War bonds were US Series E savings bonds sold from May 1941 to December 1945, first as the Defense Savings Bond and from 1942 as the War Savings Bond. A $100 war bond is worth a frozen $362.36 to $469.12 in November 2026, depending on its issue month.
Each was bought at 75% of face, earned interest for 40 years and stopped earning between May 1981 and December 1985, with no deadline to cash.
Cash one at a bank or by mail with FS Form 1522; Treasury charges no fee and the form is free. ClaimMyBonds is an independent private guide, not the government, to WWII war bonds and all other US savings bonds.
What Are War Bonds? Series E Savings Bonds Sold From 1941 to 1945
A war bond is a US Series E savings bond bought during World War II, from May 1941 to December 1945, at 75% of its face value.
It grew in value until final maturity and pays its interest only when cashed (31 CFR 315.30). Face value is the dollar amount printed on the bond. Final maturity is the date the bond stopped earning interest.
The table below sums up the war bond in 13 rows.
| Attribute | War bond detail |
|---|---|
| What it is | A paper Series E savings bond |
| Names | Defense Savings Bond (1941); War Savings Bond (1942 to 1945) |
| First sale | May 1, 1941 |
| Issue price | 75% of face ($25 bond cost $18.75) |
| Face values from May 1941 | $25, $50, $100, $500, $1,000 |
| $10 savings bond | Priced by Treasury's calculator from June 1944 issues |
| $200 bond | Priced by Treasury's calculator from October 1945 issues |
| Original term | 10 years at 2.9% (1941 terms) |
| Final maturity | 40 years; interest stopped May 1981 to December 1985 |
| Value now, $100 bond | $362.36 to $469.12 (November 2026) |
| Where to cash | A bank that cashes savings bonds, or FS Form 1522 by mail |
| Tax | Federal income tax; no state or local income tax |
| Rules | 31 CFR part 316 (offering) and part 315 (paper bonds) |
Source: TreasuryDirect history pages; eCFR 31 CFR 316; TreasuryDirect calculator (checked November 11, 2026); Fiscal Data Savings Bonds Value Files (November 2026).
War bonds are not a separate series. Every war bond follows the Series E rules in 31 CFR part 316 and part 315, the same rules that govern all Series E savings bonds issued up to June 1980.
Treasury put the first Series E bonds on sale on May 1, 1941, after President Roosevelt announced them on April 30, 1941 (History of the Savings Bond, Treasury, 1991, p. 12). Series F and G were sold in the same years, but "war bond" here always means Series E.
Defense Savings Bonds (1941) and War Savings Bonds (1942 to 1945)
Bonds sold from May to December 1941 are called Defense Savings Bonds, and bonds sold from 1942 to 1945 are called War Savings Bonds.
After Pearl Harbor, "Defense Bonds became War Bonds, informally at first, later by official order" (History of the Savings Bond, p. 19). Treasury describes "the 'Defense Bond' of 1941, the 'War Bond' of 1942-45 and subsequently just the savings bond" (TreasuryDirect).
Both names cover the same Series E bond. When the official order came, and when the printed name changed, is not established in Treasury's published sources.
The issue date, not the name, sets the value: a $100 Defense bond issued December 1941 and a $100 War bond issued January 1942 are both worth $377.40 in November 2026.
How War Bonds Worked: 75% of Face, a 10-Year Term, Then 40 Years of Interest
A war bond cost 75% of its face value, so a $25 bond cost $18.75 (31 CFR 316.2(b)). On the 1941 terms it reached face value in 10 years at 2.9% compounded semiannually (History of the Savings Bond, p. 12). Treasury then extended it, so every war bond earned interest for 40 years.
War bonds were discount securities: interest built up inside the bond's value and is paid only on cashing (31 CFR 315.30), so the claim that war bonds paid no interest is wrong.
