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| 正面描述 | The left side carries the Hungarian royal coat of arms within an oval frame set against a fine guilloche underprint in brown and blue tones. At upper centre, the denomination EGY PENGŐ is printed in bold letterpress, with the issuing authority MAGYAR NEMZETI BANK and the Budapest date inscription below. To the right, an intaglio vignette presents a profile portrait of an allegorical female figure in a circular cartouche, rendered in blue-grey with fine engine-turned border work. Three facsimile signatures appear across the lower centre, identified by the title labels FŐTANÁCSOS, ELNÖK, and VEZÉRIGAZGATÓ. |
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| 正面铭文 | EGY PENGŐ 1 BUDAPEST, 1938. ÉVI JANUÁR HÓ 15-ÉN MAGYAR NEMZETI BANK FŐTANÁCSOS ELNÖK VEZÉRIGAZGATÓ |
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The Magyar Nemzeti Bank began printing its own notes in-house after establishing the Jegynyomda facility in Budapest — this 1938 1 Pengő is among the earlier products of that operation, with engraving credited to Kálmán Moskó, one of the more accomplished intaglio craftsmen working in Hungary during the interwar period. The Pengő itself had only been introduced in 1927, replacing the hyperinflation-scarred Korona at a rate of 12,500 to one.
By 1938, Hungary was drifting firmly into the German economic orbit, and low-denomination notes like this one absorbed heavy circulation pressure as the broader economy strained under rearmament spending.