View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

FEDERAL RESERVE BANK OF DALLAS
FISCAL. A G E N T OF THE UNITED STATES

Dallas, Texas, April 29, 1952

REVISION OF SAVINGS BOND PROGRAM

To All Banking Institutions, and Others Concerned
in the Eleventh Federal Reserve District:
As outlined in the enclosed copy of a press statement issued today by Secretary of
the Treasury Snyder, several very important changes will be made in the Treasury’s
savings bond program effective May 1, 1952.
United States Savings Bonds of Series E bearing issue dates of May 1952 and subse­
quent months will be revised as to terms and conditions. Sales of United States Savings
Bonds of Series F and Series G will terminate as of April 30, 1952. They will be replaced
by United States Savings Bonds of Series J and Series K on May 1. Also, a new current
income bond, United States Savings Bond of Series H, will be placed on sale June 1, 1952.
Treasury Department Circulars No. 653, Third Revision, and No. 906 covering the revised
Series E bonds and the bonds of Series J and Series K are enclosed. The circular for the
the Series H bonds will be mailed as soon as available.
The revised Series E bonds with certain improvements are in general a continuation
of the Series E bonds heretofore available. In addition to the increased yield outlined in
paragraph 1 of the Treasury Department’s press statement, the annual limitation on
purchases has been increased from the $10,000 maturity value now in effect to $20,000
maturity value. Revised application forms will be furnished as soon as the present supply
is exhausted.
The revised terms and conditions automatically will apply to all Series E bonds bear­
ing issue dates of May 1952 and subsequent months as fully as if expressly set forth in
the text of the bonds themselves. Such bonds will earn the increased values set forth in
the new tables, and whenever presented (not less than two months from the issue dates)
they will be paid by authorized paying agents at the higher values. Issuing agents, there­
fore, should continue to issue the present stock of bonds until new stock is available, which
may be several months.
Purchasers of Series E bonds of the present stock bearing issue dates of May 1952
or later may exchange such bonds at any Federal Reserve Bank or Branch or at the
Treasury Department for bonds of the new form, when available, of like denominations,
registrations and issue dates if they so desire. Such exchanges, however, are not necessary
since the purchasers will receive the full benefit of the higher redemption values and other
privileges without such exchanges.

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)

Owners of the revised Series E bonds may, if they desire, continue their investment
by holding the bonds for an additional 10 years following maturity. Such bonds will earn
interest after maturity at the rate of approximately 3 percent per annum compounded
semiannually for each half year period of the extension period. Owners of the bonds also
may exchange them at maturity for the bonds of Series K in amounts of $500, maturity
value, or multiples thereof in accordance with the provisions of Department Circular No.
906. These privileges likewise will apply to all Series E bonds as they mature bearing
dates of May 1942 through April 1952.
The new bonds of Series J and Series K, which will replace the bonds of Series F and
Series G, respectively, are somewhat similar to the latter bonds. As outlined in paragraph
3 of the press statement, the yield of the new bonds has been increased substantially in
addition to doubling the annual purchase limitation to $200,000.
Application forms for the Series J and Series K bonds will be furnished as soon as
available. Until they are furnished, applications may be entered by letter furnishing details
as to inscriptions and denominations and accompanied by appropriate payment. Qualified
Treasury Tax and Loan Depositaries which desire to make payment through their Treas­
ury Tax and Loan Accounts should accompany the applications by an appropriately com­
pleted Form FA-794, Advice of Credit Treasury Tax and Loan Account. Until stocks of
the new bonds are available, purchasers of the bonds will receive interim receipts from
this bank or appropriate branch evidencing their purchases. These receipts should be
submitted to the appropriate office of this bank in exchange for the bonds as soon as they
are available. The bonds issued in exchange for interim receipts will have the same issue
dates as the corresponding interim receipts. Appropriate notice will be given to the
holders of the receipts when the bonds are available.
There are enclosed informal summaries of the terms and conditions of the revised
Series E bond and each of the three new series of savings bonds. These summaries should
prove helpful to officers and employees of banks and issuing agents in discussing the bonds
with their customers. The offering circulars, however, should be referred to for the official
and complete terms and conditions.
The official circular regarding the new Series H bonds which will be placed on sale
June 1 and which is outlined in paragraph 2 of the press statement, together with appro­
priate application forms, will be forwarded prior to that date.
Yours very truly,
R. R. GILBERT
President

TREASURY DEPARTMENT
Washington

Release 12 O’Cloek Noon Eastern Daylight Saving Time, Tuesday, April 29, 1952
Secretary Snyder today announced a number of changes in United States Savings
Bonds to go into effect on May 1— the eleventh anniversary of the original offering of
Series E, F, and G Bonds.
Briefly, the changes are as follows:
1. Series E Bonds.
The first thing that has been done with respect to E Bonds issued on and after May 1,
1952, has been to improve the intermediate redemption schedule to give a higher return
in the earlier years. Interest will start at the end of six months instead of at the end of
one year as formerly. The rate accrued at the end of six months will be 1.07 percent; at
the end of one year, 1.59 percent; at the end of 2 years, 2.10 percent; at the end of 3 years,
2.25 percent; at the end of 5 years, 2.52 percent; and so on.
The overall interest rate on E Bonds has also been raised— from 2.9 percent to 3 per­
cent compounded semiannually, the maximum permitted by the law. The $18.75 issue price
on a $25 bond has been retained— as has the $4 return for a $3 investment.
The change in the overall return has been effected by shortening the length of the
Series E Bond from 10 years to 9 years, 8 months. The new interest rate schedule does not
apply to bonds outstanding for the period up to their original maturity.
The interest rate on the E Bond during the extension period after maturity has also
been raised for all bonds which have not yet matured, so that the return will be 3 percent,
compounded semiannually, during the additional 10 years of an E Bond’s life under the
extension privilege. The new rates on the extension will not apply to bonds which have
matured prior to May 1, 1952.
In addition to these changes in the terms of E Bonds, the Treasury has doubled the
annual limit on E Bond purchases from the $10,000 maturity value now in effect to $20,000
maturity value.
New stocks of bonds with the new intermediate redemption values and the new matu­
rity will not physically be available on May 1. The existing stock of E Bonds will be sold
throughout the period prior to the availability of new bond stock. Every E Bond sold after
May 1 will by regulation, however, obtain the revised terms and conditions. As soon as
new stock is available, any purchaser who wishes will be entitled to exchange his old
bond (if purchased on or after May 1, 1952) for a new one; but if he does not make the
exchange, he will still obtain the benefits of the revised scale, and paying agents will be
furnished new redemption schedules applying to the bonds issued on or after May 1, 1952.
2. New Current Income Bond.
The Treasury is also offering an entirely new current income savings bond to be des­
ignated Series H which will have interest paid by check semiannually instead of having
the interest accrue. This bond will be a companion to the discount E Bond and will be pro­
moted along with the E Bond. This bond will be available beginning on June 1. It will be

issued and redeemable at par. Interest will be paid by check semiannually on a graduated
scale of rates which has been put as close as possible to the E Bond scale. It will be issued
only to individuals; will have the same 9 year, 8 month term as E Bonds; and will have
a similar annual purchase limit of $20,000 maturity value. Unlike E Bonds, however, it
must be held six months, rather than two months, before it can be redeemed and it will
be redeemable only on one month’s notice; it will be issued and redeemable only at Fed­
eral Reserve banks and branches and at the Treasury; and it will be offered with a mini­
mum denomination of $500. Administratively, it is too costly to pay interest checks
semiannually on bonds in denominations of less than $500. Because the Series H Bond
and the E Bond are sold exclusively to individuals, and because they so closely resemble
each other in interest return, the Treasury will report combined sales of Series E and
Series H Bonds in the same way that Series F and Series G sales have been reported
together.
3. Series F and G Bonds.
The Treasury is also making significant changes and improvements in the F and G
Savings Bond picture. These two particular series are being withdrawn effective May 1,
and two new series of savings bonds to be known as Series J and Series K are being
substituted for them. Series J will be a revised Series F Bond, and Series K will be a
revised Series G Bond. The new series will differ from the old series primarily in their
higher interest rate schedules. They will pay 2% percent if held 12 years to maturity, and
will pay much higher intermediate yields than F and G Bonds. Series J and K Bonds will
pay approximately 1*4 percent if held for one year, U/2 percent if held for 2 years, 21/g
per cent if held for 5 years, and so on. The combined annual purchase limit for Series J
and K Bonds has been doubled to $200,000, as compared with $100,000 for Series F and G
Bonds. To save administrative expense the $100 denomination that was available in the
Series G Bond has been dropped, but all of the Series F denominations will be continued.

R e v is e d S e r i e s E Bond

Summary of Terms and Conditions

(1 )

Date of announcement — A p ril 29, 1952.

(2)

E ffective date — The revised terms apply to a l l bonds sold on
or a fte r May 1, 1952.

(3)

Issue price —- 75# of maturity (par) value.

(4 )

Issue date — F irst day o f month in which payment is received
by an authorized issuing agent.

(5)

Maturity date — 9 years and 8 months from issue date.

( 6)

Interest — Accrues to par to provide an investment y ield o f
3 . 00# compounded semi-annually i f held to maturity; le sse r
y ield s i f redeemed at e a r lie r dates. 1/

(7 )

Redeemability p rior to maturity at option o f Treasury — None.

( 8)

Redeemability p rio r to maturity at option o f holder — At any
time not less than 2 months from issue date without notice, at
stated redemption values, at any qu alified bank or other paying
agent, any Federal Reserve Bank or branch, Or at the United
States Treasury. 1/

(9 )

N ego tiability — None.

(10)

E li g i b i li t y as c o lla te ra l fo r loans — None.

(11)

E lig ib le subscribers — Natural persons only.

(12)

Limit's on subscriptions by e lig ib le subscribers — Annual lim it
on new purchases of $20,000 maturity value ($ 15,000 issue p r ic e ),
including a l l Series E bonds alre a d y purchased since January 1, 1952.
Denominations — $25, $50, $100, $200, $500, $1,000, and $10,000
(maturity v alu e).

(13)

(14)

y

Bearer or registered — Registered form only; may be registered
in name of single owner (with or without beneficiary) or in
co-ownership form.

For schedule of redemption values and investment y ield s see table
attached.

—2 —

(15)

Extension p rivileges — I f owner does not wish to cash his bond
at maturity he may ( 1 ) hold his bond f o r a period not to exceed
10 years more and have in terest accrue at a rate o f approximately
3*0$ compounded semi-annually regardless of when he may redeem
the bond (with a fin a l maturity value of $134.68 per $100 bond),
or (2) exchange his bond at any Federal Reserve Bank or branch,
or at the United States Treasury fo r a Series K bond ($500 de­
nomination minimum) and receive semi-annual interest checks to
give him a current income fo r up to 12 years thereafter at the
rate o f 2.76$ compounded semi-annually, said bond to be redeemable
at par at any time, (a ft e r the f i r s t 6 months) on 1 calendar month’ s
notice.

(16)

Handling o f subscriptions before new bonds are printed — Old stock
w i l l be used u n til new bonds are av aila b le. In a l l cases the pur­
chaser would be informed that the new terms and conditions w i l l
apply. I f he wishes, he may exchange any bond issued a ft e r May 1,
1952 on old stock fo r a new bond with the same dating when new
stock is available, although his rights would be in no way impaired
i f he does not do so.

R e v i s e d S e r i e s E Bond
S c h e d u l e o f R e d e m p t io n V a lu e s and I n v e s t m e n t Y i e l d s
(B a s e d o n $ 1 ,0 0 0 B o n d )

:Addition to
| APPROXIMATE INVESTMENT YIELDS 1/
* Redemption
: redemption
value
: value at
: 0n current redempduring
*0n issue price to
:beginning
: tion value from
each
^beginning of each
: of each
:beginning of each
] period
*
period
i period
{period to maturity
ISSUE PRICE.............................. $
750.00
ORIGINAL MATURITY VALUE........... 1,000.00
For period beginning:
At issue d ate...
1/2 year a fte r issue date..
year a ft e r issue d ate..
1
1- 1/2 years a ft e r issue date.
Z
years a fte r issue date.
2- 1/2 years a fte r issue date.
5
years a ft e r issue date.
5-1/2 years a fte r issue date.
4
years a ft e r issue date.
4-1/2 years a fte r issue date.
5
years a ft e r issue date.
5-1/2 years a fte r issue date.
6
years a fte r issue date.
6- 1/2 years a fte r issue date.
7
years a ft e r issue date.
7-1/2 years a fte r issue date.
8
years a fte r issue date.
8- 1/2 years a fte r issue date.
9
years a fte r issue date.
9-1/2 years after issue date.
9-2/5 years a fte r issue date.

1/ Compounded semi-annually

750.00
754.00
762.00
772.00
782.00
792.00
802.00
812.00
822.00
856.00
850.00
864.00
878.00
892.00
906.00
920.00
956.00
952.00
968.00
984.00

1 , 000.00

$ 4.00

8.00
10.00
10.00
10.00
10.00
10.00
10.00
14.00
14.00
14.00
14.00
14.00
14.00
14.00
16.00
16.00
16.00
16.00
16.00

1.07/
1.59
1.94

2.10
2.19
2.25
2.28
2.50
2.45
2.52
2.59
2.64
2.69
2.72
2.74
2.79
2.85

2.86
2.88
5.00

3.0C#
3.10
3.16
3.19
3.23
3.28
3.34
3.41
3.49
3.50
3.51
3.54
3.58
3.64
3.74
3.89
4.01
4.26
4.94
9.92
-

R e v i s e d E x t e n s i o n o f S e r i e s E B ond s

Summary o f Terms and Conditions

(1 )

Date o f announcement — A p ril 29, 1952*

(2 )

Effective date — The revised extension terms w i l l apply
equally to unmatured E bonds now outstanding (bonds dated
May 1942-April 1952) and to new E bonds sold on or a fte r
May 1, 1952. 1/

(3 )

Extension p riv ile ges — I f owner does not wish to cash his
bond at maturity he may ( l ) hold his bond fo r a period not
to exceed 10 years more and have interest accrue at a rate
o f approximately 3»0% compounded semi-annually regardless
of when he may redeem the bond (with a fin a l maturity value
o f $134.68 per $100 bond), or ( 2 ) exchange his bond at any
Federal Reserve Bank or branch, or at the United States
Treasury for a Series K bond ($500 denomination minimum)
and receive semi-annual in terest checks to give him a
current income fo r up to 12 years thereafter at the rate
o f 2 . 76$ compounded semi-annually, said bond to be re­
deemable at par at any time, (a ft e r f i r s t 6 months) on
1 calendar month1s notice.

