Twenty Dollars — Series 692
$20.00 · Oct 7 1970 – Mar 15 1973 · Exclusive use in Vietnam
Historical Context
Series 692 was the last official MPC issue put into circulation. It entered Vietnam on October 7, 1970 and whole denominations were withdrawn on March 15, 1973 (fractional ones on June 1, 1971, when US coins were reintroduced). It is the series that closes the military scrip program started in 1946.
Like the rest of the MPCs, these banknotes could only be used in military establishments by authorized personnel. Convertible to local currency when leaving — but not the other way around— and to US dollars only when leaving the MPC zone. This limited the black market and protected the local economy from excess dollars.
The — design, often cited as the most “ American ” program —, combines BEP vignettes with national themes: indigenous people, eagles, bison. The $20 with theChief OurayIt is one of the most recognizable and sought-after pieces of the entire MPC series.
Color Scheme
Obverse:main print in violet/purple on a beige background, with large ornamental numerals “20” in the upper corners and the legends “TWENTY” / “DOLLARS” in lower bands.
Reverse:same violet palette; The hydroelectric dam occupies a central oval flanked by two large “20” on radiating rose windows. Top and bottom purple stripes with MPC regulatory text.
Portrait and Obverse Images
- Center:portrait ofUte Chief Ouray(c. 1833–1880), leader of the band Uncompahgre, recognized by the U.S. government for negotiating peace treaties. Cartoon recorded by the Bureau of Engraving and Printing.
- Legends:“SERIES 692” and “MILITARY PAYMENT CERTIFICATE” vertically on the right; numeral “20” in the upper corners; Black serial numbers on both sides.
- Regulatory text:block on the left with the clause of exclusive use in military establishments by authorized personnel.
Reverse Images
Hoover Dam (Hoover Dam) in a central oval: the wall, the spillways and the hills of the Colorado. It is one of the most recognizable engineering vignettes on American military paper money.
To the left and right, large numerals “20” on radiant rosettes in violet; upper and lower stripes with “MILITARY PAYMENT CERTIFICATE” and the regulatory clause of use.
Signatures and Seals
Unlike Treasury or Federal Reserve notes, MPCs do not bear the signatures of treasurer or secretary of the Treasury, nor the seal of the Department of the Treasury: they were issued under the authority of the Department of Defense.
Legacy for Collectors
Series 692 closes the MPC cycle and is a favorite among collectors for its “American” aesthetic and for being the last one put into circulation. The $20 withOurayIt is, along with $10, the denomination that best holds a premium over face value.
Replacement banknotes (series ending in a digit instead of the letter E) are much scarcer. This specimen is a regular second printing issue (S938-2), with serial E…E.
Sources
- Bureau of Engraving and Printing —Military Payment Certificates 1946–1973 (new window)(opens in a new tab)
- Schwan, Fred.Comprehensive Catalog of Military Payment Certificates— Schwan-938
- World Banknotes & Coins Museum —Series 692 $20 (new window)(opens in a new tab)(Pick M98)
- Banknote.ws —P-M98 Series 692 $20 (new window)(opens in a new tab)
- ANA / Fred Schwan —Military Payment Certificates (PDF) (new window)(opens in a new tab)