Colonial Acres Coins
SKU: SKU:Sept.Week1.P2-KB2590
Group Lot of 60x Hungary 1946 10,000,000 Milpengo Banknotes, 60pcs
Group Lot of 60x Hungary 1946 10,000,000 Milpengo Banknotes, 60pcs
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Group Lot of 60x Hungary 1946 10,000,000 Milpengo Banknotes, 60pcs
These notes represent a fascinating and critical piece of numismatic history. In 1946, Hungary was suffering. 80% of Budapest lay in ruins; 40% of the nation's wealth had been obliterated in the war. The government was shattered, unable to collect taxes and saddled with heavy war reparations. To make matters worse, the occupying Soviets were circulating unbacked currency, flooding the market with worthless paper money. It was the perfect economic storm for runaway inflation, and the result was the worst period of hyperinflation in recorded history.
These notes were worth ten million milpengő in 1946. One milpengő, however, was worth one million pengő -- meaning these notes are actually worth ten million million or ten trillion pengő. The pengő had been so critically devalued that it led to complete currency reform, leading to the introduction of the modern Hungarian forint.
These notes represent a fascinating and critical piece of numismatic history. In 1946, Hungary was suffering. 80% of Budapest lay in ruins; 40% of the nation's wealth had been obliterated in the war. The government was shattered, unable to collect taxes and saddled with heavy war reparations. To make matters worse, the occupying Soviets were circulating unbacked currency, flooding the market with worthless paper money. It was the perfect economic storm for runaway inflation, and the result was the worst period of hyperinflation in recorded history.
These notes were worth ten million milpengő in 1946. One milpengő, however, was worth one million pengő -- meaning these notes are actually worth ten million million or ten trillion pengő. The pengő had been so critically devalued that it led to complete currency reform, leading to the introduction of the modern Hungarian forint.
