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5 Pengő
| Issuer | Magyar Nemzeti Bank |
|---|---|
| Year | 1938 |
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| Value | Log in to see details |
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| Composition | Paper |
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| Obverse description | Brown and red-brown note with dense guilloche underprint throughout. At centre, the issuer's name MAGYAR NEMZETI BANK appears in bold letterpress, with the date line BUDAPEST, 1938 ÉVI JANUÁR HÓ 15-ÉN above it. To the left, the Hungarian coat of arms is set within an oval medallion, while to the right a finely engraved vignette portrait of a young woman in a circular frame occupies the right field. Three facsimile signatures appear below the central text, accompanied by their respective role titles, and a warning legend runs along the lower margin. |
|---|---|
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| Reverse lettering | ÖT PENGŐ PENGŐ 5 FÜNF PENGŐ ПЕТ ПЕНГО ÖT PENGŐ ПЕНГЪИВА PÄT PENGŐ |
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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.