Pengo is a noun that refers to the former currency of Hungary, which was in circulation from 1927 to 1946. It was the official currency during the interwar period and World War II. The word "pengo" is derived from the Hungarian word for "plum," which is a symbol frequently represented on the coins of this currency.
The pengo, also known as the Hungarian pengo, consisted of different denominations, including coins and banknotes, which were used for commercial transactions and legal payments within the country during that period. The currency was subdivided into 100 fillér. Banknotes were available in various denominations, such as 10, 20, 50, 100, 500, 1000, 5000, and 10,000 pengo, while coins existed in smaller denominations.
However, due to the instability caused by economic turmoil, rapid inflation, and political events related to World War II, the pengo faced severe inflation, rendering the currency nearly worthless. Consequently, after Hungary transitioned to a communist government and Soviet influence grew stronger, the pengo was replaced by the forint in 1946.
Today, the term "pengo" is mostly used in historical contexts, scholarly research, or discussions about the Hungarian economy during the interwar period and World War II.
