100 Korona

The Magyar Postatakarékpénztár stepped in as a note-issuing authority in 1919 because Hungary, freshly separated from Austria after the collapse of the Dual Monarchy, lacked a central bank of its own. The Austro-Hungarian Bank's operations were in administrative freefall, and the Postal Savings Bank — already a trusted state institution with a functioning bureaucracy — was one of the few bodies capable of putting paper into circulation quickly.

P#39 belongs to an extremely turbulent window: between November 1918 and early 1920, Hungary cycled through the post-war republic, the short-lived Hungarian Soviet Republic under Béla Kun, and the Romanian occupation of Budapest. Notes issued under the Postal Savings Bank name crossed multiple regimes without reissue.