{
 "id": "hungary-1945-1946",
 "country": "Hungary",
 "currency": "Pengő",
 "periodStart": "1945",
 "periodEnd": "1946",
 "peakInflation": "41.9 quadrillion %",
 "peakMonthlyPct": 4.19e+16,
 "peakMonth": "July 1946",
 "doubling": "15 hours",
 "hkEpisode": "Aug 1945 – Jul 1946",
 "currencyReform": "1 forint = 4×10²⁹ pengő",
 "cause": "War destruction, reparations, deficit paid by the central bank",
 "resolution": "Forint (1 Aug 1946) with a balanced budget",
 "url": "https://hyperinflation.rogzy.org/hungary-1945-1946/",
 "summary": "The worst hyperinflation on record. After a war that destroyed most of its industry and transport, and under Soviet occupation and reparations, Hungary financed the state with the printing press. In July 1946 prices rose 4.19 × 10¹⁶ % in one month — they doubled every 15 hours (H&K). The pengő was replaced on 1 August 1946 by the forint, at 400 octillion (4 × 10²⁹) pengő to 1.",
 "timeline": [
  {
   "date": "Aug 1945",
   "event": "Monthly inflation crosses 50% (H&K start); 1,320 pengő per dollar."
  },
  {
   "date": "Dec 1945",
   "event": "128,000 pengő per dollar."
  },
  {
   "date": "1 Jan 1946",
   "event": "The adópengő (\"tax pengő\") is introduced as an indexed unit of account for taxes and bank deposits, re-pegged to the pengő daily."
  },
  {
   "date": "31 May 1946",
   "event": "4.2 × 10¹⁶ pengő per dollar."
  },
  {
   "date": "9 Jul 1946",
   "event": "Adópengő tax bills become legal tender."
  },
  {
   "date": "Jul 1946",
   "event": "Peak: 4.19 × 10¹⁶ % in the month, prices doubling every 15 hours (H&K); 4.6 × 10³⁰ pengő per dollar on 10 July."
  },
  {
   "date": "1 Aug 1946",
   "event": "The forint replaces the pengő at 4 × 10²⁹ to 1."
  }
 ],
 "banknotes": [
  {
   "label": "10 million b.-pengő = 10¹⁹ pengő (3 Jun 1946)",
   "image": "https://hyperinflation.rogzy.org/assets/bills/web/TizMillio_B_Pengo.jpg"
  },
  {
   "label": "1 million b.-pengő = 10¹⁸ pengő (3 Jun 1946)",
   "image": "https://hyperinflation.rogzy.org/assets/bills/web/F2-5%201_million_B-Pengo.jpg"
  },
  {
   "label": "1 billion milpengő = 10¹⁵ pengő (3 Jun 1946)",
   "image": "https://hyperinflation.rogzy.org/assets/bills/web/1_millard_MilPengo.jpg"
  },
  {
   "label": "100 million milpengő = 10¹⁴ pengő (3 Jun 1946)",
   "image": "https://hyperinflation.rogzy.org/assets/bills/web/100_millions_MilPengo.jpg"
  }
 ],
 "exchangeRates": {
  "unit": "Pengő per 1 USD",
  "approximate": false,
  "notes": "Worst hyperinflation on record: prices rose 4.19×10¹⁶ % in July 1946 and doubled every 15 hours (Hanke & Krus). The forint replaced the pengő on 1 August 1946 at 4×10²⁹ pengő to 1.",
  "sources": [
   "Wikipedia, \"Hungarian pengő\" (rates of 31 Aug, 31 Oct, 31 Dec 1945, 31 May and 10 Jul 1946)"
  ],
  "points": [
   {
    "date": "1945-08",
    "rate": 1320
   },
   {
    "date": "1945-10",
    "rate": 8200
   },
   {
    "date": "1945-12",
    "rate": 128000
   },
   {
    "date": "1946-05",
    "rate": 4.2e+16
   },
   {
    "date": "1946-07",
    "rate": 4.6e+30
   }
  ]
 },
 "sources": [
  "Hanke & Krus (2012), World Hyperinflations, Cato WP no. 8 — dates, peak, doubling time.",
  "Wikipedia, \"Hungarian pengő\" — exchange rates, notes, adópengő, forint (read 2026-10-05):",
  "Bomberger, W. A. & Makinen, G. E."
 ],
 "licence": "Text and data: MIT (c) 2026 Rogzy. Banknote images (c) David St-Onge, not covered by the MIT licence."
}