2 Pengő - Miklós Horthy

Hungary returned to silver coinage in 1926 after the catastrophic inflation of the korona years, with the new pengő system pegged to gold under League of Nations supervision following the country's financial reconstruction. These circulation strikes in .640 fineness reflect the compromises of a state still rebuilding reserves — fine enough to carry public confidence, cheap enough to mint in quantity.

Horthy himself had no formal role in monetary policy, but his image on the circulating coinage was a deliberate political choice by the Bethlen government, projecting continuity and authority during a period when Hungary's revisionist ambitions under the Treaty of Trianon kept the country diplomatically isolated.