100 Korona

By 1923, Hungary was deep in the hyperinflation that followed the dismemberment of the Austro-Hungarian Empire and the punishing terms of the 1920 Treaty of Trianon. This note was issued not by a central bank but directly by the Ministry of Finance — a consequence of the fact that Hungary lacked a functioning independent central bank until the Magyar Nemzeti Bank was formally established in 1924. Tibor Kállay served as Finance Minister from 1921 to 1924, presiding over a currency in freefall; the 100 Korona denomination, once substantial, had become nearly worthless by the time most of these notes entered circulation.