Coin Issuance to Mark the 100th Anniversary of the Foundation of the Independent Central Bank

16 May 2024

To honour the 100th anniversary of its foundation, the Magyar Nemzeti Bank is issuing a 100-forint commemorative circulation coin at a ceremonial event. This anniversary also marks the foundation of the independent Hungarian financial system; therefore, the centenary is recorded by unique collector coins in addition to the circulation collector coin. The Bank is issuing a 50,000-forint silver collector coin, with gold-coated inlay on one side, named ‘100 éves a Magyar Nemzeti Bank’ (100 years of the Magyar Nemzeti Bank), and a non-ferrous metal version of 3,000 forints. Weighing 100 grams, this silver collector coin stands out as the heaviest precious metal coin in the history of Hungarian collector coin issuance. Another unique feature is the 100 reeds decorating its edge, which enhances the reference to the anniversary. The renewed thematic side of the 100-forint coin was designed by sculptor Zoltán Kovács, while the commemorative coin was designed by applied artist Andrea Horváth. The collector coins, to be issued on the centenary, will be distributed through the channels of the Hungarian Mint Ltd, the producer and the distributor of the coins, on 24 May 2024.

The independent central bank is one of the momentous symbols of Hungary’s sovereignty; efforts for its foundation had been reflected in the 12 points summarising the demands of the revolution of 1848. Eventually, the act establishing the Magyar Nemzeti Bank entered into force on 26 April 1924. The limited company, the owner of the Bank, held its inaugural meeting on 24 May and one month later, on 24 June, the will of the Young People of March became a reality when the independent Hungarian central bank began its work governed by Sándor Popovics. Becoming one of the most significant institutions communicating national unity, the first 10 years of the independent central bank basically defined the next period, because such great personalities as Sándor Popovics, the first Governor of the MNB, stabilised the economy of the war-torn country.

On the occasion of the centenary of the Bank’s foundation, the collector version of the 100-forint circulation coin, made of silver, with a face value of 50,000 forints, the heaviest ever precious metal coin, and its 3,000-forint non-ferrous metal version, were presented by Csaba Kandrács, Deputy Governor of the MNB, at a ceremonial event. In his speech, Mr Kandrács praised the activities of the independent Magyar Nemzeti Bank in financial regulation and its ongoing work for Hungary’s prosperity over the past one hundred years. ‘The coins to be issued today represent the Bank’s vocation and responsibility, conveying the message of the inscription on the coin to the entire Hungarian population: the Magyar Nemzeti Bank has been safeguarding the independent, stable financial system for 100 years.’

The face value side of the collector version of the 100-forint circulation coin, to be issued on the anniversary, is identical with the denomination side of the 100-forint coin currently in circulation. On the thematic side, replacing the usual representation of the coat of arms in the centre field, the logo of the Magyar Nemzeti Bank is seen, surrounded by a detail of the motif borrowed from the decorative frame on the shares issued by the MNB in 1924. This motif interrupts the string of pearls which runs along the outer ring of the obverse and extends beyond the inner core on the two sides. In an upper legend on the edge of the thematic side, the inscription ‘MAGYARORSZÁG’ (Hungary) is placed, with the lettering ‘100 ÉVE A FÜGGETLEN, STABIL PÉNZÜGYI RENDSZER ŐRE’ (safeguarding the independent, stable financial system for 100 years) is featured in a lower legend, in three lines, complementing the coin contents with the logo itself. Above the lower legend, on the left, the year ‘1924’ is seen, indicating the foundation of the Magyar Nemzeti Bank, with the mint year ‘2024’ appearing on the right.

The collector version of the 100-forint circulation coin to honour the 100th anniversary of the foundation

of the Magyar Nemzeti Bank

The thematic side of the coin was designed by sculptor Zoltán Kovács. The coins are identical with the 100-forint coins used in circulation regarding their technical parameters: the outer ring of the bicolour non-ferrous metal coin is produced from an alloy of copper (65%), nickel (15%) and zinc (20%), with its inner core made from an alloy of copper (75%), nickel (4%) and zinc (21%). The diameter of the outer ring is 23.80 mm, while it is 15.30 mm at the junction of the outer and the inner portion. The edge height is 2.60 mm, and the coin weighs 8.60 grams, and has a reeded edge.

