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FEDERAL, RESERVE BANK OF DALLAS
FISCAL. A G E N T O F TH E U N IT E D S T A T E S

Dallas, Texas, January 4, 1944

To All Banking Institutions, and Others Concerned,
in the Eleventh Federal Reserve District:

Treasury Department Circular No. 654, governing the issuance of sav­
ings bonds of Series F and Series G, has been revised as of January 1, 1944,
to permit commercial banks holding savings deposits to purchase these two
issues of savings bonds for an indefinite period on and after January 1,
1944, under the formula outlined in the circular. This revision has necessi­
tated an amendment to Treasury Department Circular No. 530, Regulations
Governing United States Savings Bonds, and, copies of the revised circular
and the amendment are enclosed.
Each application for Series F and Series G savings bonds by commercial
banks holding savings deposits should be accompanied by a signed certifi­
cate, evidencing compliance with the Treasury regulations set forth in the
revised circular and amendment. Forms for this purpose are enclosed to
commercial banks.

Yours very truly,

R. R. GILBERT
President

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

UNITED STATES SAYINGS BONDS
SERIES F AND SERIES G
1944

Department Circular No. 654
Second Revision
Fiscal Service
Bureau of the Public Debt

TREASURY DEPARTMENT,
Office of the Secretary,

Washington, January 1,

I. OFFERING OF UNITED STATES SAVINGS BONDS OF SERIES F A N D SERIES G

1. The Secretary of the Treasury, pursuant to the authority of the Second Liberty Bond Act,
as amended, offers for sale, to the people of the United States, through the Federal Reserve Banks,
United States Savings Bonds of Series F and Series G, which may hereinafter be referred to as
bonds of Series F and Series G. Bonds of a new design, without change in terms, will be provided
for issue hereunder in regular course without further notice as stocks of the prior bonds of Series
F and Series G become exhausted. The sale of bonds of Series F and Series G will continue until
terminated by the Secretary of the Treasury.
2. United States Savings Bonds of Series F and Series G include bonds of any designation
issued under this circular as originally published and amended, and those issued under this circular
as previously or as now revised. As their terms are identical, no distinction is to be made between
any bonds of Series F or Series G so issued.
II. DESCRIPTION A N D TERMS OF BONDS

1. Bonds of Series F and Series G will be issued only in registered form, in denominations of
$25 (for Series F only), $100, $500, $1,000, $5,000 and $10,000 (maturity values), at prices herein­
after set forth. Each bond will bear the facsimile signature of the Secretary of the Treasury, and
will bear an imprint in color (brown for Series F and blue for Series G) of the Seal of the Treasury.
At the time of issue, on the face of each bond, the issuing agent will inscribe the name and address
of the owner and the name of the coowner or beneficiary, if any, will enter, the issue date (which
is the first day of the month in which payment of the issue price is received by the Treasury or an
authorized issuing agent), and will imprint his dating stamp (to show the date the bond is actually
inscribed). Bonds of Series F and Series G shall be valid only if duly inscribed and dated, as above
provided, and delivered by an authorized agent following receipt of payment therefor.
2. The bonds of each series will, in each instance, be dated as of the first day of the month in
which payment of the issue price is received by an agent authorized to issue the bonds, which date
is herein referred to as the issue date; the bonds will mature and be payable at face value 12 years
from such issue date. The issue date is the basis for determining the redemption or maturity period
of the bond, and the date appearing in the issuing agent’s stamp should not be confused therewith.
The bonds of either series may not be called for redemption by the Secretary of the Treasury prior
to maturity, but they may be redeemed prior to maturity, after six months from the issue date, at
the owner’s option, at fixed redemption values.
3. Bonds of Series F will be issued on a discount basis at 74 percent of their maturity value. No
interest as such will be paid on the bonds, but they will increase in redemption value at the end of
the first year from issue date, and at the end of each successive half-year period thereafter until
their maturity, when the face amount becomes payable. The increment in value will be payable only
upon redemption of the bonds. A table of redemption values appears on each bond. The purchase
Price of bonds of Series F has been fixed so as to afford an investment yield of about 2.53 percent
Per annum compounded semiannually if the bonds are held to maturity; if the owner exercises his
option to redeem a bond prior to maturity the investment yield will be less.
4. Bonds of Series G will be issued at par, and will bear interest at the rate of 2^2 percent per
annum, payable semiannually from issue date. Interest will be paid by check drawn to the order of
the registered owner. Interest will cease at maturity, or, in case of redemption before maturity, at
the end of the interest period next preceding the date of redemption. A table of redemption values
appears on each bond, and the difference between the face amount of the bond and the redemption

