1945–1946 Hungary 31 Banknote Set Pengo & B-Pengo Hyperinflation Notes Uncirculated Rare

1945–1946 Hungary 31 Banknote Set Pengo & B-Pengo Hyperinflation Notes Uncirculated Rare

Step into a time capsule of economic chaos and artistic elegance with this exclusive 31-piece uncirculated Hungarian banknote set, highlighting one of the most extraordinary financial meltdowns in world history: Hungary’s hyperinflation of 1945–1946. These pristine notes span from modest denominations like 1 pengő to astronomical values like 100 million B-pengő, culminating in a stunning visual and historical journey through postwar Hungary’s monetary collapse.

? Authenticity:

All 31 banknotes are genuine Hungarian issues, printed by the Magyar Nemzeti Bank between 1945 and 1946, and preserved in uncirculated (UNC) condition. These are not reproductions or replicas—each note is an original artifact of one of the most severe cases of hyperinflation ever recorded.

? Historical Significance:

Hungary holds the dubious distinction of experiencing the worst hyperinflation in history. In just one year, prices doubled every 15 hours, and denominations ballooned from pengő to milpengő (million pengő) and finally to B-pengő (billion pengő). The government was forced to print higher and higher denominations, reaching a mind-boggling 100 quintillion pengő (10²⁰) on paper.

This collection captures the full progression of inflation, making it a rare educational and historical record. The set includes pre-hyperinflation notes, wartime pengős, and the entire run of increasingly worthless currency as the economy collapsed.

? Design & Features:

Each note in the set features intricate engraving, detailed vignettes, national symbols, and portraits of Hungarian nobility, allegorical figures, or rural scenes. Many notes are multilingual, displaying values in Hungarian, German, Russian, and Slavic scripts—a reflection of Hungary’s complex position during WWII and Soviet occupation.

Notable notes include:

• 10 million pengő with flying dove – symbol of fleeting peace

• 100 million milpengő (B-pengő) – one of the highest denominations ever issued for circulation

• 1945 1 pengő blue and orange – modest beginnings of the inflationary spiral

• Tízezer B-Pengő (10,000 B-pengő) – purple ornate design with detailed portraiture

• Százezer pengő & százezer milpengő – beautiful floral Hungarian coat of arms series

• Egymillió pengő & Egymillió B-Pengő – striking pastoral back design

? Denominations Included (Chronological Order by Value):

1. 1 pengő (1945)

2. 2 pengő (1945)

3. 10 pengő (multiple types)

4. 20 pengő (multiple types)

5. 50 pengő (with and without Soviet influence)

6. 100 pengő (1945, both designs)

7. 500 pengő

8. 1,000 pengő (1943 and 1945 variants)

9. 10,000 pengő (color variants)

10. 100,000 pengő (standard and overprint types)

11. 1 million pengő

12. 10 million pengő (2 variants)

13. 100 million pengő

14. 10,000 milpengő

15. 100,000 milpengő

16. 1 million milpengő

17. 10 million milpengő

18. 100 million milpengő

19. 1 million B-pengő

20. 10 million B-pengő

21. 100 million B-pengő (final note before switch to forint)

22. 1 korona (Austro-Hungarian transitional issue)

23. 10 korona

24. 1000 korona (1923)

25. 1000 pengő (King with crown)

26. 2 pengő (Lady with sword)

27. 10 pengő (Horse statue reverse)

28. 50 pengő (shepherd and cattle)

29. 100 pengő (Buda Castle and Danube scene)

30. 10,000 pengő (green-orange)

31. 100,000 pengő (elaborate coat of arms)

? Catalog Numbers:

Includes Pick numbers from P-111 to P-137, covering key inflationary notes. Notable catalog highlights include:

• P-128 – 100,000 pengő

• P-132 – 1 million milpengő

• P-134 – 100 million milpengő

• P-137 – 100 million B-pengő (highest in-world denomination)

? Collector’s Value:

This 31-note set offers an unmatched look into the visual and economic history of postwar Hungary. It’s an excellent teaching tool, conversation starter, and a remarkable centerpiece for any collection focused on inflationary currency, World War II-era economies, or numismatic oddities. The fact that all notes are uncirculated makes this set even more desirable, as surviving examples in this condition are increasingly rare. Add this complete, museum-worthy hyperinflation journey to your collection today!