10 Pengő

The Magyar Nemzeti Bank's 1929 series was issued in the relative calm of the interwar stabilization period, after Hungary's catastrophic hyperinflation of the early 1920s had been brought under control with League of Nations assistance and the introduction of the pengő in 1927. This note appeared just two years into the new currency's existence — early enough that public confidence in paper money was still fragile.

Printed by the Hungarian state printing works, the series relied on watermark security at a time when Hungarian banknote production was working to establish domestic credibility after years of monetary collapse. Notes from this issue that survived into the 1940s were eventually rendered obsolete by wartime inflation that would, by 1946, produce the worst hyperinflation ever recorded in history.