprinted banknotes were marked with a star in the serial number. Some of the older bills were overstamped with an arrow-cross stamp |
|||
=== Red Army series (1944) === |
=== Red Army series (1944) === |
||
Revision as of 17:43, 20 July 2006
.jpg){kind=link}
The pengő (sometimes pengo or pengoe) is a former currency of Hungary, used between January 21, 1927 and July 31, 1946, when it was replaced by the forint after a period of intense hyperinflation. The pengő was divided into 100 fillér.
Introduction
After the First World War, the Austro-Hungarian krone had to be replaced with a different currency, which in the case of Hungary was the Hungarian korona. This currency suffered a high rate of inflation and was replaced in 1927 by a new currency, the pengő. The pengő was valued at 12,500 krone, and defined as 3800 to one kilogram of gold. The first banknotes issued were overprints on earlier krone banknotes, including this 8 fillér overprinted on a 1000 kronen note image. A gold 100 pengő was also produced. image
Banknotes
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. Due to the poor printing technology (offset printing) 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 | Obverse | Reverse | Issued day | Withdrawn date | |
| File:HUP 20 1926 obverse.jpg | File:HUP 20 1926 reverse.jpg | 20 pengő | 166 x 84 mm | Lajos Kossuth | Balaton scene | 27 December 1926 | ? |
Second series (1927-1932)
The first denomination of the second series of pengő banknotes was the 1000 pengő bill. Contrary to the 1926-series, this banknote (as well as the other bills of these series) was printed using intaglio printing. The next banknote of the series is the 5 pengő bill (dated 1928), then the 10 pengő (1929), 20 and 100 pengő (1930), and the 50 pengő bills (1932) were issued.
Low denomination series (1938)
In 1938, a series of 50 fillér, 1, 2, and 5 pengő bills were designed to supply the territories of which Hungary gained control according to the Vienna Awards 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.
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.
Veszprém series (1943)
Series of banknotes were printed in Veszprém by the evacuated Szálasi government and circulated in the Nazi-ruled part of Hungary in 1944. These included the newly designed 100 and 1000 pengő banknotes and the reprinted 100 pengő bill of 1930, 10 pengő bill of 1936 and 1 pengő bill of 1938. The reprinted banknotes were marked with a star in the serial number. Some of the older bills were overstamped with an arrow-cross stamp
Red Army series (1944)
In 1944, during the Soviet occupation of Hungary, the Red Army issued money without cover on the occupied territories. These banknotes were of poor quality, and aggraveted the inflation of the pengő.
Postwar inflation series (1945-1946)
Issued: 5 June 1945 Withdrawn: 6 May 1946 Size: 175 · 90 mm Obverse: portrait of Ferenc II Rákóczi Reverse: Károly Lotz's painting: "Stud in the shower" |
||
Issued: 9 May 1945 Withdrawn: 6 May 1946 Size: 183 · 97 mm Obverse: portrait of King Matthias Corvinus Reverse: view of the Buda Castle with the Danube |
||
Issued: 1 June 1945 Withdrawn: 6 May 1946 Size: 177 · 86 mm Obverse: portrait of a female model Reverse: denomination |
||
Issued: 16 July 1945 Withdrawn: 6 May 1946 Size: 185 · 90 mm Obverse: portrait of a female model Reverse: denomination |
||
 |
Issued: 17 October 1945 Withdrawn: 5 July 1946 Size: 171 · 82 mm Obverse: portrait of a female model Reverse: denomination |
 |
 |
Issued: 12 December 1945 Withdrawn: 5 July 1946 Size: 179 · 81 mm Obverse: portrait of a female model Reverse: denomination |
 |
