10 Korona

Hungary's postwar financial situation in 1920 was severe enough that the Ministry of Finance — rather than a central bank — assumed direct responsibility for note issuance. This was not an institutional quirk but a reflection of how thoroughly the Austro-Hungarian monetary system had collapsed following the armistice and the subsequent territorial dismemberment under the Treaty of Trianon, signed just weeks before this series entered circulation.

The print run of just over 12 million is modest by the inflationary standards that would soon engulf Hungary. Within two years the country was producing notes in denominations that made the 10 Korona effectively worthless.