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The Spanish-American War Bonds

The Spanish-American War is most often remembered for Teddy Roosevelt and the beginnings of the modern American army. Causes of the conflict reached back years earlier, as America was wary of continual Spanish involvement in its part of the hemisphere.  The sinking of the USS Maine in a Havana harbor proved to be the last straw. Signed into law by President William McKinley, the War Revenue Act of 1898 provided for the taxation of liquor, tea, tobacco, among other goods and services, and introduced the first estate tax. The act also authorized the Treasury Department to sell some $200 million in three percent bonds, creating a surplus in revenue for the nation's treasury. Fewer than twenty bonds from this series are known today.

1898  $20 Registered Bond

Three Percent Twenty-year Loan, Paid Quarterly

Original Issuance: $198,792,660

One of three known examples of a registered $20 denomination

1898  $20 Coupon Bond

Three Percent Twenty-year Loan, Paid Quarterly

Original Issuance: $198,792,660

Less than twenty known examples of a bearer $20 denomination

1898  $100 Coupon Bond

Three Percent Twenty-year Loan, Paid Quarterly

Original Issuance: $198,792,660

One of two known examples of a bearer $100 denomination

1898 Treasury Department, Office of the Register

Registered Bond Transmission Receipt

 

This document, attached with a returnable receipt, served as a confirmation for the 3% Registered Spanish-American Issue.  The securities were also known as 10-20's, referring to the fact that they were 20-year bonds callable at the discretion of the Treasury ten years after their issue date.

August 1, 1898  Treasury Department Three Percent Loan of 1898

Registered Bond Quarterly Interest Check 

Checks such as this were sent by the Treasury Department to pay quarterly interest on the 3% Registered 1898 Issue. 

Copyright The Joe I. Herbstman Memorial Collection of American Finance 

 

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