50 Forint: History

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Alexander Malioukov, 18.03.2024 11:17

#2

Field	Accept	Update	Old version
Photo		Position: 1 Source: NumisCorner.com Link: https://www.numiscorner.com/products/867218-coin-hungary-50-forint-otven-1974-au-55-58-silver-km-601 Cover: Yes	Position: 2 Source: NumisCorner.com Link: https://www.numiscorner.com/products/867218-coin-hungary-50-forint-otven-1974-au-55-58-silver-km-601 Cover: Yes
Photo		Position: 2 Source: NumisCorner.com Link: https://www.numiscorner.com/products/867218-coin-hungary-50-forint-otven-1974-au-55-58-silver-km-601 Cover: Yes	Position: 1 Source: NumisCorner.com Link: https://www.numiscorner.com/products/867218-coin-hungary-50-forint-otven-1974-au-55-58-silver-km-601 Cover: Yes
Obverse Object		Construction (building, bridge etc.) → Bank	Coat of arms → Hungary
Obverse lettering		Magyar Nemzeti Bank 1924 - 1974 CSV	Magyar Népköztársaság 50 Forint GJ BP. 1974
Obverse description		Depicts the main building of the headquarters of the Magyar Nemzeti Bank, the inscription "Hungarian National Bank", followed by two years below it. The engraver's initials (CSV) below. Engraver: Viktória Csúcs	At the top of the front side of the coin, the inscription "Magyar Népköztársaság" (Hungarian People's Republic) is visible. Below this, nearing the right edge of the coin, the denomination (50) appears, with the inscription "FORINT" directly underneath it. Along the bottom edge of the coin, the mint mark (BP.) and the year of minting (1974) are displayed. At the bottom left corner of the coin's design, the coat of arms of the Hungarian People's Republic is depicted, while in the bottom right corner of the coat of arms, the engraver's master mark (GJ) is situated.
Reverse Object		Coat of arms → Hungary	Construction (building, bridge etc.) → Bank
Reverse Object		Symbol, amulet, talisman → Five-pointed star	Construction (building, bridge etc.) → Building
Reverse lettering		Magyar Népköztársaság 50 Forint GJ BP. 1974	Magyar Nemzeti Bank 1924 - 1974 CSV
Reverse description		Depicts the country name above (Hungarian People's Republic), the denomination, mintmark (BP) and the issue year below, the coat of arms on the left with the engraver's initials (GJ). The coat of arms of the Hungarian People's Republic consists of a centrally positioned Hungarian shield adorned with a five-pointed red star at the top, symbolizing socialism. Surrounding the shield are ears of wheat on either side, representing agriculture and the nation's bounty. Engravers: József Garányi	The reverse side of the coin features the main building of the headquarters of the National Bank of Hungary, occupying the entire width of the coin. Directly below it, the inscription "Magyar Nemzeti Bank" (Hungarian National Bank) is appears, followed by two years below it (1924-1974). These years correspond to the founding and anniversary of the bank, relevant to the theme of the coin. The engraver's master mark (CSV) is located in the lower corner of the commemorative coin.
Coin description		Established in 1924 following the Austro-Hungarian Bank, with backing from the League of Nations' Economic and Financial Organization, the Magyar Nemzeti Bank, a member of the European System of Central Banks (ESCB), places a strong emphasis on international relations. It actively collaborates with global economic and financial institutions like the EU, IMF, OECD, and BIS. Its core objectives include ensuring price stability, managing the issuance of the Hungarian forint, regulating money supply, setting the Central Bank base rate, publishing official exchange rates, and overseeing foreign-exchange reserves and gold to influence exchange rates. Originating from a stabilization loan facilitated by the League of Nations in 1923-1924, modeled after Austria's successful precedent a year prior, the Magyar Nemzeti Bank introduced the Hungarian pengő in 1927 to replace the korona. During World War II and its immediate aftermath, the Magyar Nemzeti Bank struggled to maintain the value of the pengő, leading to the world's most severe hyperinflation episode in 1945-1946. Consequently, the bank introduced a new currency, the Hungarian forint, on August 1, 1946, and was subsequently nationalized by the end of 1947.	The independent Hungarian central bank, the Magyar Nemzeti Bank, began its operations as a joint-stock company on June 24, 1924. Its first president was Sándor Popovics. The bank achieved the stabilization of the inflated crown after World War I with the assistance of loans from the League of Nations in 1924, and in 1926, it issued the new currency, the pengő. It took over the management of state accounts and the handling of state debt. Through its interest and credit policies, principles and practices of bill settlement, it directed the country's credit system and influenced the functioning of the banking system. It also gained oversight of foreign exchange management. Since its establishment in 1930, it has been a shareholder and active member of the Bank for International Settlements (BIS). During the Second World War, despite the efforts of the central bank, the national currency, the pengő, experienced inflation. Following the end of the war, the depreciation of the pengő resulted in the largest currency devaluation in world history. With the participation of the Magyar Nemzeti Bank, stabilization was achieved on August 1, 1946, and the new currency, the forint, was introduced. Following the nationalization of major banks, including the central bank, at the end of 1947, the banking system was quickly transformed. Commercial banks and savings banks were liquidated, and, similar to other socialist countries, a single-tier banking system was established. From the second half of 1948, the Magyar Nemzeti Bank also performed commercial banking tasks alongside its central banking functions. As a nationalized central bank, its management came under government authority. As of January 1, 1987, Hungary reverted to a two-tier banking system. With few exceptions, the apparatus, branch network, and clientele of the emerging new commercial banks were transferred from the Magyar Nemzeti Bank to the newly established financial institutions. The law adopted in October 1991 – subsequently amended several times – restored the central bank's independence and redefined its responsibilities.
Catalogue Number		KM# 601, Unger# 1630, Huszar# 2385, Adamo# EM44	KM# 601, Huszar# 2385, Adamo# EM44
Series		50th Anniversary of the Foundation of the Magyar Nemzeti Bank	50th Anniversary of the Foundation of the National Bank of Hungary

Alexander Malioukov, 18.03.2024 11:17

Péter Kiss, 16.03.2024 14:35

#1

Field	Accept	Update	Old version
Item		50 Forint, Hungary	none

Alexander Malioukov, 18.03.2024 11:17