Issued: 28 February 1946 Withdrawn: 24 June 1946 Size: 167 · 84 mm Obverse: portrait of Lajos Kossuth Reverse: Balaton scene |
||
 |
Issued: 2 April 1946 Withdrawn: 24 June 1946 Size: 184 · 84 mm Obverse: portrait of Lajos Kossuth Reverse: Dove carrying an olive branch |
 |
Issued: 30 April 1946 Withdrawn: 10 July 1946 Size: 159 · 79 mm Obverse: portrait of a female model Reverse: the Hungarian Parliament Building |
||
 |
Issued: 13 May 1946 Withdrawn: 10 July 1946 Size: 174 · 84 mm Obverse: portrait of a female model Reverse: denomination |
 |
 |
Issued: 27 May 1946 Withdrawn: 31 July 1946 Size: 171 · 82 mm Obverse: portrait of a female model Reverse: denomination |
 |
 |
Issued: 3 June 1946 Withdrawn: 31 July 1946 Size: 179 · 81 mm Obverse: portrait of a female model Reverse: denomination |
 |
 |
Issued: 12 June 1946 Withdrawn: 31 July 1946 Size: 167 · 84 mm Obverse: portrait of Lajos Kossuth Reverse: Balaton scene |
 |
 |
Issued: 18 June 1946 Withdrawn: 31 July 1946 Size: 184 · 84 mm Obverse: portrait of Lajos Kossuth Reverse: Dove carrying an olive branch |
 |
 |
Issued: 24 June 1946 Withdrawn: 31 July 1946 Size: 159 · 79 mm Obverse: portrait of a female model Reverse: the Hungarian Parliament Building |
 |
 |
Issued: 27 June 1946 Withdrawn: 31 July 1946 Size: 174 · 84 mm Obverse: portrait of a female model Reverse: denomination |
 |
 |
Issued: 1 July 1946 Withdrawn: 31 July 1946 Size: 171 · 82 mm Obverse: portrait of a female model Reverse: denomination |
 |
 |
Issued: 2 July 1946 Withdrawn: 31 July 1946 Size: 179 · 81 mm Obverse: portrait of a female model Reverse: denomination |
 |
 |
Issued: 4 July 1946 Withdrawn: 31 July 1946 Size: 167 · 84 mm Obverse: portrait of Lajos Kossuth Reverse: Balaton scene |
 |
 |
Issued: 8 July 1946 Withdrawn: 31 July 1946 Size: 184 · 84 mm Obverse: portrait of Lajos Kossuth Reverse: Dove carrying an olive branch |
 |
 |
Issued: 11 July 1946 Withdrawn: 31 July 1946 Size: 159 · 79 mm Obverse: portrait of a female model Reverse: the Hungarian Parliament Building |
 |
 |
Issued: never Size: 174 · 84 mm Obverse: portrait of a female model Reverse: denomination |
 |
End of the pengő
The pengő lost value after the Second World War, suffering the highest rate of hyperinflation ever recorded. The pengő was revalued. However, this did not stop the hyperinflation and prices continued spiralling out of control, with ever higher denominations introduced. The denominations milpengő (1,000,000 pengő), and bilpengő or b.-pengő (1,000,000 milpengő) were used to cut down on the number of zeroes needed on the notes.
The largest denomination produced was 100 quintillion (1020) pengő, denominated as 100 million b.-pengő on the notes (see image). The note was issued in 1946, and was at the time worth about US$ 0.20.
Notes for one sextillion (1021) pengő, denominated as one milliard b.-pengő, were printed but never issued (see image).
The adópengő (lit. "tax pengő") was introduced on January 1, 1946, at a par with the pengő, and was initially for the payment of taxes, but it was allowed to be used as a legal tender from May 9, 1946 on. It was intended to retain its value as the pengő's fell. However, although its value rose dramatically relative to the pengő (finally reaching 2×1021 pengő), the adópengő nevertheless suffered severely from inflation.
The Hungarian economy could only be stabilized by the introduction of a new currency, and so, on August 1, 1946, the forint was introduced at a rate of four hundred octillion (4×1029) pengő, or, written, 400,000,000,000,000,000,000,000,000,000 pengő. The adópengő was replaced at a rate of two hundred million to the forint (hence the 2×1021 ratio, mentioned above). The exchange rate for the US dollar was set at 11.74 forints.