{"id":3005,"date":"2018-11-14T11:04:29","date_gmt":"2018-11-14T09:04:29","guid":{"rendered":"http:\/\/muzeum.netfolio.hu\/?page_id=3005"},"modified":"2018-11-14T12:48:55","modified_gmt":"2018-11-14T10:48:55","slug":"penztortenet","status":"publish","type":"page","link":"https:\/\/tozsdemuzeum.hu\/en\/penztortenet\/","title":{"rendered":"Currencies"},"content":{"rendered":"
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\r\n\t\t\t\t\t\t\t\"Section<\/i>\r\n\t\t\t\t\t\t\t1864-1899<\/span>\t\t\t\t\t\t\t

Austrian Forint<\/h2>\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t

From 1858, the currency of the Austrian Empire was the Austrian Value Franc, initially issued by the Bank of Austria. From 1867, it became the common currency of the Austro-Hungarian Monarchy, with the Hungarian version issued by the Austro-Hungarian Bank. Its value was in principle linked to silver, but in 1879 the conversion of silver into forint was suspended due to the large inflow of silver, so from then on it was not legally, but in practice more closely linked to gold. Because of the duality of the precious metal content (known at the time as the coinage), it was also known as the gibbet currency. In addition to paper money, there were also silver and gold forints in coinage, the value of which was linked to the individual precious metals.<\/p>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t<\/div>\r\n\t\t<\/div>\r\n\t\t\t\t\r\n\t\t

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Crown<\/h2>\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t

The Crown was already legally linked to gold. Although it was issued in 1892, it was only compulsory from 1900 onwards, so for a while it was in circulation alongside the Austrian Forint. It was switched to the stock exchange on 1 January 1900. The exchange rate was 1:2, i.e. 2 crowns were given for 1 Austrian forint.<\/p>\n

After the First World War and the break-up of the Monarchy, each country overstamped the koruna banknotes in circulation in its territory, and in 1920 the Hungarian Crown was created. During and after the war, the inflation of the koruna accelerated and was only halted in 1924 with the establishment of the Hungarian National Bank and the taking out of a loan by the League of Nations.<\/p>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t<\/div>\r\n\t\t<\/div>\r\n\t\t\t\t\r\n\t\t

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Peng\u0151<\/h2>\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t

Although it was no longer needed for stabilisation, the practical difficulties caused by the high denominations of the Crown and the symbolic end of the crisis led to the introduction of a new currency, the Peng\u0151, on 1 January 1927. Its conversion rate to the koruna was 1:12500.<\/p>\n

During and after World War II, hyperinflation also occurred in the Peng\u0151. Nevertheless, when the stock exchange opened in 1946, the Peng\u0151 (or the temporarily introduced fiscal Peng\u0151) was still quoted,<\/p>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t<\/div>\r\n\t\t<\/div>\r\n\t\t\t\t\r\n\t\t

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\r\n\t\t\t\t\t\t\t\"Section<\/i>\r\n\t\t\t\t\t\t\t1946-1948<\/span>\t\t\t\t\t\t\t

Forint<\/h2>\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t

As part of the financial stabilisation following World War II, but also as a symbol of the nascent socialist Hungary, the new currency, the Forint, was introduced on 1 August 1946. From then on, exchange rates were quoted in this currency on the stock exchange. Contrary to popular belief, inflation did not disappear with the introduction of the forint, but only decreased.<\/p>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t<\/div>\r\n\t\t<\/div>\r\n\t\t<\/div><\/div><\/div><\/div>

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    \"What is needed is a serious, persistent will on the part of each of us, directed to visit, use and animate the young institution frequently, perhaps at first with some sacrifice of our habits, our desires and our interests.\"<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/i>\r\n\t\t\t\t\t\t\t\t\t\t\t\t

    Baron Frigyes Kochmeister (1816-1907)<\/h3>\t\t\t\t\t\t\t\t\t\t\t\tPresident of the BSE (1864-1900)<\/span>\t\t\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t
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    \"As regards freedom of action, our institution desires nothing more than to do what is in the interest of the country as a whole, and to be free from any unilateral tendency, as it has been far from seeking to cultivate its own interests at the expense of the common good. \"<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/i>\r\n\t\t\t\t\t\t\t\t\t\t\t\t

    Baron Zsigmond Kornfeld (1852-1909)<\/h3>\t\t\t\t\t\t\t\t\t\t\t\tPresident of the BSE (1900-1909)<\/span>\t\t\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t
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    \"Our poor mother, this dismembered Hungary is sick, seriously sick, and let us put aside all other interests, real or apparent, and keep in mind the only point of view: what is necessary, what is good for our poor, sick mother: Hungary.\"<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/i>\r\n\t\t\t\t\t\t\t\t\t\t\t\t

    S\u00e1ndor Fleissig (1869-1939)<\/h3>\t\t\t\t\t\t\t\t\t\t\t\tPresident of the BSE (1931-1939)<\/span>\t\t\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t<\/div>\r\n\t\t<\/div>\r\n\t<\/div>\r\n\t<\/div><\/div><\/div><\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"1864-1899 Osztr\u00e1k \u00e9rt\u00e9k\u0171 forint 1858-t\u00f3l volt az Osztr\u00e1k Cs\u00e1sz\u00e1rs\u00e1g p\u00e9nzneme az Osztr\u00e1k \u00c9rt\u00e9k\u0171 Forint, amit kezdetben az Osztr\u00e1k Bank bocs\u00e1tott ki. 1867-t\u0151l az Osztr\u00e1k-Magyar Monarchia k\u00f6z\u00f6s p\u00e9nznem\u00e9v\u00e9 v\u00e1lt, magyar v\u00e1ltozat\u00e1t az Osztr\u00e1k-Magyar Bank bocs\u00e1tott ki. \u00c9rt\u00e9ke elvileg az ez\u00fcsth\u00f6z volt k\u00f6tve, azonban 1879-ben az ez\u00fcst forintra t\u00f6rt\u00e9n\u0151 konverzi\u00f3j\u00e1t a nagym\u00e9rt\u00e9k\u0171 ez\u00fcstbe\u00e1raml\u00e1s miatt felf\u00fcggesztett\u00e9k, \u00edgy ett\u0151l [...]","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"class_list":["post-3005","page","type-page","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/tozsdemuzeum.hu\/en\/wp-json\/wp\/v2\/pages\/3005","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tozsdemuzeum.hu\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/tozsdemuzeum.hu\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/tozsdemuzeum.hu\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tozsdemuzeum.hu\/en\/wp-json\/wp\/v2\/comments?post=3005"}],"version-history":[{"count":19,"href":"https:\/\/tozsdemuzeum.hu\/en\/wp-json\/wp\/v2\/pages\/3005\/revisions"}],"predecessor-version":[{"id":3065,"href":"https:\/\/tozsdemuzeum.hu\/en\/wp-json\/wp\/v2\/pages\/3005\/revisions\/3065"}],"wp:attachment":[{"href":"https:\/\/tozsdemuzeum.hu\/en\/wp-json\/wp\/v2\/media?parent=3005"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}