2
value fixed for any period represents an adjustment (or refund) of interest. Accordingly, if the
owner exercises his option to redeem a bond prior to maturity, the investment yield will be less than
the interest rate on the bond. Bonds of Series G may be redeemed at par, in whole or in part, (1)
upon the death of the owner, or a coowner, if a natural person, or (2) as to bonds held by a trustee
or other fiduciary, upon the death of any person which results in termination of the trust. If the
trust is terminated only in part, redemption at par will be made only to the extent of the pro rata
portion of the trust so terminated, to the next lower multiple of $100. In any case request for
redemption at par must be received by the Treasury Department, Division of Loans and Currency,
Merchandise Mart, Chicago 54, Illinois, or by a Federal Reserve Bank or Branch within 4 months
after the date of death and in accordance with the regulations governing savings bonds.
5. Tables at the end of this circular show separately for bonds of Series F and those of Series
G: (1) The redemption values, by denominations, during the successive half-year periods following
issue, (2) the approximate investment yield on the issue 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 to maturity at the end of the 12-year period.
6. Bonds of Series F and Series G will not be transferable, and will be payable only to the
owner named thereon, except in case of death or disability of the owner or as otherwise specifically
provided in the regulations governing savings bonds, and in any event only in accordance with said
regulations. Accordingly they may not be sold, discounted, hypothecated as collateral for a loan or
the performance of a service, or disposed of in any manner other than as provided in the regulations
governing savings bonds, and, except as provided in said regulations, the Treasury Department
will recognize only the inscribed owner, during his lifetime and competency, and thereafter his
estate or heirs.
7. Taxation.— For the purpose of determining taxes and tax exemptions, the increment in
value represented by the difference between the price paid for bonds of Series F (which are issued
on a discount basis), and the redemption value received therefor (whether at or before maturity)
shall be considered as interest, and that interest and interest on bonds of Series G, are not exempt
from income or profits taxes now or hereafter imposed by the United States.1 The bonds shall be
subject to estate, inheritance, gift, or other excise taxes, whether Federal or State, but shall be
exempt from all taxation now or hereafter imposed on the principal or interest thereof by any
State, or any of the possessions of the United States, or by any local taxing authority.
III. PURCHASE OF BONDS

1. Agencies.— Bonds of Series F and Series G may be purchased, while this offer is in effect,
upon application to any Federal Reserve Bank or Branch, or to the Treasurer of the United States,
Washington 25, D. C. Sales agencies, duly qualified under the provisions of Treasury Department
Circular No. 657, as amended and supplemented, and banking institutions generally, may submit
applications for account of customers, but only the Federal Reserve Banks and Branches and the
Treasury Department are authorized to act as official agencies, and the receipt of application and
payment at an official agency will govern the dating of the bonds issued.
2. Payment for bonds.— Every application must be accompanied by payment in full of the
issue price. Any form of exchange, including personal checks, will be accepted, subject to collection.
Checks, or other forms of exchange, should be drawn to the order of 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 qualified pursuant to the provisions of Treasury Department Circular
No. 92 (Revised), will be permitted to make payment by credit for bonds applied for on behalf of
its customers up to any amount for which it shall be qualified in excess of existing deposits, when
so notified by the Federal Reserve Bank of its district.
1For information concerning the taxable and exempt status under Federal tax laws of the interest (increment in
value) on United States Savings Bonds issued on a discount basis (including bonds of Series F ), and alternate meth­
ods of reporting such interest, see Internal Revenue Mimeograph, Coll. No. 5299, R. A . No. 1177, dated December 17,
1941. For credits on account of Victory Tax, see Internal Revenue Regulations 103, Secs. 19.453 and 19.454, as
amended by Treasury Decision 5249.

