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| 正面描述 | The obverse is printed in dark blue-grey tones on a light ground with guilloche underprint in red-orange. To the left, a vignette of the Hungarian coat of arms flanked by two allegorical angel figures; to the right, an intaglio portrait of a bearded male figure in period costume. The large denomination legend occupies the central field above the issuer name and date inscription, with three facsimile signature lines across the lower centre. |
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| 正面铭文 | TÍZMILLIÓ PENGŐ MAGYAR NEMZETI BANK BUDAPEST, 1945. ÉVI NOVEMBER HÓ 16-ÁN FŐTANÁCSOS ELNÖK VEZÉRIGAZGATÓ TÍZMILLIÓ 10,000,000 A BANKJEGYHAMISÍTÁST A TÖRVÉNY BÜNTETI (Translation: Ten Million Pengoes Hungarian National Bank / Budapest, 16 November 1945 / Chief Counsellor President Director General / Ten Million / 10,000,000 / Counterfeiting banknotes is punishable by law) |
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Hungary's postwar hyperinflation was among the worst ever recorded, and this 10 million pengő note from 1945 was already functionally worthless by the time it reached circulation. The Magyar Nemzeti Bank was printing denominations in the tens of millions — and soon after, the hundreds of millions, billions, and eventually the milpengő and b.-pengő series — simply to keep pace with a price level that was doubling roughly every fifteen hours at the peak in mid-1946.
The pengő was ultimately replaced by the forint on 1 August 1946, at a conversion rate so extreme — 400 octillion pengő to one forint — that it remains the largest denomination redenomination in monetary history.