Collecting MPC and a some craziness

By Fred Schwan 

          By far the most common way to collect MPC is to try to obtain one of each regular issue. Since the first MPC was issued in 1946 and the last in 1973 this sounds like a relatively easy task. As you might suspect, all is not as it seems. A basic regular issued set consists of 94 pieces. If you are fairly aggressive, you should be able to assemble most of these, say 75, perhaps even 85 different in a few months. The final 6-10 pieces may take substantially longer. The enigmatic fractional denominations of series 651 are included in this group. I will not go into detail on these here because I can spend an entire issue on these pieces one of these days. Twenty-five years ago these pieces were assumed to not exist for collectors. Then one piece was known in collections so it was not collectible. Now we know of about 25 sets of these pieces. The good news is that the price has plummeted from about $7000 per piece to about $1200. The bad news is that collectors now fret that even this is too much because they do not know how many pieces might be available.

The above description assumes that you are collecting notes that look nice, but are not necessarily uncirculated. If you desire to have an uncirculated collection, the task is much more difficult. I estimate that about 15 collectors have assembled complete 94 piece collections. An additional 20 or so completed their collections before the discovery of 651 fractional notes. These collections were complete for their times, but in most cases these collections have been dispersed by now. I only know of two collections in the world that I believe to be uncirculated throughout.

These numbers alone should tell you how challenging it might be to assemble such a collection, but it should be an interesting adventure. Even if you want to strive for an uncirculated set, you need to decide if you will accept lower grades in the hope of upgrading later. This is a question of individual preference, and different collectors make different choices. A related issue is when to buy the key pieces. Most collectors know that it is best to buy the key pieces as early as possible because they tend to go up in price soonest and fastest. That is certainly true with MPC, but few collectors have the discipline to do this. However, if you get serious about building an uncirculated MPC collection, you really should jump on the uncirculated keys when the become available. If you pass on one now, you may not ever get another chance!

This completes the discussion on the most basic regular issue collection. However, there are some other things that belong in regular issue collections. The most important of these is Series 100 Allied military yen (known as A yen because of the large letter in the background). This series was used as trial MPC in 1946 before Series 461 was issued. This fact has been known for many years, but acceptance of Series 100 as MPC has been slow. AM A yen is not common, but presentable circulated examples are not extremely difficult to locate (actually easier than 15 years ago!).

During Vietnam additional issues known as MPC coupons were created by the United States to be used by Korean and Thai troops in conjunction with MPC. Coupons had gone out of existence before they were ever reported in numismatic literature. Seven series of coupons were issued (55 pieces). They are wonderful. A complete collection of these coupons does not exist (yet). In fact, I am not sure if all 55 pieces have been found yet, and most of the pieces are not reported in uncirculated condition.

Since MPC was not signed, there are no signature varieties. There are very few other varieties either, but the few varieties are important. About 25 years ago Neil Shafer discovered that the Series 481 $1 certificate could be found with position numbers (see below) in two different positions (left and right). This variety was quickly embraced so that virtually all collectors include these two pieces in their collections, thus boosting the number of pieces in a regular issue collection to 96.

Eventually, we determined that this shift in position took place between printings--four in all. This is a chance to get ahead of the power curve by seeking these varieties and including them in your collection. I have never heard of anyone collecting only the printing varieties, but it is certainly a possibility.

Many collectors restrict their collection of MPC to fewer than 94 pieces based upon special interests. The most common approach is to collect only the fractional denominations or fractional plus one dollar denominations. Others collect only series used in particular areas. Currently the most popular is to collect Vietnam era MPC. Such a collection has only four series and it sounds as though it should be very easy, but if you want uncirculated pieces, you will have some trouble. Of course such a collection might (should?) include all of the MPC coupons, and that is a great challenge. Other popular areas for collection are series used in Japan, Germany, and Italy. Catalogs and collectors in those countries are  I think that MPC collecting in these countries will increase greatly in the next decade if not few years.

As with most paper money printed by the government in the United States in the past 50 years, MPC had a replacement note system. (Regular issues have two serial letters as A…A, replacements have only one as A…). This has been my area of personal emphasis for, well a long time. For twenty years or so we have been recording the serial numbers of all MPC replacements. Thus far more than 2000 serial numbers have been recorded. Of the 94 different issues, 86 are confirmed to exist in replacement form. Obviously, this creates additional ways to collect.

Many people collect regular issues and replacements. Different people include the replacements with varying degrees of enthusiasm. A few others started their replacement collections only when completing their regular issue collections. There are a few collectors who collect replacements, but not regular issues. Absolute completeness is seldom the goal here. Instead the collectors try to see how many they can get with the goal of chasing some of the great collectors of the past. Thus far the greatest collection assembled and publicly reported had 76 different replacements. Wow. That collection was formed by Indiana collector Elmer Smith and dispersed in the 1980s.

Then there are hybrid approaches like collecting fractionals only regulars and replacements. Several people who collect only Vietnam era MPC include replacements in their collections and I suspect that some of those who limit themselves to those issued in a given country or area also include replacements.

A common approach to replacement collecting is to try for all of one denomination--usually 5¢. 10¢ or $10. Other ideas are to try to get one of every denomination irrespective of denomination or to complete any one series. I might add that none of these tasks is easy.

Specimen, proof, low and fancy serial numbers, and error MPC all exist in private collections.  Collectors love these and add them to their basic collections, but they are all rare and virtually impossible to collect in a systematic way.  Less rare but not widely collected are gasoline ration (and other ration items) coupons used with MPC, training money and a few other miscellaneous items.

MPC was printed in sheets of 50, 74, or 80 certificates. For technical reasons the sheet position number is printed on each certificate. This fact allowed (or created) the varieties of series 481 discussed above. It also created additional collecting opportunities.

There are some real crazy collectors out there. I think that I am the leader of this pack!  A few years ago I decided to try to assemble a “complete” set of MPC (regular issues only) from position number 1. I cannot claim to be the first to try this. In fact I am a late starter, but it is fun (crazy, maybe, but fun). I doubt if it is possible to complete such a collection. Consider the scarce $5 and $10 denominations (printed in sheets of 50). I can only expect to find a position number 1 only once in 50 occasions of seeing a particular issue. That is why I was so excited to find the Series 541 $5 certificate that is a real rag, but it is from position number 1 and is now in my collection!

The number 8 has special significance to many people in Asia. Joe Boling is the ultimate collector of Japanese material in the United States. I thought that he should have a set of MPC from that position so I sent him a few pieces. He liked them so I sent him a few more. Now he has a want list!

PMW web master Doug Bell is working on a double denomination set, and I love it. He is building a set where the position number is the same a the denomination. These pieces are really quite striking.

Along the way I found a position number 1 and 1 for the $20 Series 681. That started me on another adventure. I am trying to find one of these pieces from all 50 positions! This task is easier, because there have been hoards of circulated pieces of this note. Indeed, I am doing well. Florida dealer Leo May had a few pieces for me at the recent Portland convention of the American Numismatic Association. To complete my collection I still need positions 21 and 29.

Well this about wraps up my vision of just some of the ways to pursue an MPC collection.