‘Who’ did we pay with? – the Forint throughout history

Although Hungary has been part of the European Union since 2004, we still have not entered the eurozone. So, our unique currency is still in use and we pay with coins and banknotes of the Hungarian Forint every day. How much do we know about the Forint, though?

The Forint was introduced on 1st August 1946, shortly after the end of the Second World War. This became necessary after the severe inflation that took place in the past years – there was a banknote for 100 million Pengő, the banknote with the highest denomination ever in the world, and it was worth practically nothing as soon as it came out, due to the hyperinflation.

The Forint had been in use for certain periods of time throughout the history of Hungary. Between 1325 and 1553, Hungarians used the Golden Forint. Forint became the official currency again between 1750 and 1892.

When it was introduced for the third time, in 1946, it was accompanied by the ‘Fillér’, 100 of which was worth 1 Forint and it had gold behind it as collateral.

By now, the Forint has joined the system of the floating exchange rates and the Fillér has been withdrawn from circulation by 1999.

In 1946, at the beginning of the current Forint’s history, there were coins of 1, 2 and 5 Forints and coins of 2, 10 and 20 Fillérs. When the regime change came in 1989, coins of up to 200 Forints were introduced, although the 1 and 2-Forint coins were withdrawn in 2008, so now the smallest denomination is the 5-Forint coin. The 200-Forint banknote was also withdrawn and got replaced by coins in 2009.

The design of the banknotes

Hungary’s banknotes were unique in the sense that, unlike in many other socialist countries, there were no portraits of the leaders of the labour movement or any depictions of a socialist state’s symbols. One side of the notes displayed a significant figure of Hungarian art and history – for educational purposes – while the other side was taken up by a piece of art.

The style of the notes was strictly in line with academism and thus was praised abroad as well.

1947-48 banknotes

10-Forint note

One side of the note featured Sándor Petőfi, one of the most famous Hungarian poets, who was a strong supporter – and, in fact, a participant – of the 1848-49 uprising. He lost his life on the battlefield, although his body was never found, creating an aura of mystery around the poet.

On the flip side of the note, an artwork entitled View from the shore was featured, by János Jankó. A lot of his artwork depicted idyllic scenes from the lives of peasants.

20-Forint note

On one side of the 20-Forint banknote, György Dózsa was featured. He was the leader of the peasant uprising of 1514 that led to a crusade. He was brutally executed but became an important symbol for Hungarians – evidenced by the fact that he was featured on the Hungarian currency for a number of years. Not to mention the many schools, streets, squares and even sports clubs that bear his name, even today.

The other side of this note could be a bit shocking – it is a nude portrait of István Hegedűs, a Hungarian pentathlete. There is also a funny riddle associated to this banknote, playing on Hegedűs’s nudity as well as the contrast between his young portrait and Dózsa’s old-age picture.

100-Forint banknote

This banknote displays Lajos Kossuth on one side, an important figure of the 19th century. He was the minister of finance in the Batthyány-cabinet in 1848 and was an intellectual leader of the 1848-49 uprising, after which he lived in exile and died outside the country, too.