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 1917  $50 First Liberty Loan

3 ½% 30-year Coupon Bond

 

Original Issuance: $1.98 Billion*

*Issuance totals are for the entire loan series

This series carried a 3.5% interest rate. It came in a booklet form with sixty interest coupons attached. This portrait of

Thomas Jefferson, which was often used by the Bureau of Engraving and Printing (BEP), was engraved by Charles Burt.

Fewer than thirty examples known

 

1917  $100 First Liberty Loan

3 ½% 30-year Coupon Bond

 

Original Issuance: $1.98 Billion

 

This portrait of Andrew Jackson, used often by the BEP, was engraved by Alfred Sealey.

 

Fewer than ten examples known

1917  $50 First Converted Liberty Loan

4% 30-year, Short Coupon 

 

Original Issuance: $1.98 Billion

 

This series carried a 4% interest rate. As potential future interest rate increases were a consideration in the sale of these bonds, a conversion provision was part of the bond terms, allowing for the option to exchange a 3.5% bond for a higher rate later issued. This bond was a "short" or temporary security, which would be exchanged after the first two years of interest for a long format bond.

 

The first of three known examples from the entire First 4% Conversion, and the only known short coupon bond within the issue.

1917  $100 First Converted Liberty Loan

4% 30-year, Registered Bond 

Original Issuance: $1.98 Billion

The second of three known examples from the entire First 4% Conversion,

and the only known registered bond within the issue.

1917  $50 First Converted Liberty Loan

4% 30-year, Long Coupon 

 

Original Issuance: $1.98 Billion

 

This series carried a 4% interest rate. This bond began with coupon #5.

 

The third of three known examples from the entire First 4% Conversion, and the only known long coupon bond within the issue.

1917  $50 Second Liberty Loan

4% 30-year, Short Coupon 

One of six known examples

 

1917  $100 Second Liberty Loan

4% 30-year, Short Coupon 

Two known examples

 

Original Issuance: $3.8 Billion

This series carried a 4% interest rate. These examples are "short" or temporary coupon bonds, bearing four interest payments. A bond would then be exchanged for a long format security beginning with coupon #5.

 1917  $50 Second Liberty Loan

4%  30-year, Long Coupon 

 

Original Issuance: $3.8 Billion

 

This series carried a 4% interest rate. This was a long format coupon bond, and began with coupon #5.

One of two known examples

 1918  $50 First Liberty Loan, Converted

4 ¼%  29-year, Long Coupon 

 

Original Issuance: $1.98 Billion

 

This series carried a 4.25% interest rate. It was the second time the First Liberty Loan issue was converted to a higher interest rate. 

 

One of five known examples

 1918  $100 First Liberty Loan, Converted

4 ¼% 29-year, Long Coupon 

    Original Issuance: $1.98 Billion

    Fewer than ten known examples

 1918  $50 Second Liberty Loan, Converted

   4 ¼% 24-year, Short Coupon 

The only known example

 1918  $100 Second Liberty Loan, Converted

 4 ¼% 24-year, Short Coupon 

The only complete example of two known

Original Issuance: $3.8 Billion

This series carried a 4.25% interest rate, which was a conversion from the 4% Second Liberty Loan issue. The short coupon bonds would be exchanged for long format issues. These two bonds are two of three known examples of this short coupon issue.

Liberty Loan Coupon
Liberty Loan Coupon

1920 $50 Second Liberty Loan

4 ¼% Conversion Special Interest Coupons 

The 4% Second Liberty Loan was convertible, at the owner's request, into a 4 ¼% bond.  This conversion provision existed for both the First and Second Liberty Loan issues.  When the 4% Second "temporary" Liberty Loan bonds were submitted to the Treasury, these Special Interest Coupons would accompany the new "permanent" or "long- format" 4 ¼% bond.  These coupons made up for the interest periods not covered by the newer "permanent" Liberty Loan received.  The perforations seem to be a unique feature of the Special Interest Coupons, as the Treasury never otherwise perforated interest coupons.

The Herbstman Collection thanks Dr. Franklin Noll of the BEP for his assistance in cataloguing these coupons.

1918  $50 Second Liberty Loan, Converted

4 ¼% 24-year, Long Coupon 

 

Original Issuance: $3.8 Billion

 

This series carried a 4.25% interest rate, which was a conversion from the 4% Second Liberty Loan.

 This security was a long format bond, and it began with coupon #5.

