50 Lire Allied Military Currency

Allied Military Currency for the Italian theater was produced in the United States under a joint Anglo-American agreement, with the U.S. series printed by Forbes Lithograph in Boston and a parallel British-printed series produced simultaneously. The arrangement was contentious from the start — the Italian government, excluded from the decision entirely, objected strenuously to the unlimited issuance authority the Allies reserved for themselves, and with good reason. No ceiling on printing volume was ever formally enforced.

The resulting inflation was severe. AM lire flooded the Italian economy well beyond what occupation needs required, and Italian authorities later estimated the currency contributed materially to the postwar monetary crisis that persisted until the 1947 stabilization.