J T F o r schedule o f redemption values and investment yields see
table attached.

Revised Extension o f Series E Bonds
S c h e d u le

of

R e d e m p tio n V a lu e s a n d I n v e s t m e n t Y i e l d s
(B a s e d

on $ 1 ,0 0 0 B o n d )

APPROXIMATE INVESTMENT YIELDSlZ
To beginning
Addition
of each period
On current
redemption
Redemption to r e On issue
:
demption
value from
value
price
:
during
beginning of
fo r bonds : On face
value at
each
each period
beginning
sold
: value
to
period
o f each
or : durinS
period
extended
„
_ :a fte r : extension
May
, .
maturity
1952
*
: 1952 :
ISSUE PRICE.......................................
ORIGINAL MATURITY VALUE..................
EXTENDED MATURITY VALUE..................

$ 750.00
1,000.00
1,346.30

For period beginning:
At o rig in a l maturity date,
1/2 year <after maturity d a te ...
1
year a fte r maturity d a t e ...
1-1/2 years afte r maturity date*.
2
years a fte r maturity date••
2-1/2 years afte r maturity date. .
years afte r maturity date••
3
3-1/2 years afte r maturity date••
years a fte r maturity date. .
4
4-1/2 years after maturity d ate..
years afte r maturity d ate..
5
5-1/2 years afte r maturity date e.
6
years afte r maturity d ate..
6-1/2 years a fter maturity date*.
years a fte r maturity d ate..
7
7-1/2 years afte r maturity date. .
8
years afte r maturity date••
years
after maturity date••
8-1/2
9
years a fte r maturity date••
9-1/2 years a fte r maturity date. .
10
years afte r maturity date••

1,000.00
1,015.00
1 , 030.00
1,045.00
1,060.00
1,076.00
1,092.00
1,108.00
l,124o00
1,140.00
1,158.00
1,176.00
1,194.00
1,212.00
1 , 230.00
1,248.00
1,266.00
1,286.00
1,306.00
1,326.00
1,346.80

1/

Compounded semi-annually

•••
$ 15.00
15.00
15.00
15.00
16.00
16.00
16.00
16.00
16.00
18.00
18.00
18.00
18.00
18.00
I 80OO
18.00
20.00
20.00
20.00

20.80

2.90% 3*00$
2.90
2.90
2.91
2.90
2.91
2.91
2.91
2.91
2.91
2.92
2.92
2.93
2.93
2.93
2.93
2.93
2.94
2.94
2.94
2.95

3.00
3.00
2.99
2.99
2.99
2.99
2.99
2.98
2.98
2.98
2.99
2.99
2.99
2.99
2.99
2.99
2.99
2.99
3.00
3.00

3.00#
2.98
2.96
2.93
2.95
2.96
2.95
2.94
2.93
2.96
2.97
2.98
2.98
2.98
2.98
2.97
2.98
2.99
2.99
3.00

3*00$
3.00
3.00
3.01
3.02
3.02
3.02
3.03
3.04
3.05
3*04
3.04
3.03
3.04
3.05
3.07
3.12
3.10
3.10
3.14
-

New S e r i e s

H Bond

Summary o f Terms and Conditions

(1)

Date of announcement — A p ril 29, 1952.

(2 )

E ffe c tiv e date — This bond w i l l be a v a ila b le beginning June 1, 1952.

(5)

Issue price — Par.

(4)

Issue date — F irst day of month in which payment is received
by a Federal Reserve Bank or branch, or the United States
Treasury.

(5)

Maturity date — 9 years and 8 months from issue date.

( 6)

Interest — Varying semi-annual interest checks to provide an
investment y ield of approximately 3.00$ per annum i f held to
maturity; lesse r yields i f redeemed at e a r lie r dates. 1/

(7)

Redeemabilitv p rio r to maturity at option of Treasury — None.

( 8)

Redeemabilitv p rio r to maturity at option of holder — On f i r s t
day of any month a ft e r 6 months from issue date on 1 month’ s
notice, at par, at any Federal Reserve Bank or branch, or at
the United States Treasury. 1/

(9)

N ego tiability — None.

(10)

E li g ib i li t y as c o lla te ra l fo r loans — None.

(11)

E lig ib le subscribers — Natural persons only.

(12)

Limits on subscriptions by e lig ib le subscribers — Annual lim it
on new purchases of $20,000 maturity value.

(13)

Denominations —- $500, $1,000, $5,000, and $10,000.

(14)

Bearer or registered — Registered form only; may be registered
in the name o f single owner (with or without beneficiary) or in
co-ownership form.

(15)

Extension p rivileges — None.

(16)

Handling of subscriptions before new bonds are printed — Interim
receip ts w i l l be used u n t il new bonds are prin ted .

1/

For schedule o f varying amounts o f checks and investm ent y ie ld s see
ta b le a tta ch ed .

New S e r i e s H Bond
S c h e d u le

o f S e m i- a n n u a l C h e c k s an d I n v e s t m e n t Y i e l d s
(B a s e d o n $ 1 , 0 0 0 B o n d )

•
•

1/

APPROXIMATE INVESTMENT YIELDS2/

1Check issued

: 0n current redemp.at beginning On issue price to.^.^on
from
. of period
beginning of each.beginning of each
period
: period to maturity

For period beginning:
At issue d ate..,
1/2 year a ft e r issue d a te ...
year a ft e r issue d a te ...
1
1- 1/2 years a fte r issue date••
years afte r issue date•.
2
2- 1/2 years a fte r issue date.•
years a fte r issue date..
3
3-1/2 years a fte r issue date..
4
years a fte r issue date..
4-1/2 years a fte r issue date..
5
years a fte r issue date•.
5-1/2 years a fte r issue date••
6
years a fte r issue date•.
6- 1/2 years a fte r issue date•.
7
years a fte r issue date.•
7-1/2 years a fte r issue date•.
8
years after issue date•.
8- 1/2 years a fte r issue date..
9
years a fte r issue d a te ..
9-1/2 years a fte r issue d a te ..
9-2/3 years afte r issue date..

S T Redemption value at 3l l tu ofi » $1,000
2/ Compounded semi-annually.

$ 4.00
12.50
12.50
12.50
12.50
12.50
12.50
12.50
17.00
17.00
17.00
17.00
17.00
17.00
17.00
17.00
17.00
17.00
17.00
17.00

—

. 8(#
1.65
1.93
2.07
2.15

2.21
2.25
2.28
2.40
2.49
2.57
2.63
2.69
2.73
2.77
2.81
2.84
2.87
2.89
3.00

3.00/6
3.13
3.18
3.22
3.27
3.34
3.41
3.49
5.58
3.60
3.63
3.66
3.69
5.74
5.81
3.91
4.07
4.56
5.10
10.37
-

New S e r i e s

J Bond

Summary o f Terms and Conditions

(1)

Date o f announcement — A p ril 29, 1952.

(2)

E ffe c tiv e d ate — May 1 , 1952; s a l e s o f S e r ie s F bonds w ill
term inate a s o f A p ril 30, 1952.

(3)

Issu e p r ic e — 72# o f m atu rity (p ar) v a lu e .

(4)

Issu e d ate — F i r s t o f month in which payment i s receiv ed by
F ed eral Reserve Bank o r branch or the United S t a t e s T reasury.

(5)

M aturity d ate —• 12 y e a rs from iss u e d a te .

(6)

I n t e r e s t — Accrues to par to provide 2 .76# compounded semi­
an n ually i f held to m atu rity ; l e s s e r y ie ld s i f redeemed a t
e a r l i e r d a te s . 1(

(7)

Redeem ability p r io r to m atu rity a t option o f T reasury — None.

(£)

R edeem ability p r io r to m atu rity a t option o f h older — On f i r s t
day o f any month a f t e r & months from is s u e d ate on 1 month*s
n o tic e , a t sta te d redemption v a lu e s, a t any F e d eral Reserve
Bank or branch, or a t the United S t a t e s T reasu ry . 1 /

(9)

N e g o tia b ility — None.

(10)

E l i g i b i l i t y a s c o l l a t e r a l fo r lo an s — None.

(11)

E li g ib le su b sc r ib e rs — A ll, except th a t banks which accep t
demand d e p o s its are excluded.

(12)

L im its on su b sc r ip tio n s by e l i g i b l e su b sc r ib e rs — Annual lim it
o f $200,000 is s u e p ric e jo i n t l y with S e r ie s K bonds•

(13)

Denominatecns — $25, $100, $500, $ 1,000, $ 5 ,0 0 0 , $10,000 and
$100,000 (m atu rity v a lu e ).

(14)

B earer or r e g is te r e d — R eg istered form only; may be r e g is te r e d
in the name o f s in g le owner (with or without a b e n e fic ia r y ), or
in co-ownership form.

(15)

E xten sion p r iv ile g e s — None.

(16)

Handling o f su b sc rip tio n s b efo re new bonds are p rin ted — In terim
r e c e ip t s w ill be used u n t il new bonds are p rin te d .

1/

For schedule o f redemption values and investment yield s see table
attached.

New S e r i e s
S c h e d u le

J B on d

o f R e d e m p tio n V a lu e s and I n v e s t m e n t Y i e l d s
(B a s e d on $ 1 , 0 0 0 B o n d )

4
Addition to:
Approximate Investment Yields 1/
Redemption]
redemption :
value
4
value at
.
. : 0n current redempduring
,
On issue price to ..
n
r
beginning
^ «
, : tion value from
each
°
,e
beginning of each ,
„
.
of each
s &
*f ,
xbeginning o f each
period j
period
:
**
speriod to maturity

Issue p ric e .........
Maturity value. .
For period beginning at!
Issue d a t e ....
§• year a ft e r issue date ♦ • . .
1 year a fte r issue d a t e ....
l j years a fte r issue date. .
2 years a fte r issue date. .
Zb years a fte r issue dcL*fc©* «
3 years a fte r issue date. .
s i years a fte r issue date..
4 years a fte r issue d a te .•
4 i years a fte r issue date. .
5 years a ft e r issue d a te ..
5j years a ft e r issue date.•
6 years a fte r issue date..
years a fte r issue date. .
7 years after issue date.•
7i years a fte r issue date.•
8 years a fte r issue d a te ..
8i years a fte r issue date.•
9 years a fte r issue date. .
years a fte r issue date. .
10 years a ft e r issue date. .
l o i years a fte r issue d a te ..
11 years a fte r issue date. .
l l j years a fte r issue date••
12 years a fte r issue da/t© • •

1/

C om pounded s e m i - a n n u a l l y

t

720.00

1 , 000.00

720.00
724.00
729.00
735.00
742.00
750.00
759.00
768.00
778.00
789.00
800.00
812.00
824.00
837.00
850.00
864.00
878.00
892.00
906.00
921.00
936.00
952.00
968.00
984.00

1 , 000.00

$4*00
5.00

6.00
7.00

8.00
9.00
9.00

10.00
11.00
11.00
12.00
12.00
13.00
13.00
14.00
14.00
14.00
14.00
15.00
15.00
16.00
16.00
16.00
16.00

-

1 . 11$
1.25
1.38
1.51
1.64
1.77
1.85
1.95
2.04

2.12
2.20
2.26
2.33
2.39
2.45
2.50
2.54
2.57
2.61
2.64

2.68
2.71
2.73
2.76

2.76$
2.83
2.89
2.95
3.01
3.05
3.09
3.13
3.16
3.18
3.21
3.23
3.25
3.26
3.28
3.28
3.28
3.29
3.32
3.32
3.33
3.31
3.28
3.25

New S e r i e s

K Bond

Summary of Terms and Conditions

(1)

Date of announcement — A p ril 29, 1952#

(2)

Effective date — May 1, 1952; sales of Series G bonds w ill
terminate as o f A p ril 30, 1952.

(3)

Issue price —< Par.

(4)

Issue date — F irst o f month in which payment is received by
Federal Reserve Bank or branch, or the United States Treasury.

(5)

Maturity date — 12 years from issue date.

(6)

Interest — Paid semi-annually at the rate of 2 .7 6 % per annum;
redemption values cut back below par to provide le sse r yields
i f redeemed at e a r lie r dates; 1/ but, redeemable at par in
event o f death or i f issued in exchange fo r a maturing Series E
bond.

(7)

Redeemability p rio r to maturity at option of Treasury — None.

( 8)

Redeemability p rio r to maturity at option o f holder — On f i r s t
day of any month a fte r 6 months from issue date on 1 month’ s
notice, at stated redemption values, at any Federal Reserve
Bank or branch, or at the United States Treasury. 1/

(9)

N egotiability — None.

(10)

E li g ib i li t y as c o lla te ra l fo r loans

(11)

E lig ib le subscribers — A ll, except that banks which accept
demand deposits are excluded.

(12)

Limits on subscriptions by e lig ib le subscribers — Annual lim it
o f $200,000 issue price jo in tly with Series J bonds.

(13)

Denominations — $500, $1,000, $5,000, $10,000, and $100,000.

(14)

Bearer or registered — Registered form only; may be registered
in the name of single owner (with or without a beneficiary) or
in co-ownership form.

(15)

Extension p rivile ges — None.

(16)

Handling of subscriptions before new bonds are printed — Interim
receipts w ill be used u n til new bonds are printed.

1/

None.

