1946 Hungary 1000000 B-Pengo Banknote Pick 134 PMG 66 EPQ Hyperinflation Issue

1946 Hungary 1000000 B-Pengo Banknote Pick 134 PMG 66 EPQ Hyperinflation Issue

This remarkable 1946 Hungary 1,000,000 B-Pengő banknote is an authentic relic from one of the most extreme episodes of hyperinflation in world history. Issued by the Magyar Nemzeti Bank (Hungary National Bank), this note belongs to the short-lived B-Pengő monetary system introduced during the final months of Hungary’s post-World War II economic collapse.

Historical Significance

Hungary’s 1945–1946 hyperinflation is widely regarded as the worst ever recorded. Prices doubled sometimes within hours, forcing the government to introduce ever-higher denominations. The B-Pengő was created as an accounting unit equal to one trillion regular pengő, illustrating the sheer scale of monetary devaluation. This Egy Millió B-Pengő (One Million B-Pengő) note represents an astronomical face value that underscores the futility of paper money during the crisis.

Design and Features

The obverse features an elegant engraved portrait framed by ornate scrollwork typical of Hungarian banknote artistry of the era. Intricate guilloché patterns, bold denomination lettering, and official signatures convey authority even as the currency itself rapidly lost purchasing power. The reverse displays a finely detailed pastoral riverside scene, contrasting the calm imagery with the economic chaos of the time. The repeated “EGYMILLIO B-PENGŐ” inscriptions reinforce the staggering denomination.

Authenticity and Certification

This example is professionally certified by Paper Money Guaranty (PMG) and encapsulated as PMG 66 Gem Uncirculated EPQ (Exceptional Paper Quality). The EPQ designation confirms original paper quality with no signs of pressing, restoration, or chemical treatment, making it a premium survivor from an era where most notes were heavily circulated or destroyed.

Remarkable Denomination

While “one million” may sound modest at first glance, when measured in B-Pengő units it represents an almost incomprehensible monetary figure tied directly to the peak of global hyperinflation history. Few banknotes so clearly demonstrate the collapse of a national currency system.

Catalog Reference

• Pick Number: P-134

• Year: 1946

• Denomination: 1,000,000 B-Pengő

• Issuer: Magyar Nemzeti Bank (Hungary)

Collector’s Value

This banknote is highly desirable among collectors of hyperinflation currency, certified world banknotes, and historically significant financial artifacts. Its combination of dramatic historical context, impressive denomination, and high-grade PMG certification makes it an exceptional centerpiece for any advanced collection or an eye-catching entry into the world of hyperinflation notes.