Allied Military Currency
Encyclopedia
Allied Military Currency ("AMC") was a form of currency
issued by the Allied powers
during World War II
, to be issued to troops entering liberated or newly occupied countries, as a form of currency control.
such as the dollar circulating freely alongside weaker local currencies could be severely problematic, risking severe inflation
. There were other problems as well; once dollars were circulating in a combat region, the opposing side could freely use its own stocks of dollars as currency, or acquire stocks for use elsewhere. The high purchasing power of the dollar, and its easy transference back to the United States, also posed a significant incentive to black-marketeering.
However, whilst the use of local currencies was effective where they were provided in cooperation with the local authorities, it was impractical in combat zones where the government might be either hostile, deliberately ambivalent, or simply non-existent. In these cases, the military authorities issued special "military currency", which was paid out to soldiers at a fixed rate of exchanged and simply declared legal tender in occupied areas by local commanders.
The majority of the notes were printed by the United States Bureau of Engraving and Printing, and some were printed by Russia, and the Japanese Ministry of Finance
.
Currency
In economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply...
issued by the Allied powers
Allies of World War II
The Allies of World War II were the countries that opposed the Axis powers during the Second World War . Former Axis states contributing to the Allied victory are not considered Allied states...
during World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
, to be issued to troops entering liberated or newly occupied countries, as a form of currency control.
Background
Historically, soldiers serving overseas had been paid in local currency rather than in their "home" currency; most cash drawn by soldiers would go directly into the local economy, and in a damaged economy the effects of a hard currencyHard currency
Hard currency , in economics, refers to a globally traded currency that is expected to serve as a reliable and stable store of value...
such as the dollar circulating freely alongside weaker local currencies could be severely problematic, risking severe inflation
Inflation
In economics, inflation is a rise in the general level of prices of goods and services in an economy over a period of time.When the general price level rises, each unit of currency buys fewer goods and services. Consequently, inflation also reflects an erosion in the purchasing power of money – a...
. There were other problems as well; once dollars were circulating in a combat region, the opposing side could freely use its own stocks of dollars as currency, or acquire stocks for use elsewhere. The high purchasing power of the dollar, and its easy transference back to the United States, also posed a significant incentive to black-marketeering.
However, whilst the use of local currencies was effective where they were provided in cooperation with the local authorities, it was impractical in combat zones where the government might be either hostile, deliberately ambivalent, or simply non-existent. In these cases, the military authorities issued special "military currency", which was paid out to soldiers at a fixed rate of exchanged and simply declared legal tender in occupied areas by local commanders.
Implementation
Five types of currency were issued:- German Allied Military Currency (Mark)
- Austrian Allied Military Currency (Schilling)
- French Allied Military CurrencyUS occupation francThe US Occupation franc was a currency issued by the United States for use in Allied-occupied France in the wake of the Battle of Normandy. With the swift take-over of sovereignty by General Charles de Gaulle, who considered the US occupation franc as “counterfeit money”, the currency rapidly...
(Franc) - Italian Allied Military Currency (Lira)
- Japanese Allied Military Currency (Yen)
The majority of the notes were printed by the United States Bureau of Engraving and Printing, and some were printed by Russia, and the Japanese Ministry of Finance
Ministry of Finance (Japan)
The ' is one of cabinet-level ministries of the Japanese government. The ministry was once named Ōkura-shō . The Ministry is headed by the Minister of Finance , who is a member of the Cabinet and is typically chosen from members of the Diet by the Prime Minister.The Ministry's origin was back in...
.
Collectors
Notes today are fairly common, and can be valued anywhere from one dollar (for a common bill) to a couple thousand dollars for a rare series, low printing, or replacement bill.External links
- http://www.strictly-gi.com/currency.html Allied Military Currency] - reenactment website