6546

Fourth Liberty Loan Gold Bond of 1933-1938 [186397]

Currency:USD Category:Coins & Paper Money / Stock & Bond - Certificates Start Price:50.00 USD Estimated At:800.00 - 1,200.00 USD
Fourth Liberty Loan Gold Bond of 1933-1938 [186397]
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Issued October 24, 1918; $100 Fourth Liberty Loan 4 1/4% Gold Bond of 1933-1938, with nine dividend coupons for 1935-1938 still attached. Vignette of Andrew Jackson at top. Treasury officials are Houston B. Teehee and W(illiam) G. McAdoo. The terms of the bond included: "The principal and interest hereof are payable in United States gold coin of the present standard of value." This "gold clause" was common in both public and private contracts of the time, and was intended to guarantee that bond-holders would not be harmed by a devaluation of the currency. However, when the US Treasury called the fourth bond on April 15, 1934, it defaulted on this term by refusing to redeem the bond in gold. and neither did it account for the devaluation of the dollar from $20.67 per troy ounce of gold (the 1918 standard of value) to $35 per ounce. [