F o r s c h e d u l e o f r e d e m p t i o n v a l u e s an d in v e s t m e n t y i e l d s
a tta ch ed .

see ta b le

New S e r i e s K Bond
S c h e d u le

of

R e d e m p tio n V a lu e s and I n v e s t m e n t Y i e l d s
(B a s e d o n $ 1 , 0 0 0 B on d )
t

:

*Change in
*
Approximate Investment Yields 1/
Redemption
: redemption
value
iOn current redemp: value at •
during
[On issue price to
:beginning
: tion value from
[beginning of each
each
;beginning of each
: of each
[
period
period
:period to maturity
; period

For period beginning at:
Issue date................................ $1,000.00
992.00
^ year a ft e r issue date.........
1 year a fte r issue date. . . . . .
985.00
l^r years a fte r issue d a t e ....
979.00
2 years a fte r issue d a t e ....
975.00
years a ft e r issue d a t e ....
971.00
5 years a fte r issue d a t e ....
969.00
years a ft e r issue d a t e ....
967.00
4 years a ft e r issue d a t e ....
966.00
4^- years a fte r issue d a t e ....
966.00
5 years a fte r issue d a t e ....
967.00
5=r years a fte r issue d a t e ....
968.00
6 years a ft e r issue d a t e ....
969.00
6j years a fte r issue d a t e ....
970.00
7 years a fte r issue d a t e ....
972.00
7§ years a ft e r issue d a t e ....
974.00
8 years a ft e r issue d a t e ....
976.00
8^ years a ft e r issue d a t e ....
978.00
9 years a ft e r issue d a t e ....
981.00
9^ years a ft e r issue d a t e ....
984.00
10 years a fte r issue d a t e ....
987.00
lOg years a fte r issue d a t e ....
990.00
11 years a ft e r issue d a t e ....
995.00
11§- years a ft e r issue d a t e ...,
996.00
12 years a ft e r issue d a t e .... 1 , 000.00

1/

Compounded semi-annually.

$—8.00
-7.00
—6.00
-4.00
-4.00
- 2.00
- 2.00
- 1.00
♦ 1.00
♦ 1.00
♦ 1.00
+1.00
♦ 2.00
+2.00
+2.00
♦ 2.00
♦3.00
♦3.00
+3.00
+3.00
+3.00
♦3.00
♦4.00

—

1.16$
1.26
1.37
1.52
1.62
1.75
1.84
1.94
2.03
2.13

2.21
2.27
2.33
2.39
2.44
2.49
2.53
2.57
2.61
2.65

2.68
2.70
2.73
2.76

2.76*
2.84
2.92
2.99
3.05
3.12
3.16
3.21
3.25
3.27
3.29
3.31
3.33
3.36
3.37
3.39
3.41
3.43
3.43
3.43
3.44
3.45
3.48
3.57
-

TITLE 31: MONEY AND FINANCE
CHAPTER I I : FISCAL SERVICE, DEPARTMENT OF THE TREASURY
Subchapc e r B - Bureau o f the Public Debt
Part 316 OFFERING OF UNITED STATES SAVINGS BONDS,
SERIES E
UNITED STATES SAVINGS BONDS
SERIES E
1952

TREASURY DEPARTMENT,
OFFICE OF THE SECRETARY,
Washington, A p r il 29, 1952

Department C irc u la r No. 653
Third Revision
F is c a l Service
Bureau o f the Pu blic Debt

CONTENTS
SEC.
SEC.
SEC.
SEC.
SEC.
SEC.
SEC.
SEC.
SEC.
SEC.
SEC.
SEC.
SEC.

316.1
316.2
316.3
316. h
316.5
316.6
316.7
316.8
316. 9
316.10
316.11
316.12
316.13

SEC. 3l6.ll*
SEC. 316.15
SEC.
SEC.
SEC.
SEC.

316.16
316.17
316.18
316.19

SEC. 316.20

OFFERING OF BONDS
DESCRIPTION
TERM
INTEREST
TAXATION
REGISTRATION
LIMITATION ON HOLDINGS
NONTRANSFERABILITY
ISSUE PRICES OF BONDS
PURCHASE OF BONDS
BONDS PURCHASED BEFORE NEW STOCK IS AVAILABLE
DELIVERY OF BONDS
RETENTION OF SERIES E BONDS (HERETOFORE OR HERE­
AFTER ISSUED) AT FURTHER INTEREST AFTER MATURITY
EXCHANGE OF MATURED BONDS OF SERIES E FOR BONDS
OF SERIES K
FEDERAL INCOME TAX AS APPLIED TO MATURED SERIES E
BONDS
SAFEKEEPING
LOST, STOLEN, OR DESTROYED BONDS
PAYMENT OR REDEMPTION (IN GENERAL)
PAYMENT OR REDEMPTION IN THE CASE OF DISABILITY
OR DEATH
GENERAL PROVISIONS

Department C irc u la r No. 653, Second Revision, dated August 31, 19l*3,
as amended and supplemented (31 CFR 316), is hereby re v ise d , e ffe c t iv e
May 1, 1952, to read as fo llo w s :
Sec. 316.1. O ffe rin g o f bonds. — The Secretary o f the Treasury,
pursuant to the au th ority o f the Second L ib erty Bond Act, as amended,

-

2 -

o ffe r s fo r sa le to the people of the United S tates, United States Savings
Bonds o f S eries E which h erein afte r are re fe rre d to as bonds of S eries E.
These bonds w i l l be s u b s ta n tia lly a continuation o f the S eries E bonds
heretofore a v a ila b le , but w i l l mature 9 years and 8 months from the issue
date and w i l l have an investment y ie ld of approximately 3 percent per annum
compounded semiannually, i f held to m aturity. The sa le of bonds of S e rie s E
issued hereunder w i l l continue u n til terminated by the Secretary of the
Treasury®
Sec. 316.2. D escrip tio n . — Bonds of S eries E w i l l be issued only in
re g is te re d form. See section 316*6 fo r inform ation concerning r e g is t r a ­
tio n . They w i l l be issued in denominations o f $25, $50, $100, $200, $500,
$1,000 and $10,000. Each bond w i l l bear the fa c sim ile signature o f the
Secretary o f the Treasury, and w i l l bear an imprint o f the S eal o f the
Treasury Department, At the time o f issu e , the issu in g agent w i l l in ­
s c rib e on the fa c e of each bond the name and address o f the owner and the
name o f the coowner or b e n e fic ia ry , i f any; w i l l enter the issu e date of
the bond; and w i l l imprint the agen t's dating stamp (t o show the date the
bond is a c tu a lly in sc rib e d ). A bond o f Series E s h a ll be v a lid only i f an
authorized issu in g agent receives payment th erefor, duly in sc rib e s, dates,
and stamps the bond, and d e liv e rs i t to the purchaser or his agent.
Sec. 316.3* Term. —A bond o f Series E w ill be dated as o f the f i r s t
day o f the month in which payment o f the issue price is received by an
agent authorized to issue the bonds. This date is the issue date and the
bond w ill mature and be payable at face value 9 years and 8 months from
such issue date; but with the option on the part o f the owner to retain
i t a fter maturity at further in terest as set forth in section 316.13*
The issu e date i s the b asis f o r determining the redemption periods or the
m aturity date o f the bond, and should not be confused with the date appear­
in g in the issu in g a ge n t's stamp, which in dicates the actual date the bond
is in s c rib e d . The bonds may not be c a lle d fo r redemption by the Secretary
o f the Treasury p rio r to m aturity, but any bond may be redeemed p rio r to
m aturity, a t any time a ft e r two months from the issue date, a t the owner's
option, a t fix e d redemption values.
Sec. 316.U. In t e r e s t *—-Bonds o f S eries E w i l l be issued on a d is ­
count b a sis a t 75 percent o f th e ir m aturity valu e. No in te re s t as such
w i l l be paid on the bonds, but they w i l l increase in redemption value a t
the end o f each h a lf-y e a r period from the issue date, with an addition al
in crease f o r the period from 9 years and 6 months to 9 years and 8 months
from the issu e date, as shown in Table A at the end o f this c ir c u la r .
The investment y ie ld w i l l be approximately 3 percent per annum compounded
semiannually, i f the bonds are held to m aturity (b u t the y ie ld w i l l be
le s s i f the owner exercises his option to redeem a bond p rio r to m atu rity );
the bonds w i l l have a fu rth e r investment y ie ld of approximately 3 percent
per annum compounded semiannually fo r each h a lf-y e a r period they are held
a ft e r m aturity under the option granted to owners in section 316 . 13 *
Sec. 316.5«* T axation .— For the purpose of determining taxes and tax
exemptions, the increment in value represented by the d iffe ren c e between
the p ric e paid fo r bonds of S e rie s E (which are issued on a discount

- 3b a s is ), and the redemption value received therefor shall be considered
as in te re st, and such in terest is not exempt from income or p r o fits taxes
now or hereafter imposed under the Internal Revenue Code or laws amenda—
tory or supplementary thereto.^ The bonds shall be subject to estate,
inheritance, g i f t , or other excise taxes, whether Federal or State, but
sh all be exempt from a l l taxation now or hereafter imposed on the p rin ci­
pal or in terest thereof by any State, or any o f the possessions o f the
United States, or by any lo c a l taxing authority.
Sec© 316.6. R egistration . — (a) Authorized forms. —Bonds o f Series E
may be registered only in the names o f natural persons (that i s , in divid­
u a ls ), whether adults or minors, in their own rig h t, as fo llo w s: (1) in
the name o f one person; (2) in the names o f two (but not more than two)
persons as coowners; and (3) in the name of one person payable on death
to one (but not more than one) other designated person. Full information
regarding authorized forms o f registra tion and rights thereunder w ill be
found in the regulations currently in fo rce governing United States
Savings Bonds.
(b)
R e strictio n s. —Only residents o f the United States (which fo r
the purposes of this section shall include the te r r it o r ie s , insular pos­
sessions and the Canal Zone), c itiz e n s o f the United States temporarily
residing abroad, and nonresident aliens employed in the United States by
the Federal Government or an agency thereof may be named as owners, co­
owners, or designated b en eficia ries o f bonds of Series E issued pursuant
to this cir cu la r , or o f authorized reissues thereof, except that on
orig in a l issues o f bonds, but not on reissues, such persons may name as
coowners or b en eficia ries o f their bonds American c itiz e n s permanently
residing abroad or nonresident aliens who are not citiz e n s o f enemy nations.
American c itiz e n s permanently residing abroad and nonresident aliens who
become en titled to bonds under the regulations governing United States
Savings Bonds,1
2 by right o f survivorship or otherwise, w ill not have the
righ t to reissue but may hold the bonds without change o f reg istra tio n
with the righ t to redeem them at any time in accordance with their terms.
Sec© 316.7* Limitation on holdings. —The amount o f Series E bonds
o r ig in a lly issued during the calendar year 1952 (and each calendar year
thereafter) that may be held by any one person at any one time shall not
exceed $20,000 (maturity value), computed in accordance with the provi­
sions o f the regulations governing United States Savings Bonds.
Sec. 3l6©8» Nontransferabi l i t y . —Bonds o f Series E w ill not be
transferable, and w i l l b e payable only to the owner named thereon, except
1
For further information concerning the taxable and exempt status under
Federal tax laws of the in terest (increment in value) on United States
Savings Bonds issued on a discount basis (including bonds o f Series E),
and alternate methods of reporting such in terest, see Internal Revenue
Mimeograph, C o ll. No. 6327, dated November 9, 19U8#
2

See Department Circular No. 530, current revision .

-

h

-

in case o f death or d i s a b i l i t y o f the owner or as otherwise s p e c if i c a lly
provided in the regu latio n s governing savings bonds, and in any event
only in accordance with said re gu latio n s* Accordingly, a ft e r they are
duly issued they may not be so ld , discounted, hypothecated as c o lla t e r a l
fo r a loan or the performance of a se rv ic e , or disposed o f in any manner
other than as provided in the regu latio n s governing savings bonds, and,
except as provided in sa id re g u la tio n s , the Treasury Department w i l l
recognize only the in scribed owner, during his life t im e , and th erea fter
his esta te or h e irs .
Sec. 316.9. Issu e p ric e s c f bonds. — The issu e p ric es o f the various
denominations o f bonds o f S e rie s E fo llo w :
Denomination
$25.00 $50.00 $100.00 $200.00 $500.00 $1,000.00 $10,000.00
(m aturity valu e)
Issu e (purchase) $18.75 $37.50 $75.00 $150.00 $375.00
$750.00 $7,500.00
P rice
Sec. 316.10. Purchase o f bonds. — Bonds o f S eries E may be purchased,
w hile th is o f f e r i s in e ffe c t , as fo llo w s :

(a) Over-the-counter fo r cash: (1) At United States post o ffic e s o f
the f i r s t , second, and third classes, and at selected post o ffic e s o f the
fourth c la s s , and generally at c la s s ifie d stations and branches; (2) at
such incorporated banks, tru st companies, and other agencies as have been
duly q u a lified as issuing agents; (3) at Federal Reserve Banks and Branches
and at the Treasury Department, Washington 25, D. C.
(b) On mail ord e r.—By mail upon application to the Treasurer o f the
United States, Washington 25, D. G., or to any Federal Reserve Bank or
Branch, accompanied by a remittance to cover the issue p r ic e . Any form
o f exchange, including personal checks, w ill be accepted, subject to
c o lle c t io n . Checks, or other forms o f exchange, should be drawn to the
order o f the Federal Reserve Bank or Treasurer o f the United States, as
the case may b e. Checks payable by endorsement are not acceptable. Any
depositary q u a lified pursuant to the provisions o f Treasury Department
Circular No. 92 Revised (31 CFR Part 203) w ill be permitted to make pay­
ment by c r e d it fo r bonds applied fo r on behalf o f i t s customers up to any
amount fo r which i t sh a ll be q u a lified in excess o f existin g deposits,
when so n o tifie d by the Federal Reserve Bank o f i t s D is tr ic t.
(c ) P o sta l savings . — Subject to regu latio n s prescribed by the Board
o f Trustees o f the P o stal Savings System, the withdrawal of p o sta l savings
deposits w i l l be permitted f o r the purpose of purchasing bonds of S e rie s E«
(d ) Savings stamps.— Savings stamps, in authorized denominations,
may be purchased a t any post o ffic e where bonds o f S eries E are on sale
and a t such other agencies as may be designated from time to time. These
stamps may be used to accumulate c re d its f o r the purchase of bonds of
S eries E. Albums, f o r a f f ix in g the stamps, w i l l be a v a ila b le without
charge, and such albums w i l l be re c e iv a b le , in the amount o f the a ffix e d
stamps, on the purchase p ric e o f savings bonds.

