5 Pengő Russian Occupation

Issued by the Soviet military command during the occupation of Hungary in late 1944, this note was part of a series of military scrip denominations introduced specifically to pay Red Army troops and facilitate requisitioning from the local population — effectively a tool of economic extraction as much as a monetary instrument. The Hungarians had no say in its introduction, and the legitimate National Bank of Hungary had no role in authorizing it.

The printing quantity of over twelve million for this denomination alone was substantial, and the notes circulated alongside legitimate Hungarian pengő at forced parity, accelerating the inflationary pressure that would ultimately produce one of the most severe hyperinflations in recorded history by 1945–46.