5000 Korona

By 1923, Hungary was deep in the hyperinflationary spiral that followed the dissolution of the Austro-Hungarian Empire and the punishing terms of the Treaty of Trianon. The Hungarian Royal Ministry of Finance — not a central bank — was issuing currency directly, a structural abnormality that reflected just how thoroughly the old monetary architecture had collapsed. The 5000 Korona was a high denomination by prewar standards; by the time most of these notes reached circulation, it barely covered basic transactions.

Magyar Pénzjegynyomda had been established precisely to give Hungary domestic printing capacity after the break with Vienna. The korona itself would be replaced by the pengő in 1927, rendering the entire series obsolete within a few years of issue.