The adópengő bonds and certificates served as money in the last days before the introduction of the

Hungarian forint The forint (sign Ft; code HUF) is the currency of Hungary. It was formerly divided into 100 fillér, but fillér coins are no longer in circulation. The introduction of the forint on 1 August 1946 was a crucial step in the post-World War II stab ...

Tax bills

'' Adópengő'' (tax-pengő) was introduced on 1 January 1946. The aim was to create a numerical basis for budget calculations, which was independent from the daily changes. The index was created daily by the Institute for Economic Research (then: ''Magyar Gazdaságkutató Intézet'', now
''GKI Gazdaságkutató Zrt.''
based on retail prices (weights: food and other agricultural products: 50%, industrial products (market price): 30%, and industrial products (fixed price): 20%). The so-called ''adójegy'' (tax bill - a

bond Bond or bonds may refer to: Common meanings * Bond (finance), a type of debt security * Bail bond, a commercial third-party guarantor of surety bonds in the United States * Chemical bond, the attraction of atoms, ions or molecules to form chemica ...

for ''adópengő'' with two months maturity) was introduced in May 1946. First, tax bills were used to pay taxes and to register bank deposits and bank credits. From 23 June it was also used to pay

public utility A public utility company (usually just utility) is an organization that maintains the infrastructure for a public service (often also providing a service using that infrastructure). Public utilities are subject to forms of public control and r ...

charges and from 8 July it became a

legal tender Legal tender is a form of money that courts of law are required to recognize as satisfactory payment for any monetary debt. Each jurisdiction determines what is legal tender, but essentially it is anything which when offered ("tendered") in ...

, replacing the pengő, which almost totally lost its value by this time. When the tax-bills became legal tender, the even more serious ''adópengő'' inflation replaced the pengő inflation.rs1.szif.hu
(Economy of Hungary after the Second World War) The '' Ludas Matyi'' satirical magazine explains aptly the relationship between the pengő and the adópengő: "The pengő was the piece of paper that had no value, and the adópengő was used to measure the value of the pengő." The Tax bills were designed by Endre Horváth.

Savings certificates

The Hungarian Postal Savings Bank issued ''adópengő'' non-interest-bearing savings certificates (''nem kamatozó pénztárjegy'') in June 1946, which also served as legal tender.

References

{{DEFAULTSORT:Paper money of the Hungarian adopengo Economic history of Hungary 1946 in Hungary 1946 in economic history