拍品描述： United States of America. Acts of September 24, 1917, amended April 4, 1918. $50. 4-1/4% Coupon Gold Bond of 1933-1938-Fourth Liberty Loan. October 24, 1918. Choice Very Fine.The long coupon bonds from this series are the most frequently encountered Liberty Loan certificates. However, they are still scarce and historic. It is important to note that after short-coupon owners exchanged them for these bond certificates, they were payable in gold. Most were redeemed and only a few hundred exist of all denominations combined. But an interesting thing happened in 1933 that placed itself in direct conflict with the obligation of the gold clause on this bond. After the gold recall and the revaluation of the dollar versus gold (which was different in 1918 and worth more in specie), bond holders after 1933 challenged to be paid in gold at 1918 levels for the bonds turned in. That gold would cost the government more on the current market and the case reached the Supreme Court. They majority upheld parts of the 14th Amendment challenges, but did not force the government to pay off the debt in gold as too damaging (or the plaintiffs receiving "unjust enrichment"). Technically in regards to the gold payable clause, this was a default. These are still negotiable bearer bonds, but all you get is current Federal Reserve notes if you so chose. The same plate style from the first, second, and third loans was adapted for this issue. 20.5cm by 17.5cm (excluding coupons at side and under). Tint plate as those types, but large green sunburst at center emanating from the eternal flame at the bottom, Green FOURTH/ LIBERTY LOAN title on text and red spoked Treasury seal. Jefferson top center, flanked by green $50 green dies. Brown back standing Justice holding orb aloft in right hand and scales higher in her left. Embossed seal. Coupons 1-4 were on the short-coupon bonds exchanged for these; this is complete with coupons from 5-40 and quite desirable as such. A gorgeous piece. A sharp, bright, and choice example. Represents all Liberty Loans well and is perfect for any well balanced Federal collection. We have always considered these very collectible alongside the Small Size currency and they often share engraved details in vignettes and frames from the BEP artisans. This deserves a premium for its completeness and originality.From the John E. Herzog Collection; from Smythe & Co.