The field of psychological operations (PSYOP) and aerial propaganda leaflets is vast. Billions of leaflets were dropped during WWII, with thousands of different themes. One of my favorite categories is the leaflet in the form of a banknote. It is a very strong psychological tool.

Few people will fail to pick up a banknote on the ground. For this reason they have always been popular as a medium of propaganda. In this article we will discuss and illustrate the banknote leaflets prepared by the Allies for use against the Axis powers and their collaborators. Portions of this article have appeared previously in the International Bank Note Society Journal, Volume 23, No. 3, 1984, 1985, and Volume 24 No. 3, 1985.