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    First Liberty Loan Converted 4 1/4% Gold Bond of 1932-37 $50 May 9, 1918 PMG About Uncirculated 53.
    The First Liberty Loan paid 3.5% interest. A conversion provision was part of the Liberty Loan program so that any future interest rate increases could be applied for. When one wanted to convert their bonds to the higher interest rate, you first received a "short" or a temporary security such as the example in this lot that has an interest rate of 4 1/4%, which was the rate for the Fourth Liberty Loan bonds. After two years, you could exchange the "short" bond for a regular "long" format bond. The "short" bond has four coupons to cover interest payments for those two years. The "short' example in this lot has all four of its coupons. Several pinholes are found in the vicinity of the upper left corner. The Joe I. Herbstman Collection of American Finance site does not have a census for this particular bond, and serves as the definitive collection of our time for loans related to American finance.

    Auction Info

    Auction Dates
    September, 2020
    17th-21st Thursday-Monday
    Bids + Registered Phone Bidders: 21
    Lot Tracking Activity: N/A
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