100 Forint

This note was issued in the first full year of Hungary's People's Republic, following the 1948 nationalizations that consolidated the communist party's grip on the economy. The Magyar Nemzeti Bank had itself been nationalized that same year, and the 1949 series was a deliberate visual break from earlier Horthy-era and transitional issues — new imagery aligned with the new political order.

Endre Horváth, who handled both the design and engraving of the obverse, was among the more accomplished Hungarian graphic artists working in state commissions at the time. The reverse drew on work by Károly Lotz, the 19th-century academic painter — an unusual borrowing across nearly a century of Hungarian art history.