Status: U Return-Path: Received: from mail.papermoneyworld.net ([207.3.91.49]) by osgood.mail.mindspring.net (Earthlink Mail Service) with SMTP id u1fmbi.5b.37kbi1v for ; Wed, 12 Dec 2001 17:25:52 -0500 (EST) Subject: MPC GRAM Precedence: bulk Sender: mpcgram-owner@mail.papermoneyworld.net From: mpcgram-owner@mail.papermoneyworld.net (List Server) Date: Wed, 12 Dec 101 15:25:15 CDT Message-Id: <10112121525.AA112BB4B6@mail.papermoneyworld.net> Reply-To: mpcgram@mail.papermoneyworld.net Date: Wed, 12 Dec 2001 04:29:03 -0800 (PST) From: MPCgram Subject: Re: MPC GRAM Reply-To: mpcgram@mail.papermoneyworld.net Gail, Thanks for the date corrections. If you would like to have an ad for the seminar (general and/or military money) in the forthcoming MPC book, you may have one pro bono on a space available basis. I suggest that you make up two ads, one for seminars in general and one for military money. Also suggest that you not use dates except to say each July or something like that. Need the ads end of next week. Hope that all is going well w/u. We will be pushing seminar soon in the Gram, our scholarships too. Fred ===== MPC Gram is published by BNR Press and papermoneyworld.com as a free service to the community of military money collectors. Your suggestions, criticisms, complaints, editorial contributions, letters, and even praise are very welcome. The entire contents including linked illustrations are copyright protected by the publishers. In the case of contributors, the copyright is protected on behalf of the creators. Please send all correspondence regarding the gram to MPCgram@yahoo.com. Thank you very much for your participation. __________________________________________________ Do You Yahoo!? Check out Yahoo! Shopping and Yahoo! Auctions for all of your unique holiday gifts! Buy at http://shopping.yahoo.com or bid at http://auctions.yahoo.com Date: Wed, 12 Dec 2001 05:01:00 -0800 (PST) From: MPCgram Subject: MPCGram 510 Reply-To: mpcgram@mail.papermoneyworld.net ============================================== MPC Gram ============================================== Covering the Entire World of Military Numismatics ---------------------------------------------- Series 003-Number 510 Wednesday, December 12, 2001 MPC Use in RVN Found on the Internet and Submitted by Dave Klinger, author unknown Illegal currency transactions were often tied to black market commodity sales, and produced many of the same harmful effects. The war had brought rampant inflation to Vietnam, with the result that the Vietnamese national currency, the piaster [actually dong], had constantly shrunk in value in terms of the U.S. dollar. Even though the piaster was devalued several times during the war, the going rate for U.S. currency in terms of piasters in the Vietnamese market place was considerably higher than was the official rate of exchange agreed upon by the two governments. Thus, someone with access to both U.S. and Vietnamese currency who had currency exchange privileges could take X number of piasters and purchase 51.00 U.S. currency (X being the official rate of exchange at a U.S. installation). He could then take the U.S. dollar, go into the Vietnamese market, and purchase X+Y piasters for his dollar, Y being the difference between the official rate and the black market exchange rate. The Y number of piasters was the profit on each transaction. Because this kind of manipulation allowed an individual to recirculate his money constantly, a relatively small initial capital investment could quickly be turned into a sizable fortune. Until 1 September 1965, U.S. dollars were used as an authorized medium of exchange in Vietnam. After that date, U.S. troops were paid only in Military Payment Certificates, and generally all U.S. civilian firms dealt only in certificates or piasters. The certificates were scrip money, printed by the United States and freely negotiable as money at all U.S. facilities. The only use for which certificates were not negotiable was conversion into U.S. green dollars, which were withdrawn from the economy. Soldiers and U.S. civilian employees who received pay in Vietnam were paid in military certificates. If they wished to send money home, they could take out an allotment payable to an individual or a bank account, or buy money orders, or open a checking account at a military banking facility in Vietnam. Checks or money orders cashed within Vietnam were payable only in certificates. U.S. personnel who needed piasters for authorized purchases of Vietnamese goods or services could exchange certificates for piasters at official exchange facilities. The purpose of withdrawing all U.S. dollars from circulation in Vietnam was to keep separate the U.S. and Vietnamese monetary systems, thus deterring black market operations and currency manipulation, and removing some of the inflationary pressure on the Vietnamese economy. The issue of Military Pay Certificates in the American community made illegal currency transactions more difficult but did not eradicate them, since certificates soon began to pass for dollars in the black market as well as in U.S. facilities. This was possible because, while certificates could not be negotiated for dollars in Vietnam, they could be used to purchase money orders or to write checks that could be sent outside of Vietnam and then cashed in dollars or other currency. In order to counter such activities, the U.S. command in 1966 put controls on the use of U.S. postal money orders. No individual was allowed to purchase a money order for any amount in excess of the pay drawn by him that month (pay vouchers had to be shown); the names and addresses of purchasers and payees were recorded, and purchases which were considered to be excessive were reported to the U.S. Internal Revenue Service for investigation. The court-martial statistics reflect the growth of black market activity in Vietnam. In 1967 there were 64 courts-martial for currency and commodity violations on the black market, while in 1968 there