100 Pengő

Hungary's 1939 100 Pengő was issued by the Magyar Nemzeti Bank as the country was being drawn into Germany's economic and political orbit. The Pengő had been a stable currency since its introduction in 1927, replacing the hyperinflation-wrecked Korona, but the war years would erode that stability rapidly — by 1945 the system had begun its collapse into what became the worst hyperinflation in recorded history, rendering notes of this denomination essentially worthless within a few years of issue.

Pick 107 was printed by the Hungarian state printing works in Budapest. Serial number placement and overprint variants within the series are worth examining closely.