Wartime banknotes are a fascinating and highly collectable area of militaria and numismatics. Their value usually comes from rarity, historical context, and condition. Here are some of the more collectable categories and examples:

1. World War I (1914–1918)

German Notgeld (Emergency Money):
Issued by German towns and cities due to shortages of official currency. Often very colorful and artistic, depicting local landmarks or propaganda.
Austro-Hungarian & Russian Notes:
Hyperinflation and political turmoil created many unusual issues.
Allied Military Currency (early issues):
Used in occupied territories after the Armistice.

2. World War II (1939–1945)

Japanese Invasion Money (“JIM”)
Issued by Japan for use in occupied countries (e.g., the Philippines, Malaya, Burma, Netherlands East Indies). Notes were printed with over-simplified designs, often just stating “The Japanese Government.”
Allied Military Currency (AMG)
Used in liberated/occupied areas like Italy, France, and Germany. These were printed by the U.S. and U.K. for use by soldiers and civilians after D-Day.
Concentration Camp Currency
Issued in camps such as Theresienstadt (Czech Republic). Prisoners were forced to use this money inside camps, though it was essentially worthless. Rare and highly collectable.
German Reichsbank Notes
Especially late-war inflationary issues and notes with overprints for occupied areas (e.g., Poland).
British Emergency Issues
Wartime overprints and special notes, including Mau Mau-era “Emergency Notes” in colonies.

A small Collection of 4 German Bank notes from post WW1

3. Other Wars & Conflicts

American Civil War (1861–65):
Confederate States of America banknotes are widely collected, ranging from crude locally printed notes to more elaborate designs.
Vietnam War:
Both North and South Vietnam issued distinctive notes. U.S. Military Payment Certificates (MPCs) were also used by American troops.
Korean War (1950–53):
Military Payment Certificates circulated among U.S. forces.

4. Special Collectable Features

Propaganda Overprints: Notes altered to spread propaganda messages (e.g., Allies dropping forged German notes with anti-Nazi slogans).
Errors & Misprints: Scarce and more valuable.
Uncirculated or Sequential Serial Numbers: Always more sought after.

💡 Tips for Collectors:

Condition is critical (uncirculated wartime notes are rare).
Provenance (e.g., notes brought home by soldiers) can add value.
Start with Japanese Invasion Money and Allied Military Currency – affordable entry points before moving into scarcer issues like concentration camp money.

Most Collectable Wartime Banknotes

1. Concentration Camp Currency – Theresienstadt (WWII)

Issued in the Theresienstadt ghetto (Czech Republic).
Often shows Moses with the Ten Commandments.
Rare survivor pieces, highly collectable.

2. Japanese Invasion Money (WWII)

Used in occupied territories (Philippines, Malaya, Burma, Dutch East Indies).
Higher denominations (₱100, ₱500, ₱1,000) are the rarest.
Some overprints and errors are extremely scarce.

3. Allied Military Currency – Germany (WWII)

Printed by the U.S. for use in occupied Germany in 1944–45.
Early issues with “Allied Military Currency” in multiple languages are iconic.

4. Confederate States of America Notes (U.S. Civil War)

Wide range, from crude locally printed notes to finely engraved Richmond issues.
Genuine Confederate currency is always in demand.

5. German Notgeld (WWI & Hyperinflation 1920s)

Technically “emergency money,” issued in the millions.
Some local issues are incredibly rare and feature vivid designs of battles, towns, or propaganda.

6. U.S. Military Payment Certificates (WWII–Vietnam)

Issued to American servicemen overseas to prevent black-market trade.
Early series (Series 461 and 481) are especially desirable in high grade.

7. British Prisoner-of-War Camp Notes (WWII)

Issued in POW camps across Britain for internees.
Often marked “Camp Money” or with simple overprints. Scarce survivors.

8. Reichsbank Notes with Occupation Overprints (WWII)

German notes with overprints for use in occupied Poland and other territories.
Some rare local issues fetch high prices.

9. North & South Vietnam Notes (Vietnam War)

South Vietnamese piastre notes from the 1960s–70s are collectable.
“Ho Chi Minh” notes of North Vietnam are sought after, especially early issues.

10. Korean War Era MPCs (1950s)

Issued to U.S. soldiers during the Korean War.
Certain short-run denominations are quite rare.

✅ Extra Rare & Niche Collectables:

Forged notes dropped as propaganda (e.g., Allies forging German marks to destabilize Nazi economy).
Soviet Occupation Notes (East Germany, post-1945).
Emergency issues in colonies like British Malaya and Hong Kong during wartime.

War time Bank note collecting