4 Pengő Provisional issue

Hungary's postwar hyperinflation had annihilated the korona by 1924, and the stabilization program brokered through the League of Nations required an entirely new currency — the pengő — before adequate printing infrastructure was ready domestically. This note was a stopgap, produced by Orell Füssli in Zurich while the National Bank of Hungary was still being formally constituted.

The "provisional" designation is genuine, not a collector convenience. These notes were intended from the outset to be withdrawn once permanent pengő notes entered circulation, which kept surviving quantities modest. Orell Füssli had a long record with emergency and transitional issues for central European states scrambling to rebuild monetary systems after 1918.