1946 Hungary 1000000 B-Pengo Banknote Pick 134 PMG 64 Choice Uncirculated Hyperinflation

1946 Hungary 1000000 B-Pengo Banknote Pick 134 PMG 64 Choice Uncirculated Hyperinflation

This authentic 1946 Hungary 1,000,000 B-Pengő banknote is a striking relic from the most extreme hyperinflationary episode ever recorded. Issued by the Magyar Nemzeti Bank, this note was produced during the final collapse of Hungary’s currency system in the aftermath of World War II.

Historical Significance

Hungary’s 1945–1946 hyperinflation remains the most severe in world history. Prices escalated at unimaginable speed, rendering existing denominations obsolete almost immediately. To cope with the chaos, the government introduced the B-Pengő, an accounting unit equal to one trillion pengő. This Egy Millió B-Pengő note represents an extraordinary moment when currency values became purely symbolic, making it a cornerstone artifact of global monetary history.

Design and Features

The obverse features a finely engraved portrait framed by elaborate ornamental borders, official signatures, and bold denomination lettering. Intricate guilloché patterns and balanced composition reflect Hungary’s strong engraving tradition, even as the economy unraveled. The reverse displays a detailed pastoral riverside scene with figures, trees, and boats—an image of calm that sharply contrasts with the financial catastrophe unfolding at the time. Repeated “EGYMILLIO B-PENGŐ” inscriptions emphasize the immense denomination.

Authenticity and Certification

This banknote is professionally certified by Paper Money Guaranty (PMG) and encapsulated as PMG 64 Choice Uncirculated. The PMG holder guarantees authenticity and confirms the note remains in an uncirculated state, preserved well above average for this historically fragile issue.

Remarkable Denomination

Although labeled “one million,” the B-Pengő unit magnifies this denomination to an almost incomprehensible monetary level. Few banknotes better illustrate the devastating 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

Highly sought after by collectors of hyperinflation currency and historically significant world banknotes, this PMG-certified example offers strong eye appeal, dramatic historical context, and enduring collector interest. It is an excellent addition to any advanced collection or a compelling standalone piece representing the peak of global hyperinflation.