-

5

-

Sec. 316.11. Bonds purchased before new stock is av aila ble.-—U ntil
bonds have been printed and supplied to issuing agents Series E bonds in
the form on sale p rior to May 1, 1952,w ill be issued fo r purchases made
under this c ir c u la r . BONDS OF SERIES E PURCHASED IN THE INTERVAL UNTIL
THE NEW STOCKS ARE AVAILABLE WILL CARRY THE NEW RATE AND REDEMPTION VALUES
AND ALL OTHER PRIVILEGES AS FULLY AS IF EXPRESSLY SET FORTH IN THE TEXT
OF THE BONDS THEMSELVES. The owners, i f they desire to do so, may exchange
such bonds at any Federal Reserve Bank or Branch or at the Treasury
Department, Washington 25, D. C ., fo r bonds in the new form (with the same
reg istra tion and issue da tes), when the la tte r become available^ but they
need not do so because a l l paying agents w ill redeem ALL bonds o f Series E
bearing issue dates on and a fter May 1, 1952, in accordance with the
schedule of redemption values set forth in Table A at the end o f this
c ir c u la r .
Sec. 316.12. Delivery o f bonds . —Issuing agents are authorized to
deliver bonds of Series E by mail at the risk and expense o f the United
States, at the address given by the purchaser, but only within the United
States, i t s te r r ito r ie s and insular possessions and the Canal Zone.3 No
mail d eliv eries elsewhere w ill be made. I f purchased by citize n s o f the
United States temporarily residing abroad, the bonds w ill be delivered at
an address in the United States, or held in safekeeping, as the purchaser
may d ir e c t .
Sec. 316.13• Retention o f Series E bonds (heretofore or hereafter
issued) at further in terest a fter maturity.U—Owners o f Series E bonds
heretofore or hereafter issued who wish to continue their investment
beyond maturity have the option o f retaining their matured bonds fo r a
10-year period a fter maturity (hereafter referred to as the "extension
period” ) and o f earning in terest upon the maturity values thereof in
accordance with the provisions o f (1 ), (2) and (3) hereof. This option
is as binding on the United States as i f expressly set forth in the text
o f the bonds. NO ACTION IS REQUIRED OF OWNERS DESIRING TO TAKE ADVANTAGE
THEREOF. MERELY BY CONTINUING TO HOLD THEIR BONDS AFTER MATURITY OWNERS
WILL EARN FURTHER INTEREST IN ACCORDANCE WITH THE SCHEDULE OF REDEMPTION
VALUES SET FORTH IN THE PERTINENT TABLES REFERRED TO BELOW. Interest
under these provisions accrues at the end o f the f i r s t half-year period
follow in g maturity and at the end o f each successive half-year period
th ereafter. I f the bonds are redeemed before the end o f the f i r s t h a lfyear period follow in g maturity, the owner is en titled to payment only at
the face value thereof.
( 1) Series E bonds bearing issue dates o f May 1, 19l*l> through
April I , I9L2. —Such bonds earn in terest a fter maturity at the
rate o f
percent simple in terest per annum, i f redeemed dur­
ing the f i r s t 7^ years o f the extension period, in accordance*l
3
During any war emergency the Treasury may suspend d e liv e rie s to be
made at i t s ris k and expense from or to the continental United States and
i t s t e r r i t o r i e s , in s u la r possessions and the Canal Zone, or between any
o f such p lac es.
ll
The ba sic p rovision s governing the option o f owners of S eries E bonds
to r e ta in th eir boixis a t fu rth e r in te re s t a ft e r maturity were o rig in a lly se t fo r t h in Department C irc u la r No. 885.

-

6 -

with the schedule of redemption values in Table B at the end
of this c ir cu la r , and at a higher rate thereafter so that the
aggregate return fo r the extension period w ill be approxi­
mately 2.9 percent compounded semiannually.
(2) Series B bonds bearing issue dates o f May 1, 19b2,
through April 1, 19!^.—Such bonds w ill earn in terest after
maturity at the rate of approximately 3 percent per annum
compounded semiannually fo r each half-year period o f the
extension period and are redeemable in accordance with the
schedule o f redemption values in Table C at the end o f this
c ir c u la r .
(3 ) Series E bonds bearing issue dates on and a fter
May 1, 1952. —Such 'bonds w ill earn in terest a fter maturity
at the rate o f approximately 3 percent per annum compounded
semiannually fo r each half-year period o f the extension period
and w ill be redeemable in accordance with the schedule o f re­
demption values in Table A at the end o f th is c ir c u la r .
The term ’•owners'* as used in this section and section 316.lb includes
registered owners, coowners, surviving b e n e fic ia rie s, next o f kin and
legatees o f deceased owners, and persons who have acquired bonds pursuant
to ju d ic ia l proceedings against the owners, except that judgment cre d ito rs,
trustees in bankruptcy and receivers o f insolvents* estates w ill have the
righ t only to payment in accordance with the regulations governing United
States Savings Bonds.
Sec. 316.1b* Exchange o f matured bonds o f Series E fo r bonds o f
Series K0—Owners o? matured Series E bonds who prefer to have a current
income bond rather than to exercise their right to retain the bonds fo r
the extension period may exchange them in amounts o f $500 (maturity value)
or m ultiples thereof fo r bonds o f Series K subject to the provisions o f
Department Circular No. 906 dated April 29, 1952.
Sec. 316.15* Federal income tax as applied to matured Series E
bonds. — (a) A taxpayer who has been reporting the increase in redemption
value o f his Series E bonds, fo r Federal income tax purposes, each year
as i t accrues, must continue to do so i f he retains the bonds under section
316.13, unless in accordance with income tax regulations (Regulations 111,
section 29.U2-6) the taxpayer secures permission from the Commissioner o f
Internal Revenue to change to a d iffe re n t method o f reporting income from
such ob lig a tio n s. A taxpayer who has not been reporting the increase in
redemption value o f such bonds currently fo r tax purposes may in any year
prior to fin a l maturity, and subject to the provisions o f section b2 (b)
o f the Internal Revenue Code and o f the regulations prescribed thereunder,
e le ct fo r such year and subsequent years to report such income annually.
Holders o f Series E bonds who have not reported the increase in redemption
value currently are required to include such amount in gross income fo r
the taxable year o f actual redemption or fo r the taxable year in which the
period o f extension ends, whichever is e a r lie r .

- 7~
(b) Taxpayers who exchange their matured Series E bonds fo r Series K
bonds (see section 316,ill;) must report the differen ce between the purchase
price of their Series E bonds and the maturity value thereof in their
returns fo r the year in which the bonds mature to the extent to which such
d ifferen ce has not been reported in previous returns. The in terest payable
on the Series K bonds issued upon exchange must be reported as income fo r
the taxable year in which received or accrued,
(c ) I f further information concerning the income tax is desired,
inquiry should be addressed to the C ollector o f Internal Revenue o f the
taxpayer's d is t r ic t or to the Bureau o f Internal Revenue, Washington 25,
D, C«

Sec, 316,16, Safekeeping, —Series E bonds w ill be held in safekeeping
without charge by tEe~Secretary o f the Treasury i f the holder so desires,
and in such connection the f a c i l i t i e s of the Federal Reserve Banks,^ as
f i s c a l agents o f the United States, and those o f the Treasurer o f the
United States, w ill be u t iliz e d . Arrangements may be made fo r such safe­
keeping at the time o f purchase, or subsequently.
Sec, 316,17* Lost, stolen , or destroyed bonds, —I f a Series E bond
is lo s t , stolen , or destroyed, a substitute may be issued or payment may
be obtained upon id e n tific a tio n of the bond and proof o f it s lo s s , th e ft,
or destru ction . The owner should keep a description o f his bonds by se rie s ,
denomination, s e r ia l number and name o f coowner or b en eficia ry, i f any,
apart from the bonds, and in case o f lo s s , th e ft, or destruction should
immediately n o tify the Bureau o f the Public Debt, Division o f Loans and
Currency, 536 South Clark S treet, Chicago 5> I l lin o is , b r ie fly stating
the fa cts and describing the bonds. Full instructions fo r obtaining
substitute bonds or payment w ill then be given.
Sec, 316,18, Payment or redemption (In general), —A Series E bond
may be redeemed at the- option o f the owner at any time a fter two months
from the issue date at the appropriate redemption value as shown in the
tables o f redemption values at the end o f this cir cu la r , Table A fo r bonds
dated on and a fte r May 1, 1952, Table B fo r those dated May 1, 19i|l,
through A pril 1, 19l|2, and Table C fo r those dated May 1, 19f|2, through
A pril 1, 1952*A Series E bond in a denomination higher than $25 (maturity
value) may be redeemed in part but only in the amount o f an authorized
denomination or m ultiple thereof* Payment w ill be made upon presentation
and surrender o f the bond by the owner to authorized paying agencies as
follow s:
a ) Incorporated banks, trust compani.es and other fin a n cia l
in s titu tio n s .--A n in d iv id u a l (natural person) whose name is
inscribed on the fa ce of a Series E bond either as owner or co­
owner in his own right may present such bond (unless marked
"DUPLICATE1*) to any incorporated bank or trust company or other *
5
Safekeeping f a c i l i t i e s may be offered at some Branches o f Federal
Reserve Banks, and in such connection an inquiry may be addressed to the
Branch,

-

8

-

fin a n c ia l in s t it u t io n which i s q u a lifie d as a paying agent
under the p ro visio n s o f Department C irc u la r No* 750 or any
re v is io n o f or amendment th ereto. I f such bond i s in order
fo r payment by the paying agent, the owner or coowner, upon
e s ta b lish in g his id e n tity to the s a t is fa c t io n of the paying
agent and upon sign in g the request f o r payment and adding his
home or business address, may receive immediate payment o f the
current redemption value*
(2 )
Federal Reserve Banks, Branches and Treasurer o f the
United S ta te s *— Owners o f S e rie s E bonds may a lso obtain pay­
ment upon presentation o f the bonds to a Federal Reserve Bank
or Branch or to the Treasurer o f the United S tate s, Washington
25, D. C*, with the request fo r payment on the bond duly exe­
cuted and c e r t i f i e d in accordance with the pro visio n s o f the
regu latio n s governing savings bonds*

Sec. 316*19# Payment or redemption in the case o f d is a b ilit y or
death*-—In case o f the d is a b ilit y o f the registered owner, or the death
o i the registered owner not survived by a coowner or a designated bene­
f i c ia r y , instructions should be obtained from a Federal Reserve Bank or
Branch, or the Bureau o f the Public Debt, D ivision o f Loans and Currency,
536 South Clark Street, Chicago 5, I l l i n o i s , before the request fo r pay­
ment i s executed.
Sec* 316.20. General p ro v is io n s .— (a ) R egulation s*— A l l S eries E
bonds issued pursuant to th is c ir c u la r s h a ll fee su bject to the re g u la ­
tions p rescribed from time to time by the Secretary o f the Treasury to
govern United States Savings Bonds. Such re gu latio n s may re q u ire, among
other th in gs, reasonable notice in case o f presentation o f S eries E bonds
f o r redemption p r io r to m aturity. The present re gu latio n s are set fo rt h
in Treasury Department C irc u la r No. 530, current re v is io n , copies o f which
may be obtained on a p p lic a tio n to the Treasury Department or to any Federal
Reserve Bank or Branch.
(b ) Reservation as to issu e o f bonds*— The Secretary o f the Treasury
reserves the r ig h t to r e je c t any a p p lic a tio n fo r S eries E bonds, in whole
or in p a rt, and to re fu se to issue or permit to be issued hereunder any
such bonds in any case or any c la s s or c la sse s o f cases i f he deems such
action to be in the p u blic in t e r e s t , and h is action in any such resp ect
s h a ll be f i n a l .
( c ) Preservation o f e x istin g r i g h t s . — Nothing contained in th is
c ir c u la r s h a ll be construed to- lim it or r e s t r i c t any e x istin g rig h ts which
owners o f S e rie s E bonds have acquired under the c irc u la rs p reviou sly

in fo r c e .
( d ) F is c a l age n ts.— Fed eral Reserve Banks and Branches, as f i s c a l
agents o f the United S tate s, are authorized to perform such services as
may be requested of them by the Secretary o f the Treasury in connection
with the issu e , d e liv e ry , safekeeping, redemption, and payment o f S e rie s
E bonds.

(e )
Reservation as to terms of c i r c u la r *— The Secretary of the
Treasury may a t any time or from time to time supplement or amend the
terms o f th is c ir c u la r , or o f any amendments or supplements thereto*

JOHN W. SNYDER,
Secretary o f the Treasury.

TABLE A
UNHID STATIS SATIKJS BONDS - SIBII8 I
TABLI or MBnWPTIOI VALOIS AID ISVXSTKDR TU1D8
TOOK B0ID6 B1ABIBO ISSUI SATIS BWIBIITO NAT 1, 1952
Table shoving: (1) Bov Sonde o f Serlee 1 bearing lie o e date**beginning May 1, 1952. by denomination*, lnoreaee In redemption value daring
successive half-year period* following inane or date o f origin al maturity; (2) the approximate lnreataent y ield on the pnrohae* prle* from lain*
date to the beginning of eaoh half-year period; and ( 3) the approximate lnreataent yield on the onrrent redemption rain* from the beginning of eaoh
half-year period (a) to maturity or (b) to extended maturity. Tlelda are espreaeed la tarae o f rate pereent per annua, compounded eealannually.

