25 Korona

Hungary's postwar monetary situation in 1920 was a slow-motion disaster. The Austro-Hungarian krone had already been effectively partitioned among successor states, and Hungary was printing into a currency that would be dead within a few years — hyperinflation rendered the korona nearly worthless by 1923–24, with the eventual stabilization requiring the introduction of the pengő in 1927.

The Ministry of Finance, rather than the central bank, acted as issuing authority for this series — a telling sign of how thoroughly normal banking infrastructure had collapsed after the war and the brief but destabilizing Kun republic of 1919.