The Hungarian adópengő is a fascinating piece of history, and understanding its value is crucial for anyone interested in Hungarian currency.
The adópengő was introduced in 1946 as a replacement for the pengő, which had become severely devalued due to hyperinflation.
In 1946, 1 adópengő was equal to 2,000,000 pengő, giving you an idea of the massive devaluation that had occurred.
The adópengő was pegged to the US dollar at a rate of 1 adópengő to 2.48 US dollars, which was a significant improvement over the pengő's value.
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What is Adópengő?
The adópengő was a unit of currency introduced by the Hungarian government on 1 January 1946. It was originally an indexed unit of account for budget planning, intended to protect the government budget from the effects of hyperinflation.
The value of the adópengő started at par with the regular pengő, but quickly declined to 630pengős by 1 May 1946, and then to two sextillion pengős by 31 July 1946. This drastic devaluation led to the adópengő becoming a separate currency.
The adópengő was not initially used as a physical currency, but rather as an accounting unit used by the government and commercial banks. It wasn't until later that bonds and saving certificates denominated in adópengő were issued for the public, replacing pengő notes in circulation.
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Types of Adópengő
The adópengő was a unit of currency in Hungary that existed for a short period in 1946. Introduced on January 1, 1946, it was initially only used by the government and commercial banks as an accounting unit.
The adópengő was later used to denominate bonds and saving certificates issued to the public, which replaced pengő notes in circulation.
It's worth noting that the adópengő was a temporary solution to stabilize the pengő currency, but it ultimately failed to prevent the replacement of both currencies with the forint on July 31, 1946.
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Tax Bills
Tax bills were introduced on 1 January 1946, with the aim of creating a numerical basis for budget calculations independent from daily changes.
The index was created daily by the Institute for Economic Research, based on retail prices with specific weights given to different products: food and other agricultural products made up 50%, industrial products at market price made up 30%, and industrial products at fixed price made up 20%.
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The adójegy, or tax bill, was a bond for adópengő with two months maturity that was introduced in May 1946. Tax bills were initially used to pay taxes and to register bank deposits and bank credits.
From 23 June, tax bills were also used to pay public utility charges, and by 8 July, they became a legal tender, replacing the pengő, which had almost totally lost its value by then.
The introduction of tax bills as a legal tender led to a more serious adópengő inflation, replacing the pengő inflation.
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Savings Certificates
Savings certificates were also a type of adópengő. The Hungarian Postal Savings Bank issued non-interest-bearing savings certificates in June 1946, which were legal tender.
These certificates had a value of 10,000 adópengő on the obverse and 100,000 adópengő on the reverse. The dimensions of the certificates are not specified in the article section.
The certificates were used from the date of issue, but no specific date is mentioned in the article section.
Features
The Hungarian adópengő, a fascinating piece of currency history. The adópengő was issued by the Pénzügyminisztérium (Ministry of Finance) in Hungary.
It was used during the Republic period from 1946 to 1949. The adópengő was a standard circulation banknote.
The adópengő had a value of 50,000 Adópengő. It was made of paper and had a rectangular shape. The size of the note was 136 × 82 mm.
Here are some key features of the adópengő:
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