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10 000 000 Adópengő Tax note
| Issuer | Magyar Postatakarékpénztár (Royal Hungarian Postal Savings Bank) |
|---|---|
| Year | 1946 |
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| Composition | Paper |
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|---|---|
| Obverse lettering | NEM KAMATOZÓ PÉNZTÁRJEGY TÍZMILLIÓ ADÓPENGŐRŐL (Translation: Interestless cash ticket for ten million tax Pengő) |
| Reverse description | The reverse carries a headed section titled TUDNIVALÓK (Information/Conditions), containing four numbered clauses in Hungarian setting out the terms of redemption, applicable regulations referencing decrees M.E. 12.430/1945 and P.M. 950/1946, authorized redemption locations, and penalties for forgery. At the lower right the issuer name Magyar Postatakarékpénztár appears in bold letterpress. The left portion contains printed fields for Felmondás kelte (date of notice), Kifizetés kelte (date of payment), a receipt line for the adópengő equivalent amount, and a signature line, with a datestamp reading 1946 JUL 23 partially visible. |
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| Comments |
The adópengő was a fiscal indexing unit introduced in January 1946 as Hungary's ordinary pengő collapsed under what remains the most severe hyperinflation ever recorded — peak monthly rates exceeded 4 × 10¹⁶ percent. Tax payments and government obligations were denominated in adópengő precisely because the unit was adjusted daily against a published index, insulating the state's revenues from the pengő's overnight disintegration. This note, issued by the Postal Savings Bank rather than the National Bank, reflects the institutional scramble to keep any transactional medium functional at all.
By the time 10,000,000 adópengő notes entered circulation, the indexing system itself was failing to keep pace. The forint replaced everything on 1 August 1946.