were 232 commodity violators (including 12 civilians) and 239 currency violators (of whom 105 were civilians). Because of the growing number of currency violations, a change of Military Payment Certificates, called a conversion, was called for. The first series of certificates, issued in 1965, was still in use in 1968, by which time it was recognized that a substantial amount in certificates had fallen into the hands of unauthorized persons, such as black market money changers. On conversion day, which was predetermined and held a close secret (28 October 1968), all individuals authorized to possess certificates were required to turn over all certificates in their possession to specially appointed finance agents stationed at each military installation. No one was allowed to leave the installation until he had turned in his certificates, and certificates were accepted only from individuals who held the required identification authorizing possession of certificates. A record was kept of the amount turned in by each individual, and an equal amount of money printed in the new certificate series was returned to each individual. Once the conversion was complete, no certificates from the old series were accepted for conversion, nor were old certificates any longer negotiable as cash. Thus, the old series of Military Payment Certificates became worthless, and anyone holding such notes suffered loss directly proportional to the value of the notes he held. On this first conversion date, $276,931,802.50 in certificates were converted. The amount of $6,228,597.50 in old certificates was not accounted for, and presumed to be in the hands of unauthorized persons. As troop strength peaked in 1969, further steps were taken to combat black market commodity and currency violations. A second currency conversion was accomplished on 11 August 1969. On 2 November 1969 the Military Assistance Command promulgated new regulations specifying activities prohibited for U.S. military personnel; U.S. nationals employed by, serving with, or accompanying the armed forces; other nationals employed by the United States; contractors invited by the United States and doing business in Vietnam; all nonappropriated fund activities and their concessionaires; and all persons authorized to use exchanges, clubs, post offices, and other U.S. military facilities. The regulations specifically prohibited more than two dozen activities, most of them involving the unauthorized possession, acquisition, or transfer of exchange merchandise, Military Payment Certificates, dollars, identification cards, or ration cards. ============================================== Editorial ---------------------------------------------- The story above submitted by David Klinger does not have too much new material for MPC collectors, but that which is new is indeed very interesting. The number of courts martials is telling, but best of all is the amount of MPC 641 redeemed and outstanding upon conversion. Such figures have not been easily found. Ironically, this discovery came at just about the perfect time to insert it into the new MPC book! On Sunday Judy described our holiday travel plans to me. I tried to brush her off by saying, heck Christmas is not till December! Of course the realization that came with the ensuing discussion really knocked me down so to speak. As a result of that discussion and some other things (see yesterday’s discussion about he May collection), I have decided that it is necessary to finish the MPC book in the next 10 days and to surge in order to accomplish that! I thought about suspending the Gram during that time or finding a substitute editor, but decided that neither of those plans would work. Then I came up with the best plan. I will draft all of you to help me get it finished. There are still a few points that need consultation etc. We will work on them here in the Gram! I thought about creating a new/temporary column here just for this purpose, or even renaming the editorial column something else temporarily, but also decided against that. So, with your help, we will get this done and have our book soon! I know that you will like it because it has more new stuff than any edition has. Some of these might be surprises, but I think that Gramsters are in on most of the secrets. Those poor other folks out there will really be surprise at some of the new material though. To get us started. You can help by making a special effort to send (today/tomorrow) anything that you have in mind for the book. Do not wait another day. Not having anything for the book? During this next 10 days we need even more help with the Gram. Send us an article, letter, question or whatever to help fill your Gram. Dealers, be sure to see the advertising rates for the MPC book now listed in the PX below. We CAN and MUST do it. ============================================== Mail Call ---------------------------------------------- Dear Editor, Still receiving my daily GRAMS and enjoying them. Getting a few notes in the front of the gram which doesn't mix with the rest of the GRAM, but enjoy those also. Knowing that both Fred and Wiz are trying to make things as close to perfect as possible. If anybody has some of the earlier GRAMS, read them and then the latest ones. BIG BIG CHANGE and still getting better with each issue. Want to also take this time to say thanks for all the work!!! Who would ever think that from chat to NUMBER 500 of the GRAM. Your work is enjoyed by many. Thanks again. Marv Dear Marv, Thanks. What was wrong with the early Grams? Ah well. I suppose that you want a big subscription extension too?! If we do that everyone will be writing! Ah…. Ok, your subscription is extended 691 issues! Dear Editor, The only problem I saw with the Gram being offered in your eBay listings according to eBay rules is that you failed to mention that it is FREE! As soon as you mentioned the word 'subscription' red flags went up everywhere because it looked as though you were trying to sell something