Paper money of the Hungarian adópengő

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The adópengő bonds and certificates served as money in the last days before the introduction of the Hungarian forint.

Tax bills[edit]

Adópengő (tax-pengő) was introduced on 1 January 1946. The aim was to create a numerical basis for budget calculations, which was independent from the daily changes. The index was created daily by the Institute for Economic Research (then: Magyar Gazdaságkutató Intézet, now: GKI Gazdaságkutató Zrt.) based on retail prices (weights: food and other agricultural products: 50%, industrial products (market price): 30%, and industrial products (fixed price): 20%).[1] The so-called adójegy (tax bill - a bond for adópengő with two months maturity) was introduced in May 1946. First, tax bills were used to pay taxes and to register bank deposits and bank credits. From 23 June it was also used to pay public utility charges and from 8 July it became a legal tender, replacing the pengő, which almost totally lost its value by this time. When the tax-bills became legal tender, the even more serious adópengő inflation replaced the pengő inflation.[2]

The "Ludas Matyi" humor magazine explains aptly the relationship between the pengő and the adópengő: "The pengő was the piece of paper that had no value, and the adópengő that was used to measure the value of the pengő."

Tax bills were designed by Endre Horváth.

Tax bills
Image Value Dimensions Description Date of
Obverse Reverse Obverse Reverse printing issue withdrawal lapse
HAP 10000 obverse.jpg HAP 10000 reverse.jpg 10 000 adópengő 136 × 83 mm Value Application clause 28 May 1946 13 June 1946 31 July 1946 30 September 1946
HAP 50000 obverse.jpg HAP 50000 reverse.jpg 50 000 adópengő 25 May 1946 30 May 1946
HAP 100000 obverse.jpg HAP 100000 reverse.jpg 100 000 adópengő 28 May 1946 13 June 1946
HAP 500000 obverse.jpg HAP 500000 reverse.jpg 500 000 adópengő 25 May 1946 30 May 1946
HAP 1M obverse.jpg HAP 1M reverse.jpg 1 000 000 adópengő
HAP 10M obverse.jpg HAP 10M reverse.jpg 10 000 000 adópengő 18 July 1946 30 September 1946
HAP 100M obverse.jpg HAP 100M reverse.jpg 100 000 000 adópengő 25 July 1946
1 000 000 000 adópengő never - -
These images are to scale at 0.7 pixels per millimetre.

Savings certificates[edit]

The Hungarian Postal Savings Bank issued adópengő non-interest-bearing savings certificates (nem kamatozó pénztárjegy) in June 1946, which also served as legal tender.

Non-interest-bearing savings certificate
Image Value Dimensions Description Date of
Obverse Reverse Obverse Reverse printing issue withdrawal lapse
HAP NKPJ 10000 obverse.jpg HAP NKPJ 10000 reverse.jpg 10 000 adópengő

References[edit]

  1. ^ (Hungarian) mtdp0309.pdf (career of István Varga, an excellent economist of the era)
  2. ^ (Hungarian) rs1.szif.hu (Economy of Hungary after the Second World War)