The first period of coin minting in Hungary began during the Middle Ages, in the time of the Hungarian Kingdom and the Árpád dynasty. Hungarian rulers minted silver coins that were very similar to contemporary Western European coins, often depicting the king's portrait and Christian saints.
In the 14th century, Hungarian rulers minted the gold florin, which became very popular and one of the most important trade currencies in Europe. Famous mint masters such as Péter Szentgyörgyi and Lőrinc Mester crafted the florin. Later versions of the gold florin include the Vienna and Prague florins, minted by the Habsburg rulers.
During the 16th century, due to the Turkish wars and economic crises, coin minting in Hungary weakened significantly. In the 17th century, the Habsburgs became involved in Hungarian coin minting, and minted coins for Hungary in Vienna and Kassa.
In the 18th century, a new phase of development began in Hungarian coin minting, with Maria Theresa's coins appearing in the countries of the Monarchy. The first banknotes were introduced in the 19th century.
During the reign of Franz Joseph, the Hungarian coin mint switched to the so-called "forint system," which brought a uniform and stable currency system to the country. Additionally, the Hungarian mint had the most modern technology of the time, which enabled production in larger volumes.
The financial system of the Austro-Hungarian Monarchy was the "crown system," which was established to regulate the economic and financial relations between the two countries. The essence of the system was that the currency, called the crown, was uniform throughout the Monarchy and distributed equally among the countries. As a result, the crown system contributed to the economic development and stability of the Monarchy.
After World War I and the collapse of the Austro-Hungarian Monarchy, Hungary became an independent state. During this period, the new Hungarian pengő coin with the country's coat of arms became the official currency. The coin's quality was excellent, and it featured unique Hungarian motifs. The pengő was in use for about 25 years and remained Hungary's official currency until 1946.
After World War II, the forint was reintroduced in Hungary. The first forints were minted in 1946, and the obverse of the coin featured the coat of arms of the newly formed Hungarian People's Republic. The coins were made of aluminum, but the composition of the currency gradually shifted to copper and nickel. The first forint banknotes were also introduced in 1946.