Hungary Banknotes: History, Notable Notes & Collecting Guide
Hungary's paper money runs from the post-WWI korona through the pengő — the currency that suffered the worst hyperinflation ever recorded — to the forint, one of Europe's longest-serving currencies. A Hungarian collection holds both the most extreme banknotes ever printed and eight decades of beautifully engraved forint notes.
Hungarian forint (HUF) Forint since August 1, 1946 Worst hyperinflation in history Kossuth, Matthias & St. Stephen
Last updated: August 2026
Hungary's official currency is the forint, introduced on August 1, 1946 to replace the pengő after the most severe hyperinflation ever documented. That single fact shapes the whole collecting field: on one side sit the pengő, milpengő, b.-pengő and adópengő notes of 1945 to 1946, the most extreme denominations ever printed; on the other sits the forint, a currency that has now served Hungary for eight decades across socialist-era portrait notes, the redesigned series of 1997 to 2001, and today's renewed banknotes. This hub covers the full arc — and it is the home page for forint material in particular, from single notes to mixed-denomination lots.
What is the history of Hungarian currency?
Modern Hungarian paper money begins with the korona, the currency Hungary carried out of the Austro-Hungarian Empire after World War I. Post-war inflation wore the korona down, and on January 1, 1927 Hungary replaced it with the pengő at a rate of 12,500 korona to one pengő, as part of a stabilization program. The pengő served through the Depression and World War II, then collapsed in 1945 and 1946 in the hyperinflation that made it famous. The forint that replaced it on August 1, 1946 has been Hungary's currency ever since, issued by the Magyar Nemzeti Bank, the country's central bank. Hungary joined the European Union in 2004 but has kept the forint.
Three currencies in a century sounds turbulent, but the striking part is the middle transition. When the forint arrived, one forint was set equal to 400 octillion pengő — a 4 followed by 29 zeros, the largest currency conversion ever carried out. The stabilization worked: printing was halted, taxation restarted, and the forint held. For the full story of how the pengő got there, see our Hungary 1946 hyperinflation page.
How bad was Hungary's hyperinflation?
It is the worst ever recorded. In July 1946, Hungarian prices roughly doubled every 15 hours, and the monthly inflation rate reached 4.19×1016 percent — nearly 42 quadrillion percent in a single month — according to the Hanke-Krus World Hyperinflation Table (Cato Institute). No other episode, not even Zimbabwe in 2008, comes close. The paper trail of that collapse is a collecting field of its own: the milpengő and b.-pengő notes climbing to the 100 quintillion pengő, the highest-denomination banknote ever placed in general circulation, and the strange adópengő tax notes that briefly became Hungary's working money.
Those episode pages, plus the pengő series catalog, cover the hyperinflation notes denomination by denomination, and every hyperinflation ranked places Hungary against Zimbabwe, Yugoslavia, Germany, and the rest. This page stays with the bigger national arc — and with the forint, the currency that ended the crisis.
What are the main forint banknote series?
The forint's eight decades break into three broad families of notes, each with its own look and its own collecting logic.
| Series | Years | What collectors look for |
|---|---|---|
| Classic socialist-era notes | 1947 to 1990s | Portrait engravings of national heroes: Sándor Petőfi on the 10 forint, György Dózsa on the 20, Rákóczi on the 50, Lajos Kossuth on the 100, Endre Ady on the 500, Béla Bartók on the 1000. Crisp examples of the low denominations are affordable and plentiful. |
| Redesigned series | 1997 to 2001 | A complete new family from 200 to 20,000 forint pairing rulers and statesmen with places tied to their lives: King Matthias Corvinus (1000), Prince Ferenc Rákóczi II (500), Gábor Bethlen (2000), István Széchenyi (5000), King St. Stephen (10,000), Ferenc Deák (20,000). |
| Renewed series | 2014 to 2019 | The same portrait program re-engraved with upgraded security features. Since 2019 these are the only forint notes in circulation, which turned the entire 1997 series into withdrawn collector material at once. |
Two structural changes matter to collectors. The 200 forint note was replaced by a coin in 2009, ending the series' smallest denomination. And when the Magyar Nemzeti Bank finished its 2014 to 2019 renewal program, the older notes left circulation on a published schedule — withdrawn notes remain exchangeable at the central bank for 20 years after their withdrawal date, per the MNB, after which they become collector items outright.
Which Hungarian banknotes are most collectible?
