Hungary may be rethinking its cash system: 100k banknote and 500-forint coin ahead?

The fate of the 5-forint coin has been a topic of debate in Hungary for years. While the Hungarian National Bank (MNB) officially maintains support for the current denomination structure, a recent analysis suggests it may be time to reconsider the country’s cash system. According to a report by Pénzcentrum, it may be reasonable not only to phase out the smallest coin but also to introduce new banknotes and coins.

The 5-forint coin on the brink of obsolescence

In day-to-day life, it’s becoming nearly impossible to find anything that costs just 5 forints. Often forgotten in drawers, the coin now costs more to produce than its face value, according to Pénzcentrum. Not surprisingly, Hungary previously discontinued the 1- and 2-forint coins, citing unprofitable production. A similar trend has occurred across Europe, where several eurozone countries have stopped minting 1- and 2-cent coins and instead round prices automatically.

Do we need bigger denominations?

The debate around currency doesn’t end with small change. Based on the internationally recognised D-metric method, which evaluates currencies in relation to the average daily wage, Hungary might also justify introducing new denominations. According to the Hungarian Central Statistical Office (KSH), the net average wage in mid-2025 was nearly HUF 484,000 (EUR 1,232), or roughly HUF 22,000 per day. Applying this formula:

• the largest banknote should be around 100,000 forints,
• the smallest banknote should be 1,000 or 2,000 forints,
• and the largest coin could reasonably be 500 forints.

By this logic, issuing 50,000- and even 100,000-forint banknotes would be a long-overdue move. Likewise, a 500-forint coin could also make sense. Meanwhile, the 1,000-forint banknote could eventually lose its relevance as the lowest-denomination bill.

This wouldn’t be the first reform

Hungary’s currency has undergone similar changes before. In 2009, the 200-forint banknote was replaced by a coin because the paper version wore out too quickly and was costly to replace. According to a study by the MNB at the time, coins are more economical due to their longer lifespan, and most people supported the transition.

What could happen next?

While the MNB has no official plans to change existing denominations, international trends and economic indicators are making the issue more urgent. With inflation, rising wages, and changes in how people use cash, it’s increasingly likely that 100,000-forint banknotes or even 500-forint coins could appear in Hungarian wallets in the near future.

Read more forint-related news on Daily News Hungary!

Read also:

• Hungarian forint hits multi-year high against dollar and euro
• A uniquely shaped 3,000-forint coin intrigues collectors

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