1946 Hungary 1000000 B-Pengo Banknote Pick 134 PMG 63 EPQ Hyperinflation Issue

1946 Hungary 1000000 B-Pengo Banknote Pick 134 PMG 63 EPQ Hyperinflation Issue

This authentic 1946 Hungary 1,000,000 B-Pengő banknote is a dramatic survivor from the final stage of the most extreme hyperinflation ever recorded. Issued by the Magyar Nemzeti Bank, this note represents Hungary’s last attempts to maintain a functioning currency system following World War II.

Historical Significance

Hungary’s 1945–1946 hyperinflation remains the most severe in world history. Prices escalated at such a rapid pace that newly issued denominations lost value almost immediately. To manage the crisis, the B-Pengő was introduced as a monetary unit equal to one trillion pengő. This Egy Millió B-Pengő note vividly illustrates the unprecedented scale of currency collapse and stands as a key artifact of global economic history.

Design and Features

The obverse features an engraved portrait set within ornate classical borders, accompanied by bold denomination lettering and official bank signatures. Fine guilloché patterns and symmetrical design elements reflect the high artistic standards of Hungarian banknote engraving, even during a period of financial chaos. The reverse displays a detailed pastoral riverside scene with figures, trees, and boats—imagery that contrasts sharply with the economic instability 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 EPQ (Exceptional Paper Quality). The EPQ designation confirms original paper with no pressing, restoration, or chemical treatment, preserving the note as issued.

Remarkable Denomination

Although labeled “one million,” the B-Pengő unit elevates this note to an almost unimaginable monetary level. Few world banknotes so clearly demonstrate the destructive effects of hyperinflation and the rapid collapse of a national currency.

Catalog Reference

• Pick Number: P-134

• Year: 1946

• Denomination: 1,000,000 B-Pengő

• Issuer: Magyar Nemzeti Bank

Collector’s Value

This PMG 63 EPQ example is highly desirable among collectors of hyperinflation currency and certified world banknotes. Its strong eye appeal, original paper quality, and direct association with the most infamous inflationary collapse in history make it an excellent addition to any serious collection or a compelling standalone display piece.