3
3. Postal savings.— Subject to regulations prescribed by the Board of Trustees of the Postal
Savings System, the withdrawal of postal savings deposits will be permitted for the purpose of
acquiring savings bonds.
4. Form of application.— In applying for bonds under this circular, care should be exercised
to specify whether those of Series F or Series G are desired, and there must be furnished: (1)
Instructions for registration of the bonds to be issued, which must be in one of the authorized forms
(see Sec. V) ; (2) the post office address of the owner; (3) address for delivery of the bonds; and
(4) in case of bonds of Series G, address for mailing interest checks. The use of an official applica­
tion form is desirable, but not necessary. The application should be forwarded to the Federal
Reserve Bank, or Branch, of the district, or to the Treasurer of the United States, accompanied by
remittance to cover the purchase price ($74 for each $100 face amount of bonds of Series F, or
$100 for each $100 face amount of bonds of Series G ).
5. Issue prices.— The issue prices of the various denominations of bonds of Series F and
Series G follow:
SERIES F
Denomination (maturity value)_____ _ $25.00
Issue (purchase) Price______________ .. $18.50

$100
$74

$500
$370

$1,000
$740

$5,000
$3,700

$10,000
$7,400

$500
$500

$1,000
$1,000

$5,000
$5,000

$10,000
$10,000

SERIES G
Denomination (maturity value)______
Issue (purchase) Price______________

- $100
$100

IV. LIM ITATION ON HOLDINGS

1. The amount of United States Savings Bonds of Series F, or of Series G, or the combined
segregate amount of both series, originally issued during any one calendar year to any one person,
including those registered in the name of that person alone, and those registered in the name of
that person with another named as coowner, that may be held by that person at any one time shall
not exceed $100,000 (issue price) : Provided, however, That as to bonds of these series originally
issued on or after January 1, 1944, the amount held by a commercial bank having savings deposits
as defined in Regulation Q of the Board of Governors of the Federal Reserve System shall not in
any case exceed $100,000 (issue price) or 10 percent of such savings deposits as shown on the
bank’s books as of the date of the most recent call statement required by the supervising authorities
Prior to the date of acquisition of such savings bonds, whichever is less; and Provided further,
That the amount of savings bonds of Series F and Series G originally issued on or after January 1,
1944, held by a commercial bank together with 2^2 percent Treasury Bonds of 1965-70, to be issued
under Treasury Department Circular No. 729, and 2^4 percent Treasury Bonds of 1956-59, to be
issued under Treasury Department Circular No. 730, shall not exceed in the aggregate $200,000
°r 10 percent of the savings deposits of such bank as above defined, whichever is less.
2. Any bonds acquired on original issue which create an excess must immediately be surren­
dered for refund of the issue price, as provided in the regulations governing savings bonds.
V. AUTH ORIZED FORMS OF REGISTRATION

1.
United States Savings Bonds of Series F and Series G may be registered only in one of the
following form s:
(1) In the names of natural persons (that is, individuals), whether adults or minors, in their
own right, as follows: (a)In the name of one person; ( b) in the names of two (but not more than
two) persons as coowners; and (c) in the name of one person payable on death to one (but not more
than one) other designated person.
(2) In the name of an incorporated or unincorporated body, in its own right, except that they
toay not be registered in the names of commercial banks which are defined for this purpose as those
accepting demand deposits: Provided, hoivever, That bonds originally issued on or after January 1,

