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10 000 000 Adópengő Tax note, 5th edition
| Issuer | Hungarian Royal Ministry of Finance |
|---|---|
| Year | 1946 |
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| Shape | Rectangular |
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| Obverse description | Uniface note printed on plain paper stock without decorative vignette or guilloche underprint. The face bears no text reading 'MÁSRA ÁT NEM RUHÁZHATÓ' (non-transferable) at the lower center, and may carry a round validation stamp applied by local Post Offices or appear without such a stamp. The denomination and title inscription are the sole printed elements on the note. |
|---|---|
| Obverse lettering | NEM KAMATOZÓ PÉNZTÁRJEGY TÍZMILLIÓ ADÓPENGŐRŐL (Translation: Interestless cash ticket for ten million tax Pengő) |
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| Comments |
The adópengő was introduced in January 1946 as an indexed unit pegged to a daily price index, a desperate accounting fiction designed to let the Hungarian state collect taxes in something approximating real value while the pengő itself collapsed. By the time this fifth-edition 10,000,000 adópengő note was issued in mid-1946, the conversion rate between adópengő and regular pengő had become almost theological in its abstraction — the pengő was losing value so fast that the ratio was recalculated and broadcast daily on Hungarian radio.
The hyperinflation Hungary experienced in 1945–46 remains the most severe ever recorded, peak monthly rate exceeding 4 × 10¹⁶ percent. The adópengő series exists precisely because even emergency denominations in ordinary pengő could not keep pace.