Paper money of the Hungarian korona

The paper money of the Hungarian korona was part of the circulating currency in the post-World War I Kingdom of Hungary until the introduction of the pengő in 1927. The variety of the banknotes and treasury notes and the variety of issuing authorities reflect the chaotic postwar situation in the country.

Austro-Hungarian Bank notes (1919)

The Oesterreichisch-ungarische Bank / Osztrák-magyar Bank (Austro-Hungarian Bank), the joint bank of the Monarchy had the exclusive patent to print banknotes throughout the Austro-Hungarian Empire. Banknotes were printed in Vienna, Hungary was supplied from there. During the First World War, the chief secretary of the Vienna headquarters intentionally suspended the delivery of banknotes to Hungary.

After the World War, the Hungarian Károlyi government requested the joint bank to deliver printing plates and banknote paper to Hungary, since it would have been too dangerous to deliver printed banknotes due to the political uncertainty. The banknotes (1, 2, 25 and 200 Krone / korona) printed in Budapest under the Károlyi government and then under the Soviet Republic were distinguished with a different serial number (1 K: higher than 7000; 2 K: higher than 7000; 25 K: higher than 3000; 200 K: higher than 2000). After the fall of the Soviet Republic, Vienna declared these banknotes to be counterfeits.

Austro-Hungarian Bank notes
Image Value Dimensions Description Date of
Obverse Reverse Obverse Reverse issue withdrawal
1 Krone / korona 112 × 67 mm Classic architecture pattern Phrygian head 30 April 1919 14 March 1922
2 Kronen / korona 123 × 83 mm Female models Female models 25 May 1919 31 December 1922
25 Kronen / korona 135 × 80 mm Female model Plain or wavy pattern 25 April 1919 11 November 1920
200 Kronen / korona 167 × 99 mm Female model Plain or wavy pattern 20 May 1919 11 November 1920
These images are to scale at 0.7 pixels per millimetre.

Postal Savings Bank notes (1919)

The Postal Savings Bank notes (Postatakarékpénztári jegy) were issued under the decree of the Revolutionary Governing Council of the Hungarian Soviet Republic by the Magyar Postatakarékpénztár (Hungarian Postal Savings Bank), which was acting as the emission bank of Hungary then. The prewar high denomination banknotes of the Austro-Hungarian Bank were deposited at par to prevent inflation.

Postal Savings Bank notes
Image Value Dimensions Description Date of
Obverse Reverse Obverse Reverse issue withdrawal
5 korona 132 × 80 mm Male model "Bill of the Hungarian Postal Savings Bank" 6 June 1919 28 January 1923
10 korona 140 × 88 mm Phrygian head Value 23 July 1919 28 January 1923
20 korona 145 × 90 mm Phrygian head Value in different languages 23 July 1919 28 January 1923
100 korona 168 × 120 mm Male model Value in different languages never -
1000 korona 200 × 134 mm Allegoric composition Value in different languages never -
These images are to scale at 0.7 pixels per millimetre.

Overstamped Austro-Hungarian Bank notes (1920)

Hungary was the last country among the successor states of the Monarchy to execute overstamping of the common money. The Károlyi government planned to start it on 21 March 1919, but the establishment of the Soviet Republic postponed these plans. Finally, the banknotes (the denominations from 10 to 10 000 Krone / korona) were overstamped from 18 March 1920. Hungary used a red, round stamp to mark the banknotes.

Overstamped Austro-Hungarian Bank notes
Image Value Dimensions Description Date of
Obverse Reverse Obverse Reverse issue withdrawal
10 Krone / korona 150 × 79 mm boy model boy model 24 July 1916 31 January 1924
20 Kronen / korona
2nd issue		 150 × 89 mm female model female model 28 October 1918 31 January 1924
25 Kronen / korona 135 × 80 mm female model plain or wavy pattern 25 April 1919 11 November 1920
50 Kronen / korona 162 × 100 mm female model female model 18 December 1916 31 January 1924
100 Kronen / korona 163 × 107 mm female model female model 13 December 1912 30 September 1922
1000 Kronen / korona 191 × 127 mm female model female model 2 January 1903 31 August 1921
10 000 Kronen / korona 191 × 127 mm female model female model 19 December 1918 5 June 1921
These images are to scale at 0.7 pixels per millimetre.