The 40-year final maturity covers every Series E issued from May 1941 to November 1965 (31 CFR 316.8(b)). Each extension paid yields set under 31 CFR 316.8. A $25 war bond bought for $18.75 in May 1941 is worth $90.59 in November 2026.
Why the Government Sold War Bonds and How Much They Raised
From May 1, 1941, through December 1945, Treasury's War Finance Division and its predecessors sold nearly $186 billion of government securities. More than $54 billion of it was War Savings Bonds, and $33.7 billion was Series E bonds alone (History of the Savings Bond, p. 28).
Treasury's page for students gives the purpose: "About 18 percent of the total U.S. debt for the war was funded by War Bonds" (TreasuryDirect). Three figures from Treasury's 1991 history show the program's reach, listed below.
- Over 85 million people owned Series E bonds by the end of the war (p. 28)
- More than 25 million payroll savings enrollments, buying bonds through wage deductions, existed by 1945 (p. 19)
- The First, Second and Third War Loan drives ran in December 1942, April 1943 and September 1943 (p. 26)
Series E sales peaked in 1944 at $12,380 million (TreasuryDirect sales table).
How Much Are War Bonds Worth Today? Frozen Values by Issue Year
A WWII war bond is worth its frozen final-maturity value: in November 2026, a $100 war bond issued May 1941 to December 1945 is worth $362.36 to $469.12, by issue month. A $25 bond is worth $90.59 to $117.28 and a $50 bond $181.18 to $234.56.
Treasury pays a war bond exactly what any Series E of the same issue month and face value is worth, per the Fiscal Data Savings Bonds Value Files (updated November 2, 2026).
TreasuryDirect's Savings Bond Calculator prices a list of bonds with totals. Our savings bond calculator, built on Treasury's published value files, prices one bond by issue month. The tables below give each issue year's lowest and highest value.
Table 2a: War bond values by issue year, $25 to $100 face, November 2026 (lowest to highest issue month)
| Issue year | $25 face | $50 face | $100 face |
|---|---|---|---|
| 1941 (note 1) | $90.59 to $94.35 | $181.18 to $188.70 | $362.36 to $377.40 |
| 1942 | $94.35 to $99.95 | $188.70 to $199.90 | $377.40 to $399.80 |
| 1943 | $99.95 to $105.09 | $199.90 to $210.18 | $399.80 to $420.36 |
| 1944 | $105.09 to $110.47 | $210.18 to $220.94 | $420.36 to $441.88 |
| 1945 | $110.47 to $117.28 | $220.94 to $234.56 | $441.88 to $469.12 |
Table 2b: War bond values by issue year, $500, $1,000, $10 and $200 face, November 2026
| Issue year | $500 face | $1,000 face | $10 or $200 face |
|---|---|---|---|
| 1941 (note 1) | $1,811.80 to $1,887.00 | $3,623.60 to $3,774.00 | Not issued |
| 1942 | $1,887.00 to $1,999.00 | $3,774.00 to $3,998.00 | Not issued |
| 1943 | $1,999.00 to $2,101.80 | $3,998.00 to $4,203.60 | Not issued |
| 1944 | $2,101.80 to $2,209.40 | $4,203.60 to $4,418.80 | $10: $43.08 to $44.19 (note 2) |
| 1945 | $2,209.40 to $2,345.60 | $4,418.80 to $4,691.20 | $10: $44.19 to $46.91; $200: $906.64 to $938.24 (note 3) |
Notes: (1) 1941 covers May to December issues, sold as Defense Savings Bonds; 1942 to 1945 cover January to December issues, sold as War Savings Bonds. Interest stopped 40 years after the issue month: May to December 1981 for 1941 issues, then January to December of 1982, 1983, 1984 and 1985. (2) The $10 bond is priced for June to December 1944 issues. (3) The $200 bond is priced for October to December 1945 issues. Lowest values: May 1941 issues; January to April issues in 1942 to 1945; June to October 1944 issues for $10. Highest values: December issues. Source: Fiscal Data Savings Bonds Value Files (updated November 2, 2026), redemption month November 2026; values frozen since final maturity; denomination windows from the TreasuryDirect calculator (checked November 11, 2026).
