Based on Article 26 (1) of Act CXXXIX of 2013 on the Magyar Nemzeti Bank (MNB Act), reproductions of banknotes and coins (including commemorative banknotes and commemorative coins) that are in circulation or withdrawn from circulation may only be produced in accordance with the provisions of the relevant decree issued by the Governor of MNB.
As of 4 October 2024, the detailed rules of reproduction are defined in respect of coins by MNB Decree 42/2024. (IX. 19.) and in respect of banknotes by MNB Decree 43/2024. (IX. 19.).
The new regulations primarily stem from amendments to the MNB Act introduced by Act LXXVII of 2022. This amendment extended the MNB’s power of regulation, authorisation and control over forint banknote and coin reproductions, which was previously limited to reproductions of forint banknotes and coins in circulation or those withdrawn but still exchangeable for legal tender, to include reproductions of forint banknotes and coins that are no longer exchangeable for legal tender.
In drafting the text of the new MNB decrees, the legislator also took into account the practical experiences of law enforcement.
With respect to coin reproductions, the regulations acknowledge the demand for reproductions made of precious metals of forint coins that have been withdrawn from circulation and are no longer exchangeable. Thus, specific requirements for the production of such reproductions are included. According to these, reproductions of forint coins no longer exchangeable for legal tender may be produced from precious metals without MNB approval, provided that they bear the inscription "utánzat" (replica). Similarly, reproductions made from other non-precious metal materials must also bear the inscription "utánzat" and must differ in size and composition from the forint coin they replicate. For such reproductions, users are required to submit a data report to the MNB five working days prior to the production of the forint coin reproduction via email to utanzat@mnb.hu.
The new regulation on forint banknote reproductions expands the scope of the MNB decree and its interpretative provisions. Within the category of forint banknotes, it explicitly defines the categories of commemorative banknotes, circulation banknotes and commemorative versions of circulation banknotes, providing clear definitions for each. Additionally, the term "forint" is now considered a unique graphic element of the forint banknote, and the interpretative provision has been amended accordingly. As part of clarifying the requirements for forint banknote reproductions, the new MNB decree establishes that the obligation to obtain authorisation applies to both the production and the actual use of forint banknote reproductions.
The MNB decrees related to reproductions specify the requirements that the banknote and coin reproductions must satisfy in order to be eligible for reproduction without the MNB's authorisation, in accordance with the information provided on the related webpages.
Banknote and coin reproductions not satisfying the requirements applicable to reproductions that can be produced freely, or if there is any uncertainty regarding compliance, shall be subject to the MNB's authorisation. The authorisation procedure is free of charge. Additional information on the authorisation procedure can be found here. >>>>