1000 Korona

By 1923, Hungary was deep into the hyperinflationary collapse that followed the dissolution of Austria-Hungary and the punishing terms of the Treaty of Trianon. The Hungarian Royal Ministry of Finance — rather than a central bank — was issuing currency directly, a structural arrangement that made disciplined money supply essentially impossible. The 1000 Korona denomination, enormous by prewar standards, had become almost trivial in purchasing power by the time this note reached circulation.

Magyar Pénzjegynyomda had been established specifically to give Hungary domestic printing capacity after separation from Vienna. The Korona series printed there in 1923 preceded the total currency collapse by only months — the Korona was replaced by the Pengő in 1926 after inflation rendered the entire issue worthless.