FREE: Series 1944 Allied Military Payment Certificate - 5 Francs

MPCs were used in most countries, to help stabilize the local currency.

Citizens might not trust local currencies as the future of their governments were unclear. Preferring U.S. dollars, locals often accepted payment in dollars for less than the accepted conversion rates. US Dollars became more favorable to hold, inflating the local currencies and thwarting plans to stabilize the local economy. Troops could convert unlimited amounts of US currency to the local currency with merchants at the floating (black market) conversion rate, which was MUCH more favorable to the GIs than the government fixed conversion rate. From this conversion rate imbalance, a black market developed where the servicemen could profit from the more favorable exchange rate.

To counter this, the Allies began to use MPCs. While still more stable than local currencies, the fact that they could be pulled without notice (known as "Conversion Day" or "C-Day") for new MPCs, kept the locals from hoarding them. They wouldn't be allowed on base to exchange their hoards, making the currency worthless.

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