1 000 000 milpengö 1946
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57 salesAbout This Note
This 1,000,000 milpengö note from May 1946 represents Hungarian hyperinflation currency at its peak, issued by the Magyar Nemzeti Bank during the post-WWII economic crisis. The note exhibits excellent condition (AU grade) with crisp, well-preserved printing showing no wear, creases, or damage. The fine engraving quality and intricate baroque-style borders demonstrate the high standard of security printing employed even during this turbulent economic period.
Common. eBay transaction data shows this note consistently selling in the $1-6 range for VF-UNC examples over more than a decade, with PMG-graded specimens (64-66) reaching $18-102 but these are still regular catalog offerings. The 2016 catalog value of $6 for UNC confirms affordability. These hyperinflation notes were printed in large quantities and remain abundant in the collector market, though AU condition specimens represent the better end of typical availability.
Issued on May 24, 1946, this note was produced during Hungary's catastrophic hyperinflation following World War II, when currency values became astronomical. The portrait of Kossuth Lajos on the obverse references Hungary's 19th-century reform leader and national hero, while the Lake Balaton landscape on the reverse depicts one of Hungary's most iconic natural landmarks—both imagery intended to affirm national identity and stability during economic chaos. This denomination would be replaced by the pengő and eventually the forint as monetary reform took hold.
The obverse features a portrait of Lajos Kossuth (1802-1894), Hungary's most revered 19th-century statesman and leader of the 1848 Hungarian Revolution, positioned on the right side within an ornate decorative frame. The reverse depicts 'At the Shore of Lake Balaton' (Balaton partján), a landscape engraving by artist Mészóly, showing the famous Hungarian lake with large trees, water, buildings, and human figures. The Hungarian coat of arms appears on the reverse left side. Both sides are framed by baroque-style flourishes with ornamental corner designs. The color scheme throughout is brown and sepia tones on a cream/beige background, a standard choice for the hyperinflation-era currency.
Front: 'EGYMILLIO MILPENGO' (One Million Milpengö), 'BUDAPEST, 1946. ÉVI MÁJUS HÓ 24-ÉN' (Budapest, 24th day of May 1946), 'MAGYAR NEMZETETI BANK' (Hungarian National Bank), with signature titles 'FOТANÁCSOS' (Privy Councillor), 'ELNÖK' (President), and 'VEZÉRIGAZGATÓ' (General Director). Back: 'EGYMILLIO MILPENGO' (One Million Milpengö) repeated in multiple locations, 'EGY MILLIO' (One Million), and 'MILLIO' (Million). All inscriptions are in Hungarian.
Intaglio engraving (line engraving and recess printing), evidenced by the fine line work, intricate crosshatching, detailed stippling, and micro-line border patterns visible throughout both sides. The security printer for Magyar Nemzeti Bank notes of this period was typically the Hungarian State Printing House, though specific printer attribution for Pick-128 would require additional documentation.
This is the standard Pick-128 issue without serial numbers. The note is dated 24 May 1946 as confirmed by the visual inscription 'BUDAPEST, 1946. ÉVI MÁJUS HÓ 24-ÉN.' No variants relating to different signatures, overprints, or security features are apparent from the visual analysis. The absence of serial numbering is characteristic of Hungarian hyperinflation-era notes.
