EXCHANGE: The U. S. Pays Up

The Allied soldiers invading Sicily in July 1943 carried paper money that resembled cigar coupons. On one side was printed "Allied Military Currency," on the other the Four Freedoms (TIME, Aug. 23, 1943). Washington, for the next 15 months, did not even hint who would redeem the $350,000,000 worth of invasion money (pegged rate: 100 lire to a dollar) which the U.S. and Britain subsequently issued in Italy. Said Treasury Secretary Morgenthau cryptically : redemption was a matter for the peace table.

By last week redemption could no longer wait for the peace...

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