10 Cents Military Payment Certificate

Military Payment Certificates were introduced in 1946 to replace the use of regular U.S. currency in occupied and forward-deployed areas, where American dollars were being systematically harvested by black marketeers and converted into hard currency on international markets. Series 481 — the designation covering this 1951–1954 issue — was distributed across occupation zones in Germany, Japan, Korea, and several other areas simultaneously.

Conversion days, when MPC series were abruptly replaced overnight without advance notice, were deliberately designed to trap anyone hoarding certificates illegally. Non-military personnel holding Series 481 notes on conversion day were left with unredeemable paper.