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10 000 000 Milpengő
| Issuer | Magyar Nemzeti Bank |
|---|---|
| Year | 1946 |
| Type | Standard circulation banknote |
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| Obverse description | Intaglio portrait of Lajos Kossuth at right within a ruled frame, printed in purple-violet. To the left, a vignette of the Hungarian coat of arms flanked by two standing angels. The central panel carries the denomination title in large letterpress type above the issuing authority and date, with three manuscript signatures beneath the titles FŐTANÁCSOS, ELNÖK, and VEZÉRIGAZGATÓ. A light blue guilloche underprint fills the central field, and the denomination repeated in the side borders frames the entire design. |
|---|---|
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| Reverse lettering | TÍZMILLIÓ MILPENGŐ 10,000.000 1945 (Translation: Ten million Milpengős 10,000,000 1945) |
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| Comments |
The summer of 1946 produced the worst hyperinflation ever recorded. Hungary's pengő collapsed so completely that by July, the price level was doubling roughly every fifteen hours. The milpengő — literally "million pengő" — was introduced as a unit of account to reduce the number of zeros in daily transactions, and then the mil-milpengő followed when even that proved insufficient. This 10,000,000 milpengő note therefore represents a face value of ten trillion original pengő.
Endre Horváth designed and engraved the entire series under extraordinary pressure, working in Budapest while the currency was becoming worthless faster than the notes could be printed. The forint replaced the pengő on 1 August 1946 at a conversion rate of 400,000 quadrillion pengő to one forint.