US Savings Notes, also called Freedom Shares, were Treasury savings securities offered from May 1, 1967 to October 31, 1970 in $25, $50, $75 and $100 face values. Every one stopped earning interest at its 30-year final maturity, between May 1997 and October 2000.
A note never expires: a $25 note issued in May 1967 is worth $153.33 in the November 2026 redemption month. On September 30, 2026, 134,218 notes were still unredeemed.
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What Are US Savings Notes (Freedom Shares)?
A US Savings Note (Freedom Share) is a paper Treasury savings security sold at 81% of its face value from May 1, 1967 to October 31, 1970.
It was offered under 31 CFR part 342 and pays the purchase price plus interest in one sum when cashed. Face value is the dollar amount printed on the note.
Today 31 CFR part 315 governs ownership and payment of Savings Notes and Series A to K bonds, and part 321 covers banks. Of the 14 series and note types Treasury sold, Savings Notes are the only note type among the types of US savings bonds.
The table below sums up the notes in 11 rows.
Table 1: US Savings Notes at a glance
| Attribute | Detail | Source |
|---|---|---|
| Also called | Freedom Shares | 31 CFR 342 |
| Offered | May 1, 1967 to October 31, 1970 | 31 CFR 342.0 |
| Sold with | A Series E bond of the same or greater face value | 31 CFR 342.0 |
| Face values (price, 81% of face) | $25 ($20.25), $50 ($40.50), $75 ($60.75), $100 ($81.00) | 31 CFR 342.2(c) |
| Original maturity | 4 years 6 months; 4.74% at launch | 31 CFR 342; Treasury history (1991), p. 44 |
| First year | Not redeemable | 31 CFR 342.2(b) |
| Final maturity | 30 years: May 1997 to October 2000 | 31 CFR 342.2(b), 342.3(a) |
| Interest now | None | TreasuryDirect |
| Pieces | 30,850,113 issued; 134,218 unredeemed | Fiscal Data, September 30, 2026 |
| Rules today | Part 342 (offer), 315 (ownership, payment), 321 (banks) | eCFR |
| Cash at | A bank that cashes savings bonds, or FS Form 1522 by mail | FS Form 1522 (Rev. April 2026) |
Sources: 31 CFR part 342 (eCFR); TreasuryDirect historical and retired bonds page; Fiscal Data piece counts as of September 30, 2026; checked November 11, 2026.
Why Every Savings Note Was Sold With a Series E Bond
Every Savings Note was sold together with a Series E savings bond of the same or greater face value (31 CFR 342.0). That is why a Freedom Share usually turns up beside an E bond from the same month.
The E bond is a separate security with its own value (Table 3). It follows the rules for all Series E savings bonds, sold May 1941 to June 1980.
Savings Note Terms: Price, Face Values and the 4.74% Launch Rate
Savings Notes came in 4 face values, each sold at 81% of face, and paid 4.74% if held to the 4 years 6 months original maturity. The prices under 31 CFR 342.2(c) are listed below.
- $25 note, sold for $20.25
- $50 note, sold for $40.50
- $75 note, sold for $60.75
- $100 note, sold for $81.00
Original maturity is the end of a note's first earning period. Treasury's 1991 savings bond history (p. 44) gives 4.74% as the launch rate to that point. A note could not be cashed in its first year (31 CFR 342.2(b)). Sales reached $862 million by 1970 (same history).
Savings Note Final Maturity: Why No Freedom Share Earns Interest Today
Every Savings Note reached final maturity 30 years after its issue date, between May 1997 and October 2000, and has earned no interest since (31 CFR 342.2(b), 342.3(a)). TreasuryDirect's old bonds page confirms that "all Savings Notes" no longer earn interest.
The 30 years are 4 years 6 months of original maturity, two 10-year extensions and a final 5 years 6 months. A note issued in May 1967 stopped earning in May 1997; one issued in October 1970 stopped in October 2000.
Notes never expire and have no cashing deadline (Executive Order 13968, 85 FR 83745). Other series' stop dates are under when savings bonds stop earning interest.
What Is a Savings Note Worth Today? Values for November 2026
A $25 Savings Note is worth $135.70 to $156.28 in November 2026 across the four issue months priced here; a $100 May 1967 note is worth $613.32. The current redemption value, what Treasury pays today, comes from the Fiscal Data Savings Bonds Value Files (series code S, redemption month November 2026).