State notes (1920-1926)

State notes were first issued in 1921. The designer was Ferenc Helbing. The banknotes were first printed in Switzerland by Orell Füssli, Zürich (except for the lower denominations, which did not worth counterfeiting) then in Hungary by the newly founded Banknote Printing Co. (Magyar Pénzjegynyomda Rt.) in Budapest. The banknote size was increasing with the higher denominations, which prompted the press to resize the banknotes: from 1923, smaller versions were printed with the same (or slightly different) design.

Main state note printing mark variations:

Printer marks on korona state notes
ORELL FÜSSLI ZÜRICH
printer mark on a
50 korona (1920) state note
Magyar Pénzjegynyomda Rt. Budapest.
printer mark on a
100 korona (1923) state note
T. W.
printer mark on a
100 korona (1923) state note
Low denomination series
Image Value Dimensions Description Date of
Obverse Reverse Obverse Reverse issue withdrawal
1 korona 129 × 65 mm Female model Value in Hungarian and 5 foreign languages 11 July 1921 30 June 1927
2 korona 131 × 76 mm Peasant reaping wheat
10 korona 135 × 79 mm The Széchenyi Chain Bridge
20 korona 143 × 84 mm The Matthias Church, the Fisherman's Bastion, and the statue of János Hunyadi in the Buda Castle
Large size series
Image Value Dimensions Description Date of
Obverse Reverse Obverse Reverse issue withdrawal
50 korona 150 × 95 mm Portrait of Ferenc II Rákóczi by Ádám Mányoki Value in Hungarian and 5 foreign languages 11 July 1921 30 June 1927
100 korona 155 × 100 mm King Matthias 9 May 1921 31 July 1926
500 korona 170 × 110 mm Prince Árpád
1000 korona 193 × 125 mm King St. Stephen
5000 korona 205 × 135 mm Hunnia
10 000 korona 211 × 144 mm "PATRONA HUNGARIAE"
25 000 korona 213 × 147 mm "PATRONA HUNGARIAE" 6 September 1922
Small size series
Image Value Dimensions Description Date of
Obverse Reverse Obverse Reverse issue withdrawal
100 korona 119 × 72 mm King Matthias Value in Hungarian and 5 foreign languages 18 March 1924 30 June 1927
500 korona 128 × 74 mm Prince Árpád 20 June 1924
1000 korona 136 × 78 mm King St. Stephen 15 September 1923
5000 korona 139 × 83 mm Hunnia 18 March 1924
10 000 korona 145 × 88 mm "PATRONA HUNGARIAE" 18 March 1924
25 000 korona 145 × 98 mm King St. Ladislaus 19 May 1924
50 000 korona 165 × 105 mm Female model 16 July 1923
100 000 korona 165 × 105 mm Female model 30 July 1923
500 000 korona 185 × 85 mm Female model 23 February 1924 30 June 1928
1 000 000 korona 185 × 85 mm Female model 31 March 1924
These images are to scale at 0.7 pixels per millimetre.

After 25 August 1926 the 1000 to 1 000 000 korona banknotes were overstamped to show the value in pengő.

State notes overstamped to pengő value
1000 korona
8 fillér		 5000 korona
40 fillér		 10 000 korona
80 fillér		 25 000 korona
2 pengő
50 000 korona
4 pengő		 100 000 korona
8 pengő		 500 000 korona
40 pengő		 1 000 000 korona
80 pengő

External links

Wikimedia Commons has media related to Bills of Hungary.

Further reading