25 Korona

The Magyar Nemzeti Bank's 25 Korona of 1919 appeared during one of the most turbulent monetary periods in Hungarian history — the collapse of the Austro-Hungarian dual monarchy had severed Budapest from the joint currency apparatus in Vienna, and the new Hungarian state was improvising its note issue under severe political pressure. The year itself saw three distinct governments in rapid succession: the post-war democratic republic under Károlyi, the short-lived Hungarian Soviet Republic under Béla Kun, and finally the counter-revolutionary regime that would eventually stabilize into the Horthy era.

Pick 48 was printed locally in Budapest rather than relying on the Austro-Hungarian Bank's Vienna facilities — a logistical and political necessity by that point.