500 000 Korona

By mid-1923, Hungary's postwar hyperinflation had progressed to the point where a 500,000 korona note was a practical necessity rather than an extravagance. The korona, already stripped of its Austro-Hungarian backing after 1918, had been sliding catastrophically — this denomination would itself become nearly worthless within months, eventually replaced when the pengő-predecessor stabilization currency, the korona's successor, was introduced in 1926.

The Magyar Pénzjegynyomda handled domestic printing throughout the inflation series. Orell Füssli of Zurich appears in the printer credits for related issues of the period, reflecting Hungary's reliance on Swiss facilities when domestic capacity or security paper supply was insufficient — a common arrangement among Central European states scrambling to keep pace with their own collapsing currencies.