Paper money of the Hungarian pengő
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Hungarian pengő paper money (Hungarian: pengő papírpénz) was part of the physical form of Hungary's historical currency, the Hungarian pengő. Paper money usually meant banknotes, which were issued (either in fact or in name) by the Hungarian National Bank. Later – during and after World War II – other types of paper money appeared, including emergency money, bonds and savings certificates.
Initially, paper money was designed abroad, and printed using simple methods. Later, more advanced techniques were used, creating banknotes which reflected stability.[clarification needed] After the war, in parallel with their loss in value, the quality of banknotes decreased. Finally, not even serial numbers were printed on the notes.