other than the item. Add to that the phrase 'free of charge' or the like was conspicuously missing, what other conclusion could be drawn? By the way, I am not defending eBay. I think the attention and service to its buyers and sellers has deteriorated over the last year. But it's still a viable venue to get the word out, if we're a little more careful in our wording. William E. Yanchick Dear Editor, Please change the dates of the Military Money Seminar to June 29 – July 5, 2002. Thanks, Gail Baker ANA Director of Education Dear Gail, Ok, but no free subscription extension. Editor ================================================ Departments ------------------------------------------------- Calendar of events for Gramsters maintained by Howard Daniel, Nancy and John Wilson and Gram staff, last updated September 7, 2001 show reports are requested on all events. Even if it was not a great show, there must be something to report. What and whom did you see? Market activity? Share your observations and thoughts with Gramsters everywhere. ---------------------------------------------------- Special "MPC" events March 2002 8-10 - MPCFest III - reservations in order received: Guido Crapanzano, Harold Kroll, Larry Smulczenski, Gary "Got any fours" Hicks, Tom Warburton, David Seelye, Jack Lippincot, Phil Goldstein, Warner Talso, Nick Schrier, Richard Freyser, Tom Koch, Mark Watson, Bill Yanchick, Doug Bell, Sam Feeback, Bruce Potter, Elmer Smith, Marv Mericle, Wes and Rod Hardy, Marcus Turner, Gene Ryanwood, Fred Schwan {running total 24}] [missing “old” Festers: Dan Swartz, Leo May, Al Glaser, Kevin Maloy (did I forget someone?), come on guys, give us your reservation] Three airports are reasonably available for the Fest. In order of proximity they are: Toledo Cleveland Detroit (Metro) All three are reasonable. If you can arrive early enough AND coordinate it well ahead, every attempt will be made to pick you up at the airport to save on rental cars. Festers are encouraged to coordinate among themselves for rides. We will also run notices in the Gram and, finally, we will try to coordinate for Festers to run pickups from Fest central. June 29 to July 5 W.W.II numismatics seminar at ANA Summer Seminar, July 2002 Session I (June 29 through July 5, 2002) Session II (Sunday, July 7 through Thursday, July 11, 2002) general events will return soon --------------------------------------------------- Donations are now being accepted for scholarships to the 2002 "Military Money" course at the 2002 ANA Summer Seminar. Inquiries and donations should be sent to: Military Numismatists c/o Marcus Turner 8103 East US Highway 36 Suite 163 Avon, IN 46123 Donors to 2002 Scholarship Fund Steve Feller Harold Kroll R. A. Medina Guido Crapanzano David Seelye Leo May Warner Talso Marv Mericle Mark Watson Gail Baker ==================================================== Post/Base Exchange (PX/BX/NEX) Dump your dupes! Your classified advertisement for items for sale will be run here for free. Send your ads to the gram. This service is for everyone, most humble dealer or most advanced collector. The point is to make the gram more interesting. Send in a list of items for sale and we will list them here in the gram. In all cases confirm your order via email first. SPECIAL NOTICE We are in a mad final push to complete the fourth edition of our MPC bible! We can and will have it to the printer before Christmas! The resources section is one of the major areas where work is needed. Place your advertisement now! If you ordered an ad in the past and we have not spoken about it recently, please confirm. This is your chance to get your message to thousands of collectors and dealers world wide. With an advertisement in The Comprehensive Catalog of Military Payment Certificates you will receive many extras (these may change over time): listing in the Hot Contact List every month in the Bank Note Reporter, in the book itself, at papermoneyworld and probably right here in the Gram. Here is what is available: Inside back cover, one spot $1900* Last page $1700 Full page in resources section $750 Three quarter page $550 Half page $500 Quarter page $400 *full color available for this position. Monthly payment option available. Make your reservation now! FOR SALE Ireland Currach 1 pence, 6 pence, 1 shilling, 2 shilling Campbell 5550-5553 EF set of 4 $300.00 postpaid insured for domestic delivery. Austria IRO 1 Unit Campbell 7360 VF $250.00 postpaid insured for domestic delivery. coinman@rochester.rr.com WANTED Collectors may submit lists of items wanted for their collections for listing here. Dealers and collectors who have these items are then encouraged to list them or sale in the above section. This is a trial, if you like it, send your list. =================================================== Staff: publisher and editor: Fred Schwan - MPCGram@Yahoo.com; assistant editor - Phil Goldstein IWANTMYMPC@aol.com distribution manager - Brad Peacock bp22@swbell.net Tuesday columnist Joe Boling – JoeBoling@aol.com Thurski columnist Larry “Ski” Smulczenski –ski@papermoneyworld.net critic: Harold Kroll - MPCKid@papermoneyworld.net; index manager: Ed Beaman webmaster & technical advisor: Doug Bell - (Wiz): doug@papermoneyworld.net; The Boss: Judy Schwan ===== MPC Gram is published by BNR Press and papermoneyworld.com as a free service to the community of military money collectors. Your suggestions, criticisms, complaints, editorial contributions, letters, and even praise are very welcome. The entire contents including linked illustrations are copyright protected by the publishers. In the case of contributors, the copyright is protected on behalf of the creators. Please send all correspondence regarding the gram to MPCgram@yahoo.com. Thank you very much for your participation. __________________________________________________ Do You Yahoo!? Check out Yahoo! Shopping and Yahoo! Auctions for all of your unique holiday gifts! Buy at http://shopping.yahoo.com or bid at http://auctions.yahoo.com