Iaaua Price ...............................................
Period after
Iaaua date

Tlr at 1/2 y e a r ..........................................
1/2 to 1 year ...........................................
1 to 1 - 1/2 year* ......................................
1- 1/2 to 2 y e a r * ................. ...................
2 to 2 - 1/2 year* ......................................
2- 1/2 to 3 year* ......................................
3 to 3-1/2 year* ......................................
3- 1/2 to * year* ......................................
* to *-3 /2 y e a r * ......................................
h-1/2 to 5 year* ......................................
5 to 5-1/2 year* ......................................
5-1/2 to 6 year* ......................................
6 to 6- 1/2 year* ......................................
6- 1/2 to 7 year* ......................................
7 to 7- 1/2 year* ......................................
7- 1/2 to 8 year* ......................................
8 to 8- 1/2 year* ......................................
8- 1/2 to 9 y e a r * ......................................
9 to 9- 1/2 y e a r * ......................................
9-1/2 year* to 9 year* A 8 month* . . . .
MATUH1TT VAUJl
(9 yoare A 8 aonth* from Issue date)

t

s

t $25*00

1 $50.00
1 37.50
1

« 18.75
I
s
t
:

i

t
:
j
t

$200.00
150.00

t
$1 *000.00 : $10,000
7.500
750.00 j

1

$18.75

18.85
19.05
19.30
19.55

19.80
20.05
20.30
20.55
20.90
21.25
21.60

21.95
22.30

22.65
23.00
23. ho
23.80
2>t.20
2 *. 60
$25.00

$37-50

$75.00

37.70

75-*0

t

75*.00
762.00
772.00
782.00

96.80
98. ho

is h .o o
187.20
190 .ho
193.60
196.80

968.00
98*.00

$100.00

$200.00

$500.00

$1 , 000.00

76.20
78.20

h i. 80

$50.00

$750.00

377*00

39.10
39-60

* 2.50
h3.20
* 3.90
**.6 o
* 5.30
*6.00
* 6.80
*7.60
*8.*0
*9.20

$375.00
381.00
386.00
391.00
396.00
*01.00
ho6.oo
* 11.00
* 18.00
*25.00
*32.00
* 39.00
**6.00
* 53. 0°
*60.00
*68.00
H76.00
*8*.00
h92.00

38.10
38.60
h o .10
ho. 60
h i. 10

$150.00
150.80
152. ho
-75* . ho
1 5 6 .ho
158 .ho
16 0 .ho
16 2 .ho
i6 *.h o
167.20
170.00
172.80
175.60
1 7 8 .ho

77.20
79.20
80.20
81.20
82.20
83.60
85.00
86. ho

87.80
89.20
90.60
92.00

93.60
95.20

181.20

792.00
802.00
812.00
822.00
836.00

850.00
86*.C 0
878.00
892.00
906.00
920.00
936.00
952.00

$7,500
7 . 5*0
7.620

7.720
7.820
7.920
8,020
8,120
8,220
8,360
8.500
8 , 6*0
8,780

8.920
9,060
9.200

9.360
9,520
9.680
9.8*0

$10,000

|

APPR0HKAT1 imSTMDT TI1 LD*
(3) On eurrent
,
redemption ralue
,
froa beginning
, o f eaoh half-year
t period X / (a) te
,
maturity
Poroaat
Percent
3 . 00—
0.00
3.10
1.07
3
.1 6
1. 5?
1. 9*
3.19
2 .10
3.23
2.19
3 -“
2.25
3 . 3*
2.28
3 -* l
2.30
3»*9
2.*3
3.50
2.52
3.51
2.59
3 . 5*
2 . 6*
3
3 *. 68*
2.69
3 . 7*
2.72
2. 7*
?•«?
* .0 1
2.79
2.83
2.86
* . 9*
2.88
9.92

| (2) On purchase
t prle* from Issue
i date to beginning
, ef each half-yaar
,
period 1 /

3.00

(b) to extended
maturity

1OTBIBD KATURITT PERIOD
$25.00

25.37
25.75

$100.00

$200.00

$500.00

$1 , 000.00

$10,000

3.00

101.50
103.00
10*.50
106.00
107.60
109.20

203.00
206.00
209.00
212.00
215.20

507.50

10,150

3.00

522.50
530.00
538.00

218.hO

5*6.00

55-*0

110.80

66.30

1 1 2 . >10
n h .o o
115.80
117.60
1 1 9 .ho
121.20
123.00
12 *. 80
126.60
128.60
130.60
132.60

221.60
22U.S0

55*.00

56.20

261.20
265.20

606.00
615.00
62*.00
633.00
6*3.00
653.00
663.00

1,0 15.0 0
1,030.00
1,0*5.00
1,060.00
1,076.00
1,092.00
1, 108.00
l , 12 h.00
1,1*0 .0 0
1,158.00
1,176 .0 0
1,19 *.0 0
1,212.0 0
1,230.00
1.2*8.00
1,266.00
1, 286.00
1,306.00
1,326.00

$67. 3*

$13*. 68

$269.36

$673.*0

$1, 3* 6.80

$50.00
50.75
51.50

26.12
26.50

52.25

26.90
27.30
27.70
28.10

53.80

28.50

57.00
57.90

28.95
29.*Q
29.85
30.30
30.75
31.20
31.65
32.15
32.65
33.15
$33.67

53.00
5*.6o

58.80

59.70
60.60

61.50
6 2.ho

63.30
6 *. 30

65.30

515.00

562.00

231.60

570.00
579.00

235-20

588.00

228.00
23S.TO
2 * 2 .hO
2h6.00
2h9.6o

253.20
257.20

* Calculated on baala o f $1,000 bend (fee* ralue).
** Approximate lnreataent y ie ld fo r entire period from laauanee to maturity.
2-month period In the eaee o f the 9 -V 2 year to 9 year And S month period.
V
19 year* and 8 month* after laaum date.
y

<
: $500.00
» 375.00

( l ) Redemption Talus* during eaoh half-year period 1 /
(Value* lnoreaee on flr e t day o f period shown)

maturity date
first 1/2 year .........................................
1/2 to 1 year ............................................
1 to 1 - 1/2 year* ......................................
1-1/2 to 2 y e a r * .................................. ...
2 to 2-1/2 year* ......................................
2-1/2 to 3 y e a r * ......................................
3 to 3 -1/2 year* ......................................
3-1/2 to * y e a r s ......................................
A to
1/2 y e a r s ......................................
to 5 y e a r s ......................................
5 to 5-1/2 years ......................................
5- 1/2 to 6 y e a r * ......................................
0 to 6- 1/2 years ......................................
6-1/2 to 7 y e a r * ......................................
7 to 7- 1/2 yaar* ......................................
7- 1/2 to 8 year* ......................................
8 to 8-1/2 year* ......................................
8-1/2 to 9 y e a r * ......................................
9 to 9- 1/2 years ......................................
9- 1/2 to 10 years ....................................
UTXBSXS XATURITT VA1UI
(10 year* from original
maturity d a t e ) ^ .................................

1
1 $100*00
1
75*00

597.00

lO.JOO

3.00

10,*50
10,600
10.760
10,920

2.99
2.99
2.99
2.99
2.99

11,080
11,2 *0
u .h o o
11,580
U .760
11,9 *0
12,120
12,300

12,*80
12,660
12,860
13.060
13.260
$13. *68

2.98
2.98

2.98
2*99
2.99
2.99
2.99
2.99
2.99
2.99
2.99

3.00
3.00
3.00

3.01
3.02
3.02
3.02

3.03
3 . 0*
3.05
3 . 0*
3. 0*
3.03
3. 0*
3.05
3.07
3.12
3.M

3.00

3 .10
3. 1*

3.00

....

TABLE B
UNITED STATES SAVINGS BONDS - SERIES E
TABLE OF REDEMPTION VALUES AND INVESTMENT YIELDS
FOR BONDS BEARING ISSUE DATES FROM MAY 1, 1941 THROUGH APRIL 1, 1942
Table showing: (l) How bonds of Series E bearing issue dates, from May 1, 1941 through April 1, 1942, by denominations, increase in
redemption value during successive half-year periods following issue or date of original maturity; (2) the approximate investment yield
on the purchase price from issue date to the beginning of each half-year period; and (3) the approximate investment yield on the current
redemption value from the beginning of each half-year period (a) to maturity or (b) to extended maturity. Yields are expressed in terms
of rate percent per annum, compounded semiannually.

Maturity Value
Issue Price...

$25.00
18.75

Period after
issue date

$50.00
37.50

$100.00
75.00

$500.00
375.00

$1,000.00
750.00

(1) Redemption values during each half-year period
(Values increase on first day of period shown)

APPROXIMATE INVESTMENT YIELD#

(2) On purchase
price from issue
date to beginning
of each half-year
period
Percent

First 1/2 year..................
1/2 to 1 year...................
1 to 1-1/2 years..... .......
1-1/2 to 2 years.... ...........
2 to 2-1/2 years.............. .
2-1/2 to 3 years................
3 to 3-1/2 years................
3-1/2 to 4 years................
4 to 4-1/2 years................
.4-1/2 to 5 years............... .
5 to 5-1/2 years................
5-1/2 to 6 years....... .........
6 to 6-1/2 years................
6-1/2 to 7 years......... .
7 to 7-1/2 years....... .........
7-1/2 to 8 years....... .........
8 to 3-1/2 years......... .......
8-1/2 to 9 years................
9 to 9-1/2 years................
9-1/2 to 10 years...............
MATURITY VALUE
(10 years from issue date)......
Period after
matnritv date
First 1/2 year......... .........
1/2 to 1 year...................
1 to 1-1/2 years...... ..........
11-1/2 to 2 years........... .
2 to 2-1/2 years.... ............
2-1/2 to 3 years................
3 to 3-1/2 years................
3-1/2 to 4 years..... ...........
U to 4-1/2 years........... .
4-1/2 to 5 years..... .......
5 to 5-1/2 years................
5-1/2 to 6 years................
6 to 6-1/2 years.... ............
6-1/2 to 7 years......... .......
7 to 7-1/2 years................
7-1/2 to 8 years.......... ......
8 to 8-1/2 years.......... .
8-1/2 to 9 years................
9 to 9-1/2 years...... ..........
9-1/2 to 10 years......... ......
EXTENDED MATURITY VALUE
(10 years from original
maturity date) 1/............

*
**
1/

;
.

$37.50
37.50
37.75
38.00
38.25
38.50
39.00
39.50
40.00
40.50
41.00
41.50
42.00
43.00
44.00
45.00
46.00
47.00
48.00
49.00

$75.00
75.00
75.50
76.00
76.50
77.00
78.00
79.00
80.00
81.00
82.00
83.00
84.00
86.00
88.00
90.00
92.00
94.00
96.00
98.00

$375.00
375.00
377.50
380.00
382.50
385.00
390.00
395.00
400.00
405.00
410.00
415.00
420.00
430.00
440.00
450.00
460.00
470.00
480.00
490.00

$750.00
750.00
755.00
760.00
765.00
770.00
780.00
790.00
800.00
810.00
820.00
830.00
840.00
860.00
880.00
900.00
920.00
960.00
980.00

0.00
.00
.67
.88
.99
1.06
1.31
1.49
1.62
1.72
1.79
1.85
1.90
2.12
2.30
2.45
2.57
2.67
2.76
2.84

$ 50.00

$100.00

$500.00

$1,000.00

2.90

940.00

$100.00
101.25
102.50
103.75

$66.67

106.25
107.50
108.75
110.00
111.25
112.50
113.75
115.00
116.25
117.50
120.00
122.67
125.33
128.00
130.67

$500.00
506.25
512.50
518.75
525.00
531.25
537.50
543.75
550.00
556.25
562.50
568.75
575.00
581.25
587.50
600.00
613.33
626.67
640.00
653.33

$1,000.00
1,012.50
1,025.00
1,037.50
1 ,050.00
1,062.50
1,075.00
1,087.50
1,100.00
1,112.50
1,125.00
1,137.50
1,150.00
1,162.50
1,175.00
1,200.00
1,226.67
1,253.33
1,280.00
1,306.67

2.90
2.88
2.86
2.84
2.82
2.81
2.79
2.77
2.75
2.74
2.72
2.71
2.69
2.67
2.66
2.70
2.75
2.79
2.83
2.87

$133.33

$666.67

$1,333.33

2.90

105.00

Calculated on basis of $1,000 bond (face value).
Approximate investment yield for entire period from issuance to maturity.
20 years from issue date.

Percent
2.90**
#
3.05
3.15
3.25
3.38
3.52
3.58

3.66
3.75
3.87

4.01
4.18
4.41
4.36
4.31

4.26
4.21
4.17

4.12
4.08

(b) to extended
maturity

EXTENDED MATURITY PERIOD
$ 50.00
50.62
51.25
51.87
52.50
53.12
53.75
54.37
55.00
55.62
56.25
56.87
57.50
58.12
58.75
60.00
61.33
62.67
64.00
65.33

(3) On current
redemption value
from beginning
of each half-year
period (a) to
maturity_____

2.90
2.92
2.94
2.97
3 .0 1
3.05
3.10
3.16
3.23
3.32
3.43
3.56
3.73
3.96

4.26
4.26

4.21
4.17

4.12
4.08

TABLE C
DOTTED STATES SAVINGS BONDS - SERIES E
TABLE OF REDEMPTION VALDES AND INVESTMENT YIELDS
FOR BONDS BEARING ISSDE DATES FROM MAY 1, 1942 THROUGH APRIL 1, 1952

Table showing: (1) How bonds of Series E bearing issue dates from May 1, 1942 through April 1, 1952; by denominations, increase in
redemption value during successive half-year periods following issue or date of original maturity; (2) the approximate investment yield
on the purchase price from issue date to the beginning of each half-year period; and (3) the approximate investment yield on the current
redemption value from the beginning of each half-year period (a) to maturity or (b) to extended maturity. Yields are expressed in terms
of rate percent per annum, compounded semiannually.

