This paper aims to present an analysis of caricatures published in Hungarian comic papers (Mátyás Diák and Borsszem Jankó) after the First World War showing the motifs of military operations and the symbols of territorial losses. The author intends to demonstrate how the caricaturists represented the North Hungarian campaign (1919) and the rebellion in West Hungary (1921). In the second part of the paper the author presents the symbols of territorial losses in caricatures (e.g. amputation, doctor-patient situations, maps, “eating” of territories). The results of the examination reveal that contemporary Hungarian propaganda presented the Peace Treaty of Trianon as a deep trauma, and according to the caricatures the rejection of the peace treaty would be part of the Hungarian identity between the two world wars.