Hungarian korona
The Hungarian korona (Hungarian: magyar korona; korona in English is crown) was the replacement currency of the Austro-Hungarian Krone/korona amongst the boundries of the newly created post-WWI Hungary. It suffered a serious inflation and was replaced by the pengő in 1927.
Introduction
According to the Treaty of Trianon and other treaties regulating the situation of countries emerged on the ruins of the dissoluted Austro-Hungarian Empire, the former banknotes had to be overstamped by the new states and - after a given transition-period - replaced by a new currency. In the case of Hungary, this currency was the korona, which replaced its Austro-Hungarian counterpart at par. Hungary was the last country to fulfil the replacement obligation of the treaties, and the stamps used for overstamping were very easy to copy, so a big portion of the common currency curculated in Hungary. This was a factor contributing in the process which finally led to a serius inflation. Finally, in 1927, the corona was replaced with the pengő at 12,500 Korona = 1 pengő rate.
Banknotes
State note series (1920-1926)
State notes were first issued in 1920. The banknotes were first printed in Switzerland by Orell Füssli (Zürich), then in Hungary by the newly fundated Banknote Printing Co. (Magyar Pénzjegynyomda Rt.) in Budapest. The banknote size was increasing with the higher denominations, which promted the press to resize the banknotes: from 1923, smaller versions were printed with the same (or slightly different) design. After the introducing of the pengő, the Korona banknotes were overprinted to show the value in pengő.
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Printing date: 1 January 1920 Printed by: Orell Füssli, Zürich Obverse: portrait of a prince Árpád Reverse: denomination in foreign languages |
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Printing date: 1 July 1923 Printed by: (no mark) Obverse: portrait of a prince Árpád Reverse: denomination in foreign languages |
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