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.
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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.
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1945 Five hundred DOLLAR Treasury Bond
2.5 % Twenty Seven-Year Maturity
$11.6 Billion Issued
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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.
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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.
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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."
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1978 one thousand dollar Treasury Bond
8.375 % Thirty-Year Maturity
$2.1 Billion Issued
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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
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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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