Coin Issuance
The Magyar Nemzeti Bank – similarly to the practice of foreign central banks – has been issuing collector coins on a regular basis since 1968. Its aim is to preserve value, raise awareness and spread knowledge in connection with Hungary’s important historical, scientific and cultural milestones and anniversaries as well as internationally significant events, with the mission of providing lasting memories for posterity. To spread knowledge as broadly as possible, the MNB has been publishing non-ferrous metal versions of collector coins made of precious metals since 2014.
Collector coins are legal tender in Hungary, and only the Magyar Nemzeti Bank has the legal right to issue them. An additional function of collector coins as legal tender is to increase the solemnity of the commemoration of a given event. This function is also a guarantee, since the MNB thus commits to the conversion of collector coins into banknotes or circulation coins up to their face value. In the Bank’s view as issuer, the use of collector coins in payments should be avoided, as they may have a disruptive effect on payments. The MNB’s position was also reinforced in the Central Bank Act; under Article 23 (6), the use of collector coins in payment transactions can be refused (https://njt.hu/jogszabaly/2013-139-00-00).
Besides their unique design and limited availability, collector coins are able to maintain their role as a high-prestige store of value precisely because they are not part of everyday payment transactions.
Collector coins are usually made of gold or silver, but since 1980 collector coins made of non-precious metals have also been issued by the Bank. Most of them are minted in two versions, with brilliant uncirculated / BU technology and with proof / PP technology.
Issuance of collector coins began in 1948 with the silver coin series issued in honour of the centenary of the Hungarian Revolution of 1848-49. Issuance of collector coins with primarily numismatical aims has been regular since 1968.
Order of sales of collector coins
The Hungarian Mint Ltd, the manufacturer and official distributor of the collector coins issued by the Bank, sells coins as follows:
Non-ferrous metal coins: at face value for a year starting from the date of issue.
Silver coins: at face value for three months after the date of issue.
After the end of the face value sales period, the above types of collector coins will be sold at market prices (including VAT), above face value.
Gold coins: at market prices, above face value.
Further information: https://penzvero.hu