1 Pengő - Miklós Horthy

Hungary returned to silver coinage in 1926 as part of the stabilization program that followed the catastrophic pengő currency reform — itself a response to one of interwar Europe's worst hyperinflation episodes, which had rendered the korona effectively worthless by 1924. The National Bank of Hungary, established only in 1924, needed tangible circulating silver to anchor public confidence in the new currency.

The .640 fineness was a deliberate compromise, matching Hungary's limited silver reserves against the demands of mass circulation. By the late 1930s, rearmament pressures and German economic influence over the Hungarian economy were already straining the metal content of new issues.