The Full Wiki

Series E bond: Wikis

Advertisements
  
  

Note: Many of our articles have direct quotes from sources you can cite, within the Wikipedia article! This article doesn't yet, but we're working on it! See more info or our list of citable articles.

Encyclopedia

From Wikipedia, the free encyclopedia

FDR buys first Series E Bond, May 1941.ogv
FDR buys first Series E Bond, May 1941

Series E U.S. Savings Bonds were marketed by the United States government as war bonds from 1941 to 1980. When Americans refer to war bonds, they are usually referring to Series E bonds. Those issued from 1941 to November 1965 accrued interest for 40 years; those issued from December 1965 to June 1980, for 30 years. They were generally issued at 75 cents per dollar face value, maturing at par in a specified number of years that fluctuated with the rate of interest. Denominations available were $25, $50, $75, $100, $200, $500, $1,000, $5,000 and $10,000. Series E bonds were issued only in registered, physical form and are not transferable. The guaranteed minimum investment yield for the bonds was 4 percent, compounded semiannually[1]

Contents

The U.S. Savings Bond programs

The first modern U.S. Savings Bonds were issued in 1935, to replace United States Postal Service Bonds. They were marketed as a safe investment that was accessible to everyone. The first bonds, series A, were followed by series B, C, D, E, EE, F, G, H, HH, and I.

In October 2008, several news reports claim there are several billion in unclaimed bonds. The US treasury set up web site called "Treasury Hunt." The system only provides information on Series E bonds issued in 1974 and after. Here is a link to that website: http://www.treasurydirect.gov/indiv/tools/tools_treasuryhunt.htm

War Bonds

American War Bonds propaganda poster from 1942

The first Series E Bond was sold to President Franklin D. Roosevelt by Secretary of the Treasury Henry Morgenthau on May 1, 1941.[2]. These were marketed first as "defense bonds", then later as "war bonds".

During World War II the "drive" technique used during World War I was replaced in part by a continual campaign using a payroll deduction plan. However, eight different drives were conducted during the campaign, in total raising $185.7 million from 85 million Americans, more than in any other country during the war.[3] The eight specific drives, their goals, and amounts raised, were as follows:

  • First War Loan Drive – began on November 30, 1942 and ended on December 23, 1942. The initial goal was $9 billion; the drive raised $13 billion. However, only $1.6 billion was raised from individuals; corporations and commercial banks accounted for the vast majority of the funds raised.
  • Second War Loan Drive – began on April 12, 1943 and ended on May 1, 1943. The initial goal was $13 billion; the drive raised $18.5 billion. Individual purchases doubled over the previous drive, due in large part to the $4,5 million and $170,000 of advertising contributed by newspapers and magazines.
  • Third War Loan Drive – began on September 9, 1943 and ended on October 1, 1943. The initial goal was $15 billion, which would require a doubling of the bond sales from the prior drive, with at least 40 million of the 130 million American citizens needing to purchase a $100 war bond. President Franklin D. Roosevelt addressed the nation via one of his fireside chats on September 8 (announcing, concurrently, than an armistice with Italy had been signed)[4] while Kate Smith raised $39 million through a September 21 telecast on CBS. Over 152,000 advertisements, a fraction of the estimated $23.4 million in advertising, were placed in newspapers during the drive. Final sales reached $19 billion, with 107% the individual sales quota reached.
  • Fourth War Loan Drive – began on January 8, 1944 and ended on February 15, 1944. The initial goal was $14 billion. This drive was targeted mainly at farmers and women, and almost $25 million of advertising was donated and nearly six million Americans donated their time as volunteer salesmen. Final sales were $16.7 billion (107% of quota) and nearly 70 million separate bonds sold.

After the war

Although Series E bonds are usually associated with the war bond drives of World War II, they continued to be sold until June 1980, thereafter being replaced by Series EE bonds. A version of Series EE bonds, known as the Patriot Bond, is a sort of post-September 11 war bond, but has never enjoyed the broad subscription of the Series E war bond.

References

Advertisements

Advertisements






Got something to say? Make a comment.
Your name
Your email address
Message