Series E bond#War bonds

File:1941-05-01 President Buys First Bond.ogv buys the first Series E bond (May 1, 1941)]]

File:Photo mural in concourse of Grand Central terminal.jpg (December 1941)]]

The first savings bonds, Series A, were issued in 1935 to encourage saving during the Great Depression. They were marketed as a safe investment that was accessible to everyone. They were followed by series B, C, and D bonds over the next few years.

Marketed as a defense savings bond, the first Series E bond was sold to President Franklin D. Roosevelt on May 1, 1941, by Secretary of the Treasury Henry Morgenthau.[http://www.treas.gov/offices/treasurer/savings-bonds.shtml U.S. Treasury — Introduction to Savings Bonds] {{webarchive|url=https://web.archive.org/web/20090825000308/http://www.treas.gov/offices/treasurer/savings-bonds.shtml |date=August 25, 2009 }} After the December 1941 attack on Pearl Harbor brought the United States into World War II, Series E bonds became known as war bonds.

File:Chicago-Public-Schools-War-Bonds-1943.jpg purchased $263,148.83 in war bonds—enough to finance 125 jeeps, two pursuit planes and a motorcycle.]]

The "drive" technique used during World War I was replaced in part by a continual campaign using a payroll deduction plan. However, eight different drives were conducted during the campaign. In total, the overall campaign raised $185.7{{nbsp}}billion from 85{{nbsp}}million Americans, more than in any other country during the war. Li'l Abner creator Al Capp created Small Fry, a weekly newspaper comic strip whose purpose was to sell Series E bonds in support of the Treasury.[http://cartoonician.com/presarvin-freedom-al-capp-treasury-man/ "Presarvin’ Freedom: Al Capp, Treasury Man," Hogan's Alley, 1998]

Of the $185.7{{nbsp}}billion raised during the continual campaign, a total of $156.4{{nbsp}}billion was raised during the eight specific drives:

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| image1 = Right in Der Fuehrer's Face! Invest Now... Buy More Bonds.jpg

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| caption1 = Poster for the Second War Loan Drive (April 12 – May 1, 1943)

| image2 = Kate-Smith-War-Bonds-LIFE-1944.jpg

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| caption2 = Kate Smith in September 1944: "No single show-business figure even approached her as a seller of War Bonds during World War II", wrote The New York Times. Her grand total exceeded $600 million.

{{cite news |last=Prial |first=Frank G. |date=June 18, 1986 |title=Kate Smith, All-American Singer, Dies At 79|url=https://www.nytimes.com/learning/general/onthisday/bday/0501.html |newspaper=The New York Times |access-date=October 20, 2015 }}

| image3 = Now-All-Together-7th-War-Loan.jpg

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| caption3 = C. C. Beall poster for the Seventh War Loan Drive (May 14 – June 30, 1945)

| image4 = TWO HUNDRED DOLLAR WAR BOND - NARA - 515890.jpg

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| caption4 = In memory of Roosevelt, a special $200 Series E bond was made available at the beginning of the Eighth War Loan Drive, called the Victory Loan (October 29, 1945).

