1946 Hungary 1000000 B-Pengo Banknote Pick 134 PMG 65 EPQ Hyperinflation Issue

1946 Hungary 1000000 B-Pengo Banknote Pick 134 PMG 65 EPQ Hyperinflation Issue

This authentic 1946 Hungary 1,000,000 B-Pengő banknote is a striking survivor from the most severe hyperinflation ever recorded. Issued by the Magyar Nemzeti Bank, this note represents Hungary’s desperate monetary response during the final collapse of the pengő following World War II.

Historical Significance

Hungary’s 1945–1946 hyperinflation remains unparalleled in economic history. Currency values deteriorated so rapidly that new denominations were rendered obsolete within days. To manage the chaos, the government introduced the B-Pengő, an accounting unit equal to one trillion pengő. This Egy Millió B-Pengő note vividly illustrates the staggering scale of inflation and the ultimate failure of paper money during this period.

Design and Features

The obverse displays an elegantly engraved portrait set within ornate classical borders, accompanied by bold denomination lettering and official bank signatures. Fine guilloché patterns and symmetrical framing reflect the high artistic standards of Hungarian banknote design, even as the economy unraveled. The reverse features a detailed pastoral riverside scene with figures and boats, a calm and timeless image that sharply contrasts with the economic turmoil of the era. 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 65 Gem Uncirculated EPQ (Exceptional Paper Quality). The EPQ designation confirms fully original paper with no pressing, repairs, or chemical enhancement, preserving the note exactly as issued.

Remarkable Denomination

Though labeled “one million,” the B-Pengő unit magnifies this denomination to extraordinary levels, representing an almost incomprehensible monetary value during the peak of hyperinflation. Few world banknotes so clearly demonstrate the extreme consequences of unchecked currency collapse.

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 certified world banknotes, this PMG 65 EPQ example offers exceptional visual appeal, historical importance, and originality. It is an outstanding addition to any advanced collection or a compelling entry point into one of the most dramatic chapters in monetary history.