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5 000 000 Korona
| Issuer | Hungarian Royal Ministry of Finance |
|---|---|
| Year | 1924 |
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| Printer | Hungarian Banknote Printing Company (Magyar Pénzjegynyomda), Budapest, Hungary (1923-date) |
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| Obverse description | The face is dominated by an elaborate guilloche border in purple and green tones, with the denomination numeral 5,000,000 repeated in each corner. The Hungarian coat of arms appears at the top centre, above the large intaglio inscription ÖTMILLIÓ KORONA. Below, a multilingual legal tender text and the date BUDAPEST, 1924. ÉVI JULIUS HÓ 1-ÉN are printed in letterpress, with a blank oval reserve at right intended for an unprinted vignette, and the PÉNZÜGYMINISTER signature line at lower right. |
|---|---|
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| Reverse description | The back is printed entirely in grey-blue guilloche patterns forming four large symmetrical rosette panels within a decorative frame, with the denomination 5,000,000 in each corner. The central panel bears the value inscription ÖTMILLIÓ KORONA in bold letterpress, flanked above and below by multilingual equivalents in Romanian, German, Slovak, and Cyrillic Serbian/Czech. Ornamental borders of interlaced strapwork run along the top and bottom margins. |
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| Comments |
By the time this note was authorised, Hungary's postwar inflation had already rendered earlier denominations worthless. The 1920–1924 hyperinflation was among the worst Europe had seen before the more famous German episode fully eclipsed it in public memory — at its peak, prices were doubling within weeks. The Royal Ministry of Finance, rather than the central bank, issued these high-denomination notes because Hungary's banking authority had effectively collapsed under the weight of successive currency crises following the dissolution of Austria-Hungary.
The Magyar Pénzjegynyomda had been printing emergency issues almost continuously since 1919. Stabilisation came with the pengő reform of 1926, which retired the korona at 12,500 korona to one pengő — making this five-million note worth less than half a single new unit.