Forint Hungary Currency: History, Forms, and Exchange

The forint is Hungary's official currency, and it's been around since 1946. It was introduced to replace the pengo, which had become worthless due to inflation.

The forint comes in various forms, including banknotes and coins. You can find denominations ranging from 500 to 20,000 forints in banknotes, and coins come in 1, 2, 5, 10, 20, 50, 100, 200, and 500 forint values.

Hungary has a unique approach to exchanging currency, with a floating exchange rate system. This means the forint's value can fluctuate based on supply and demand in the foreign exchange market.

The Hungarian forint has a rich history that spans centuries. The forint's name comes from the city of Florence, where gold coins called fiorino d'oro were minted from 1252.

In Hungary, the florentinus (later forint), also a gold-based currency, was used from 1325 under Charles Robert. This was the first time the forint was used as a currency in Hungary.

Between 1868 and 1892, the forint was the name used in Hungarian for the currency of the Austro-Hungarian Empire, known in German as the Gulden. It was subdivided into 100 krajczár (krajcár in modern Hungarian orthography; cf German Kreuzer).

The forint was reintroduced on 1 August 1946, after the pengő was rendered worthless by massive hyperinflation in 1945–46. This was the highest ever recorded hyperinflation in history.

The value of the forint was defined on the basis of 1 kilogram of fine gold being 13,210 Ft (or 1 Ft = 75.7 mg fine gold). This means that the forint was initially pegged to the value of gold.

In 1946, the forint was launched to stabilise the national economy after the country went through several oscillations due to World War II. This marked a new beginning for the Hungarian currency.

The country's bank, Magyar Nemzeti Bank, is solely accountable for issuing and managing the value of the Hungarian forint. This includes minting coins and printing banknotes.

Here is a list of the six Hungarian banknotes in circulation:

The forint is not pegged to any currency and vice-versa. This means that its value is determined by market forces.

Coins are a significant part of the Hungarian currency, with various denominations introduced over the years. The silver 5 forint coin was reissued only in the next year after its initial introduction in 1946, and later it was withdrawn from circulation.

In 1992, a new series of coins was introduced in denominations of 1, 2, 5, 10, 20, 50, 100, and 200 forint. The 2 and 5 fillér coins ceased production in 1992, and all fillér coins were withdrawn from circulation by 1999.

Coins are minted of brass and the alloy of copper and nickel, with the bimetallic 100-forint and 200-forint coins made of ply steel. The ring of 100 HUF is covered with nickel and its middle with brass, while the ring of 200 HUF is made of brass and its middle of copper and nickel alloy.

Here is a list of Hungarian coins:

Banknotes, on the other hand, have undergone significant changes in design and security features over the years. The 200-forint banknote was withdrawn from circulation in 2009 due to its inflated value and the fact that the portrait on the banknote was not of King Charles Robert, but of an acquaintance of the designer.

Hungarian bank notes have a wide range of values, from 500 Ft to 20,000 Ft.

Some smaller shops might not have change for the bigger bills, but they often find a way around this by getting change from a nearby store.

The notes have loads of zeroes, so make sure you're not getting a 1,000 Ft note back when you should be getting a 10,000 Ft note.

Each note features an outstanding Hungarian person on one side and a place related to that person on the reverse.

The Central Bank of Hungary website is a great resource for learning more about the security features of the notes, including hidden pictures and holographic strips.

Damaged notes can be exchanged at the Central Bank of Hungary, other credit institutions, and post offices as long as more than 50% of the damaged note is supplied.

Coins have played a significant role in the Hungarian currency system since 1946, when coins were first introduced in denominations of 2, 10, 20 fillérs and 1, 2, 5 forints.

The 5 forint coin was reintroduced in 1967 and has remained a staple in the currency system ever since. In 1992, a new series of coins was introduced in denominations of 1, 2, 5, 10, 20, 50, 100, and 200 forint.

The 2 and 5 fillér coins were phased out in 1992, and all fillér coins were withdrawn from circulation by 1999. The 1 and 2 forint coins remained legal tender until 29 February 2008.

Today, you can find coins in the denominations of 5 Ft, 10 Ft, 20 Ft, 50 Ft, 100 Ft, and 200 Ft. These coins are made of various materials, including brass and a copper-nickel alloy.

Here's a breakdown of the Hungarian coins:

The Hungarian government decided to change its official name to 'Hungary' in 2012, which led to the release of a new series of coins.

Hungarian banknotes are available in denominations ranging from 500 Ft to 20,000 Ft. The notes have a lot of zeroes, so be careful not to get a 1,000 Ft note back when you should be getting a 10,000 Ft note!

Each note features an outstanding Hungarian person on one side and a place related to that person on the reverse. You can check out a gallery to learn more about who's on each note.

Commemorative notes and collector's edition coins have also been made to celebrate special occasions. For example, special edition 2000 Ft banknotes were printed to celebrate the millennium in the year 2000.

Hungarian Forint notes have various design features to protect against fraud, such as hidden pictures, holographic strips, and images that only appear under various UV lights or with magnification. You can check out the Central Bank of Hungary website to see some of these anti-fraud measures.

The notes are made of cotton and are the standard size of 154mm x 70mm. Damaged notes can be exchanged at the Central Bank of Hungary, other credit institutions, and post offices as long as more than 50% of the damaged note is supplied.

Here's a list of the original denominations of Hungarian forints: