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<p>[QUOTE="lettow, post: 783125, member: 6986"]This note is catalogued in the Standard Catalog of World Paper Money (the Pick Catalog) as Italy PM-10. There were two different printers but the price is the same for both -- $.20 in this condition.</p><p><br /></p><p>I do not know of any online sources that will explain the difference between AMC and MPC but it can be found in Schwan-Boling's World War II Remembered. I will give you the short version.</p><p><br /></p><p>Allied Military Currency (AMC) was issued by the Allies for use in the occupied Axis countries during WWII. It gave the Allies a supply of money to use on the local economy to compel the occupied country to pay the cost of the occupation. Under international law, an occupier has the right to determine what is legal tender in the occupied country. The Axis nations did the same thing. German Reichskreditkassenscheine and Japanese Invasion Money would be the Axis equivalents. AMC was issued in Germany, Italy, Austria, Japan and its colonies, and Denmark. The French notes that look like AMC were not occupation notes since they were issued in an allied country not an enemy country.</p><p><br /></p><p>Military Payment Certificates (MPC) are a series of notes that were issued as pay to US troops in any number of overseas locations. MPC was first issued in 1946 and was last used in the 1970s. The purpose of MPC was to pay US troops in US currency but in an inconvertible form of US currency to limit its use on the black market. MPC was used in Allied countries like the UK and France, and also in the former Axis countries. Its use was necessitated by the fact that US troops in post-war Europe and Asia were sending back to the US amounts of US dollars far in excess of their pay. This led to an imbalance in the accounts and a significant overdraft for the military. </p><p><br /></p><p>During the war, US troops were paid in the currency of the country they were in (except those in China who were paid in US$). This would not be possible in the occupied countries because the local currencies were subject to devaluation due to the fragile nature of their post-war economies. As an example, if US forces in Germany had been paid in marks after the war, they would have lost 90% of the value of their mark holdings during the 1948 German currency reform.</p><p><br /></p><p>US troops could exchange MPC for local currency at the military finance cages at official rates but the local currency could not be exchanged for MPC except under limited circumstances. The system would breakdown when the locals accepted MPC even though this was illegal and they had nowhere to spend it. MPC was only legal to use on the US military installations. The locals (except employees of the US military) did not have a right to use the US military facilities. A blackmarket in MPC still developed but not near the levels that it would have been if regular US dollars were used.</p><p><br /></p><p>In sum, AMC used as occupation currency; MPC used to pay US troops to limit blackmarketing.[/QUOTE]</p><p><br /></p>
[QUOTE="lettow, post: 783125, member: 6986"]This note is catalogued in the Standard Catalog of World Paper Money (the Pick Catalog) as Italy PM-10. There were two different printers but the price is the same for both -- $.20 in this condition. I do not know of any online sources that will explain the difference between AMC and MPC but it can be found in Schwan-Boling's World War II Remembered. I will give you the short version. Allied Military Currency (AMC) was issued by the Allies for use in the occupied Axis countries during WWII. It gave the Allies a supply of money to use on the local economy to compel the occupied country to pay the cost of the occupation. Under international law, an occupier has the right to determine what is legal tender in the occupied country. The Axis nations did the same thing. German Reichskreditkassenscheine and Japanese Invasion Money would be the Axis equivalents. AMC was issued in Germany, Italy, Austria, Japan and its colonies, and Denmark. The French notes that look like AMC were not occupation notes since they were issued in an allied country not an enemy country. Military Payment Certificates (MPC) are a series of notes that were issued as pay to US troops in any number of overseas locations. MPC was first issued in 1946 and was last used in the 1970s. The purpose of MPC was to pay US troops in US currency but in an inconvertible form of US currency to limit its use on the black market. MPC was used in Allied countries like the UK and France, and also in the former Axis countries. Its use was necessitated by the fact that US troops in post-war Europe and Asia were sending back to the US amounts of US dollars far in excess of their pay. This led to an imbalance in the accounts and a significant overdraft for the military. During the war, US troops were paid in the currency of the country they were in (except those in China who were paid in US$). This would not be possible in the occupied countries because the local currencies were subject to devaluation due to the fragile nature of their post-war economies. As an example, if US forces in Germany had been paid in marks after the war, they would have lost 90% of the value of their mark holdings during the 1948 German currency reform. US troops could exchange MPC for local currency at the military finance cages at official rates but the local currency could not be exchanged for MPC except under limited circumstances. The system would breakdown when the locals accepted MPC even though this was illegal and they had nowhere to spend it. MPC was only legal to use on the US military installations. The locals (except employees of the US military) did not have a right to use the US military facilities. A blackmarket in MPC still developed but not near the levels that it would have been if regular US dollars were used. In sum, AMC used as occupation currency; MPC used to pay US troops to limit blackmarketing.[/QUOTE]
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