Table 2: Savings Note values, redemption month November 2026
| Issue month | Final maturity | $25 (cost $20.25) | $50 (cost $40.50) | $75 (cost $60.75) | $100 (cost $81.00) |
|---|---|---|---|---|---|
| May 1967 | May 1997 | $153.33 | $306.66 | $459.99 | $613.32 |
| December 1967 | December 1997 | $156.28 | $312.56 | $468.84 | $625.12 |
| January 1969 | January 1999 | $135.70 | $271.40 | $407.10 | $542.80 |
| October 1970 | October 2000 | $138.70 | $277.40 | $416.10 | $554.80 |
Four issue months shown; for any other month use TreasuryDirect's Savings Bond Calculator. Source: Fiscal Data, Savings Bonds Value Files (series code S, redemption month November 2026, file updated November 2, 2026). No note in the table earns interest.
The companion E bond has its own value. In May and December 1967 the note is worth more than its E bond; in January 1969 and October 1970 the E bond is worth slightly more.
Table 3: A Savings Note and its companion Series E bond, same issue month, November 2026
| Issue month | $25 Savings Note | $25 Series E | $25 pair | $100 Savings Note | $100 Series E |
|---|---|---|---|---|---|
| May 1967 | $153.33 | $127.06 | $280.39 | $613.32 | $508.24 |
| December 1967 | $156.28 | $131.28 | $287.56 | $625.12 | $525.12 |
| January 1969 | $135.70 | $137.27 | $272.97 | $542.80 | $549.08 |
| October 1970 | $138.70 | $139.69 | $278.39 | $554.80 | $558.76 |
A $25 Series E bond cost $18.75 and a $25 Savings Note $20.25; a note could be paired with an E bond of a larger face value, so your pair may differ. Source: Fiscal Data, Savings Bonds Value Files (series codes S and E, redemption month November 2026); 31 CFR 316.2(b), 342.2(c). Both stopped earning at final maturity.
How to Price a Savings Note From Any Issue Month
Price a Savings Note from any issue month with TreasuryDirect's Savings Bond Calculator, which covers paper Series EE, I, E and Savings Notes.
Enter the series, face value and issue date (the month and year printed on the note) in the Savings Bond Calculator. No serial number is needed, and past values go back to January 1996.
Our calculator, built on Treasury's published value files, prices paper EE and E bonds only. Use our savings bond calculator for the companion E bond.
134,218 Savings Notes Are Still Unredeemed
Of 30,850,113 Savings Notes issued, 134,218 were still unredeemed on September 30, 2026, about 1 in 230. Fiscal Data's piece counts by series give pieces, not dollars.
All are past final maturity and part of the 103,064,737 matured unredeemed savings bonds and notes of all series counted on the same date.
How to Cash Savings Notes: At a Bank or by Mail
Cash a Savings Note at a bank or credit union that cashes savings bonds, or mail it to Treasury with FS Form 1522. Both routes pay the current redemption value, and Treasury charges no fee.
Banks act as paying agents under 31 CFR 321.7(a) but may decline non-customers (FS Publication 0022, Rev. October 2022); see how to cash savings bonds.
- Check the issue date on the note's right-hand portion: Savings Notes are dated May 1967 to October 1970, the window FS Publication 0022 gives banks; see how to read a paper savings bond.
- Ask a bank whether it will pay your notes and what ID it needs; what banks cash savings bonds gives dated policies.
- Sign before the teller; your Social Security number goes on the face if not inscribed (31 CFR 315.39(a)), and no bank fee is allowed (321.23(c)).
- Or mail the notes with FS Form 1522 (Rev. April 2026) to Treasury Retail Securities Services (Treasury's paper-bond office), P.O. Box 9150, Minneapolis, MN 55480-9150. Up to $1,000 in total current redemption value, enclose an ID copy; above it, sign before a notary or certifying officer (an authorized bank officer). Four $100 May 1967 notes total $2,453.28, so they need certification. Payment is by direct deposit.
- Keep the 1099-INT, the IRS interest form, for the tax year you cash.
Mail takes 3 months or longer for notes in your name, 5 months or longer otherwise (TreasuryDirect, as of November 11, 2026). Banks pay notes whole, never in part (31 CFR 315.39(a)).
