Girl

without adhesive stamp

with adhesive stamp
not existing, due to following reason:
the blue 100.000 Pengő (see HUNGARY P-120a) was issued on 12.12.1945 at a value of 100.000 Pengő.
One week later all blue notes were withdrawn and exchanged at a rate of 4 blue notes for one blue one with an adhesive stamp (see HUNGARY P-120b).
The blue notes without stamp remained valid until the end of the year, but each with a value of 25.000 Pengő only.
On 27.12.1945 the brown note above was issued at a value of 100.000 Pengő.
No stamps were affixed ever to the brown notes; any of them are unofficial manipulations.