The collector version of the 100-forint circulation coin, to be issued on the 100th anniversary of the foundation of the Bank, will be struck in 2 million pieces. The public may see this new coin during cash transactions while making everyday purchases. However, the MNB will not engage in the exchange of denominations. From the total number of 2 million, 12,000 pieces of the first-day mint (in BU finish) will be available from 24 May 2024 through the distribution channels of the Hungarian Mint Ltd in serial numbered decorative packaging, commemorating the day when the General Meeting was convened 100 years ago. As a collector item, 20 pieces will be available in bankrolls of the collector version of the 100-forint circulation coins at the same place.

Taking account of the significant role the MNB plays in the national economy, the Bank is issuing a silver, 50,000-forint collector coin and its non-ferrous metal version of 3,000 forints, named ‘100 éves a Magyar Nemzeti Bank’ (100 years of the Magyar Nemzeti Bank). The primary role of collector coins is to transfer value and raise awareness; therefore, they are not to be used in everyday payments. The face value of the coins serves to preserve the value the coins represent to collectors. The coins are identical in terms of their design, with only their denominations and technical parameters being different.

On the obverse, in the centre field, the Fibonacci spiral, symbolising progress and growth, is shown as a relief, with squares in the background, surrounded by a circular line, presenting the Hungarian flag, which is represented by heraldic stripes. At the focal point of the spiral the inscription ‘MNB’ is placed along with the year 1924, which refers to the foundation. This expresses that the central bank has been contributing to the creation of a stable financial environment from the beginning, thereby creating the foundations for development. The most significant objectives defining the Bank’s operation are featured around the rim: at the top the words ’STABILITÁS • FEJLŐDÉS • ÉRTÉKTEREMTÉS’, (’STABILITY • DEVELOPMENT • VALUE CREATION’) are seen, while at the bottom ’FÜGGETLENSÉG • FENNTARTHATÓSÁG’ (’INDEPENDENCE • SUSTAINABILITY’) are placed.

In the upper right-hand corner of the largest square, appearing in the background of the Fibonacci spiral, the mint year ‘2024’ and the mint mark ‘BP’ are displayed. The lower left corner contains the denominations ’50000’ or  ‘3000’ and the inscription ‘FORINT’ in two lines. The inscription ‘MAGYARORSZÁG’ (‘Hungary’), indicating the issuer, appears below the spiral, following its curve.

The obverse of the ‘100 éves a Magyar Nemzeti Bank’ collector coins

On the reverse, in the centre field, is the representation of the Magyar Nemzeti Bank’s logo as a gold inlay on the silver coin, and shown as a relief on the non-ferrous metal version surrounded by a circular line. Above that, details of the decorative element on the shares issued by the Bank in 1924 are featured, with the inscription ‘100 ÉVES A’ (100 YEARS OF’) inside, complementing the logo in its contents. To the right of the logo representation, a bank card, the symbol of electronic transactions, is seen at the top, and, clockwise, a gold bar referencing the gold reserves supporting Hungary’s sovereignty. The series of motifs is enriched by the representation of details of the 100-forint circulation coin currently in circulation, the 10-forint circulation coin from the period between 1971 and 1987, and the 1-forint circulation coin issued in 1946, proving that the MNB is the guardian of a stable financial system, the issuer of the national currency. On the rim of the obverse, on the left, inserted inside the representation of the 10-forint circulation coin, the designer’s mark of applied artist Andrea Horváth, the designer of the collector coins, is placed.

The reverse of the ‘100 éves a Magyar Nemzeti Bank’ collector coins

The silver collector coin with a face value of 50,000 HUF is struck in .925 silver, weighing 100 grams. It is 60 mm in diameter and its edges are decorated with 100 reeds, referring to the centenary. This silver collector coin stands out as the heaviest precious metal coin in the history of Hungarian collector coins. The non-ferrous metal coin with a face value of 3,000 forints is produced from an alloy of copper (75%) and nickel (25%) and weighs 30.80 grams, and has reeded edges. 6,000 pieces can be made of the silver collector coin with a gold inlay in proof finish and 8,000 pieces of the non-ferrous metal version in BU finish.

To promote the collector coins' value-transferring role and their capacity to raise awareness as widely as possible, the ‘100 éves a Magyar Nemzeti Bank’ silver collector coin will be available for purchase for three months from 24 May 2024, while stocks last, and the non-ferrous metal version for one year, at their face value, through the distribution channels of Hungarian Mint Ltd, the producer and the distributor of the coins, also from 24 May 2024.

For further information on collector’s items, please visit the coin shop (Budapest, distr. V, 7 Báthory street) or the website (https://www.penzvero.hu), of the Hungarian Mint Ltd, the producer and the distributor of the coins.