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1 Dollar Military Payment Certificate
| Issuer | United States Department of Defense |
|---|---|
| Year | 1954-1958 |
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| Reference(s) | P-M32 |
| Obverse description | Brown intaglio print on a multicolour guilloche underprint in teal and red. Left vignette shows a classical female bust in profile within an oval frame, with denomination numeral "1" at each corner. Central field carries the "ONE DOLLAR" legend and serial number above, with "SERIES 521" below and a usage restriction text panel at foot. |
|---|---|
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| Reverse lettering | FOR USE ONLY IN UNITED STATES MILITARY ESTABLISHMENTS BY - UNITED STATES AUTHORIZED PERSONNEL IN ACCORDANCE WITH APPLICABLE RULES AND REGULATIONS. 1 DOLLAR MILITARY PAYMENT CERTIFICATE |
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| Comments |
Military Payment Certificates were introduced after World War II to address a persistent problem: U.S. servicemen spending dollars in occupied territories was fueling black markets and destabilizing local economies. MPCs could be periodically "converted" — entire series withdrawn on short notice, with personnel required to exchange their holdings on a single day. Anyone holding MPCs illegally, including local nationals barred from possessing them, lost everything. The conversion days were kept secret until they happened.
Series 521, which covers this note, was in use across Japan, Korea, and several Pacific postings during the mid-1950s. The BEP printed MPCs on the same security paper used for Federal Reserve notes, though the dimensions were intentionally reduced to prevent confusion with regular currency.