to resize the banknotes: from 1923, smaller versions were printed with the same (or slightly different) design. Main state note printing mark variations: Low denomination bills (1 to 20 K, printed in 1920): no mark (printed in Budapest by different printers) Large size bills (50 to 25,000 K, printed in 1920 and 1922): ORELL FÜSSLI ZÜRICH Small size bills (100 to 1,000,000 K, printed in 1923 and 1923): ORELL FÜSSLI ZÜRICH or Magyar Pénzjegynyomda Rt. Budapest. or no mark (printed by the Magyar Pénzjegynyomda Rt. in Budapest) All large and small size notes (50 to 1,000,000 K): T. W. or W or T. WILLI to show the name of the inventor of the photo guilloche technique used to print the state notes (Traugott Willi ??? he prepared line drawing for a Swiss franc banknote ) After 25 August 1926 the 1,000 to 1,000,000 korona banknotes were overstamped to show the value in pengő (at the rate of korona to 1 pengő). External links bankjegy.szabadsagharcos.org (Hungarian banknote catalog) www.numismatics.hu (Roman and Hungarian related numismatic site) papirpenz.hu (pictures of Hungarian banknotes) www.eremgyujtok.hu (homepage of the Hungarian Coin Collectors' Society) Pictures of Hungarian banknotes at Ron Wise’s World Paper Money Homepage, Further reading (summary in ) Economic history of Hungary Hungary