1946 Hungary 1000000 B-Pengo Banknote Pick 134 PMG 64 EPQ Hyperinflation Issue

1946 Hungary 1000000 B-Pengo Banknote Pick 134 PMG 64 EPQ Hyperinflation Issue

This authentic 1946 Hungary 1,000,000 B-Pengő banknote is a powerful artifact from the most extreme hyperinflationary event ever recorded. Issued by the Magyar Nemzeti Bank, this note reflects the final breakdown of Hungary’s monetary system in the aftermath of World War II.

Historical Significance

Hungary’s 1945–1946 hyperinflation remains unmatched in scale and speed. As prices spiraled out of control, the government introduced the B-Pengő, an accounting unit valued at one trillion pengő, in a last attempt to manage collapsing currency values. This Egy Millió B-Pengő note represents an extraordinary moment when money lost all practical meaning, making it a cornerstone piece of global economic history.

Design and Features

The obverse features a finely engraved portrait framed by elaborate ornamental borders, complemented by official signatures and bold denomination text. Detailed guilloché patterns and symmetrical design elements reflect Hungary’s strong banknote engraving tradition. The reverse presents a tranquil riverside landscape with trees, figures, and boats—imagery that stands in stark contrast to the financial chaos unfolding at the time. Repeating “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 EPQ (Exceptional Paper Quality). The EPQ designation confirms fully original paper, free from pressing, restoration, or chemical alteration, preserving the note exactly as issued.

Remarkable Denomination

Although labeled “one million,” the B-Pengő unit elevates this note to an almost unimaginable monetary level. It serves as a dramatic illustration of how rapidly and completely a national currency can collapse under hyperinflation.

Catalog Reference

• Pick Number: P-134

• Year: 1946

• Denomination: 1,000,000 B-Pengő

• Issuer: Magyar Nemzeti Bank

Collector’s Value

This PMG-certified example is highly desirable among collectors of hyperinflation currency and historically significant world banknotes. Its strong visual appeal, original paper quality, and direct connection to the most severe inflationary crisis ever documented make it an excellent addition to any serious collection or an impressive standalone display piece.