Each later war-era issue month is worth the same as or more than the month before. Values have not changed since final maturity, and Treasury's file repeats them through May 2027.
Reading the Issue Date and Face Value on a War Bond
The issue date that prices a war bond is the month and year printed in its upper right corner. It is the first day of the month in which the bond was paid for (31 CFR 316.2(c) and (d)). The validation date in the lower right never sets the value.
War bonds were issued without a Social Security number: 31 CFR 316.2(c)(1) requires one only on E bonds issued on or after January 1, 1974, and TreasuryDirect's timeline gives October 1, 1973. "OR" between two names marks a co-owner.
"P.O.D." (payable on death) marks a beneficiary with no rights while the owner lives (31 CFR 315.7). A name after "Mail to" gives no ownership. These markings decide who may cash the bond, the core of how to read a paper savings bond.
Did People Get Their Money Back From War Bonds? Final Maturity From 1981 to 1985
Yes: a war bond pays its full redemption value at any time after two months from its issue date (31 CFR 315.35(c)). Every war bond earned interest for 40 years, to a final maturity between May 1981 and December 1985.
Redemption value, what the bond pays when cashed, includes all interest: a $100 war bond bought for $75 in May 1941 pays $362.36 in November 2026. Savings bonds never expire, and no deadline to cash one exists (Executive Order 13968, 85 FR 83745). Cashing today pays the frozen final-maturity value.
Treasury's Fiscal Data counts 4,599,418,701 Series E bonds issued from 1941 to 1980 and 19,751,346 matured Series E bonds still unredeemed on September 30, 2026. The count covers every Series E year, not only the war years; Fiscal Data's count gives pieces, not dollars. Stop dates for other series are under final maturity by series.
How to Cash a War Bond Today
A war bond can be cashed 2 ways: at a financial institution that cashes savings bonds, or by mail with FS Form 1522 to Treasury Retail Securities Services (TreasuryDirect, as of November 11, 2026). That Treasury office processes paper bonds. Waiting gains nothing, and Treasury charges no fee. The table below compares the two routes.
| Point | Bank | FS Form 1522 by mail |
|---|---|---|
| Who | Owner, co-owner, beneficiary with death certificate | Every person entitled, including representatives |
| ID | Proof of identity; presenter writes SSN on bond | ID copy at $1,000 or less; certified signature above |
| Attorney-in-fact | Not allowed | Allowed |
| Fee | None allowed | None; the form is free |
| Payment | As the bank pays | Direct deposit only |
| Time | Not published by Treasury | 3 months or longer for bonds in your name |
Note: steps for every series are set out in how to cash savings bonds. Source: 31 CFR 315.39(a) and part 321; FS Publication 0022 (Rev. October 2022); TreasuryDirect, as of November 11, 2026.
Cashing a War Bond at a Bank
A bank or credit union acting as a paying agent may cash a war bond for its owner or co-owner. Treasury's guidance (FS Publication 0022, Rev.
October 2022) lets banks decline non-customers and new customers, even though 31 CFR 321.10(a) still says agents must pay owners, so never rely on a bank having to cash it.
A paying agent is a financial institution authorized to cash savings bonds. Bring the bond and ID; a P.O.D. beneficiary adds the owner's certified death certificate. If no Social Security number is inscribed, the presenter records one on the face (31 CFR 315.39(a)).
A bank may not charge a fee (321.23(c)), pay an attorney-in-fact, meaning someone acting under a power of attorney (321.9(c)), or accept a copy of the bond (321.25). Cashing for non-customers is optional, so compare dated policies under what banks cash savings bonds.
Mail the bond to Treasury when a bank declines; the mail route stays open to every owner.
