5 000 000 Korona

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.