Paper Money

New Hungarian note to depict historic gold coin

The National Bank of Hungary (Magyar Nemzeti Bank) revealed an updated 1,000-forint bank note on Aug. 24 as part of a program begun in 2014. The revised note (worth the equivalent of about $3.93) bears a similarity to the one it replaces, but with new design elements and security features.

Common to the old and new notes are the bust of King Matthias Corvinus (1458 to 1490) on the face, and the Hercules Fountain and a detail from the Renaissance castle in Visegrád that Corvinus rebuilt, on the back. 

Changes on the face include a raven in ink that shifts from purple to green, a medieval street scene in the center, and a revised see-through register in the upper right. 

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The back of the note also has some updated security features, but from a numismatic standpoint, one addition demands extra attention — behind the fountain are the obverse and reverse of a gold gulden coin struck by Corvinus. Still a popular and collectible gold coin today, it shows St. Ladislas standing with orb and scepter on the obverse, and on the reverse, the king’s name and title around a quartered arms.

The new bills became legal tender Aug. 24. The bank is allowing a six-month preparatory period before release of the notes, primarily for operators of the machines that accept and process bank notes. The upgraded notes are expected to enter circulation as of March 1, 2018.

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The current 1,000-forint notes will be accepted in payment in retail outlets until Oct. 31, 2018. After that date, the notes will no longer have legal tender status.  

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