I S lU t

:
:
$10.00 : $25.00 : $50.00
7.5C : 18.75 : 37.50
:
:

Price • • e e e e e e e e e e e e e e e e

Period after
issue date

:

$100.00
75.00

:
$200.00 : $500.00
150.00 : 375.00

$1,000.00
750.00

(1) Redemption values during each half-year period
(Values increase on first day of period shown)

________________________________________________:

APPROXIMATE INVESTMENT YIELD*
(2) On purchase
price from issue
date to beginning
of each half-year
period
Percent

First 1/2 year.............
1/2 to 1 year..............
1 to 1-1/2 years....... .
1-1/2 to 2 years...........
2 to 2-1/2 years...........
2-1/2 to 3 years...........
3 to 3-1/2 years...........
3-1/2 to 4 years...........
4 to 4-1/2 years...........
4-1/2 to 5 years...........
5 to 5-1/2 years...........
5-1/2 to 6 years...........
6 to 6-1/2 years...........
6-1/2 to 7 years...........
7 to 7-1/2 years...........
7-1/2 to 8 years...........
8 to 8-1/2 years...........
8-1/2 to 9 years.......... .
9 to 9-1/2 years...........
9-1/2 to 10 years..... .
MATURITY VALUE
(10 years from issue date).

$7.50
7.50
7.55
7.60
7.65
7.70
7.80
7.90
8.00
8.10
8.20
8.30
8.40
8.60
8.80
9.00
9.20
9.40
9.60
9.80

$18.75
18.75
18.87
19.00
19.12
19.25
19.50
19.75
20.00
20.25
20.50
20.75
21.00
21.50
22.00
22.50

$75.00
75.00
75.50
76.00
76.50
77.00
78.00
79.00
80.00
81.00
82.00
83.00
84.00
86.00
88.00
90.00
92.00
94.00
96.00
98.00

$150.00

23.50
24.00
24.50

$37.50
37.50
37.75
38.00
38.25
38.50
39.00
39.50
40.00
40.50
41,00
41.50
42.00
43.00
44.00
45.00
46.00
47.00
48.00
49.00

$10.00

$25.00

$50.00

$100.00

23.00

Period after
maturity date
First 1/2 year.......... .
1/2 to 1 year......... .
1 to 1-1/2 years...........
1-1/2 to 2 years..........
2 to 2-1/2 years..........
2-1/2 to 3 years...........
3 to 3-1/2 years..........
3-1/2 to 4 years......... .
4 to 4-1/2 years....... .
4-1/2 to 5 years..........
3 to 5-1/2 years.......... .
3-1/2 to 6 years..........
6 to 6-1/2 years.... .
6-1/2 to 7 years..........
7 to 7-1/2 years.......... .
7-1/2 to 8 years............
8 to 8-1/2 years.......... .
8-1/2 to 9 years.......... .
9 to 9-1/2 years.......... .
9-1/2 to 10 years......... .
EXTENDED MATURITY VALUE
(10 years from original
maturity date) 1/...... .
*
**
1/

151.00
152.00
153.00
154.00
156.00
158.00
160.00
162.00
164.00
166.00
168.00
172.00
176.00
180.00
184.00
188.00
192.00
196.00

$750.00
750.00
755.00
760.00
765.00
770.00
780.00
790.00
800.00
810.00
820.00
830.00
840.00
860.00
880.00
900.00
920.00
940.00
960.00
980.00

0.00
.00
.67
.86
.99
1.06
1.31
1.49
1.62
1.72
1.79
1.85
1.90
2.12
2.30
2.45
2.57
2.67
2.76
2.84

2.90**
3.05
3.15
3.25
3.38
3.52
3.58
3.66
3.75
3.87
4.01
4.18
4.41
4.36
4.31
4.26
4.21
4.17
4.12
4.08

$200.00

$500.00

$1,000.00

2.90

• ft*

$100.00

$200.00

101.50
103.00

203.00

31.65
32.15
32.65
33.15

$50.00
50.75
51.50
52.25
53.00
53.80
54.60
55.40
56.20
57.00
57.90
58.80
59.70
60.60
61.50
62.40
63.30
64.30
65.30
66.30

104.50
106.00
107.60
109.20
110.80
112.40
114.00
115.80
117.60
119.40
121.20
123.00
124.80
126.60
128.60
130.60
132.60

$33.67

$67.34

$134.68

31.20

Percent

$375.00
375.00
377.50
380.00
382.50
385.00
390.00
395.00
400.00
405.00
410.00
415.00
420.00
430.00
440.00
450.00
460.00
470.00
480.00
490.00

150.00

(b) to extended
maturity

EXTENDED MATURITY PERIOD
$25.00
25.37
25.75
26.12
26.50
26.90
27.30
27.70
28.10
28.50
28.95
29.40
29.85
30.30
30.75

1 ( 3 ) On current
: redemption value
: from beginning
:of each half-year
: period (a) to
:
maturity

206.00
209.00
212.00
215.20
218.40
221.60
224.80
228.00
231.60
235.20
238.80
242.40
246.00
249.60
253.20
257.20
261.20
265.20

$500.00
507.50
515.00
522.50
530.00
538.00
546.00
554.00
562.00
570.00
579.00
588.00
597.00
606.00
615.00
624.00
633.00
643.00
653.00
663.00

$1,000.00
1 ,015.00
1 ,030.00
1,045.00
1,060.00
1,076.00
1,092.00
1,108.00
1,124.00
1,140.00
1,158.00
1,176.00
1,194.00
1,212.00
1,230.00
1,248.00
1,266.00
1,286.00
1,306.00
1,326.00

2.90
2.90
2.90
2.91
2.90
2.91
2.91
2.91
2.91
2.91
2.92
2.92
2.93
2.93
2.93
2.93
2.93
2.94
2.94
2.94

3.00
3.00
3.00
3.01
3.02
3.02
3.02
3.03
3.04
3.05
3.04
3.04
3.03
3.04
3.05
3.07
3.12
3.10
3.10
3.14

$269.36

♦673.40

$1,346.80

2.95

....

Calculated on basis of $1,000 bond (face value).
Approximate investment yield for entire period from issuance to original maturity.
20 years from issue date.

TITLE 31: MONEY AND FINANCE
CHAPTER I I :
FISCAL SERVICE, DEPARTMENT OF THE TREASURY
Subchapter B - Bureau o f the P u blic Debt
Part 333 OFFERING OF UNITED STATES SAVINGS BONDS,
SERIES J AND K

UNITED STATES SAVINGS BONDS
SERIES J and SERIES K

1952
Department C irc u la r No. 906

TREASURY DEPARTMENT,
OFFICE OF THE SECRETARY,
Washington, A p r il 29, 1952.

F is c a l Service
Bureau o f the P u blic Debt

CONTENTS
SEC.
SEC.
SEC.
SEC.
SEC.
SEC.
SEC.
SEC.
SEC.
SEC.

333.1
333.2
333.3
333.4
333.5
333.6
333.7
333.8
333.9
333.10

SEC.
SEC.
SEC.
SEC.
SEC.
SEC.

333.11
333.12
333.13
333.14
333.15
333.16

OFFERING OF BONDS.
DESCRIPTION.
TERM.
INTEREST.
TAXATION.
REGISTRATION.
LIMITATION ON HOLDINGS.
NONTRANSFERABILITY.
PURCHASE OF BONDS FOR CASH.
ISSUE OF SERIES K BONDS IN EXCHANGE
FOR MATURED BONDS OF SERIES E.
DELIVERY.
INTERIM RECEIPTS.
SAFEKEEPING.
LOST, STOLEN, OR DESTROYED BONDS.
PAYMENT OR REDEMPTION.
GENERAL PROVISIONS.

Sec. 333.1. O ffe rin g of bonds . — The Secretary o f the Treasury,
pursuant to the au th o rity of theSecond L iberty Bond Act, as amended
(31 U .S.C . 757o), o ffe r s fo r sale to the people o f the United States,
on and a ft e r May 1, 1952, United States Savings Bonds o f Series J and
Series K, which may h e re in a fte r be re fe rre d to as bonds o f Series J
and S eries K. Bonds o f both se rie s w i l l be sold fo r cash, and in
ad d ition bonds o f S eries K w i l l be issued in exchange fo r matured
United States Savings Bonds o f Series E (h e re in a fte r re fe rre d to as
bonds of Series E ).
Bonds of Series J and Series K issued during the
calendar year 1952 w i l l be designated Series J-1952 and Series K-1952,

2
re sp e c tiv e ly , and those of e ith e r se rie s "which may be issued in subse­
quent calendar years w i l l be s im ila r ly designated by the s e rie s le t t e r ,
J or K, follow ed by the year o f is s u e . This o ffe r in g o f bonds of
Series J and Series K w i l l continue u n til terminated by the Secretary
o f the Treasury.
Sec. 333.2. D e sc rip tio n .— Bonds of Series J and Series K w i l l
be issued only in re g is te re d form. See section 333.6 hereof fo r
inform ation concerning r e g is t r a t io n . They w i l l be issued in denom­
in ation s o f $25 and $100 fo r Series J only, and $500, $1,000, $5,000,
$10,000, and $100,000 (m aturity v alu es) fo r both S eries J and Series K.
Each bond w i l l bear the fa c sim ile signature o f the Secretary o f the
Treasury, and w i l l bear an imprint o f the Seal o f the Treasury Depart­
ment. At the time o f issue the issu in g agent w i l l in sc rib e on the
face o f each bond the name and address o f the owner and the name o f
the coowner or b e n e fic ia ry , i f any; w i l l enter the issue date o f the
bond; and w i l l imprint the issu in g age n t's dating stamp (to show the
date the bond i s a c t u a lly in s c r ib e d ). A bond: o f S eries J or S eries K
s h a ll be v a lid only i f an authorized issu in g agent receives payment
th e re fo r , duly in s c rib e s , dates and stamps the bond, and d e liv e rs i t
to the purchaser or h is agent.
Sec. 333.3* Term. — Each bond of Series J, and each bond of
S eries K sold f o r cash, w i l l be dated as of the f i r s t day o f the
month in which payment o f the issue p rice i s received by an agent
authorized to issue the bonds. This date is the issue date, and the
bond w i l l mature and be payable at face value 12 years from such issu e
date. The issue date i s the basis f o r determining redemption periods
and the m aturity date o f the bond and should not be confused with
the date in the issu in g a g e n t's stamp, which in dicates the date the
bond i s a c t u a lly in sc rib e d . The issue date o f a bond o f S eries K
issued in exchange fo r matured bonds o f Series E w i l l be determined
in accordance with ru le (3 ) in section 333.10 ( c ) h e re o f. The bonds
o f e ith e r s e rie s may not be c a lle d fo r redemption by the Secretary
o f the Treasury p rio r to m aturity, but any bond may be redeemed p rio r
to m aturity, a f t e r 6 months from the issue date, at the owner's
option, at fix e d redemption valu es.
Sec. 333.4.
I n t e r e s t .— ( a ) Bonds o f Series J w i l l be issued on
a discount b a s is at 72 percent o f th e ir maturity7v alu e. No in te re s t
as such w i l l be paid on the bonds, but they w i l l increase in redemp­
tio n value at the end o f each h a lf-y e a r period from issue date u n t il
m aturity, when the face amount becomes payable. The increment in
value w i l l be payable only upon redemption o f the bonds. A ta b le o f
redemption values appears on each bond. The purchase p rice of bonds
o f S eries J has been fix e d so as to a ffo r d an investment y ie ld of
approxim ately 2.76 percent per annum compounded semiannually i f the
bonds are held to m aturity; i f the owner exercises h is option to
redeem a bond p r io r to m aturity the investment y ie ld w i l l be l e s s . * 1

1

See Table A appended to th is c ir c u la r .

3
(b )
Bonds o f Series K w i l l be issued at par, and w i l l bear in te re s t
at the rate o f 2.76 percent per annum from issue date, payable semi­
annually, beginning 6 months from issue date.
In te re st w i l l be paid by
check drawn to the order o f the re g iste re d owner or coowners. In terest
w i l l cease at m aturity, or, in case o f redemption before m aturity, at
the end o f the in te re s t period next preceding the date o f redemption,
except th a t, i f the date o f redemption f a l l s on an in te re s t payment
date, in te re st w i l l cease on that date. The d iffe re n c e between the
face amount o f the bond and the redemption value fix e d fo r any period
represents an adjustment (o r refund) of in te r e s t. A ccordingly, i f an
owner who i s not e n t it le d to redemption at par before m aturity exer­
c ise s h is option to redeem a bond p rio r to m aturity, the investment
y ie ld w i l l be le s s than the in te re st rate on the bond.
See seotion
333.15 ( b ) hereof fo r information concerning redemption at par before
m aturity.
Sec. 333.5. T axatio n .— For the purpose o f determining taxes and
ta x exemptions, the increment in value represented by the d iffe re n c e
between the p rice paid fo r bonds o f Series J (which are issued on a
disoount b a s i s ) , and the redemption value received th e re fo r (whether
at or b efo re m aturity) s h a ll be considered as in t e r e s t , and that
in te re s t and in te re s t on bonds of Series K are not exempt from income
or p r o fit s taxes now or h ereafter imposed under the In tern a l Revenue
Code or laws amendatory or supplementary th ereto .^ The bonds s h a ll be
subject to e s ta te , inheritance, g i f t , or other excise taxes, whether
Federal or State, but s h a ll be exempt from a l l taxation now or here­
a f t e r imposed on the p rin c ip a l or in te re s t th ereof by any State, or
any o f the possessions o f the United S tates, or by any lo o a l taxin g
au th o rity .
Sec. 333.6. R e g is tra tio n .— ( a ) Authorized form s.— Bonds of
Series J and Series l( may be re giste red only in one o f the fo llo w in g
forms:
(1 )
In the names o f natural persons (th at i s , in d iv id
u a ls ), whether ad u lts or minors, in th e ir own r ig h t , as
fo llo w s : ( i ) In the name o f one person; ( i i ) in the names
o f two (bu t not more than two) persons as coowners; and
( i i i ) in the name o f one person payable on death to one
(but not more than one) other designated person.

2

See Table B appended to th is c ir c u la r .

3 For fu rth e r inform ation concerning the taxable and exempt status
under Federal tax laws o f the in te re s t (increment in valu e) on United
States Savings Bonds issued on a discount basis (in c lu d in g bonds o f
Series J ), and a lte rn a te methods o f reporting such in te r e s t, see
In tern al Revenue Mimeograph, C o ll. No. 6327, R. A. No. 1680, dated
November 9, 1948.

