Allied Military Certificates Currency & Banknote Values

The Allied Military Certificates series of Italy in the World Currency contains 41 distinct entries.

Begun in 1943, “Operation Husky” was the Allied operation to print and circulate Allied Military Currency (AMC) under the authority of the Allied Military Government for Occupied Territories in Italy. Issues visually similar in design circulated in France (P114 - P126), Germany (B601 - B608), Japan and Korea (see Japan B501- B515 for both).

On 24 September 1943, the regulations for the circulation and exchange of Allied Military Currency were published, establishing equal value for the allied banknotes and Italian lira notes.

The agreement of 24 January 1946 between the Italian Government and the Allied Military Government allowed the Bank of Italy to issue AM lire in order to unify circulation of the latter with the bank’s own notes. AM lire ceased to be legal tender on 30 June 1950 (Ministerial Decree of 18 February 1950), extended to 31 December 1951 (Ministerial Decree of 16 April 1951). The long story of American occupation currency was concluded with Law 3598/1952, authorizing the Treasury Ministry to issue the Bank of Italy with Treasury bills for a total amount equivalent to the AM lire withdrawn from circulation and destroyed after the 1946 Convention was signed.