50 sen 1945

Common. The eBay price history shows consistent sales across multiple condition grades ranging from $0.99 to $42.55, with UNC examples selling in the $5–$15 range historically (2009–2018) and more recently in the $9–$30 range when professionally graded (PMG 64–68). The 2016 catalogue valuation of $4.50 for UNC, combined with the frequency of auction sales, confirms this as a standard issue with substantial surviving circulation. Allied Military Currency notes were issued in large quantities for occupation duties, and this denomination remains readily available in the collector market.

This note was issued by the Allied Military Command following Japan's surrender in August 1945, as occupation forces required a standardized currency for military transactions and civilian commerce in occupied Japan. The bilingual design (English and Japanese) reflects the military administration's need for clear communication across language barriers, while the traditional Japanese artistic elements on the reverse—depicting mythological figures—represent an attempt to maintain cultural continuity despite the foreign occupation. The 'Series 100' designation and formal proclamation text acknowledge the military authority's legal basis for currency issuance under wartime conditions.

The obverse presents a formal military currency design with a light blue-green wavy-line underprint that suggests security printing techniques of the era. The central composition groups English and Japanese text symmetrically, with a circular ornamental seal containing Japanese characters on the left and a denomination indicator on the right, all framed by fine decorative borders and scrollwork in corners. The reverse features an elaborate intaglio engraving of a traditional Japanese mythological figure or creature (likely a dragon or celestial being based on typical occupation-period designs), rendered in fine line work against a cream background and printed in red-brown ink. The decorative repeating border pattern and complex ornamental design demonstrate high-quality engraving work characteristic of official occupation currency.

OBVERSE: 'MILITARY CURRENCY' (English, top); 'SERIES 100' (English); '軍兵券子' (Japanese: Military currency); '拾' (Japanese: Ten, on left circular seal); '50 SEN / FIFTY SEN' (English denomination on right); 'A 09527971 A' (Serial number); '票率' (Japanese: Exchange rate/currency rate). REVERSE: '軍票に兵衛布告に据ける' (Japanese: Issued pursuant to military proclamation); 'ISSUED PURSUANT TO MILITARY PROCLAMATION' (English, bottom).

Intaglio/engraving process, evidenced by the fine line work, crisp sharp printing, and the characteristic raised impression quality visible in both the wavy-line background patterns and the elaborate reverse engraving. The multi-color printing (blue-green obverse, brown-red reverse) suggests separate plate runs. This note was printed by the U.S. Bureau of Engraving and Printing, which produced Allied Military Currency notes for occupation use.

The visual analysis confirms the presence of 'B' in the underprint (visible in the serial number prefix area), which is the defining characteristic of Pick P-65. The catalog reference notes that a similar note with 'A' in the underprint exists as Pick P-64, making the underprint letter the key diagnostic for variety classification. The observed serial number 'A 09527971 A' represents the standard serial numbering format for this issue. This specific note represents the 'B' variety of the series.