HUNGARY: Pengoes, Garas

Hungarians popped into their purses last week crisp new banknotes denominated in pengoes and garas.

"How much is a pengoe?" piped many a tot.

Harassed Hungarian mothers explained: "One hundred garas make a pengoe. Now see! Here are 1250 korona. . . . They also make one pengoe or one hundred garas. . . .

From now on we shall buy things with pengoes instead of korona."

Five Trillions. Whirring, chomping post-War money presses inflated the Hungarian banknote circulation to a stupendous total: five trillion korona. Peasants with a comfortable pre-War nest egg of...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!