100 Forint: History

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Alexander Malioukov, 18.03.2024 11:54

#2

Field	Accept	Update	Old version
Photo		Position: 1 Source: NumisCorner.com Link: https://www.numiscorner.com/?utm_source=coin-brothers&utm_medium=Link&utm_campaign=Img_credit Cover: Yes	Position: 2 Source: NumisCorner.com Link: https://www.numiscorner.com/products/863796-coin-hungary-100-forint-szaz-1974-ms-60-62-silver-km-603 Cover: Yes
Photo		Position: 2 Source: NumisCorner.com Link: https://www.numiscorner.com/?utm_source=coin-brothers&utm_medium=Link&utm_campaign=Img_credit Cover: Yes	Position: 1 Source: NumisCorner.com Link: https://www.numiscorner.com/products/863796-coin-hungary-100-forint-szaz-1974-ms-60-62-silver-km-603 Cover: Yes
Obverse Object		Transport (wagon, bike, car, truck etc.) → Tractor	Coat of arms → Hungary
		Device and tools (watch, compass, telescope etc.) → Gear, cogwheel	none
		Symbol, amulet, talisman → Caduceus	none
Obverse lettering		50 éves a Magyar Nemzeti Bank FORINT CSV	Magyar Népköztársaság GJ 100 Forint BP. 1974
Obverse description		Depicts the inscription "The 50th anniversary of the National Bank of Hungary" surrounded by various symbols of industry, agriculture, science, transport and education to illustrate the bank's role in development. The engraver's initials (CSV) below. Engraver: Viktória Csúcs	The obverse side of the commemorative coin is symmetrically divided into four sections, complemented by a high relief and a low relief on the left and right sides, respectively. Positioned on the upper left side of the coin is the coat of arms of the Hungarian People's Republic, with the engraver's master mark (GJ) placed nearby. To the right of the coat of arms, the inscription "Magyar Népköztársaság" (Hungarian People's Republic) is displayed. In the center of the lower half of the commemorative coin, the denomination (100) appears, followed by the inscription "Forint" below it. On the right side, the mint mark (BP.) is situated, with the year of minting (1974) displayed below it.
Reverse Object		Coat of arms → Hungary	Device and tools (watch, compass, telescope etc.) → Gear, cogwheel
		Symbol, amulet, talisman → Five-pointed star	Art (sculpture, painting etc.) → Column
		none	Transport (wagon, bike, car, truck etc.) → Tractor
Reverse lettering		Magyar Népköztársaság GJ 100 Forint BP. 1974	50 éves a Magyar Nemzeti Bank CSV
Reverse description		Depicts the denomination in the center, below the country name (Hungarian People's Republic), the coat of arms and the engraver's initials (GJ) on the top left, the mintmark (BP) and the issue year on the middle right. 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 is exceptionally striking. In the upper third, the inscription "50 éves a Magyar Nemzeti Bank" (the 50th anniversary of the National Bank of Hungary) can be seen, which is surrounded by various motifs throughout the entire area of the coin. These motifs represent various economic fields such as industry, trade, transport, agriculture and science.
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# 603, Unger# 1621, Huszar# 2384, Adamo# EM45	KM# 603, Huszar# 2384, Adamo# EM45
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 11:54

Péter Kiss, 16.03.2024 14:45

#1

Field	Accept	Update	Old version
Item		100 Forint, Hungary	none

Alexander Malioukov, 18.03.2024 11:54