1946 Hungary 1000000 B-Pengo Banknote Pick 134 PMG 63 Choice Uncirculated Hyperinflation

1946 Hungary 1000000 B-Pengo Banknote Pick 134 PMG 63 Choice Uncirculated Hyperinflation

This authentic 1946 Hungary 1,000,000 B-Pengő banknote is a striking survivor from the final phase of the most extreme hyperinflation ever recorded. Issued by the Magyar Nemzeti Bank, this note was produced during the collapse of Hungary’s post–World War II economy, when currency values deteriorated at an unprecedented rate.

Historical Significance

Hungary’s 1945–1946 hyperinflation remains unmatched in global economic history. Prices escalated so rapidly that even newly issued high denominations became obsolete within days. In response, the B-Pengő was introduced as an accounting unit equal to one trillion pengő. This Egy Millió B-Pengő note captures the astonishing scale of monetary collapse and stands as a powerful artifact from the peak of worldwide hyperinflation.

Design and Features

The obverse features a finely engraved portrait framed by elaborate classical ornamentation, bold denomination lettering, and official bank signatures. Intricate guilloché patterns and balanced composition demonstrate Hungary’s high engraving standards, even amid financial chaos. The reverse presents a detailed pastoral riverside scene with trees, figures, and boats—serene imagery that contrasts sharply with the economic turmoil of the era. Repeated “EGYMILLIO B-PENGŐ” inscriptions emphasize the extraordinary denomination.

Authenticity and Certification

This banknote is professionally certified by Paper Money Guaranty (PMG) and encapsulated as PMG 63 Choice Uncirculated. The PMG holder guarantees authenticity and confirms the note retains strong uncirculated characteristics, making it a well-preserved example of this historically fragile issue.

Remarkable Denomination

While labeled “one million,” the B-Pengő unit elevates this note to an almost incomprehensible monetary level. Few banknotes so clearly illustrate the destructive power of hyperinflation and the rapid collapse of a national currency system.

Catalog Reference

• Pick Number: P-134

• Year: 1946

• Denomination: 1,000,000 B-Pengő

• Issuer: Magyar Nemzeti Bank

Collector’s Value

This PMG 63 Choice Uncirculated example is highly sought after by collectors of hyperinflation currency and historically significant world banknotes. Its dramatic historical context, impressive denomination, and certified authenticity make it a compelling addition to any advanced collection or a striking standalone display piece.