Bocskai Korona
Bocskai Korona is the local currency of Hajdunanas, a town in eastern Hungary. The municipal holding company issues it as paper notes, each covered one for one by forint held in reserve. Around 170 shops and service providers accept it in Hajdunanas and in neighbouring Hajdudorog, and many give a discount of 2 to 15 percent for paying in Korona. Notes are valid for a fixed term and the current series runs to 31 December 2026. The scheme started in 2012 and Hungarian press describes it as the only local currency still circulating in the country.
A municipally issued, fully forint-covered paper local currency that has held par for 13 years and kept spending inside one Hungarian town. Strong on inclusivity and durability, weak on fiat independence: it inherits every forint problem by design.
M69 Score
Scored against the Money2069 Manifesto — see methodology. Higher = more aligned.
Detailed Rating Breakdown
Issuance Model3x3.0
Issuance is closed: only Hajdunanasi Holding Zrt. may mint, so IM-01 scores at the bottom. Nothing is created through debt and every note is covered one for one by forint on deposit, which lifts IM-02 and IM-05, and issuance tracks real local purchases (IM-03). There is no hard supply ceiling beyond the reserve.
Spending Power Stability2x2.0
Par with the forint is held by full reserve and has not broken in 13 years, so the mechanism and track record are solid. The benchmark is a fiat currency that ran above 20 percent inflation in 2023, so holders carry the forint's purchasing-power loss in full. Notes also expire on a 4+1 year term.
Fiat Independence & Interoperability2x1.0
Unit of account, collateral and redemption are all forint. The scheme depends on Hungarian banking and would not survive a forint collapse. It is a local expression of the forint rather than a base other currencies could settle against.
Traction2x3.0
Live since 2012 and still expanding, now accepted in a second town, Hajdudorog. About 170 merchants take it and the issuer reports over one billion forint retained locally. Prices are still quoted in forint, which caps TR-05, the heaviest question in the category. Strong local identity: the notes carry Hajdusag motifs and Bocskai heritage.
Sovereignty2.0
One municipal issuer, one jurisdiction, a closed contractual acceptance network. The town council can end the scheme at a series boundary. Paper cash gives users real transaction privacy, which is the one high mark here.
Governance3.0
Decisions sit with a municipally owned company under city oversight, with published rules, acceptance contracts and public documents. The Hungarian central bank supervises the operation. Capture risk is ordinary municipal politics, and the 100 percent cover requirement constrains issuance changes.
Resilience3.0
Survived 13 years including Hungary's 2022-2023 inflation shock without breaking cover. The design is paper simple, works offline and needs no chain or oracle. Funding comes from the holding company's own operations. It offers no machine interface, so AI-agent readiness scores at the floor.
Inclusivity4.0
Anyone in the town can buy and spend the notes with no bank account, no app and no identity check, which suits older and unbanked residents. Reach is limited to two towns by design. Interest earned on the forint reserve stays with the municipal issuer, so seigniorage returns to the community rather than a private balance sheet.