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10 000 000 Milpengő
| Issuer | Magyar Nemzeti Bank |
|---|---|
| Year | 1946 |
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| Composition | Paper |
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|---|---|
| Obverse lettering | TÍZMILLIÓ MILPENGŐ BUDAPEST, 1946 ÉVI MÁJUS HÓ 24-ÉN MAGYAR NEMZETI BANK FŐTANÁCSOS ELNÖK VEZÉRIGAZGATÓ TÍZMILLIÓ 10,000.000 A BANKJEGYHAMISÍTÁST A TÖRVÉNY BÜNTETI (Translation: Ten million Milpengős Budapest, 24th of May, 1946 Hungarian National Bank Chief Counsellor President Director General Ten million 10,000,000 The law punishes banknote forgery) |
| Reverse description | Central vignette of a dove in full flight, wings spread wide, carrying an olive branch in its beak — a symbol of peace — rendered in fine intaglio engraving against a dark ruled background panel. The date 1945 appears beneath the dove vignette, and the numeral denomination is set in a solid panel at the foot of the design. Ornate folk-art-inspired geometric border panels in purple-violet frame both lateral edges, with the denomination legend repeated along all four margins. |
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| Comments |
The summer of 1946 produced the worst hyperinflation ever recorded. Hungary's pengő collapsed so completely that by July, the price level was doubling roughly every fifteen hours. The milpengő — literally "million pengő" — was introduced as a unit of account to reduce the number of zeros in daily transactions, and then the mil-milpengő followed when even that proved insufficient. This 10,000,000 milpengő note therefore represents a face value of ten trillion original pengő.
Endre Horváth designed and engraved the entire series under extraordinary pressure, working in Budapest while the currency was becoming worthless faster than the notes could be printed. The forint replaced the pengő on 1 August 1946 at a conversion rate of 400,000 quadrillion pengő to one forint.