FREE: Series 461 5 Cent Military Payment Certificate

The listing, Series 461 5 Cent Military Payment Certificate has ended.

Military Payment Certificates (MPC) evolved from Allied Military Currency as a response to the large amounts of US Dollars circulated by American servicemen in post-World War II Europe. The local citizens might not trust local currencies as the future of their governments was unclear. Preferring a stable currency like U.S. dollars, local civilians 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. Contributing to this problem was the fact that troops were being paid in dollars, which they could convert unlimited amounts 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.

The Series 461 notes were the first MPCs to be issued to US servicemen. They were designed with a limited lifetime so that they would not become the de facto currency of the area. On a highly classified day, the base would be closed, and the soldiers had to trade in the current series for the new series. You can imagine the panic among locals outside the base, holding notes that would become worthless in a matter of hours!

A nice piece of history in VERY GOOD condition! Perfect for the WWII vet who had Occupation duty following the war.

S/H: Free to the US; $15 for USPS International Priority Mail Flat Rate Envelope.

Payment: Paypal or USPS Money Orders only! No cash.