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Issued by the U.S. Government, they were first called Defense Bonds. The name was changed to War Bonds after the Japanese attack on
Pearl Harbor, December 7, 1941. Known as debt securities for the purpose of financing military operations during war time, the bonds yielded a mere 2.9 percent return after a 10-year maturity.
Living in the United States with a median income during World War II meant earning about $2,000 a year. Despite the war’s hardships, 134 million Americans were asked to purchase war bonds to help fund the war. Stamps also could be purchased, starting at 10 cents each, to save toward the bond.
The first Series ‘E’ U.S. Savings Bond was sold to President Franklin D. Roosevelt by Treasury Secretary Henry Morgenthau. The bonds sold at 75 percent of their face value in denominations of $25 up to $10,000, with some limitations. The war bonds actually were a loan to the government to help finance the war effort.
Officially licensed by the US Army.