At the beginning of the 19th century, Hungary was ruled by the house of Habsburg. In the Austro-Hungarian empire, the duties of the central bank were first carried out by the Austrian National Bank from July 1, 1816 and then by the Austro-Hungarian Bank created on September 30, 1878, which operated on a parity basis. The first independent Hungarian government formed during the Revolution of 1848 commissioned Pesti Magyar Kereskedelmi Bank to discharge central banking responsibilities. As a result of the World War I, the Austro-Hungarian Monarchy was dissolved in October 1918 and the Austro-Hungarian Bank was liquidated. The duties of the central bank were taken over by the Royal Hungarian State Bank starting from August 1, 1921.
The foundation of an independent Hungarian central bank and the charter for the issue of banknotes was promulgated by Act V on April 26, 1924. The central bank’s inaugural meeting was held on May 24,1924 in the Grand Hall of the Hungarian Academy of Sciences and the institution itself began work on 24 June in the form of a company limited by shares. Its capital stock was 30 million gold crowns, and 39.5% of the shares were subscribed by the state. The act founding the Bank stated that it was responsible for regulating the circulation of money, maintaining the solvency of the country and preserving the value of the national currency. The first governor of the Magyar Nemzeti Bank was Sándor Popovics, formerly governor of the Monarchy’s joint central bank, ex-finance minister and head of the State Bank.
The Magyar Nemzeti Bank is issuing this collector coin to mark the 90th anniversary of its foundation. The coin was designed by Gábor Kereszthury. The front has a motif suggesting the shares issued in 1924, alluding to the Bank’s foundation. The back depicts the Bank utca façade of the main building on Szabadság tér, which is still the Bank’s headquarters today.
Face value: HUF 10,000
Diameter: 37 mm
Metal: Ag .925
Weight: 24 g
Max.mintage: 5,000 pcs