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25 Cents Military Payment Certificate
| Issuer | United States Department of Defense |
|---|---|
| Year | 1970-1973 |
| Type | Vouchers |
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| Obverse description | Intaglio vignette at left of a seated male figure in classical style, rendered against a columned architectural background over a fine guilloche underprint. Denomination numeral '25' appears in each lower corner, with 'CENTS' printed as a yellow underprint across the centre-right field. |
|---|---|
| Obverse lettering | MILITARY PAYMENT CERTIFICATE SERIES 692 TWENTY-FIVE FOR USE ONLY IN UNITED STATES MILITARY ESTABLISHMENTS BY UNITED STATES AUTHORIZED PERSONNEL IN ACCORDANCE WITH APPLICABLE RULES AND REGULATIONS |
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| Comments |
Series 692, issued from 1970, was the second-to-last MPC series before the program was finally discontinued in 1973. MPC notes existed to prevent U.S. currency from leaking into local black markets near overseas military installations — a persistent problem in Vietnam, West Germany, and South Korea, where dollars commanded significant premiums. Periodic "C-Day" conversions, conducted without warning, would invalidate an entire series overnight, wiping out anyone holding notes outside authorized channels.
Series 692 was retired in that manner on 11 June 1973, replaced briefly by Series 701 before the program ended entirely that same year.