1 Pengő *

The 1938 1 Pengő was issued just as Hungary's economic position was deteriorating under the weight of rearmament spending and the territorial ambitions encouraged by the First and Second Vienna Awards. The Pengő itself had been a stable currency since 1927, pegged during the interwar period with League of Nations backing after the catastrophic inflation of the Korona years — but by the late 1930s that stability was increasingly notional.

The asterisk variant designation in dealer and catalog usage typically signals a specimen or replacement note within this Pick series, though documentation on the precise print run distinctions for P#114 remains inconsistent across major references. Franke Rupert's involvement places this firmly within the Hungarian domestic design tradition of the period.