5¢ US Military Payment Certificate Korean War MPC 481 Lady Eagle England Germany - $13 - (Richmond, VA)

This auction is for a 5 Cent (Nickel) US Military Payment Certificate. It is printed in red, blue and green ink and hails from series 481. It says "for use only in United States Military establishments by United States authorized personnel in accordance with applicable rules and regulations" A seated lady (presumably the USA) holding the globe is shown on the front. The back has an American eagle with its wings spread, a shield on it chest, and arrows and an olive branch in its claws! Military Payment Certificates Military Payment Certificate is defined as "an instrument (scrip) denominated in US dollars that is used as the official medium of exchange in US military operations designated as military payment certificate areas". It was also called MPC. Issued: June 20, 1951 Withdrawn: May 25, 1954 Areas Issued: Austria, Belgium, England, France, Germany, Greece, Hungary, Iceland, Italy, Japan, Korea, Morocco, Philippines, Ryukyus, Scotland, Trieste, Yugoslavia Military payment certificates (MPCs) were used from 1946 to 1973. Prior to that time U.S. military personnel stationed overseas were paid in Allied military currency, produced by the major Allied countries, or in the currency of the country in which they were stationed. The need for this system arose because of the necessity to transact business with the locals without risking the loss of large amounts of U.S. currency, which could be used anywhere in the world. Another reason for the creation of Allied military currency was the possibility that the enemy might flood an occupied territory's economy with currency to induce high inflation, or ordering local banks to burn their money when Allied attack was imminent. Allied military currency was used in countries being liberated from the Axis powers and the notes were denominated in the liberated country's currency. The local government was required to redeem it later. Personnel were allowed to convert that foreign currency into U.S. currency as individual needs …

Posted in Richmond, VA, Collectibles
From ebay.com - 1 month ago