The hyperinflation notes are the headliners: the b.-pengő denominations of 1946 hold world records that will likely never be approached again, and certified high-grade examples anchor serious hyperinflation collections. But the forint field is where a Hungary collection gains breadth. The socialist-era notes offer classic engraving at entry-level cost; the 1997 to 2001 series is a clean, completable seven-note set with a coherent design program; and mixed-denomination forint lots — spanning 10 to 10,000 forint across the 20th and 21st centuries — let a new collector hold the currency's whole timeline in one purchase.
Condition drives value across all of it. Because Hungary's redenominations and withdrawals retired whole series at once, many notes reached the market unspent, so crisp Uncirculated examples are common enough that collectors can be selective. Uncirculated (UNC) sits at the top of the letter-grade ladder that runs UNC, AU, XF, VF, F, VG, G; our banknote grading guide explains the 1 to 70 numerical scale used by PMG and PCGS and what EPQ and PPQ mean.
How do you start collecting Hungary banknotes?
Pick the thread that pulls you. If it is the hyperinflation story, start with one iconic b.-pengő note and read the pengő series catalog before chasing the full run. If it is the forint, a mixed lot of crisp notes across denominations and decades is the fastest way to see the currency's design evolution in hand, and single certified examples of the 1997 series notes make natural upgrades from there.
Build with a plan rather than at random: our guide to collecting world banknotes covers choosing a theme, from a single-country run like Hungary to a cross-border hyperinflation set. And buy from a dealer that documents where its notes come from, so the history you are paying for is the history you get.
Where can you buy Hungary banknotes?
Buy from a source-first dealer that inspects every note and stands behind it in writing. Planet Banknote stocks Hungarian material across both eras — pengő hyperinflation notes raw and certified, and forint notes including multi-note collection lots — and because inventory, series, and grades change, we point you to the live category rather than quoting figures that would go stale:
Every note Planet Banknote sells passes our Planet Banknote Verified inspection and ships with a free Certificate of Authenticity, so you have documented recourse tied to a named, reachable business. Questions about ordering, shipping, or returns are answered on our FAQ page.
Frequently asked questions
What currency does Hungary use?
Hungary uses the forint, issued by the Magyar Nemzeti Bank since August 1, 1946. It replaced the pengő after the 1946 hyperinflation at a rate of 400 octillion pengő to one forint, the largest currency conversion ever carried out. Hungary joined the European Union in 2004 but has kept the forint rather than adopting the euro.
When was the forint introduced?
On August 1, 1946, as the centerpiece of Hungary's post-war stabilization. The government halted the printing of pengő, restarted tax collection, and set one forint equal to 4×1029 pengő. The stabilization held, and the forint has served Hungary for eight decades since — through the socialist-era portrait notes, the redesigned series of 1997 to 2001, and the renewed series introduced from 2014.
What was the pengő?
The pengő was Hungary's currency from January 1, 1927, when it replaced the korona at 12,500 to one, until July 31, 1946. It is remembered for its ending: in 1945 and 1946 the pengő suffered the worst hyperinflation ever recorded, with prices doubling roughly every 15 hours at the July 1946 peak, forcing denominations up to the 100 quintillion pengő note — the highest-denomination banknote ever placed in general circulation.
Are Hungarian forint banknotes collectible?
Yes. The socialist-era notes carry classic portrait engraving at entry-level cost, the 1997 to 2001 redesigned series is a clean seven-note set, and the 2014 to 2019 renewal turned every earlier forint note into withdrawn collector material. Value depends on condition, series, and demand; crisp Uncirculated examples are common enough that collectors can afford to be selective, and mixed-denomination lots are a popular way to span the whole forint era at once.
Which Hungarian banknote holds the world record?
The 100 million b.-pengő of 1946 — 100 quintillion pengő, a 1 followed by 20 zeros — is the highest-denomination banknote ever placed in general circulation, and Hungary's July 1946 inflation of 4.19×1016 percent per month is the worst ever documented in the Hanke-Krus World Hyperinflation Table. Both records emerged in the final weeks of the pengő, just before the forint replaced it.
Planet Banknote is a family-owned dealership in Sarasota, Florida, founded in 2021. Every note is sourced direct from mints, central banks, and authorized distributors, inspected through our Planet Banknote Verified process, and ships with a free Certificate of Authenticity. US orders ship free via USPS Priority, and every order includes a free bonus gift.