4
1944, may be registered in the name of a commercial bank having savings deposits to the extent and
under the conditions set forth in Section IY hereof.
(3) In the name of a fiduciary (except where the fiduciary would hold the bonds merely or prin­
cipally as security for the performance of a duty or obligation).
(4) In the name of the owner or custodian of public funds.
2. Restrictions.— Registration on original issues and authorized reissues, whether as owners,
coowners, or designated beneficiaries, is restricted to residents (whether individuals or others) of
the United States (which for the purposes of this section shall include the territories, insular posses­
sions and the Canal Zone), citizens of the United States temporarily residing abroad, and to nonresi­
dent aliens employed in the United States by the Federal Government or an agency thereof: Pro­
vided, hoivever, That on original issues but not on reissues, a nonresident alien (not a citizen of an
enemy nation) may be named as coowner or designated beneficiary; and Provided further, That a
nonresident alien, whether owner, coowner or beneficiary, succeeding to title on death of the owner,
or succeeding to title upon the death of the surviving coowner or beneficiary will be entitled only to
request and receive payment either at or before maturity and will not be entitled to reissue.
3. Full information regarding authorized forms of registration will be found in the regulations
currently in force governing United States Savings Bonds.
VI. DELIVER Y A N D SAFEKEEPING OF BONDS

1. Federal Reserve Banks and Branches and the Treasurer of the United States are authorized
to deliver bonds of Series F and Series G, duly inscribed and dated, upon receipt of the issue price.
Bonds not delivered in person will be delivered by mail at the risk and expense of the United States,
at the address given by the purchaser, but only within the United States, its territories and insular
possessions and the Canal Zone.2 No mail deliveries elsewhere will be made. If purchased by citizens
of the United States temporarily residing abroad, bonds will be delivered at an address in the United
States, or held in safekeeping, as the purchaser may direct. Personal delivery should not be ac­
cepted by any purchaser until he has verified that the correct name, or names, and address are duly
inscribed, that the issue date (the first day of the month in which payment of the issue price was
received by the agent) is duly entered, and that the dating stamp of the issuing agent is duly im­
printed with current date— all on the face of the bond. If received by mail, the same verification
should be made, and if any error in inscription or dating appears, such fact should immediately be
reported to the issuing agent, and instructions requested.
2. Savings bonds of Series F and Series G will be held in safekeeping without charge by the
Secretary of the Treasury if the holder so desires, and in such connection the facilities of the Federal
Reserve Banks,3 as fiscal agents of the United States, and those of the Treasurer of the United
States, will be utilized. Arrangements may be made for such safekeeping at the time of purchase, or
subsequently.
VII. P A YM E N T A T M A TU R ITY OR REDEMPTION PRIOR TO M A TU R ITY

1. General.— Any savings bond of Series F or Series G will be paid in full at maturity, or, at
the option of the owner, after 6 months from the issue date, will be redeemed in whole or in part at
the appropriate redemption value prior to maturity, on the first day o f any calendar month, on one
month’s notice in writing, following presentation and surrender of the bond, with the request for
payment properly executed, all in accordance with the regulations governing savings bonds.
2. Notice of redemption.— When a savings bond of Series F or Series G is to be redeemed prior
to maturity, a notice in writing of the owner’s intention must be given to and be received by a Fed­
eral Reserve Bank or Branch, or the Treasury Department, Division o f Loans and Currency, Mer­
chandise Mart, Chicago 54, Illinois, not less than one calendar month in advance. A duly executed
request for payment will be accepted as constituting the required notice.
2During the war emergency the Treasury may suspend deliveries to be made at its risk and expense from or
to the continental United States and its territories, insular possessions and the Canal Zone, or between any of such
places.
3 Safekeeping facilities may be offered at some Branches of Federal Reserve Banks, and in such connection an
inquiry may be addressed to the Branch.