Savings Notes After the Owner's Death
A Savings Note goes to the surviving co-owner or beneficiary named on it; with no living person named, it belongs to the estate (31 CFR 315.70 to 315.72). The survivor cashes it with a certified death certificate; see savings bonds after death.
An estate whose Treasury securities exceed $100,000 in redemption value at the date of death needs court administration (315.71(d)). At $100,000 or less, with no state procedure used, a voluntary representative uses FS Form 5336 (Rev. April 2026); state small-estate procedures and closed estates use FS Form 5394 (Rev. May 2026).
A matured note is cashed, not reissued (FS Form 4000 covers only paper EE, I and retirement bonds). For an incapacitated owner, a voluntary guardian uses FS Form 2513 (Rev. August 2022) when all bonds and notes total $20,000 or less. Ask the estate's attorney about individual decisions.
Lost or Destroyed Savings Notes and the Serial-Number Rule
Claim lost, stolen or destroyed Savings Notes with FS Form 1048 (Rev. March 2026), and include each note's serial number. Every note passed final maturity by October 2000, and 31 CFR 315.29(c) requires the serial number for claims filed six years or more after final maturity.
Treasury Hunt, a discontinued Treasury search tool, has been unavailable since September 30, 2025, with no online replacement. Searches take 11 months or longer (TreasuryDirect, as of November 11, 2026), and a matured note is paid, not replaced; see FS Form 1048.
How Savings Note Interest Is Taxed
The interest on a Savings Note, its value minus its purchase price, is federally taxable and exempt from state and local income tax (26 U.S.C. 454; 31 U.S.C. 3124). A $25 May 1967 note cost $20.25 and is worth $153.33 in November 2026, so it carries $133.08 of interest.
Without a yearly-reporting election, the interest is income for the year the note is cashed or reaches final maturity, whichever comes first (26 CFR 1.454-1(a)(1)). For a note held to final maturity and never exchanged, the rule points to its final-maturity year, between 1997 and 2000.
We found no IRS guidance on final-maturity interest that was never reported. Ask a tax professional; see are savings bonds taxable.
Savings Notes and the Other Retired Savings Bonds
Savings Notes are one of 14 series and note types of US savings bonds, and were sold only together with a Series E bond (31 CFR 342.0). Compare every US savings bond series.
The Series E Bonds Sold With Savings Notes
The Series E bonds sold with Savings Notes, issued 1967 to 1970, also have a 30-year final maturity (31 CFR 316.8(b)). They stopped earning between 1997 and 2000. The four issue years are listed below.
- 1967 Series E savings bond value
- 1968 Series E savings bond value
- 1969 Series E savings bond value
- 1970 Series E savings bond value
Savings Notes Exchanged for Series H and HH Bonds
Savings Notes could be exchanged for Series H bonds (31 CFR part 339, $500 minimum) and later for Series HH bonds until one year after their final-maturity month. The HH exchange offer ended August 31, 2004 (31 CFR 352.0).
Such an HH bond reached final maturity by August 1, 2024 and pays face value, under the rules for Series HH savings bonds. The earlier exchange produced Series H savings bonds.
Unclaimed Savings Notes and State Programs
No state can search Treasury's records for unredeemed Savings Notes without an information-sharing agreement under 89 FR 102735 (December 18, 2024). None is publicly known as of November 11, 2026.
A state holding a note at final maturity can be paid under 31 CFR 315.88. Owners claim as unclaimed savings bonds explains. See also state unclaimed property offices.
Savings Notes FAQ
Can You Still Buy US Savings Notes?
No. The offering closed October 31, 1970 (31 CFR 342.0). Treasury now sells only electronic Series EE and I bonds.
Do Savings Notes Expire?
No. Notes never expire and have no cashing deadline (Executive Order 13968, 85 FR 83745), but earn nothing after final maturity.
Which Calculator Prices Savings Notes?
TreasuryDirect's Savings Bond Calculator prices them for any issue month; ours prices paper EE and E bonds only. Table 2 shows four note months.
Is a Freedom Share the Same as a War Bond?
No. "War bond" is the popular name for Series E bonds sold 1941 to 1945; Savings Notes date from 1967 to 1970. See war bonds.
Claiming from Treasury and from state programs costs nothing, and the forms are free. Found bonds you cannot cash, or a relative's bonds? ClaimMyBonds is a private company, not the government; we can help with the paperwork, tracing and follow-up.