By Andras Becker, historian (PhD, University of Southampton) and owner of Extreme Banknotes, Szeged. Prices checked October 2026.
Quick answer: most old Hungarian banknotes are common. The pengő, milpengő and b.-pengő notes of the 1945–46 hyperinflation usually sell for a few dollars each in used condition and roughly $10–45 in crisp uncirculated condition. The exceptions are worth knowing: the 100 million b.-pengő and 10 million b.-pengő of 1946 sell for about $80–100 used and $170–320 uncirculated, the never-issued 1 milliárd b.-pengő is about $1,500 in uncirculated condition, and the Red Army 1000 pengő of 1944, the first forint notes of 1946–47, some korona notes, specimens and top graded notes can be worth hundreds. Pengő and korona notes have no value as money any more, only as collectibles.
This guide helps you identify your note and see what it is roughly worth. The prices are our own shop prices for genuine notes, checked in October 2026: they show what collectors pay a dealer today, not what a dealer pays you.
Jump to: Identify your note · 1945–46 hyperinflation notes · Pengő 1927–1945 · Korona · Forint · What makes a note worth more · Selling your notes · FAQ
Step 1: identify your note
Three things on the note tell you almost everything:
- The currency word. KORONA (until 1926), PENGŐ (1927–1946), MILPENGŐ or B.-PENGŐ (1946), ADÓPENGŐ (1946), or FORINT (from August 1946).
- The number written in words. Hungarian notes spell out the value: ezer = thousand, millió = million, milliárd = billion (a thousand million). So százmillió is 100 million and egymilliárd is 1 billion.
- The date, printed after "Budapest". It separates different issues of the same value.
Watch out for the most common mistake: a 100 millió pengő note is worth a dollar or two, while a 100 millió b.-pengő note is the world record and worth about $80–100 even used. The only difference on the front is the letter "B." before PENGŐ. Our guide to pengő, milpengő and b.-pengő shows every 1946 note in one table.
The 1945–46 hyperinflation notes
These are the notes most families still have in a drawer. Hungary printed them in enormous numbers during the worst inflation in history, so most are common. Condition makes the biggest difference: a crisp note with no folds is worth several times a folded one.
| Note | Pick | Used (F–VF) | Crisp (AUNC–UNC) |
|---|---|---|---|
| 100 millió pengő 1946 | P-124 | $1.50–2.50 | $9–30 |
| 1 milliárd pengő 1946 | P-125 | $1.50–2.75 | $13.50–45 |
| Milpengő notes, 10,000 to 10 million (see all) | P-126–129 | a few dollars | $7.50–10 |
| 100 millió milpengő 1946 | P-130 | $1.50–2.75 | $7.50–20 |
| 1 milliárd milpengő 1946 | P-131 | $1.50–3 | $12–25 |
| 10,000 b.-pengő 1946 | P-132 | $3.75–7 | $13–20 |
| 100,000 b.-pengő 1946 | P-133 | $3.75–7 | $17–30 |
| 1 millió b.-pengő 1946 | P-134 | $4.50–10 | $19–26 |
| 10 millió b.-pengő 1946 | P-135 | $89–101 | $173–239 |
| 100 millió b.-pengő 1946 (world record) | P-136 | $78–102 | $300–324 |
| 1 milliárd b.-pengő 1946 (printed, never issued) | P-137 | rarely seen | about $1,500 |
| 1 million adópengő 1946 | P-140 | about $15 | more |
| 10 million adópengő 1946 | P-141 | about $20 | more |
Our prices in US dollars, October 2026. "Used" covers Fine to Very Fine; "crisp" covers About Uncirculated to Uncirculated. See banknote grading explained for what the grades mean.
Why are the two highest b.-pengő notes so much more valuable? They were issued in the last weeks before the forint, so far fewer survive, and as the biggest numbers ever printed on money they are the notes every collector wants. The 1 milliárd b.-pengő (1,000,000,000,000,000,000,000 pengő) went one step further: it was printed but never put into circulation, because the forint arrived first, which is why it is so scarce. The big pengő notes of 1945 (1,000 to 10 million pengő, P-118 to P-123) sit in between: usually $9–25 in uncirculated condition.
The easiest way to own the whole story is a set: our b.-pengő bundle, milpengő bundle and pengő bundle each cost around $20–24. For the background, read Hungary's 1945–46 hyperinflation and how it compares with other countries in the most extreme hyperinflation banknotes, ranked.