One of around twelve known examples

1918  $100 Second Liberty Loan, Converted

4 ¼% 24-year, Long Coupon 

 

Original Issuance: $3.8 Billion

Fewer than ten known examples

1918  $50 Third Liberty Loan

4 ¼% 10-year, Short Coupon  

 

Fewer than twenty known examples

Original Issuance: $4.175 Billion

 

This series carried a 4 ¼% interest rate. These "short" or temporary coupon bonds, bearing four interest payments, would be exchanged for a long format bond beginning with coupon #5.

1918  $100 Third Liberty Loan

4 ¼% 10-year, Short Coupon  

 

Fewer than twenty known examples

1918  $50 Third Liberty Loan

4 ¼% 10-year, Long Coupon  

 

Original Issuance: $4.175 Billion

 

This series carried a 4 ¼% interest rate, and began with coupon #5.

This example is a very rare complete bond, and one of eleven known of this denomination.

An example of this Liberty Loan has been gifted to the American Numismatic Association Edward C. Rochette Money Museum

by The Herbstman Memorial Collection.

1918  $100 Third Liberty Loan

4 ¼% 10-year, Long Coupon  

 

Original Issuance: $4.175 Billion

This example is a very rare complete bond.

Fewer than ten known of this denomination

  1918  $50 Fourth Liberty Loan

4 ¼% 20-year, Short Coupon 

 

Fewer than ten known examples

Original Issuance: $6.96 Billion

This series carried a 4 ¼% interest rate.  

  1918  $100 Fourth Liberty Loan

4 ¼% 20-year, Short Coupon 

 

Fewer than ten known examples

1918  $50 Fourth Liberty Loan

4 ¼% 20-year, Long Coupon 

 

Original Issuance: $6.96 Billion

 

This series carried a 4 ¼% interest rate, and would have started with coupon #5.  The Fourth Liberty Loans (long format) are the most commonly found Treasury Bonds of any issue within numismatics. This series has also the distinction of being the only federal bond issue within American history to default on its terms.  The Fourth Liberty Loan was to be payable, "in United States gold coin of the present standard of value." However, in 1933 Congress passed House Joint Resolution 192 which suspended payment in gold, a year before the Fourth Liberty Loan was to be called.  Despite a legal challenge to the default, (wherein the Supreme Court acknowledged a violation of the 14th Amendment), the Fourth Liberty Loan was not redeemed at the original terms of its issuance. The high court felt that to pay bondholders at a 1918 gold value would be an unjust enrichment.

This example is a very rare complete bond.

Between fifty to one hundred examples likely exist of this denomination

1918  $100 Fourth Liberty Loan

4 ¼% 20-year, Long Coupon 

 

Original Issuance: $6.96 Billion

This example is a very rare complete bond.

About twenty-five known examples

An example of this Liberty Loan has been gifted to the National WWI Museum and Memorial by The Herbstman Memorial Collection.

1919 $50 Victory Liberty Loan

4 ¾%  4-year Note

 

Original Issuance: $4.5 Billion

 

The fifth issue in the series, (also known as a Victory Bond), this note

carried a 4 ¾ % interest rate. This debenture was a short-term Treasury Note.

 

Fewer than fifteen known examples

1919 $100 Victory Liberty Loan

4 ¾%  4-year Note

 

Original Issuance: $4.5 Billion

One of four known examples

1913 Appointment of Secretary of the Treasury to William Gibbs McAdoo

Signed by President Woodrow Wilson

 

Countersigned by Secretary of State William Jennings Bryan

Previously on loan to the Federal Reserve Bank of New York

1918 Excerpt From The Third Liberty Loan Campaign

Handwritten by Treasury Secretary William Gibbs McAdoo

 

These remarks, dated March 30, were part of the Secretary's campaign to sell the Third Liberty Loan. This speech is found in publications from the U.S. Treasury Department, Bureau of Publicity.

We must support our gallant sailors and soldiers. We must make them swift victors in their fight with the Kaiser. We can do it if we at home do our duty with the same quality of patriotism that animates our men in the trenches. The least duty we can perform- and we should be eager and happy to perform it- is lend our money, every available dollar we have or can save, to our Government in order that our gallant sons may be supplied with all they need to save America. No true patriot will fail to buy United States Liberty Bonds. 

Previously on loan to the Federal Reserve Bank of New York

Copyright The Joe I. Herbstman Memorial Collection of American Finance 

 

All Rights Reserved