The Hungarian currency began to gain its rapid run-up as a result of the turbulent events that marked the history of this state after the fall of the Hungarian Soviet Republic in 1919. In addition to the RSFSR, it was the second Soviet country in the world.
However, it did not last long ‒ six months later, the supporters of the monarchical form of government, led by the former aide-de-camp of the Emperor of Austria-Hungary, Miklos Horthy, again seized power in Hungary.
Horthy rode solemnly into Budapest on a white horse and began to put things in order. Implying that the monarch will return soon, the former aide-de-camp proclaims himself regent. 'The near future' had to wait no less than 24 years, during which many events took place in the country. In particular, a couple of attempts by the former King Charles IV to regain the throne were stopped. Whatever one may say, being the first, even if untitled, ruler is better than being an official aide-de-camp at the beck and call of the heir to the throne.