Flags, Symbols, & Currencies of Hungary

Hungary’s flag, which was officially adopted on May 23, 1957, consists of three horizontal bands of red, white, and green colors from the top to bottom respectively. The three colors have been present historically ever since 1608 during the coronation ceremony of Mathias II of Hungary and later coronations of other leaders. The three colors also date further back to the 13^th century when they were commonly used by the monarchs. Due to their importance in the history of Hungary, the three colors are also used in the nation’s coat of arms, which has an illustration of the crown of St. Stephen and a double cross. St. Stephen was the first Christian king of Hungary and is regarded as the nation's founder. The overall design is modeled after the French Tricolore, has a height to width proportion of 1:2.

Symbolism in the Hungarian Flag

The symbolism of the colors on the national flag of Hungary varies depending on who you ask. For example, some people associate red color with strength while others associate it with the blood that was spilled for the country. White equates to faithfulness for some while others attribute it to freedom. The green means hope for some people while others associate it with the green and lush vegetation of Hungary.

However, according to the Constitution of Hungary, which has been in use since January 1, 2012, the red stands for strength, the white stands for fidelity, and the green symbolizes hope. This constitution is not explicit in the ratio of the width to the length. The only law that mentions the ratio is a law from 1957, which states that merchant vessels at sea should fly the tricolor with a width to length ratio of 2:3. More recently, there is a government decree from 2000, which has not been included in any official document, which states the width to length ratio for flags flying around government buildings should be 1:2.

History

The current tricolor first emerged as a symbol of national sovereignty during the campaigns against the Habsburgs from 1848 to 1849. Unfortunately, the rebellion in Hungary was squashed and the Austrian Emperor declared the tricolor illegal. However, the tricolor was declared legal and the official flag of the nation after the 1867 Compromise. At that time, the flag’s design was slightly different as it also featured an illustration of the Kossuth coat of arms, which was also known as the minor arms.

Following the end of the Habsburg Empire in 1918, the period between 1918 and 1920 was difficult on the nation and some changes were made to the flag. Perhaps the biggest change was observed during the short-lived Hungarian Soviet Republic, which used a banner of solid red. This republic lasted for only four-and-a-half months.

In the following years, until 1945, the tricolor design with the minor arms was used although the version without the minor arms was also in use. Minor modifications were made to the flag between 1946 and 1949 as well as 1949 when it was replaced by a red star. However, all of this changed in 1957 during the Stalinist restoration that saw the official flag change to the current tricolor without the coat of arms.

National Anthem

• Anthem Title: Himnusz
• Music composer: Ferenc Erkel
• Lyricist: Ferenc Kölcsey
• Date of Adoption: 1949

The national anthem of Hungary, known as Himnusz (Hymn), was written by Ferenc Kölcsey in 1823. However, the music was composed by Ferenc Erkel in 1844. The anthem is like a prayer for the nation and starts with request to God to help the nation. 

The Hungarian forint is Hungary's national currency. In some areas, however, especially tourist destinations, the euro is also accepted. The Hungarian National Bank is responsible for issuing the country's currency. Forint was introduced shortly after the World War II. In the aftermath of the World War II, the economy of Hungary went through a period of hyperinflation, devaluing the then active pengȍ. Each Hungarian forint had divisions of 100 fillers, whose coins were devalued by inflation in the last half of the 20th century and their circulation had ceased by 1999. The Hungarian forint has the abbreviation Ft and the ISO code HUF. The currency is stable and has managed to withstand the inflation of the 1970s and 1980s, and currently has an inflation rate of 1.3%. The Hungarian forint circulates in both coins and banknotes of various denominations. Coins are minted in denominations of 5, 10, 20, 50, 100, and 200 forint, and banknotes are produced in 500, 1,000, 2,000, 5,000, 10,000 and 20,000 forint denominations.

Design of Banknotes

Hungarian banknotes have a standard size of 154mm by 70 mm. The Hungarian Banknote Printing Corporation prints all banknotes for Hungary on paper produced by the Diosygor paper mill. All banknotes are printed with the image of a famous Hungarian on one side and an icon associated with the politician on the reverse. For security, banknotes are watermarked and fitted with additional security features such as holographic strips, especially for high-value banknotes. Several commemorative notes such as 1,000, 2,000, and 500 forint notes have been printed to celebrate the millennium and the silver jubilee of the 1956 revolution.

Future Adoption of the Euro

In an effort to increase foreign investment in the country, Hungary plans to introduce the euro as the official currency in place of the forint. However, since the establishment of the plans in 2003, the euro has yet to become the official currency due to budget deficits, inflation, and high public debt. Various experts predict that the earliest time for the adoption of the euro would occur between 2015 and 2020.

History of Currency in Hungary

Before the separation of Hungary and Austria, the krone served as the official currency. The krone was replaced after the Treaty of Saint-Germain in 1919. Hungary adopted the Hungarian korona as its currency. The Hungarian pengȍ replaced the korona in 1927 at a rate of 12,500 korona to one pengȍ. The Hungarian pengȍ gave hope to the stabilization of the post World War I economy, which faced high inflation levels. However, the currency could not stand the hyperinflation after the World War II and became worthless. The pengȍ (P) had 100 sub-units, referred to as fillers. Before the collapse of the pengȍ in the hyperinflation of the 1940s, large currencies including the milpengo and the bilpengo were circulated. The introduction of the adopengo proved futile in dealing with the inflation and a new currency had to be introduced.

Historical Currencies of Hungary

Following the dissolution of the Austro-Hungarian Empire, Hungarian korona replaced the Austro-Hungarian krone at per. Korona was used until January 1, 1927 when it was replaced by Pengo due to serious inflation. Pengo was used between 1927 and 1946, and was subdivided into 100 fillers. Pengo was introduced as part of post-War stabilization program but ended up causing a hyperinflation. Pengo was a 15th to 17th century word used to refer to silver coins that made ringing sound when tossed on a hard surface. Pengo may have been chosen as the name for the currency in circulation at the time because of stabiliy. Pengo was finally repaced by Hungarian forint in 1946.