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500 Pengő
| Issuer | Magyar Nemzeti Bank |
|---|---|
| Year | 1945 |
| Type | Standard circulation banknote |
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| Currency | Log in to see details |
| Composition | 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 | Dark blue and black print on a salmon-pink guilloche underprint, with the denomination and note value rendered in six languages arching across the upper portion of the note. Series and serial number appear in red near the bottom. |
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| Variants | P#117a - First letter of the Russian word for "500" (ПЯTЬCOT) on back correctly spelled with "П" P#117x - Error: First letter of the Russian word for "500" (ПЯTЬCOT) on back spelled with an "N" instead of cyrillic letter "П" |
| Comments |
Hungary's postwar hyperinflation — the worst ever recorded — began building through 1945, and this note was already obsolescent almost from the moment of issue. The pengő collapsed so rapidly that denominations issued within months of this one were measured in billions and trillions. A print run of over twelve million was not unusual for the period; volume was the only mechanism available to an economy where money was losing value faster than it could be physically distributed.
By August 1946, the forint replaced the pengő at a rate of 400,000 quadrillion pengő to one forint — a ratio that required a decimal adjustment with no real precedent in monetary history.