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50 Cents Military Payment Certificate
| Issuer | United States Military Payment Certificate |
|---|---|
| Year | 1951-1954 |
| Type | Log in to see details |
| Value | 50 Cents (0.50) |
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| Composition | Log in to see details |
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| Obverse description | Log in to see details |
|---|---|
| Obverse lettering | MILITARY PAYMENT CERTIFICATE FIFTY CENTS FOR USE ONLY IN UNITED STATES MILITARY ESTABLISHMENTS BY UNITED STATES AUTHORIZED PERSONNEL IN ACCORDANCE WITH APPLICABLE RULES AND REGULATIONS. FIFTY CENTS SERIES 481 |
| Reverse description | Central vignette of the Great Seal of the United States — a bald eagle with shield on breast, olive branch and arrows in talons, and constellation above — printed in dark blue against a vivid magenta guilloche underprint with ornate scrollwork flanking both sides. |
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| Comments |
Military Payment Certificates were introduced after World War II specifically to prevent U.S. dollars from leaking into black markets and foreign currency speculation — a serious problem in occupied territories where greenbacks commanded large premiums. Series 481, which covers this note, ran from May 1951 through May 1954, circulating primarily in Japan, Korea, and certain Pacific bases during and after the Korean War.
Periodic "conversion days" — unannounced to prevent hoarding — were the enforcement mechanism. On those days, MPC series would be exchanged for new issues; anyone caught holding old certificates after conversion lost the value entirely. Unauthorized holders, meaning local nationals, had no recourse.
Forbes Lithograph in Boston printed several MPC series during this period under contract with the Army Finance Corps.