1946 Hungary 1,000,000,000,000,000,000 Pengo PMG 64CU P-134 UNC (1 Quintillion) UNC Hyperinflation Note
The Hungary 1 Quintillion Pengő banknote (1,000,000,000,000,000,000 Pengő), issued in 1946 and catalogued as P-134, stands as one of the highest-denominated banknotes ever produced globally. Graded PMG 64 Choice Uncirculated (CU), this hyperinflation-era note is a fascinating piece of history and a prized collectible due to its astronomical face value and its superb condition.
Design and Features: The 1 Quintillion Pengő note features the classic post-war Hungarian design elements. The front showcases a finely detailed portrait of a woman in traditional Hungarian attire, surrounded by intricate floral and geometric patterns, symbolizing Hungary’s cultural heritage. The reverse continues with elaborate engraving, featuring floral motifs and a complex guilloche pattern, which enhances the note’s visual elegance. The rich shades of brown and purple lend the note a somber yet striking appearance, reflecting the economic turmoil of the time.
Historical Significance: Issued during the infamous hyperinflation crisis in Hungary following World War II, this note is a sobering reminder of one of the worst economic collapses in modern history. By mid-1946, inflation had rendered the Pengő essentially worthless, with daily price increases making even trillion-Pengő notes insufficient. The 1 Quintillion Pengő note—an unprecedentedly large denomination—was among the final banknotes issued before the government replaced the Pengő with the Forint in August 1946 to stabilize the economy. As such, this note is a symbol of the catastrophic collapse of Hungary’s financial system during the post-war period.
Collector's Value: The 1 Quintillion Pengő note, in PMG 64 Choice Uncirculated condition, is an exceptionally rare and valuable addition to any collection of hyperinflation currency. The high-grade designation indicates a note in near-perfect condition, with sharp edges, vibrant colors, and minimal signs of handling. Its astronomical face value, combined with its historical significance, makes this a standout piece in the numismatic community. Collectors highly prize these notes not only for their rarity but also for the dramatic story they tell of economic collapse and recovery.
