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1 Pengő Russian Occupation, custom size
| Issuer | Command of the Red Army (A Vöröshadsereg Parancsnoksága) |
|---|---|
| Year | 1944 |
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| In circulation to | 28 February 1946 |
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| Obverse description | Dark blue letterpress print on cream paper with a fine guilloche underprint covering the entire field. An ornate scrollwork border frames the design, with elaborate foliate corner ornaments and rosette medallions at the lower corners. The large numeral '1' appears at each side within the border, and the denomination 'EGY PENGŐ' is set in bold serif type at centre, below the issuing authority legend, with a three-line legal tender and anti-counterfeiting warning in smaller type beneath. |
|---|---|
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| Reverse description | Dark blue letterpress print on cream paper with a fine guilloche underprint. A rectangular guilloche frame encloses a central panel bearing the issuing authority text in two lines above the denomination 'EGY PENGŐ' in bold serif type. The numeral '1' appears within oval guilloche medallions at left and right. The date '1944' is set in the lower border of the frame, flanked by small star ornaments, and a guilloche band with a central numeral '1' runs across the top margin. |
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| Comments |
Issued by Soviet occupation forces following the Red Army's push into Hungary in late 1944, this note was part of a series of military scrip denominations printed to enable troop spending without drawing on the Hungarian National Bank's existing currency supply. The Soviet military authorities issued the series unilaterally — no Hungarian institution had any hand in it. Denominations ran from 1 to 1,000 Pengő, all printed in the USSR.
The print run of over twelve million for this denomination alone reflects the scale of the occupation economy. These notes circulated alongside legitimate National Bank issues, which generated persistent confusion and contributed to the inflationary spiral that ultimately destroyed the Pengő by 1946 — the worst hyperinflation ever recorded.