5
3. Execution of request for payment.— The registered owner, or other person entitled to pay­
ment under the regulations governing savings bonds, must appear before one of the officers author­
ized by the Secretary of the Treasury to witness and certify requests for payment, establish his
identity, and in the presence of such officer sign the request for payment, adding the address to which
the check is to be mailed. After the request for payment has been so signed, the witnessing officer
should complete and sign the certificate provided for his use. Unless otherwise authorized in a par­
ticular case, the form of request appearing on the back of the bond must be used.
4. Officers authorized to witness and certify requests for payment.— The officers authorized to
witness and certify requests for payment of savings bonds are fully set forth in the regulations gov­
erning savings bonds, and include but are not limited to (1) United States postmasters and certain
other post office officials or designated employees; and (2) officers (or designated employees) of all
banks or trust companies incorporated in the United States or its organized territories, including
officers at domestic branches (within the United States or its territories or insular possessions and
the Canal Zone), or at foreign branches. All certificates should be authenticated by official seal, if
there is one, or by an imprint of an issuing agent’s dating stamp.
5. Presentation and surrender.— After the request for payment has been duly executed by the
Person entitled and by the certifying officer, the bond must be presented and surrendered to a Fed­
eral Reserve Bank or Branch, or to the Treasury Department, Division of Loans and Currency, Mer­
chandise Mart, Chicago 54, Illinois, at the expense and risk of the owner. For the owner’s protec­
tion, the bond should be forwarded by registered mail, if not presented in person.
6. Disability or death.— In case of the disability of the registered owner, or the death of the
registered owner not survived by a coowner or a designated beneficiary, instructions should be
obtained from a Federal Reserve Bank or Branch, or the Treasury Department, Division of Loans
and Currency, Merchandise Mart, Chicago 54, Illinois, before the request for payment is executed.
7. Method of payment.— The only agencies authorized to pay or redeem savings bonds are the
Federal Reserve Banks and Branches, and the Treasurer of the United States. Payment in all cases
will be made by check drawn to the order of the registered owner or other person entitled to pay­
ment, and mailed to the address given in the request for payment.
8. Partial redemption.— Partial redemption at current redemption value of a bond of Series F,
of a denomination higher than $25 (maturity value), or of a bond of Series G, of a denomination
higher than $100, is permitted, but must correspond to an authorized denomination. In case of par­
tial redemption the remainder will be reissued in authorized denominations bearing the same issue
date as the bond surrendered.
VIII. SERIES DESIGNATION

1.
Bonds of Series F, issued during the calendar year 1944 are designated Series F-1944, and
those of Series G are similarly designated Series G-1944, and those of either series which may be
issued in subsequent calendar years will be similarly designated by the series letter, F or G, followed
by the year of issue.
IX. LOST, STOLEN, OR DESTROYED BONDS

1. If a bond of Series F or Series G is lost, stolen, or destroyed, a duplicate may be issued on the
owner’s furnishing a description of the bond and establishing its loss, theft, or destruction.
2. In any case of the loss, theft, or destruction of a bond of Series F or Series G, the owner
should give immediate notice to the Treasury Department, Division of Loans and Currency, Mer­
chandise Mart, Chicago 54, Illinois, briefly stating the facts and giving a description of the bond. On
receipt of such notice, full instructions for procedure will be given the owner.
3. A descriptive record of each bond of Series F or Series G held should be kept by the owner,
aPart from the bonds, so that a full description of the bonds will be available if they are lost, stolen,
or destroyed. The record for each bond should show: (1) the denomination; (2) the serial number
(with its prefix and suffix letters) ; (3) the inscription (name or names, and address, on the face of
the bond) ; and (4) the issue date (month and year of issue).

6
X. GENERAL PROVISIONS

1. All bonds of Series F and Series G, issued pursuant to this circular, shall be subject to the
regulations prescribed from time to time by the Secretary of the Treasury to govern United States
Savings Bonds. The present regulations governing savings bonds are set forth in Treasury De­
partment Circular No. 530, Fifth Revision, as amended, copies of which may be obtained on appli­
cation to the Treasury Department or to any Federal Reserve Bank or Branch.
2. The Secretary of the Treasury reserves the right to reject any application for savings bonds
of either Series F or Series G, in whole or in part, and to refuse to issue or permit to be issued here­
under any such savings bonds in any case or any class or classes of cases if he deems such action to
be in the public interest, and his action in any such respect shall be final.
3. Federal Reserve Banks and Branches, as fiscal agents of the United States, are authorized
to perform such services as may be requested of them by the Secretary of the Treasury in connec­
tion with the issue, delivery, safekeeping, redemption, and payment of savings bonds of Series F and
Series G.
4. The Secretary of the Treasury may at any time or from time to time supplement or amend
the terms of this circular, or of any amendments or supplements thereto, information as to which
will be promptly furnished the Federal Reserve Banks and Branches.
HENRY MORGENTHAU, Jr.,
Secretary of the Treasury.

