Skip to main content
Go to accessibility notice


    Scarce "Fourth Liberty Loan" $50 Coupon Bond

    United States - Act of September 24, 1917, Amended April 4, 1918 "Fourth Liberty Loan" $50 4 1/4% Gold Bond of 1933-38. Issued. PMG Choice Very Fine 35.
    For nearly 150 years of United States loan enactments, the interest bearing bonds were almost always subscribed for by banks, corporations, and wealthy individuals. The low-denomination bonds issued in 1898 altered much of that state of affairs. The vast expenses attached to our military contributions in World War I by necessity required unique additional financing. The creation of Liberty Loan certificates met this need. Not only did these mostly lower $50 and $100 denomination bonds become affordable to more of the populace, their issuance also involved Americans directly in the war effort while our soldiers fought abroad. They could be bought directly or on installments using related low-denomination savings stamps. Bond drives by organizations were held as well. Since the majority paid interest using coupons, these could be redeemed and further bonds purchased. Mike collected Liberty Bonds in addition to his Federal currency. They were printed by the Bureau of Engraving and Printing and often share engraving diagnostics with notes from the period. In the past decade, interest in these bonds has increased greatly.

    This is a small bearer bond with two interest coupons underneath (originally four with two redeemed, each payable in six months). Jefferson is in an oval frame at top center flanked by "50/$" dies. The brown loan title and interest rate are at upper left; the obligation is across the center with the brown undertint FOURTH / LIBERTY LOAN, and the brown treasury seal is at bottom center. Teehee-McAdoo signatures are engraved. The brown back is perpendicular to the face (for folding and storage purposes), with the title at the center. At the left is a defiant eagle with wings pulled back, slightly escaping the confines of its circular frame; it holds an olive branch and arrows in its talons. Coupon backs are at the right. A scarce bond that is fully issued and initialed. The embossed seal is at lower left. With typical folds, but bright and vivid. A quintessential and very pleasing Liberty Loan certificate.
    From The Mike Coltrane Collection.

    Auction Info

    Auction Dates
    November, 2020
    4th-5th Wednesday-Thursday
    Bids + Registered Phone Bidders: 15
    Lot Tracking Activity: N/A
    Page Views: 376

    Buyer's Premium per Lot:
    20% of the successful bid (minimum $19) per lot.

    Sold on Nov 4, 2020 for: Sign-in or Join (free & quick)
    Track Item

    Heritage membership

    Join Now - It's Free

    1. Past Auction Values (prices, photos, full descriptions, etc.)
    2. Bid online
    3. Free Collector newsletter
    4. Want List with instant e-mail notifications
    5. Reduced auction commissions when you resell your
    Consign now
    • Cash Advances
    • More Bidders
    • Trusted Experts
    • Over 200,000 Satisfied Consignors Since 1976
    Only 24 days left to consign to the 2021 December 9 - 11 HKINF World Paper Money Signature® Auction !

    Learn about consigning with us

    I think heritage is the best auction house and has the best service - that’s why I use you. 
    Sara B.,
    Dubai, UAE
    View More Testimonials receives more traffic than any other auction house website. (Source:

    Video tutorial

    Getting the most out of search