20 Korona

Hungary's post-WWI fiscal situation was dire by 1920 — the Treaty of Trianon had stripped the country of roughly two-thirds of its territory and population, and the government was printing aggressively to cover obligations the truncated state could barely sustain. This note was issued by the Royal Ministry of Finance directly, bypassing the Austro-Hungarian Bank's successor structures entirely, reflecting just how disordered the institutional framework had become after the brief Kun Soviet Republic collapsed in 1919.

Inflation was already accelerating when this series entered circulation, and higher denominations followed quickly. Within a few years the korona had collapsed entirely, replaced by the pengő in 1927.