20 Forint

Hungary's postwar stabilization of August 1946 was one of the most dramatic currency resets in monetary history — the pengő had reached hyperinflation of almost incalculable magnitude before the forint replaced it at a ratio that made the exchange essentially symbolic. This 1947 issue belongs to the first generation of forint notes, printed entirely domestically at the Hungarian Banknote Printing Company in Budapest rather than abroad, a deliberate choice reflecting the new political order taking shape under Soviet influence.

Endre Horváth and engraver Zoltán Nagy were the core creative team behind much of the early forint series — Nagy's intaglio work is notably fine for a domestic press of this period. The P#162 series is prone to light foxing along the margins due to the paper stock used in 1947, worth noting when assessing otherwise high-grade survivors.