50 Pengő

Hungary's postwar hyperinflation of 1922–24 had rendered the korona worthless — at its worst, notes were being issued in the billions. The 1926 pengő series was the direct consequence of a League of Nations-supervised stabilization program, which tied the new currency to gold and handed oversight to an international committee seated in Geneva. The Magyar Nemzeti Bank itself had only been re-established in 1924 as a condition of that loan arrangement.

This note was printed domestically, which was a deliberate political choice — Hungary wanted visible control over its own monetary reconstruction after years of external interference.