7
UNITED STATES SAYINGS BONDS— SERIES F
TA B LE OF REDEMPTION V A LU E S A N D INVESTM ENT YIELDS
Table showing: (1) How United States Savings Bonds of Series F, by denominations, increase in redemption
value during successive half-year periods following issue; (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 to maturity. Yields are expressed in terms of
rate percent per annum, compounded semiannually.

Maturity Value _______
Issue Price

$25.00
$18.50

Period after issue date

First % year_____ ___ _
% to 1 year
____
1 to iy2 years_________
1% to 2 years______ _

$100.00
$74.00

$500.00
$370.00

$1,000
$740

$5,000
$3,700

Approximate
$10,000 (2) n Approximate (3)n v e s t m e n t
i vestment
i
$7,400
yield on p u ryield on current
chase p r i c e
from issue date
to beginning of
each h a lf-y e a r
period

(1) Redemption values during each half-year period

Percent

Not redeemable____

redemption
value from be­
ginning of each
half-year period
to maturity
Percent

$18.50
18.55
18.62

$74.00
74.20
74.50

$370.00
371.00
372.50

$740
742
745

$3,700
3,710
3,725

$7,400
7,420
7,450

0.00
.27
.45

*2.53
2.64
2.73
2.82

18.72
18.85
19.00
19.17

74.90
75.40
76.00
76.70

374.50
377.00
380.00
383.50

749
754
760
767

3,745
3,770
3,800
3,835

7,490
7,540
7,600
7,670

.61
.75
.89
1.03

2.91
2.99
3.07
3.15

4 to 4 y years.—...... .....
4% to 5 years..... ...........
5 to 5 y years________
5% to 6 years _______

19.40
19.65
19.92
20.22

77.60
78.60
79.70
80.90

388.00
393.00
398.50
404.50

776
786
797
809

3,880
3,930
3,985
4,045

7,760
7,860
7,970
8,090

1.19
1.34
1.49
1.63

3.20
3.24
3.27
3.29

6 to 6% years_________
6% to 7 years_______ _
7 to 7y2 years.___ ____
7% to 8 years_ ____
_

20.55
20.87
21.20
21.52

82.20
83.50
84.80
86.10

411.00
417.50
424.00
430.50

822
835
848
861

4,110
4,175
4,240
4,305

8,220
8,350
8,480
8,610

1.76
1.87
1.96
2.03

3.29
3.31
3.32
3.35

3 to y years________
8% to 9 years________
9 to 9% years_____ __
to 10 years________

21.85
22.17
22.50
22.85

87.40
88.70
90.00
91.40

437.00
443.50
450.00
457.00

874
887
900
914

4,370
4,435
4,500
4,570

8,740
8,870
9,000
9,140

2.09
2.14
2.19
2.24

3.40
3.46
3.54
3.63

10 to 10y2 years ...........
10% to 11 years..... .....
11 to 11% years______
11% to 12 years.... .......

23.22
23.62
24.05
24.50

92.90
94.50
96.20
98.00

464.50
472.50
481.00
490.00

929
945
962
980

4,645
4,725
4,810
4,900

9,290
9,450
9,620
9^00

2.29
2.34
2.40
2.46

3.72
3.81
3.91

m a t u r it y v a l u e
(12 years from is_ s u e date)................ .....

$25.00

$100.00

$500.00

$1,000

$5,000

$10,000

2.53

2
3 to 3y2 years_________

2 to 2 y years_____ ___
2 M to 3 years_______ _
:

3% to 4 years.................

2
2

8 2

'A p p r o x im a te investm ent yield fo r entire period fro m issuance to m aturity.