- 4 (E ) In the names o f p rivate or publio organizations
(in c lu d in g p rivate corporations, partnerships and unin­
corporated a s so c ia tio n s, and states, counties, public
corporations and other public bo d ies) in th e ir own
r ig h t ; but not in the names o f commercial banks, ■which
are defined fo r th is purpose as those accepting demand
d e p o s its •
(3 )
In the names o f any persons or organ ization s,
p u blio or p riv a te , as fid u c ia r ie s (except where the
fid u c ia r y would hold the bonds merely or p r in c ip a lly
as se c u rity fo r the performance o f a s e rv ic e *)
F u ll inform ation regarding authorized forms o f re g is t r a t io n w i l l be found
in the regu latio n s cu rre n tly in force governing United States Savings Bonds*
( b ) R e s t ric tio n s . — Only residents (whether in d iv id u a ls or o th ers)
o f the United States (which fo r the purposes of th is section s h a ll
include the t e r r i t o r i e s , in su la r possessions and the Canal Zone),
c itiz e n s o f the United States tem porarily re sid in g abroad, and nonresi­
dent a lie n s employed in the United States by the Federal Government or
an agency th e re o f, may be named as owners, coowners, or designated
b e n e fic ia r ie s o f Series J and Series K bonds issued pursuant to th is
c ir c u la r , or o f authorized reissues th e re o f, except that on o r ig in a l
issu e s o f bonds, but not on re is s u e s , such persons may name as coowners
or b e n e fic ia r ie s o f th e ir bonds American c itiz e n s permanently re sid in g
abroad or nonresident a lien s who are not citiz e n s o f enemy nations*
American c itiz e n s permanently re sid in g abroad and nonresident a lie n s who
become e n t it le d to bonds under the regu latio n s governing United States
Savings Bonds, by rig h t of survivorship or otherwise, w i l l not be en­
t i t l e d to re is s u e , but w i l l have the righ t ( 1 ) to r e ta in the bonds
without ohange in r e g is t r a t io n , ( 2 ) to receive in te re s t on bonds o f
S e rie s K, and (3 ) to receive payment e ith e r at or before m aturity on
bonds o f Series J or Series K.
Sec. 333.7. Lim itation on h o ld in g s.— The amount o f bonds o f
Series J or Series K, or the combined aggregate amount o f bonds o f both
s e rie s o r i g in a lly issued during any one calendar year to any one person
that may be held by that person at a n y tim e , including those re g iste re d
in the name o f that person alone and those registe red in the name o f
that person and another person as coovmer, is |200,000 (is s u e p r ic e ),
computed in accordance with the p rovision s o f the regulation s govern­
ing United States Savings Bonds. Bonds o f Series K issued in exchange
fo r matured bonds o f Series E are not included in computing the owner's
h oldings, fo r the purpose o f applying the lim itatio n on holdings*
Sec. 333.8. N o n t r a n s f e r a b i l i t y . - - B o n d s of Series J and Series K
w i l l not be tra n s fe r a b le , and w i l l he payable only to the owner named
thereon, except in case of death or d is a b ilit y o f the owner or as
otherwise s p e c if i c a lly provided in the regulation s governing savingB
bonds, and in any event only in accordance with said re g u la tio n s .

-

5

-

Accordingly, a ft e r they are duly issued, they may not be so ld , d is ­
counted, hypothecated as c o lla t e r a l fo r a loan or the performance
o f a s e rv ic e , or disposed o f in any manner other than as provided
in the regu latio n s governing savings bonds, and, except as provided
in said re g u la tio n s , the Treasury Department w i l l recognize only
the in sc ribe d owner, during his life t im e , and th e re a fte r his estate
or h e ir s .
Sec, 333«9* Purchase o f bonds fo r cash, — ( a ) A g e n c i e s Bonds
o f S e rie s J and S e rie s K may be purchased only a t Federal Reserve
Banks and Branches, and at the Treasury Department, Washington 25,
D, C, Customers o f commercial banks and tru s t companies may be able
to arrange fo r the purchase o f such bonds through such in s t it u t io n s ,
but only the Federal Reserve Banks and Branches and the Treasury
Department are authorized to act as o f f i c i a l agencies, and the date
o f re c e ip t o f a p p lic a tio n and payment at an o f f i c i a l agency w i l l
govern the dating o f the bonds issu ed ,
( b ) Issu e p r ic e s , — The fo llo w in g ta b le shows the issu e p ric e s o f
the various denominations of bonds o f S e rie s J and S e rie s K:

Denomination
(maturity value)
$25
$100

$5oo
$1,000
$5,000
$10,000
$100,000

Issue or
Series J
$18
$72
$360
$720
$3,600
$7,200
$72,000

Purchase Price
:
Series K
•
:
:
:
:
:

• • •
« • •
$500
$1,000
$5,000
$10,000
$100,000

(c )
A pplication, — In applying fo r bonds under this c ircu la r, care
should be taken to sp ecify whether those o f Series J or Series K are
desired, and there must be furnished: (1) instructions fo r reg istra tion
o f the bonds to be issued, which must be in one o f the authorized forms
(see Sec, 333*6 ( a ) ) ; (2) the post o f f ic e address o f the owner; (3) the
address fo r delivery o f the bonds; and (U) in the case of bonds of
Series K the address fo r mailing in terest checks. The application
should be forwarded to a Federal Reserve Bank or Branch, or to the
Treasurer o f the United States, Washington 25, D, C ,, accompanied by a
remittance to cover the purchase price as shown in subsection (b) hereof.
Any form o f exchange, including personal checks, w ill be accepted, sub­
ject- to c o lle c t io n . Checks or other forms o f exchange should be drawn
to the order o f the Federal Reserve Bank or the Treasurer of the
United States, as the case may be. Checks payable by endorsement are
not acceptable. Any depositary qu a lified pursuant to the provisions
of Treasury Department Circular No, 92 Revised (31 CFR Part 203) w ill
be permitted to make payment by cre d it fo r bonds applied fo r on behalf
o f i t s customers up to any amount fo r which i t shall be qu a lified in
excess o f existin g deposits, when so n o tifie d by the Federal Reserve
Bank o f i t s d is t r ic t*

6

(d )
p o s ta l sav in gs*— Subject to regu latio n s prescribed by the
Board o f Trustees o f the P o stal Savings System, the withdrawal o f
p ostal savings deposits w i l l be permitted f o r the purpose of pur­
chasing bonds o f Series J or SerieG K.
Sec. 333.10.
Issue o f bonds o f Series K in exohange fo r matured
bonds o f Series E. — ( a ) Exchange o p tio n .— Owners o f United States Sav­
ings Bonds o f Series E which have matured or w i l l mature on or a ft e r
May 1, 1952, who p re fe r to have an investment paying current income
rath er than to exercise t h e ir rig h t to cash them in accordance with
t h e ir terms, o r, as provided in Treasury Department C irc u lar No. 653,
Third R evision, to re ta in them fo r a fu rth er period, up to ten years,
during which they would continue to earn in t e r e s t , have the option
o f exchanging such bonds fo r bonds o f S eries K bearing sp e cial p r iv ­
ile g e s as set fo rth in subsection ( b ) h ereo f. The exohange w i l l be
governed by the ru le s set fo rth in subsection ( c ) h ereo f.
(b )
Special p r i v i le g e s . — The Series K bonds issued upon exchange
w i l l be redeemable at p a r, at the owner’ s option, AT ANY TIME a ft e r
6 months from the issu e date upon one calendar month’ s n o tice, as
provided in section 333.15 hereof and w i l l be s p e c ia lly stamped.
Such bonds w i l l not be included in computing the owner’ s holdings fo r
the purpose o f applying the lim ita tio n on holdings.
See section 333.7
h ereo f.
In a l l other respects the Series K bonds issued upon exchange
w i l l have the same terms and conditions, including r e s t ric tio n s on
r e g is t r a t io n , as those sold fo r cash.
(o )
Rules governing exchanges.— The fo llo w in g ru le s w i l l govern
the exchange o f matured bonds o f Series E fo r bonds o f Series K:
( 1 ) The S eries K bonds issued upon exohange w i l l be re g iste re d
in the names o f the owners o f the matured S eries E bonds, in any author­
ized form o f r e g is t r a t io n ; the term "owners” includes re g is te re d owners,
ooowners, su rvivin g b e n e fic ia r ie s , next o f kin and legatees o f de­
ceased owners who were not survived by a coowner or b e n e fic ia ry , and
persons who have acquired bonds pursuant to ju d ic ia l proceedings against
the owners, exoept th at judgment c re d ito rs , tru stees in bankruptcy and
re ceiv e rs o f in s o lv e n t s ’ estates w i l l have the rig h t only to payment
in accordance with the re gu latio n s governing United States Savings Bonds.
( 2 ) Series K bonds w i l l be issued upon exchange only in author­
ized denominations ($500, $1,000, $5,000, $10,000 and $100,000).
( 3 ) The bonds o f Seri
E must be presented to a Federal Reserve
Bank or Branch or to the Treasury Department, Washington 25, D. C ., fo r
exchange not la t e r than two calendar months a ft e r the month o f m aturity
and the bonds o f Series K issued upon exchange w i l l be dated as o f the
f i r s t day o f the month in which the Series E bonds mature, except
that i f an owner desires to accumulate a number o f Series E bonds fo r
exchange fo r bonds o f S eries K in any authorized denomination he may

7

accumulate such bonds during any twelve consecutive calendar months
and present them fo r exchange not la t e r than two calendar months a ft e r
the month o f maturity o f the la s t bond in the group to be exchanged,
and the S eries K bonds issued upon such exchange w i l l be dated on
a weighted average dating b a sis which w i l l a ffo rd an adequate in te re s t
adjustment f o r the period during which the owner has accumulated the
bonds of Series E fo r the exchange, provided that in any event the
bonds o f Series K w i l l not be dated e a r li e r than May 1, 1952.
(4 )
No cash adjustment w i l l be permitted in connection with
the issue o f bonds of Series K in exchange fo r bonds o f Series E; the
bonds o f Series K to be issued upon exchange must be paid fo r in f u l l
with bonds o f Series E in accordance with the foregoing r u le s .
Sec. 333.11. D elive ry of bonds.— Authorized issu in g agenoies
w i l l d e liv e r bonds o f Series J and Series K eith e r in person, or by
m ail at the ris k and expense of the United States, at the address
given by the purchaser, but only within the United S tates, i t s
t e r r i t o r i e s and in su la r possessions and the Canal Zone.4 No mail
d e liv e r ie s elsewhere w i l l be made. I f purchased by c itiz e n s o f the
United States tem porarily re sid in g abroad, the bonds w i l l be delivered
at an address in the United S tates, or held in safekeeping, as the pur­
chaser may d ir e c t .
Sec. 333.12.
Interim r e c e ip t s .--U n t il such time as d e fin it iv e
bonds of S eries J and Series K are ready fo r issu e , purchasers o f these
bonds w i l l receive interim re c e ip ts , which may be exchanged fo r d e fin i­
tiv e bonds when a v a ila b le . No increment w i l l accrue, and no in te re s t
w i l l be payable, on interim receip ts as such, but the bonds issued in
exchange f o r interim re ceip ts w i l l have the same issue dates as the
corresponding interim re c e ip ts , and increment or in te re s t w i l l acorue
on the bonds from such issue d ates.
In order to avoid delay in the
re ceip t o f the f i r s t in te re s t payment on bonds o f Series K, interim
re o e ip ts fo r such bonds should be submitted to the issu in g agenoy fo r
exchange as soon as p ossible a ft e r the bonds become a v a ila b le .
Sec. 333.13. Safekeeping. — Bonds of Series J and Series K w i l l
be held in safekeeping without charge by the Secretary o f the Treasury
i f the holder so d e s ire s , and in such connection the f a c i l i t i e s o f the
Federal Reserve Banks,& as f i s c a l agents o f the United States, and those
o f the Treasurer o f the United States, w i l l be u t iliz e d . Arrangements
may be made fo r such safekeeping at the time o f purchase, or subsequently.

4 During any war emergency the Treasury may suspend d e liv e rie s to be
made at i t s ris k and expense from or to the continental United States and
i t s t e r r i t o r i e s , in su la r possessions and the Canal Zone, or between any
o f such p lac es.
5 Safekeeping f a c i l i t i e s may be o ffe re d a t some branches o f Federal
Reserve Banks, and in such connection an in q u iry may be addressed to
the Branch.

- 8 Sec, 333.1b. Lost, s to len , or destroyed bonds, — I f a bond of S e rie s J
or S e rie s K is lo s t , stolen, or destroyed, a substitu te may be issued or
payment may be obtained upon id e n t ific a t io n of the bond and proof o f i t s
lo s s , t h e ft , or d estru ctio n .
The owner should keep a d escrip tio n o f his
bonds by s e r ie s , denomination, s e r i a l number and name o f coowner or bene­
f i c i a r y , i f any, apart from the bonds, and in case of lo s s , th e ft, or
d estru ction should immediately n o tify the Bureau o f the Public Debt,

D ivision o f Loans and Currency, 536 South Clark S treet, Chicago 5, I l l i n o i s ,
b r ie fly stating the fa cts and describing the bonds. Full instructions
fo r obtaining substitute bonds or payment w ill then be given.
Sec. 333.15. Payment or redemption. — (a) General. —A bond of
Series J or Series K w ill be paid at par at maturity, follow ing the
execution o f the request fo r payment and presentation to a Federal
Reserve Bank or Branch, or to the Treasury Department, Washington 25,
D, C, The request fo r payment must be executed and c e r t ifie d in
accordance with the provisions o f the applicable regulations* A bond
o f Series J or Series K w ill be redeemed, in whole or in part (in the
amount o f an authorized denomination or multiple th ereof), at the
option o f the owner, at the appropriate redemption value, at any time
after 6 months from the issue date, but only on the f i r s t day o f a
calendar month and upon one calendar month's notice in w riting o f
desire to redeem by the owner. The presentation o f the bond bearing
a duly executed request fo r payment w ill be accepted as n o tice .
Formal n otice, to be e ffe c t iv e , must be received by a Federal Reserve
Bank or Branch, or the Treasury Department, and the bond must be pre­
sented to the same agency not less than 20 days before the redemption
date fix e d by the n otice.
(b) Redemption o f Series K bonds at par before maturity. —Bonds
o f Series K may be redeemed at par, in whole or in part, ( l ) upon the
death o f the owner, or a coowner, i f a natural person, or (2) as to
bonds held by a trustee or other fid u cia ry, upon the death o f any
person which resu lts in termination o f the tru st. I f the trust is
terminated only in part, redemption at par w ill be made only to the
extent o f the pro rata portion o f the trust so terminated, to the next
lower m ultiple of .$500, In any case request fo r redemption at par must
be received by the Bureau o f the Public Debt, D ivision o f Loans and
Currency, 536 South Clark S treet, Chicago 5> I l l i n o i s , or by a Federal
Reserve Bank or Branch in accordance with the regulations governing
savings bonds. In addition bonds o f Series K issued in exchange fo r
matured bonds o f Series E under the provisions o f section 333*10 hereof
may be redeemed at par at the owner's option AT ANY TIME after 6 months
from the issue date, on one calendar month's n otice.
(c ) D isa b ility or death.—In case o f the d is a b ilit y o f the registered
owner, or the death o f the registered owner not survived by a coowner or
a designated ben eficia ry, instructions should be obtained from a Federal
Reserve Bank or Branch, or the Bureau o f the Public Debt, D ivision o f
Loans and Currency, 536 South Clark S treet, Chicago 5> I l l i n o i s , before
the request fo r payment is executed.

