10 Pengő Russian Occupation

Issued by Soviet military authority following the Red Army's advance into Hungary in late 1944, these notes were part of a series of occupation currency produced in the USSR and introduced ahead of any functioning Hungarian civil administration. The printing was hurried — quality control was minimal, and the notes were known to enter circulation before local populations or even occupying forces had clear guidance on exchange rates relative to the existing pengő.

The M series was deeply resented by Hungarians, who saw the notes as instruments of extraction rather than exchange. Grain, livestock, and goods were requisitioned against them, with no guarantee of later redemption. Several denominations show noticeable ink inconsistencies attributable to Soviet wartime paper stock.