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10 000 Milpengő
| Issuer | Magyar Nemzeti Bank |
|---|---|
| Year | 1946 |
| Type | Standard circulation banknote |
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| Obverse description | An intaglio-engraved oval vignette at right contains a profile portrait of an allegorical woman in three-quarter right-facing view, wearing a decorative headband, with the Hungarian coat of arms beneath the portrait. The denomination "TÍZEZER MILPENGŐ" is printed in large red letterpress text at centre-left against an orange guilloche underprint, with the issuer name "MAGYAR NEMZETI BANK" below and the date "BUDAPEST, 1946. ÉVI ÁPRILIS HÓ 29-ÉN" above the signatures. The elaborate dark engraved border incorporates scrollwork, floral rosettes, and corner ornaments consistent with Hungarian banknote design of the period. |
|---|---|
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| Reverse lettering | TIZEZER MILPENGŐ TIZEZER MILPENGŐ TIZEZER 10000 TIZEZER 10000 (Translation: Ten thousand Milpengő / Ten thousand 10000 Ten thousand) |
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| Comments |
Hungary's 1946 hyperinflation is the most severe on record — the monthly inflation rate peaked at 41.9 quadrillion percent in July 1946, a figure that remains unmatched. The milpengő, worth one million pengő, was itself already an admission of defeat; the 10,000 milpengő note represents ten billion pre-collapse pengő. By the time notes of this denomination were circulating, their purchasing power was evaporating within hours of issue.
Helbing and Franke were the principal artistic team behind much of the National Bank's interwar and wartime printing program, working within the Magyar Nemzeti Bank's own Budapest facilities — one of the few cases where a central bank maintained genuine in-house intaglio capability rather than contracting abroad.
The forint replaced the pengő on 1 August 1946 at a conversion rate of 400 octillion pengő to one forint.