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5 Pengő
| Issuer | Magyar Nemzeti Bank |
|---|---|
| Year | 1938 |
| Type | Log in to see details |
| Value | Log in to see details |
| Currency | Pengo (1927-1946) |
| Composition | Log in to see details |
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| In circulation to | Log in to see details |
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| Obverse description | Log in to see details |
|---|---|
| Obverse lettering | Log in to see details |
| Reverse description | Log in to see details |
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| Signature(s) | Log in to see details |
| Protection type | Watermark |
| Protection description | a portrait head visible when held to light. |
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| Comments |
This note was issued as Hungary moved deeper into alignment with Nazi Germany — the Second Jewish Law was passed the following year, and the country's political and economic institutions were being reshaped accordingly. The Magyar Nemzeti Bank had been reorganized under a 1924 Act tied to League of Nations stabilization loans, giving it formal independence, but by the late 1930s that independence was increasingly nominal.
Pick 104 is the last of the interwar 5 Pengő series before wartime inflation began eroding the denomination's practical value. By the mid-1940s, the Pengő's collapse would become one of the most extreme hyperinflationary episodes ever recorded.