Százezer (100.000) Milpengo 29 April 1946 Budapest (number: B 238 005855) A/0054
size: 180*82 mm
The pengo was the currency of Hungary between 1 January 1927, when it replaced the korona, and 31 July 1946,
when it was replaced by the forint. The Pengo was subdivided into 100 fillér. Although the introduction of the
pengo was part of a post-World War I stabilisation program, the currency survived only for 20 years and experienced
the most serious hyperinflation ever recorded.
The pengï¿½‘ lost value after World War II, suffering the highest rate of hyperinflation ever recorded. There were several
attempts to break down inflation, such as a 75% capital levy in December 1945. Howewer, this did not stop the
hyperinflation and prices continued spiralling out of control, With ever higher denominations introduced. The deniminations milpengo (1,000,000 pengo) and b.-pengo (Pronunciation: bilpengo) (1,000,000 milpengo, 1,000,000,000,000 pengo
or one billion pengo (long scale) were used to alleviate calculations, cut down the number of zeros and enable the reuse of banknote designs with only the colour and denomination name changed.
End of the pengo
The Hungarian economy could only be stabilized by the introduction of a new currency, and therefore, on 1 August 1946, the forint was introduced at a rate of 400 000 000 000 000 000 000 000 000 000 (400 octillion) Therefore the total amount of ciculating pengo notes had a value of less than 0.1 fillér.
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