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1 000 000 Adópengő Tax note, 3rd edition
| Issuer | Magyar Posta (Hungarian Post) |
|---|---|
| Year | 1946 |
| Type | Standard circulation banknote |
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| Obverse description | Plain blue-grey note printed on white paper, with simple floral and foliate ornamental borders running along the left and right edges. The face carries the large bold denomination inscription EGYMILLIÓ ADÓ-PENGŐRŐL in the centre, surmounted by the non-interest-bearing designation NEM KAMATOZÓ PÉNZTÁRJEGY in an arch. Below the denomination, a line for the owner's signature appears above the legend TULAJDONOS ALÁÍRÁSA, with two manuscript signatures of the Számvizsgáló (Comptroller) and Vezérigazgató (Director General), and a circular Magyar Postatakarékpénztár (Hungarian Postal Savings Bank) seal at lower right. The series letter and serial number appear at the top, with the non-transferability notice MÁSRA ÁT NEM RUHÁZHATÓ in a ruled panel at the foot. |
|---|---|
| Obverse lettering | NEM KAMATOZÓ PÉNZTÁRJEGY EGYMILLIÓ ADÓPENGŐRŐL SZÁMVIZSGÁLÓ VEZÉRIGAZGATÓ TULAJDONOS ALÁÍRÁSA MÁSRA ÁT NEM RUHÁZHATÓ (Translation: Interestless cash ticket for one million tax Pengő / Comptroller / Director General / Owner's signature / Non-transferable) |
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| Comments |
The adópengő was not a currency in the conventional sense — it was an inflation-indexed unit introduced in January 1946 by the Hungarian state specifically to allow tax and postal payments to keep pace with the hyperinflation that was destroying the regular pengő in real time. By mid-1946, Hungary's hyperinflation was the worst ever recorded in history, with prices doubling roughly every fifteen hours at the peak. The adópengő was pegged daily to a published index, meaning its nominal value changed every morning.
Magyar Posta issued these notes rather than the National Bank, making them postal instruments, not banknotes in the strict sense — a distinction that mattered legally at the time. The third edition designation reflects how rapidly successive printings were authorized as denominations became inadequate within weeks of issue.