---

Military Payment Certificates

---

---

Series 481 25c Replacement
Grade: PMG AU 55    

---

Third printing. PMG has only graded two notes better than this lovely piece which wields gigantic margins, perfect centering and a lone, faint center fold. The Green Sheet asking price is $865 in AU 50 but when one considers how rare it is to find one in this grade there isn't much time to wait for another.

---