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1 Dollar Military Payment Certificate
| Issuer | United States Army Finance Department |
|---|---|
| Year | 1946-1947 |
| Type | Log in to see details |
| Value | Log in to see details |
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| Composition | Log in to see details |
| Size | 111 x 67 mm |
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| Obverse description | Left panel carries an intaglio vignette of the numeral '1' set within an ornate scrollwork cartouche flanked by laurel branches, printed in dark green on a teal guilloche underprint. The right panel bears the usage regulations text, serial number, '$ 1' denomination, and 'SERIES 461' legend in letterpress over a fine lathe-work background. |
|---|---|
| Obverse lettering | Log in to see details |
| Reverse description | Printed in brown and black on a salmon-toned guilloche underprint, the reverse is divided into two horizontal registers. The upper register contains the usage regulations text in bold letterpress. The lower register displays a central circular vignette of the United States Great Seal eagle, flanked by intricate lathe-work panels and rosette cornerpieces. |
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| Comments |
Military Payment Certificates were introduced in September 1946 specifically to suppress black market activity in occupied territories after World War II — replacing the use of regular U.S. currency among American military personnel stationed overseas. The theory was that MPCs could be called in and replaced on short notice, collapsing the black market value of any hoarded notes before traders could offload them. These sudden exchanges, conducted without warning, were called "conversion days."
Series 461, the first MPC series issued, was printed by Forbes Lithograph in Boston — a civilian commercial printer with no prior Federal Reserve contract work, which partly explains the notes' relatively thin paper stock compared to later series.