4.08

8
UNITED STATES SAVINGS BONDS— SERIES G
TA B LE OF REDEMPTION V A L U E S A N D IN VESTM ENT YIELDS
Table showing: (1) How United States Savings Bonds of Series G (paying a current return at the rate of 2%
percent per annum on the purchase price, payable semiannually) change in redemption value, by denominations, dur­
ing successive half-year periods following issue; (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 to maturity. Yields are expressed in terms of rate per­
cent per annum, compounded semiannually, and take into account the current return.
Maturity Value.............
Issue Price______ ___ —

$100.00
$100.00

$500.00
$500.00

$1,000
$1,000

$5,000
$5,000

$10,000
$10,000

(1) Redemption values during each half-year period

Period after issue date

(2) Approximate (3) Approximate
investmen t
investment
yield on p u ryield on current
chase p r i c e
redemption
from issue date
value from be­
to beginning of
ginning of each
each h a lf-y e a r
half-year period
period
to maturity
Percent

V2

to 1 year___________
1 to 1% years.................
1% to 2 years......— .......

Not redeemable_________
$98.80
$494.00
97.80
489.00
96.90
484.50

Percent

$988
978
969

$4,940
4,890
4,845

$9,880
9,780
9,690

b.io
.30
.44

*2.50
2.62
2.73
2.84

2 to 2% years.............. .
2% to 3 years_________
3 to 3% years.... ....... —.
3% to 4 years..—.......... -

96.20
95.60
95.10
94.80

481.00
478.00
475.50
474.00

962
956
951
948

4,810
4,780
4,755
4,740

9,620
9,560
9,510
9,480

.61
.75
.88
1.04

2.94
3.04
3.13
3.20

4 to 4% years-----------4% to 5 years........... —5 to 5% years-------------5% to 6 years..------—

94.70
94.70
94.90
95.20

473.50
473.50
474.50
476.00

947
947
949
952

4,735
4,735
4,745
4,760

9,470
9,470
9,490
9,520

1.20
1.35
1.51
1.66

3.26
3.30
3.32
3.33

6 to 6% years.—---------6% to 7 years................
7 to 7% years___ ____7% to 8 years................

95.50
95.80
96.10
96.40

477.50
479.00
480.50
482.00

955
958
961
964

4,775
4,790
4,805
4,820

9,550
9,580
9,610
9,640

1.79
1.89
1.98
2.05

3.33
3.34
3.35
3.37

96.70
97.00
97.30
97.60

483.50
485.00
486.50
488.00

967
970
973
976

4,835
4,850
4,865
4,880

9,670
9,700
9,730
9,760

2.12
2.18
2.23
2.27

3.39
3.42
3.46
3.51

10 to 10 2 years........... .
10 2 to 11 years______
11 to
2 years___ ___
11% to 12 years______

97.90
98.20
98.60
99.20

489.50
491.00
493.00
496.00

979
982
986
992

4,895
4,910
4,930
4,960

9,790
9,820
9,860
9,920

2.31
2.35
2.39
2.44

3.60
3.75
3.94
4.13

M A TU RITY V A L U E
(12 years from issue date)_____ ______

$100.00

$500.00

$1,000

$5,000

$10,000

2.50

V

8 to 8 2 years............... .
8% to 9 years..... ......... .
9 to 9% years................
9% to 10 years........—

Y

V
HV

♦Approximate investment yield fo r entire period from issuance to maturity.

OTHER SERIES

United States Savings Bonds of Series E are also offered for sale concurrently with those of
Series F and Series G. They are intended primarily for the investment of small or moderate amounts
saved from current income by individuals, and their issue is restricted to individuals in their own
right, with the amount originally issued to any one person during any one calendar year that that
person may hold limited to $5,000 (maturity value). Full particulars regarding Savings Bonds of
Series E are set forth in Treasury Department Circular No. 653, Second Revision, dated August 31,
1943, copies of which may be obtained from the Treasury Department, Washington, or from any
Federal Reserve Bank or Branch.

r e g u l a t io n s g o v e r n in g u n it e d s t a t e s s a v in g s b o n d s

1944
Fourth Amendment to
Department Circular No. 5,30
- Fifth Revision, dated
June 1, 1942
Fiscal Service
Bureau of the Public Debt

To Owners

of

TREASURY DEPARTMENT,
Office of the Secretary,

Washington, January 1, 19kh-

U nited S tates Savings B onds, and Others Concerned :