9

Sec. 333.16. General provisions •— ( a ) Regulations . — A l l bonds
o f Series J and Series K issued pursuant to this c irc u la r sh a ll be
subject to the regu latio n s prescribed from time to time by the
Secretary of the Treasury to govern United States Savings Bonds.
The present regu latio n s are set forth in Treasury Department C ir­
cu lar No. 530, copies o f which may be obtained on ap p lic atio n to
the Treasury Department or to any Federal Reserve Bank or Branoh.
( b ) Reservation as to issue o f bonds.— The Secretary of the
Treasury reserves the right to re je c t any ap p lic atio n fo r bonds o f
e ith e r Series J or Series K, in whole or in p art, and to refuse to
issu e or permit to be issued hereunder any such bonds in any case or
any c la s s or classes o f cases i f he deems such action to be in the
p u blic in t e r e s t , and h is action in any such respect s h a ll be f i n a l .
( c ) F is c a l a g e n ts.— Federal Reserve Banks and Branches, as f i s c a l
agents o f the United S tates, are authorized to perform such services
as may be requested o f them by the Secretary o f the Treasury in con­
nection with the is s u e , d e liv e ry , safekeeping, redemption, and payment
o f savings bonds o f Series J and Series K and they may issue interim
re c e ip ts pending d e liv e ry of the d e fin it iv e bonds.
( d ) Reservation as to terms o f c i r c u la r .— The Secretary o f the
Treasury may at any time or from time to time supplement or amend the
terms o f th is c ir c u la r , or o f any amendments or supplements th ereto .
( e ) Bonds o f Series F and Series G.— The sale o f United States
Savings Bonds o f Series F and Series G fo r cash, pursuant to Treasury
Department C irc u la r No. 654, Third Revision, dated September 12, 1950,
is hereby terminated, e ffe c t iv e at the close o f business A p r il 30, 1952.

JOHN W. SNYDER,
Secretary o f the Treasury.

TABLE A
UNITED STATES SAYINGS BONDS - SERIES J
TABLE OP REDEMPTION VALUES AND INVESTMENT YIELDS
Table showing: (1) flow United States Savings Bonds of Series J, by denominations, increase in redemption value during
successive h a lf-y ea r periods follow ing issue; (2) the approximate investment y ie ld on the purchase price from issue date to the
beginning of each h alf-y ear period; said (3) the approximate investment y ie ld on the current redemption value from the beginning
of each h a lf-y ea r period to maturity. Yields are expressed in terms of rate percent per annum, compounded semiannually.

Maturity Value ..................
Tnsiifi Pri ce .......................

$25.00
1 8 .0 0

$100.00
7 2 .0 0

$500.00 : $1,000
720
3 6 0 .0 0 :

: $5,000
: 3 .6 0 0

$10,000 : $100,000
7 ,2 0 0 :
7 2,000

( l ) Redemption values during each h alf-year period
(Values increase on f i r s t day of period shown)

Period a fte r
issue date

APPROXIMATE INVESTMENT YIELD*
x .

.
: (3 ) On current
^ ^ purchase . redemption value
price from issue , from * eglnnlng
date to be g in n in g .^ Qach h a lf_y6ar
o f each h alf-y ear.
p8riod to
period
.
maturity
Percent

Wot rarinernnhlA __
1 /2 to 1 year ....................
1 to 1 - 1 /2 years ..............
1 -1 /2 to 2 years ..............
2 to 2 - 1 /2 years ..............
2 - 1 /2 to 3 years ..............
3 to 3 - 1 /2 years ..............
3 - 1 /2 to 4 y e a r s ..............
4 to 4 - 1 /2 y e a r s ..............
4—1 /2 to 5 years ..............
5 to 5“ l / 2 years ..............
5 - 1 /2 to 6 years ..............
6 to 6 - 1 /2 years ..............
6 - 1 /2 to 7 years ..............
7 to 7 - 1 /2 years ..............
7 - 1 /2 to 8 years ..............
8 to 8 - 1 /2 years ..............
8 - 1 /2 to 9 years ..............
9 to 9 - 1 /2 years ..............
9 - 1 /2 to 10 years .............
10 to 1 0 -1 /2 years ...........
1 0 -1 /2 to 11 years ...........
11 to 1 1 -1 /2 years ...........

$18.10
1 8 .2 2
18.37
IS . 55
18.75
18.97
19.20
19.^5
19.72
2 0 .0 0
2 0 .3 0
2 0 .6 0
2 0 .9 2
2 1 .2 5
2 1 .6 0
2 1 .9 5
2 2 .3 0
2 2 .6 5
2 3 .0 2
2 3 .4 0
2 3 .8 0
2 4 .2 0
2 4 .6 0

11-1/2 to 12 years ...........
MATURITY VALUE
(12 years from issue date) $25*00
*
* *

$72.40
7 2 .9 0
7 3 .5 0
7 4 .2 0
7 5 .0 0
7 5 .9 0
7 6 .8 0
77.SO
7 8 .9 0
8 0 .0 0
8 1 .2 0
8 2 .4 0
8 3 .7 0
85.OO
8 6 .4 0
8 7 .8 0
8 9 .2 0
9 0 .6 0
9 2 .1 0
9 3 .6 0
9 5 .2 0
9 6 .8 0
9 8 .4 0
$100.00

$362.00
36 4 .5 0
36 7 .5 0
3 7 1 .0 0
3 7 5 .0 0
37 9 .5 0
38 4 .0 0
3 8 9 .0 0
39 4 .5 0
4 00.00
4o6.oo
41 2 .0 0
41 8 .5 0
4 2 5.00
4 3 2 .0 0
4 3 9 . CO
44 6 .0 0
453.00
4 60.50
4 6 8.00
4 7 6 .0 0
48 4 .0 0
492.00
$500.00

$724
729
735
742
750
759
768
778
789
800
812
824
837
850
864
878
892
906
921
936
952
968
984

$3,620
3 ,6 4 5
3 .6 7 5
3 ,7 1 0
3 .7 5 0
3 ,7 9 5
3 .8 4 0
3 .8 9 0
3 ,9 4 5
4,ooo
4,o 6o
4 ,1 2 0
4 , 185
4 ,2 5 0
4 ,3 2 0
4 ,3 9 0
4 ,4 6 0
4 ,5 3 0
4 ,6 0 5
4 ,6 8 0
4 ,7 6 0
4 ,8 4 o
4 ,9 2 0

$7,240
7 ,290
7 ,3 5 0
7 ,^ 0
7 .5 0 0
7 ,5 9 0
7 ,6 8 0
7 ,7 8 0
7 ,8 9 0
8 ,000
8 ,1 2 0
8 ,2 4 0
8 ,3 7 0
8 ,5 0 0
S,64o
8 ,7 8 0
8 ,920
9 ,0 6 0
9.210
9 ,3 6 0
9 .5 2 0
9 ,6 8 0
9 ,8 4 o

$ 7 2 ,4oo
7 2 ,9 0 0
73 ,5 0 0
7 4 ,2 0 0
7 5 .0 0 0
7 5 .9 0 0
7 6 ,8 0 0
7 7 .8 0 0
7 8 ,9 0 0
8 0 ,0 0 0
81 ,2 0 0
82 ,4 0 0
83 ,7 0 0
85 ,0 0 0
86,4oo
8 7,800
8 9,200
9 0 ,6 0 0
9 2 ,1 0 0
9 3 ,6 0 0
9 5 ,2 0 0
96 ,8 0 0
98,4o o

1 .1 1
1 .2 5
1 .3 8
1 .5 1
1 .6 4
1 .7 7
1 .8 5
1 .9 5
2 .0 4
2 .1 2
2 .2 0
2 .2 6
2 .3 3
2 .3 9
2 .4 5
2 .5 0
2 .5 4
2 .5 7
2 .6 1
2 .6 4
2 .6 8
2 .7 1
2 .7 3

$ 1,000

$ 5,000

$10,000

$100,000

2 .7 6

Calculated on b a sis o f $ 1 ,0 0 0 bond (fa c e v a lu e ).
Approximate investment y ie ld fo r en tire period from issuance to maturity.

Percent
2 .7 6 * *
2 .8 3
2 .8 9
2 .9 5
3 .0 1
3 .0 5
3 .0 9
3 .1 3
3 .1 6
3 .1 8
3 .2 1
3 .2 3
3 .2 5
3 .2 6
3 .2 8
3 .2 8
3 .2 8
3 .2 9
3 .3 2
3 .3 2
3 .3 3
3 .3 1
3 .2 8
3 .2 5

TABLE B
UNITED STATES SAVINGS BONDS - SERIES I
TABLE OF REDEMPTION VALUES AND INVESTMENT YIELDS

Table showing: (1 ) How United States Savings Bonds of Series K (paying a current return at the rate of 2.76 percent per
annum on the purchase price, payable semiannually) change In redemption value, by denominations, during successive h alf-year
periods following issue; (2) the approximate investment y ie ld on the purchase price from issue date to the beginning o f each
h a lf-y e a r period; and (3) the approximate investment y ie ld on the current redemption value from the beginning o f each h a lfyear period to maturity. Yields are expressed in terms of rate percent per annum, compounded semiannually, and take into
account the current return.
e

Maturity Value .....................
Issue Price ...........................

$500.00

500.00

•
:
:

$1,000

1,000

e
•

Period after
issue date

:
:

$5,000

5.000

e
•

••
:
:
••

$10,000

10,000

••
:
:
e
•

$100,000

100,000

(1) Redemption values during each h a lf-y ea r period
(Values change on f i r s t day of period shown)

APPROXIMATE INVESTMENT YIELD*
(2) On purchase
price from issue
date to beginning
of each h alf-year
period
Percent

F irst 1/2 year .......................
1/2 to 1 year .........................
1 to 1- 1/2 year 8 ...................
1- 1/2 to 2 years ....................
*2 to 2- 1/2 years ....................
2- 1/2 to 3 years ...................
3 to 3-1/2 years ...................
3- 1/2 to 4 y e a r s ....................
4 to 4-1/2 years ...................
4-1/2 to 5 years ....................
5 to 5”l/2 years ...................
5- 1/2 to 6 years ...................
6 to 6- 1/2 years ...................
6- 1/2 to 7 years ....................
7 to 7- 1/2 years ....................
7-1/2 to 8 years ...................
8 to 8-1/2 years ...................
8-1/2 to 9 years ...................
9 to 9-1/2 years ....................
9-1/2 to 10 years ..................
10 to 10-1/2 years ................
10-1/2 to 11 years ................
11 to 11-1/2 year8 ................
11-1/2 to 12 y e a r s ................
MATURITY VALUE
(12 years from issue date).
C a l c u l a t e d on b a s i s

**

Not redeemable............
$496.00
$992
492.50
985
489.50
979
487.50
975
485.50
971
484.50
969
483.50
967
483.00
966
966
483.00
483.50
967
484.00
968
484.50
969
485.00
970
486.00
972
487.00
974
488.00
976
489.00
978
490.50
981
984
492.00
493.50
987
495.00
990
496.50
993
498.00
996
$500,00

$1,000

$4,960
4,925
>+.895
4,875
4,855
4,845
M 35
4,830
4,830
M 35
4 ,84o
4,845
4,850
4,860
4,870
4,880
4,890
4,905
4,920
**.935
4,950
4,965
4,980
$5,000

$9,920
9.850
9.790
9.750
9,710
9.690
9.670

9.660
9.660
9,670
9,680
9.690
9.700
9.720
9.740
9.760
9.780
9,810
9,S4o

2 . 76**

$99,200
98,500
97,900
97.500
97.100

1.16
1.26

2.92

1.37
1.52

2.99
3.05

96,900
96.700
96,600
96,600
96,700
96,800

1.75
1.84
1.94

96,900

1.62

2.03
2.13

2.21
2.27

97.000

2.33

97,200
97,400
97.600
97.800
98,100
98,4oo
98,700

2.39
2.44

2.49
2.53
2.57
2.61
2.65

9.870
9.900
9.930
9.960

99,000

2.68

99.300
99,6oo

2.70
2.73

$10,000

$100,000

2.76

o f $ 1 ,0 0 0 b o n d ( f a c e v a l u e ) .

Approximate investment y ie ld for entire period from issuance to maturity.

(3) On current
redemption value
from beginning
of each h a lf-y ea r
period to
maturity
Percent

2.84

3.12
3.16

3.21
3.25
3.27
3.29
3.31
303
3.36
3.37
3.39
3.41
3.43
3.43
3.^3
3.44
3.45
3.48
3.57