Hungarian B.-Pengo Notes, 1946

Hungarian b.-pengő notes were paper currency issues circulated in Hungary in 1946 during the country's extreme post-Second World War hyperinflation. The bilpengő, abbreviated as b.-pengő, represented one trillion pengő, or one million million pengő (1,000,000,000,000 P). These notes followed the milpengő (one million pengő) denominations and were created to simplify everyday calculations, cut down the vast number of printed zeros, and manage transactions as the currency depreciated with historic rapidity.

The pengő had originally entered circulation on 1 January 1927, functioning as a stable currency until the Second World War caused devastating economic losses, steep reparation requirements, and diminished state revenues. Under these strains, unbacked banknote issuance expanded to satisfy budgetary demands, precipitating the highest rate of hyperinflation recorded in history. The pengő was ultimately withdrawn on 31 July 1946, when it was replaced by the forint.

To produce currency rapidly under hyperinflationary pressure, the authorities reused existing banknote designs, altering only the print colours and denomination titles. Face values were stated using written multiplier words rather than long numerical strings. Issues in the series extended up to the circulating one hundred million b.-pengő note (százmillió b.-pengő, or one hundred quintillion pengő), which ranks among the highest-denomination banknotes ever circulated, as well as an even higher unissued sextillion pengő note.