Department Circular No. 530, Fifth Revision, dated June 1, 1942, as amended, is hereby further
amended as follows:
1- Section 315.5 is amended by striking out the second sentence of the first paragraph and inserting
m lieu thereof the following:
“ Bonds of these two series may also be registered in the names of fiduciaries, corporations,
associations or partnerships, except that they may not be registered in the names of commer­
cial banks, which are defined for this purpose as those accepting demand deposits: Provided,
however, That bonds originally issued on or after January 1, 1944, may be registered in the
name of a commercial bank having savings deposits to the extent and under the conditions
set forth in Section 315.9 (c) hereof.”
2. Section 315.5 (d) is amended to read as follows:
“ In the name of any private organization, whether incorporated or unincorporated (except
that bonds originally issued prior to January 1, 1944, may not be registered in the name of a
commercial bank as hereinbefore defined), using in each case the full legal name of the organi­
zation without mention of any officer or member but making reference, if desired, to a partic­
ular bookkeeping account or fund (not a trust), as follows:
(1) A private corporation, followed by the words “ a corporation,” for example: “ Smith
Manufacturing Company, a corporation” ;
(2) An unincorporated association, lodge, church or society, or similar body, followed by
the words “ an unincorporated association,” for example: “ The Lotus Club, an unincorporated
association.” The term “ an unincorporated association” should not be used to describe a trust
fund, a partnership or a business conducted under a trade name;
(3) A partnership, considered as an entity, followed by the words “ a partnership,” for
example: “ Smith and Brown, a partnership.”
Section 315.9 (c) is amended to read as follows:
“ Series F and G— $50,000 (issue price) for the calendar year 1941, and $100,000 (issue
price) for each calendar year thereafter, of either series or of the combined aggregate of both:
Provided, however, That as to bonds of these series originally issued on or after January 1,
1944, the amount held by a commercial bank having savings deposits as defined in Regulation
Q of the Board of Governors of the Federal Reserve System shall not in any case exceed
$100,000 (issue price) or ten percent of such savings deposits as shown on the bank’s books
as of the date of the most recent call statement required by the supervising authorities prior
to the date of acquisition of such savings bonds, whichever is less; and provided further, That
the amount of savings bonds of Series F and G originally issued on or after January 1, 1944,
held by a commercial bank together with 2 1 4 percent Treasury Bonds of 1965-70, to be issued
under Treasury Department Circular No. 729, and 21/4 percent Treasury Bonds of 1956-59, to
be issued under Treasury Department Circular No. 730, shall not exceed in the aggregate
$200,000 or ten percent of the savings deposits of such bank as above defined, whichever
is less.”
HENRY MORGENTHAU, Jr.;
Secretary of the Treasury.
i U V / llU

U ll

J i . j

CERTIFICATE TO ACCOMPANY
a p p l ic a t io n f o r s e r ie s f a n d s e r ie s g s a v in g s b o n d s b y

c o m m e r c ia l b a n k s

V

0
□
□
0

Federal
Federal
Federal
Federal

Reserve
Reserve
Reserve
Reserve

Bank, Dallas 13, Texas
Bank Branch, El Paso, Texas
Bank Branch, Houston 1, Texas
Bank Branch, San Antonio 6, Texas

.hereby certify that the total amount of the accompanying application, together with that of any other
cations or subscriptions we may have entered for our own account for Series F or Series G savings bonds,
cent^r^nt Treasury bonds of 1956-59 or 21/^ percent Treasury bonds of 1965-70, is not in excess of 10 perby
our savings deposits as shown on our books as of the date of the most recent call statement required
(issi suPervisin§' authorities, and does not exceed $200,000 in the aggregate, of which not more than $100,000
ae price) is in Series F or G savings bonds.

Amount o f accompanying application

...........................................

Date

(Name of subscribing bank)

By

Title

Address

\OTe ; This certificate should accompany applications for savings bonds of Series F and Series G submitted
t
for their own account by commercial banks having savings deposits as defined in Section 1, para­
graph (e) of Regulation Q of the Board of Governors of the Federal Reserve System.