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U.S. Treasury Bonds are a bedrock and a benchmark throughout the global financial system.  From individual investors to large corporations, from state governments to foreign treasuries, these bonds help secure and finance much of today's global financial activity.  Throughout the 20th Century, the Treasury Department issued bonds with maturities ranging from 12 to 40 years.  Eventually, Treasury Bonds would come to have a standard 30-year maturity date.  Today, T-Bills and Treasury Notes have eclipsed the issuance of Treasury Bonds in dollar volume.  Featured here are several 20th Century Treasury Bonds (issued after the Liberty Loans) in both registered and bearer examples.

 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 $500 Registered Bond (front).JPG

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."

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  ten thousand dollar Treasury Bond

10.125 % Fifteen-Year Maturity

$1.5 Billion Issued

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.

Copyright The Joe I. Herbstman Memorial Collection of American Finance 

 

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