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1 000 000 000 Pengő
| Issuer | Magyar Nemzeti Bank |
|---|---|
| Year | 1946 |
| Type | Standard circulation banknote |
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|---|---|
| Obverse lettering | EGYMILLIÁRD PENGŐ BUDAPEST, 1946. ÉVI MÁRCIUS HÓ 18-ÁN MAGYAR NEMZETI BANK FŐTANÁCSOS ELNÖK VEZÉRIGAZGATÓ A BANKJEGYHAMISÍTÁST A TÖRVÉNY BÜNTETI (Translation: ONE THOUSAND MILLION PENGŐ / Budapest, 18 March 1946 / Hungarian National Bank / Chief Counsellor – President – Director General / The law punishes banknote forgery) |
| Reverse description | The reverse is dominated by a large central cartouche with scalloped guilloche border enclosing the denomination inscription in bold serif lettering, set against a finely engine-turned background in plum and salmon-pink tones. Circular numeral medallions inscribed '1 MILLIÁRD' are placed at left and right, each surrounded by intricate lace-like guilloche work. Acanthus scrolls and floral vignettes occupy the corners, and the serial number is printed in red at the lower margin. |
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| Comments |
Hungary's 1946 hyperinflation remains the most severe ever recorded. By late July 1946, the daily inflation rate exceeded 200 percent, and the pengő's total collapse required denominations that strained basic comprehension — the milliárd pengő (one billion) was not the ceiling but a midpoint in a cascade that eventually produced the 100 quintillion pengő note. The entire pengő series was withdrawn on 1 August 1946 and replaced by the forint at a rate so extreme the conversion figure itself became historically famous: 400,000 quadrillion pengő to one forint.
Endre Horváth both designed and engraved the note — unusually, a single hand responsible for the full execution — working under conditions where the practical lifespan of any new denomination was measured in days.