Timeline

• Habsburg and Austrian / Austro-Hungarian coinage and currency regulation applied to Hungary:
  - 07.11.1750: Austrian coinage order introduced the Guilder (later "Convention") as new silver coin for Austra and the Crown lands; effective immediately
  - 19.09.1857: Austrian coinage act, aligned the Guilder to the metric weights of the Vienna Coinage Union (Münzverein) with Germany; effective 01.05.1858
  - 02.08.1892: Austro-Hungarian currency act, introduced the Austro-Hungarian Crown as new currency in the gold standard; effective 11.08.1892.

Timeline

• 21.03.1919
• Ordinance (of the Hungarian Republic) on the nationalization of the pre-1919 paper money issued by the Austro-Hungarian Bank; not implemented (due to the ongoing civil war)
  - In April-May 1919 the Republican government instead reprinted banknotes (distinguishable by their serial numbers); they were later invalidated as counterfeits.
• 16.05.1919
• Ordinance (of the Hungarian Soviet Republic) on the issuance of paper money by the Postal Savings Bank; they were demonetized on 28.01.1923
• 17.03.1920
• Law [No. 3] (of the Hungarian Kingdom) on the nationalization (overprinting) of the pre-1919 paper money issued by the Austro-Hungarian Bank; implemented 18.03.-27.03.1920.
  - Partial confiscation: 50% of the presented cash were withheld and converted into a state loan.
• 11.07.1921
• Law [No. 14] on the establishment of the State Currency Institute as successor to the Austro-Hungarian Bank; 01.08.1921
  - Paper money issuance had already started on 09.05.1920
  - The withdrawal of the overprinted Austro-Hungarian notes could not be implemented (as it had been planned).

Valuation Regimes

• 1919-1924
• Variable rate, after 1920 increasingly inflationary.
• 1924-1925
• Fixed rate against British Pound

Timeline

• 18.11.1925
• Currency law [No. 35] on the introduction of a cold currency (at 3.80 Pengö to the gram fine gold); effective immediately
• 25.08.1925
• Start of currency exchange:
  - 25.08.1925: Start of issuance of banknotes of 1'000 - 1000'000 Crowns overstamped with new denominations
  - 27.12.1926: Start of issuance of regular banknotes
  - 31.12.1926: Demonetization of the former currency (the banknotes were tolerated afterwards and gradually withdrawn in the period of 31.07.1926 - 30.06.1928).
• 01.01.1946
• Introduction of the "Tax Pengö (Adópengő)" as accounting unit backed by the state tax revenue; the currency "Paper Pengö" depreciated against the accounting unit:
  - 01.01.1946: 1 Tax Pengö = 1 Pengö (fixed until 06.01.1946)
  - 13.07.1946: 1 Tax Pengö = 2'000'000'000'000'000'000'000 (2·10²¹) Pengö (fixed afterwards).
• 05.-07.1946
• Inflationary money issuance:
  - 25.05.1946: Start of issuance of paper money denominated "Milpengö" (= 1'000'000 Pengö)
  - 03.06.1946: Start of issuance of paper money denominated "B.Pengö" (= 1'000'000'000'000 Pengö)
  - 08.07.1946: Tax bills (adójegyeket) denominated in "Tax Pengö" are declared legal tender; they had been issued since 30.05.1946 as bond with two months maturity and were admitted for payments of public utility charges on 30.06.1946.

Valuation Regimes

• 1925-1944
• Fixed rate against gold, exchange controls and ban of private gold trade after 17.07.1931
• 1944-1946
• Variable rate, hyper-inflationary, the official rate became gradually inoperative during 1944

Timeline

• 30.07.1946
• Parliamentary resolution on the currency reform; effective immediately
• 01.08.1946
• Start of currency exchange:
  - 01.08.1946: Start of issuance of the new banknotes and coins
  - 31.01.1947: Demonetization of the former currency.

Valuation Regimes

• 1946-1950
• Fixed rate against gold
• 1950-1960
• Fixed rate against the Soviet Ruble (1947), additional non-commercial and commercial rates
• 1961-1975
• Fixed rate against the Soviet Ruble (1961), additional non-commercial and commercial rates
• 1976-
• Variable rate, ommercial capitalistic de facto replaced the official rate; fully floating on 01.12.1991.