Pengő notes of 1927–1945
The pengő replaced the korona in 1927 and was a stable currency until the war. Its notes are beautifully printed, and most are still affordable:
- Common types: the 100 pengő of 1930 costs about $3 in VF and $7.50 in AUNC; the 50 pengő of 1945 about $2 in Fine. The 10 pengő of 1936 and the 20 pengő of 1941 are $12–15 in crisp condition.
- Scarcer notes: some issues are genuinely hard to find. Our 1 pengő 1938 (P-102) in AUNC is about $105, and a 20 pengő 1930 graded PMG 58 about $700.
- Red Army notes of 1944: the Soviet army printed its own pengő notes for occupied Hungary, from 1 to 1000 pengő. The low values cost a few dollars, for example the 100 pengő (P-M8) at about $4.50. The 1000 pengő (P-M9) is the rare one: our XF example is about $740.
Korona notes (until 1926)
Before the pengő, Hungary used the korona: first the notes of the Austro-Hungarian Bank, then Hungarian state notes after 1919. Many of them, like the 1 korona of 1920, cost only a few dollars. Some are scarce: our 10 korona 1919 (P-41) in VF+ is about $190. Local emergency notes from towns such as Esztergom, Miskolc and Budapest are also collected; our Hungary collection has sets from about $15 to $100.
Forint notes (from 1946)
- The first forint notes, 1946–47, are the valuable ones: our 10 forint 1946 in VF is about $645, and the 100 forint 1947 about $90.
- Socialist-era notes (1949–1989) such as the 10, 20, 50, 100, 500 and 1000 forint are common in used condition. Crisp examples and graded notes are worth more: a 500 forint 1975 in UNC is about $88.
- 1990s and later notes are mostly worth face value or a little more, unless they are in perfect condition, graded, or have a special serial number.
Can you still exchange old forints? The Hungarian National Bank (MNB) exchanges withdrawn forint notes for 20 years after they are withdrawn. Older forint notes, including all socialist-era ones, can no longer be exchanged, so their only value is to collectors. Pengő and korona notes have had no value as money since 1946.
What makes a Hungarian note worth more
- Condition. The single biggest factor. A note with no folds can be worth many times a folded one: the 100 millió pengő above goes from $1.50 to $30. Never wash, iron or tape a note: it lowers the value.
- The right type. The highest b.-pengő notes, the Red Army 1000 pengő, the first forints and scarce korona issues.
- Specimens. Notes overprinted MINTA (Hungarian for "specimen") or perforated were made for banks, not for circulation, and are worth more.
- Special serial numbers. Consecutive runs, palindromes (like 1234321) and very low numbers attract collectors. See our consecutive pengő pairs.
- Errors. Misprints and missing prints are rare and sought after.
- Grading. For valuable notes, a PMG or PCGS grade adds confidence and often value. See our PMG graded notes.
Selling your Hungarian notes
If you have inherited a pile of pengő notes, sort them first: pick out any b.-pengő notes (look for the "B."), any notes without folds, and anything marked MINTA. Most of the rest are common and are best sold as a group. A dealer buying from you needs to resell, so offers will be below the prices in this guide.
We buy Hungarian and world banknotes, including whole collections. Send us photos through our sell your banknotes page and we'll make you an offer.
Frequently asked questions
Is my 100 million pengő note valuable?
Check for the letter "B." before PENGŐ. A plain 100 millió pengő (1946, P-124) is common and worth $1.50–30 depending on condition. A 100 millió b.-pengő (P-136) is the world's highest circulating denomination and worth about $80–100 even in used condition.
Can I exchange pengő notes at a bank?
No. The pengő ended on 31 July 1946 and was replaced by the forint the next day. Pengő notes have no value as money, only as collectibles.
What is the most valuable common Hungarian banknote?
Among the notes people usually find at home, the 100 millió b.-pengő and 10 millió b.-pengő of 1946. Rarer notes such as the never-issued 1 milliárd b.-pengő, the Red Army 1000 pengő and the first forint notes are worth more but are seldom found in family collections.
Are Hungarian banknotes from 1946 rare?
Most are not: millions were printed. Rarity comes from a few top values, crisp condition, specimens and errors.
What is an adópengő?
A "tax pengő", a unit introduced in January 1946 whose value was adjusted every day to keep up with prices. Adópengő notes are more sought after than ordinary pengő notes of the same period.
Where can I check the value of a note quickly?
Find the note in this guide or in the Numista catalogue by its date and value, then compare with recently sold examples in the same condition. Asking prices online are often much higher than what notes actually sell for.
Ready to complete your set? Browse our Hungarian banknotes, the Hungary pengő starter pack or the hyperinflation collection.