拍品描述： United States of America. Act of April 24, 1917. $50 4% Convertible Gold Bond of 1932-1947-First Liberty Loan of 1917 Converted. November 15, 1917. Very Fine.Most of the (First) Liberty Loan certificates were traded in for this higher interest, 4% "Converted" bond, which had to be competitively priced in the bond market. Patriotism for the entry in the war might not have been enough for some investors to sacrifice that much, especially on large denomination bonds. This is a short coupon type with the bond having four underneath (in this case redeemed). Printed at the BEP. 21.0cm by 16.5cm. No coupons remaining, Jefferson bottom center, text above, and titles at top. Brown 50 and spoked Treasury seal. Brown back, Statue of Liberty in cartouche adjacent title panel. Embossed seal. No 1814787. Though the four coupons were redeemed, this is a splendid and fully original paper bond with strongly embossed seal. Lovely colors on both sides. According to the Herbstman Collection (where a full coupons example is illustrated), it is of extreme rarity. We estimate only a few exist and this series not represented in other major collections. It realized $1,495 at the 2005 Memphis sale which was a strong price then. A sleeper for the serious Federal loan collector.From the John E. Herzog Collection; 2005 Memphis Auction #249 (R.M. Smythe & Co., June 17, 2005, lot 5140).