Hungarian forint of the European Union, the long-term aim of the Hungarian government may be to replace the forint with the euro, but that does not appear to be likely until some time during the 2020s. The forint's name comes from the city of Florence, where gold coins called "fiorino d'oro" were minted from 1252. In Hungary, "florentinus" (later "forint"), also a gold-based currency, was used from 1325 under Charles Robert and several other countries followed its example. Between 1868 and 1892 the forint was the name used in Hungarian for the currency of the Austro-Hungarian Empire, known in German as the
Hungarian forint gulden or florin. It was subdivided into 100 krajczár ("krajcár" in modern Hungarian orthography). The forint was reintroduced on 1 August 1946, after the pengő was rendered almost worthless by massive hyperinflation in 1945–46: the highest ever recorded. The process was managed by the Hungarian Communist Party, which held the relevant cabinet seats. The forint's success was exploited for political gains, contributing to the Communists' takeover of complete power in 1948–49. The forint replaced the pengő at the rate of 1 forint = 4 pengő—dropping 29 zeroes from the old currency. In fact, this was an imaginary exchange rate. With