A striking Hungarian provisional created during the severe post-war inflation period, this stamp began life as a 20 fillér Madonna definitive and was later surcharged to 45 pengő.
The bold black “pengő” overprint and large red surcharge numerals dramatically contrast the olive-brown engraved design, making it visually distinctive in any collection.
Issued by Hungary under “Magyar Köztársaság,” it reflects the rapid currency changes of 1945–46.
Such emergency overprints are highly collectible for their historical context, varieties, and typographic differences.
Ideal for inflation issues, overprint studies, or Central Europe post-WWII postal history pages.