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• First War Loan Drive – November 30 through December 23, 1942. The initial goal was $9{{nbsp}}billion; the drive raised $13{{nbsp}}billion. However, only $1.6{{nbsp}}billion was raised from individuals; corporations and commercial banks accounted for the vast majority of the funds raised.
• Second War Loan Drive – 20 days, from April 12 through May 1, 1943. The initial goal was $13{{nbsp}}billion; the drive raised $18.5{{nbsp}}billion. Individual purchases doubled over the previous drive, due in large part to the $4.5 million and $170,000 of advertising contributed by newspapers and magazines.
• Third War Loan Drive – September 9 through October 1, 1943. The initial goal was $15{{nbsp}}billion, which would require a doubling of the bond sales from the prior drive, with at least 40{{nbsp}}million of the 130{{nbsp}}million American citizens needing to purchase a $100 war bond. President Franklin D. Roosevelt addressed the nation via one of his fireside chats on September 8. Singer Kate Smith raised $39{{nbsp}}million during a September 21 CBS broadcast, part of the $600{{nbsp}}million she raised on a series of one day broadcasts throughout the war.[https://web.archive.org/web/20081214231536/http://www.time.com/time/magazine/article/0,9171,852059,00.html Radio: Kate's Appeal – TIME] Final sales were $19 billion.
• Fourth War Loan Drive – January 18 through February 15, 1944. The initial goal was $14 billion, and the drive was targeted towards farmers and women. A Quiz Kids radio broadcast from Syria Mosque in Pittsburgh raised $5 million.{{cite news |date=January 10, 1944 |title=Quiz Kids at Mosque Net $5,000,000 in War Bonds |url=https://news.google.com/newspapers?nid=1129&dat=19440110&id=5xMxAAAAIBAJ&sjid=rGkDAAAAIBAJ&pg=4417,3404930&hl=en |newspaper=Pittsburgh Post-Gazette |access-date=January 29, 2016 }} Kate Smith again proved a popular draw, raising $101 million during a February 1 broadcast. Final sales were $16.7 billion, with nearly 70 million separate bonds sold.
• Fifth War Loan Drive – June 12 through July 8, 1944. On FDR's recommendation, Morgenthau asked Orson Welles to lead the Fifth War Loan Drive, which opened with a one-hour radio show on all four networks, broadcast from Texarkana, Texas. Including a statement by the President,{{cite web|url=http://docs.fdrlibrary.marist.edu/061244.html |title=Opening Fifth War Loan Drive, June 12, 1944 |publisher=Franklin D. Roosevelt Presidential Library and Museum |accessdate=February 21, 2014}} the program defined the causes of the war and encouraged Americans to buy $16{{nbsp}}billion in bonds. Additional war loan drive broadcasts took place June 14 from the Hollywood Bowl, and June 16 from Soldier Field, Chicago.Brady, Frank, Citizen Welles: A Biography of Orson Welles. New York: Charles Scribner's Sons, 1989 {{ISBN|0-385-26759-2}}{{Rp|371–373|date=February 2014}} Sales were $20.6{{nbs}}billion.{{cite web|url=http://library.duke.edu/digitalcollections/adaccess/guide/wwii/bonds-loans |title=Brief History of World War Two Advertising Campaigns War Loans and Bonds |publisher=Duke University Libraries |accessdate=February 21, 2014|archive-url=https://web.archive.org/web/20111029213801/https://library.duke.edu/digitalcollections/adaccess/guide/wwii/bonds-loans/|archive-date=29 October 2011}}
• Sixth War Loan Drive – November 2 through December 16, 1944. The drive raised $21.6{{nbsp}}billion.
• Seventh War Loan Drive – May 14 (just days after Victory in Europe Day) through June 30, 1945.{{cite news |author= |title=May 14 Marks Opening of 7th War Loan Drive |url=http://newspaperarchives.vassar.edu/cgi-bin/vassar?a=d&d=vcchro19450505-01.2.9 |newspaper=Vassar Chronicle |date=May 5, 1945 |access-date=October 20, 2015 }} Officials were concerned that the defeat of Germany might lessen bond sales. The amount raised during the six-week drive was over $26 billion.
• Eighth War Loan (Victory Loan) Drive – October 29 through December 8, 1945. The goal was $11 billion. More than $21 billion was raised.

Series E Bonds continued to be sold as part of the United States Savings Bonds program until June 1980, when they were replaced by Series EE bonds.{{cite web|url=http://www.treasurydirect.gov/indiv/research/indepth/ebonds/res_e_bonds_eepatriotbond.htm |title=The Patriot Savings Bond |publisher=U.S. Department of the Treasury, Bureau of the Fiscal Service |accessdate=February 21, 2014}}

Bonds issued from 1941 to November 1965 accrued interest for 40 years; those issued from December 1965 to June 1980, for 30 years. They were generally issued at 75 cents per dollar of face value, maturing at par value in a specified number of years that fluctuated with the rate of interest. Denominations available were $25, $50, $75, $100, $200, $500, $1,000, $5,000 and $10,000. Series E bonds were not transferable, and were issued only as registered paper certificates. The guaranteed minimum investment yield for the bonds was 4 percent, compounded semiannually.[https://web.archive.org/web/20020414200428/http://www.savingsbonds.com/bond_basics/ebond1.cfm SavingsBonds.com — E Savings Bonds, Investor Information] Interest was exempt from state and local taxes, but was subject to federal taxes.{{Cite web|url=https://www.treasurydirect.gov/indiv/research/indepth/ebonds/res_e_bonds_eetaxconsider.htm|title=Individual - Series EE/E Savings Bonds Tax Considerations|website=www.treasurydirect.gov|access-date=June 26, 2017}} Series E bonds were sold at 75% of face value and had a 2.9% interest rate compounded semiannually.Lemke, T. (September 25, 2020) [https://www.thebalance.com/what-are-war-bonds-how-much-are-they-worth-today-4776235# "War Bonds: What Are They?,"] The Balance,

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{{Commons category|Series E bond}}

• [http://www.treasurydirect.gov/indiv/tools/tools_treasuryhunt.htm Treasury Hunt website]

Category:United States home front during World War II

Category:Government bonds issued by the United States

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