25 Kreuzers Miskolc

Municipal fractional notes of this kind proliferated across Hungary in the early 1860s as small-denomination coinage effectively vanished from circulation — hoarded by a public rattled by the economic disruptions following the 1848–49 revolution and subsequent Austrian fiscal policy. Miskolc was among the northern Hungarian market towns that took the practical step of authorizing local scrip rather than letting retail commerce seize up entirely.

Printed by the local firm Rácz Á. rather than any specialist security printer, the note's authentication relied entirely on its official municipal stamp — a fragile arrangement that made forgery relatively straightforward and redemption politically complicated once central authority reasserted itself.