RedenominationIn monetary economics, redenomination is the process of changing the face value of banknotes and coins in circulation. It may be done because inflation has made the currency unit so small that only large denominations of the currency are in circulation. In such cases the name of the currency may change or the original name may be used with a temporary qualifier such as "new". Redenomination may be done for other reasons such as changing over to a new currency such as the Euro or during decimalisation.
Kingdom of HungaryThe Kingdom of Hungary was a monarchy in Central Europe that existed for nearly a millennium, from the Middle Ages into the 20th century. The Principality of Hungary emerged as a Christian kingdom upon the coronation of the first king Stephen I at Esztergom around the year 1000; his family (the Árpád dynasty) led the monarchy for 300 years. By the 12th century, the kingdom became a European middle power within the Western world.
Hungarian pengőThe pengő (ˈpɛŋɡøː; sometimes written as pengo or pengoe in English) was the currency of Hungary between 1 January 1927, when it replaced the korona, and 31 July 1946, when it was replaced by the forint. The pengő was subdivided into 100 fillér. Although the introduction of the pengő was part of a post-World War I stabilisation program, the currency survived for only 20 years and experienced the most serious case of hyperinflation ever recorded.
ComeconThe Council for Mutual Economic Assistance (Сове́т Экономи́ческой Взаимопо́мощи, СЭВ; English abbreviation COMECON, CMEA, CEMA, or CAME) was an economic organization from 1949 to 1991 under the leadership of the Soviet Union that comprised the countries of the Eastern Bloc along with a number of socialist states elsewhere in the world. The descriptive term was often applied to all multilateral activities involving members of the organization, rather than being restricted to the direct functions of Comecon and its organs.
Croatian kunaThe kuna (sign: kn; code: HRK) was the currency of Croatia from 30 May 1994 until 31 December 2022. It was replaced by the euro (€, EUR) in 2023. The kuna was subdivided into 100 lipa. It was issued by the Croatian National Bank and the coins were minted by the Croatian Mint. In Croatian, the word kuna means "marten" and lipa means "linden (lime) tree", both references to their historical use in medieval trading.
HyperinflationIn economics, hyperinflation is a very high and typically accelerating inflation. It quickly erodes the real value of the local currency, as the prices of all goods increase. This causes people to minimize their holdings in that currency as they usually switch to more stable foreign currencies. When measured in stable foreign currencies, prices typically remain stable. Unlike low inflation, where the process of rising prices is protracted and not generally noticeable except by studying past market prices, hyperinflation sees a rapid and continuing increase in nominal prices, the nominal cost of goods, and in the supply of currency.
CurrencyA currency is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. A more general definition is that a currency is a system of money in common use within a specific environment over time, especially for people in a nation state. Under this definition, the British Pound Sterling (£), euros (€), Japanese yen (¥), and U.S. dollars (US$) are examples of (government-issued) fiat currencies.
