20 000 Forint

The 20 000 forint is the highest denomination in regular Hungarian circulation and was introduced partly in response to sustained inflation eroding the practical utility of the 10 000 forint note. Pénzjegynyomda, the state-owned printing house in Budapest, has produced all modern Hungarian notes domestically — an unusual degree of self-sufficiency for a mid-sized central European economy, and one the Magyar Nemzeti Bank has consistently maintained since the post-communist monetary transition.

Vagyóczky handling both design and obverse engraving on the same note is worth noting; the intaglio work and the compositional decisions are therefore from a single hand, which tends toward greater coherence in the finished relief.