1 000 000 Pengő

Hungary's 1945 hyperinflation was among the most severe ever recorded — by July 1946, the daily inflation rate exceeded 200%. This one-million pengő note, extraordinary at issue, was rendered effectively worthless within months as denominations climbed toward the egopengő and beyond. The National Bank issued increasingly large denominations in rapid succession simply to keep pace with price movements that outran printing schedules.

Géza Mészöly's involvement places this among the domestically designed wartime and postwar issues, printed in Budapest under difficult conditions — the city had only emerged from a devastating siege in February 1945.