Depicts the right-facing portrait of King Saint Stephen, wearing the Hungarian Holy Crown, with a circular decoration resembling a halo. Below this, on the left side, separated by dots, is the inscription "Saint Stephen", while on the right side are the birth and death years. The engraver's privy mark is located at the lower left edge of the portrait.

Depicts a detail of the Coat of Arms of the Kingdom of Hungary with the Holy Crown. Between the coat of arms and the Holy Crown, a sword and the royal scepter are placed, adorned with oak and olive branches. Above the Holy Crown, among flower motifs, is the inscription "HUNGARIAN KINGDOM." On either side of the lower part of the coat of arms is the issuance year "1938," with the mint mark "BP." at the bottom point of the coat of arms. At the bottom edge of the coin is the denomination and the word "PENGŐ." The edge of the coin features a beaded border.

The Holy Crown of Hungary (also known as the Crown of Saint Stephen) was the coronation crown used by the Kingdom of Hungary for most of its existence; kings have been crowned with it since the twelfth century. No king of Hungary was regarded as having been truly legitimate without being crowned with it. In the history of Hungary, more than fifty kings were crowned with it, up to the last, Charles IV, in 1916. The cross is attached to the crown in a rough manner, rising from the midriff of Christ in the central enamel plaque at the top of the crown. The cross was knocked crooked in the 17th century when the crown was damaged, possibly by the top of the iron chest housing the insignia being hastily closed without the crown having been placed in it properly. The cross has since been left in this slanted position, and is now always depicted as such.