25 Korona

Hungary's post-World War I dismemberment under the Treaty of Trianon in June 1920 left the new rump state scrambling to establish functional currency infrastructure largely independent from the old Austro-Hungarian apparatus. This 25 Korona issue emerged in that chaotic interval before the Hungarian National Bank was formally constituted — issued instead under state authority as the old imperial monetary system was being wound down and renegotiated.

The Korona continued collapsing in value through the early 1920s, making notes of this denomination essentially worthless within a few years of issue. Survivors in any condition are more common than might be expected precisely because rapid devaluation discouraged spending them.