100 000 Korona Cash Ticket, Pécs

In late 1918 and into 1919, the collapse of the Austro-Hungarian Empire left its successor regions in acute monetary chaos. Pécs, then under Yugoslav military occupation, was cut off from the normal supply of banknotes from Vienna. The local branch of the Austro-Magyar Bank responded by issuing emergency cash tickets — locally printed, provisional instruments intended to keep commerce moving in the absence of adequate circulating currency.

The P#9A is among the highest denominations in this Pécs emergency series, a direct reflection of how rapidly the inflation spiral was accelerating even before Hungary's own currency stabilization attempts took hold. Local printing meant variable quality and no intaglio security features worth the name.