2 Pengő

This note was introduced as the Hungarian National Bank worked to consolidate a denominations structure that had been in flux since the pengő replaced the korona in 1927. By 1938, Hungary was already gravitating economically and politically toward Germany, and the domestic printing industry — including the State Printing House in Budapest — was absorbing increasing wartime production pressures that would eventually degrade note quality across the entire pengő series.

Franke Rupert's credit on this issue is worth noting: he was one of the few Hungarian designers whose work appeared across multiple denominations in the interwar period, giving the pengő series an unusual visual coherence for its time.