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 1933  FIFTY DOLLAR TREASURY BOND

4.25 % & 3.25 %   Dual-Rate Twelve-Year Maturity

$1.4 Billion Issued

This security has a unique feature in that in bore two separate interest rates: 4¼% for the first year's payments, and 3¼% for the duration of the bond.  This split-rate bond was used to refinance outstanding Liberty Loans.  This dual rate structure was never used before or since on a U.S. Treasury instrument. This bond is the only complete example known of this denomination, and one of three known for this year and issue.

 1933  Five Hundred DOLLAR TREASURY BOND

4.25 % & 3.25 %   Dual-Rate Twelve-Year Maturity

$1.4 Billion Issued

This bond is the only known example of this denomination, and the second of three known for this year and issue.
 

One of three known examples

 

One of five known examples

 

1935  Fifty & one hundred dollar Treasury Bonds

 

2.875 %  Twenty-Five Year Maturity

$2.6 Billion Issued

This 1935 issue was another refinancing of the outstanding Fourth Liberty Loan.  Approximately $1.6 billion in Fourth Liberty Loans were tendered at the option of bondholders, exchanging their bonds for this issue. As such, this bond began with coupon #10.  This issue was called by the Treasury Department in 1955. 

 

1937  ONE THOUSAND DOLLAR Treasury Bond

 2.5 % Eight-Year Maturity

$540 Million Issued

The only example of this year and denomination known.

1945  Five hundred DOLLAR Treasury Bond

 

2.5 % Twenty Seven-Year Maturity

$11.6 Billion Issued

1945  ONE THOUSAND DOLLAR Treasury Bond

2.5 % Twenty Seven-Year Maturity

$11.6 Billion Issued

Issued after the end of WWII, this bond was referred to as a "Flower Bond," as it was redeemable anytime before maturity (at par value) to the Treasury as payment for estate taxes owed. This complete bond is one of a reported four known of this year and denomination.
 

1945  ONE THOUSAND DOLLAR Registered Treasury Bond

2.5 % Twenty Seven-Year Maturity

$11.6 Billion Issued

This bond is the registered version of the complete bearer example featured above.  

Possibly Unique.
 

1955  five hundred dollar Treasury Bond

3 % Forty-Year Maturity

$2.74 Billion Issued

A rare 40-year maturity issue.  This bond was a "Flower Bond."

1969  one hundred thousand dollar Treasury Bill

Issued at a 7.34% Approximate Yield, Six-month Maturity

           

 $1.2 Billon Issued

Treasury Bills, also known as T-Bills, are short-term debt securities. Treasury Bills are a form of a zero-coupon bond.  Treasury Notes and Treasury Bonds, T-Bills do not have interest payments.  Instead, the debt is sold at a discounted value relative to their redemption or par value. This discount reflects the interest rate that the Bill carries.  An auction process determines the interest rate (discount) the bills will be sold at.  They are shortest duration security auctioned by the Treasury Department, and are typically sold in  4, 13, 26, and 52-week issues.

 

This example is one of three currently known Treasury Bills.

1970  one thousand dollar Treasury Bill

Issued at a 7.76% Approximate Yield, Six-month Maturity

                          

 $1.2 Billon Issued

This Treasury Bill is one of the very last $1,000 denominated securities issued.  In 1970, The

Treasury Department raised the minimum denomination for T-Bills to ten thousand dollars.

The second of three currently known Treasury Bills.

1976  five thousand dollar Treasury Note

8 %  Ten-Year Maturity

$9.4 Billion Issued

Treasury Notes, also known as T-Notes, are a medium-term debt security. Similar to Treasury Bonds, Treasury Notes have semiannual interest coupons. Today, these securities are transacted and held in book-entry form. T-Notes are issued electronically in 2, 3, 5, 7, and 10-year maturities.  They are one of the most widely-issued of all debt instruments, and are considered a proxy financial bellwether of the economy, most notably the 30-year mortgage rate.  

1978  one thousand dollar Treasury Bond

8.375 % Thirty-Year Maturity

$2.1 Billion Issued

1978  five thousand dollar Treasury Bond

8.375 % Thirty-Year Maturity

$2.1 Billion Issued

1979  one thousand dollar Treasury Note

9 %  Eight-Year Maturity

$6.2 Billion Issued

 

1979  ten thousand dollar Treasury Bond

10.125 % Fifteen-Year Maturity

$1.5 Billion Issued

 

1981 ten thousand dollar REGISTEReD Treasury Note

15.875 %  Four-Year Maturity

$3.9 Billion Issued

Issued at a discount to par, this Treasury Note was at the near peak of interest rates represented on U.S. Treasuries.

1981 one thousand dollar Treasury Bond

14 % Thirty-Year Maturity

$4.9 Billion Issued


This Treasury Bond was one of the last ever issued in bearer form.

One of two known examples.

1984  one thousand dollar Registered Treasury Note

13.75 % Seven-Year Maturity

$5.4 Billion Issued

 

At the time of issue, this note had an effective interest rate of 13.82%.  

Possibly Unique.
 

Copyright The Joe I. Herbstman Memorial Collection of American Finance 

 

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