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1 000 000 000 Milpengő
| Issuer | Magyar Nemzeti Bank |
|---|---|
| Year | 1946 |
| Type | Log in to see details |
| Value | Log in to see details |
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| Composition | Log in to see details |
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| Shape | Rectangular |
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| Engraver(s) | Log in to see details |
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| Obverse description | Log in to see details |
|---|---|
| Obverse lettering | EGYMILLIÁRD MILPENGŐ BUDAPEST, 1946. ÉVI JÚNIUS HÓ 3-ÁN MAGYAR NEMZETI BANK FŐTANÁCSOS ELNÖK VEZÉRIGAZGATÓ A BANKJEGYHAMISÍTÁST A TÖRVÉNY BÜNTETI (Translation: One thousand billion Pengoes / Budapest, 3 June 1946 / Hungarian National Bank / Chief Counsellor / President / Director General / Counterfeiting banknotes is punishable by law) |
| Reverse description | Log in to see details |
| Reverse lettering | EGY MILLIÁRD MILPENGŐ 1 MILLIÁRD 1 MILLIÁRD (Translation: One thousand billion Pengoes) |
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| Comments |
The milpengő — literally "thousand pengő" — was a unit introduced in mid-1946 as Hungary's hyperinflation made lower denominations arithmetically unworkable. This note, denominating one billion milpengő, was itself equivalent to one quadrillion original pengő at issue. Hungary's inflation of 1945–46 remains the most severe ever recorded anywhere; the daily inflation rate peaked at around 207 percent in July 1946.
Endre Horváth designed and engraved the entire series under extraordinary pressure, with new denominations being commissioned faster than the ink could dry on previous ones. The stabilization came on 1 August 1946, when the forint replaced the pengő at a rate that made every pengő note in circulation essentially worthless overnight.