100 000 Milpengő

By mid-1946, Hungary's postwar hyperinflation had become the worst ever recorded — the monthly inflation rate peaked at roughly 41.9 quadrillion percent in July of that year. The 100,000 milpengő was not an extreme denomination when issued; it was simply the next step in a progression that had already produced the milpengő (worth one million pengő) as a base unit. New denominations were being authorized and printed within weeks of each other as the currency's purchasing power collapsed faster than presses could respond.

Endre Horváth, who both designed and engraved this note, was responsible for much of the Magyar Nemzeti Bank's intaglio work during this period — a rare case of one craftsman holding both roles on the same issue.