Cashing War Bonds by Mail With FS Form 1522
Mail war bonds with a signed FS Form 1522 (Rev. April 2026) to Treasury Retail Securities Services; payment comes by direct deposit only. The address on the current form is below.
Treasury Retail Securities Services
P.O. Box 9150
Minneapolis, MN 55480-9150
Source: FS Form 1522 (Revised April 2026); TreasuryDirect, as of November 11, 2026
Sign before a notary or certifying officer (an authorized official at a bank, trust company or credit union) when the total current redemption value is more than $1,000. At $1,000 or less, enclose a copy of a driver's license, passport, state ID or military ID. The table below applies the test to three bundles.
| Bonds mailed | Value each | Total | Needs |
|---|---|---|---|
| One $25, May 1941 | $90.59 | $90.59 | ID copy |
| Three $100, January 1942 | $377.40 | $1,132.20 | Certified signature |
| One $500, June 1944 | $2,154.00 | $2,154.00 | Certified signature |
Source: Fiscal Data Savings Bonds Value Files, redemption month November 2026; FS Form 1522 (Rev. April 2026).
Every $500 and $1,000 war bond is worth more than $1,000 on its own. The lowest $500 value is $1,811.80, for May 1941 issues, in November 2026, so even one such bond needs a certified signature when you fill out FS Form 1522.
TreasuryDirect quotes three months or longer for bonds in your name and five months or longer for bonds not in your name (as of November 11, 2026). Mailed documents are not returned.
Inherited War Bonds: Who Can Cash Them
A surviving co-owner or P.O.D. beneficiary cashes an inherited war bond with the owner's certified death certificate. When nobody named on the bond is alive, the bond is paid to whoever is entitled through the estate, because Series E bonds are paid, not reissued. The table below matches each situation to its route.
| Situation | Who signs, what they add | Route |
|---|---|---|
| Surviving co-owner or P.O.D. beneficiary | Certified death certificate; bank or mail | savings bonds after death |
| Estate not administered, $100,000 or less | Voluntary representative, then FS Form 1522 | FS Form 5336 |
| Estate closed, or state small-estate procedure used | Persons entitled; payment only | FS Form 5394 |
| War bonds found among a relative's papers | Start from the names printed on the bond | found old savings bonds |
| Court-appointed representative | Signs FS Form 1522 with title; letters dated within one year | Mail to Treasury |
Source: TreasuryDirect death-of-owner pages; FS Forms 5336 (Rev. April 2026), 5394 (Rev. May 2026) and 4000 (Rev. April 2026); 31 CFR 315.71.
FS Form 4000 (Rev. April 2026) reissues only paper EE and I bonds, and FS Form 5394 (Rev. May 2026) pays Series E by direct deposit only. A court must administer the estate when the decedent's savings bonds are worth more than $100,000 in redemption value at the date of death (31 CFR 315.71(d)).
At $100,000 or less, with no administration, one voluntary representative may act through FS Form 5336 (315.71(e)). A voluntary representative is a blood relative, adopted child or surviving spouse who settles the bonds without a court.
Who is entitled follows the law of the state where the owner lived (31 CFR 315.71(e)); the estate's attorney can advise on your case.
Lost War Bonds and the Serial-Number Rule
Treasury entertains a claim for a lost, stolen or destroyed war bond only if the claimant supplies its serial number. 31 CFR 315.29(c) sets that condition for claims filed six years or more after final maturity, and every war bond reached final maturity by December 1985.
War bonds were never in an online search: after its August 2023 upgrade, Treasury Hunt covered unredeemed bonds issued since 1957. TreasuryDirect now states: "As of September 30, 2025, the Treasury Hunt® tool is no longer available." Because Treasury Hunt is closed, owners and heirs claim lost bonds by form.
Treasury's records for bonds issued from 1935 to September 1957, 3% of matured unredeemed bonds, were not digitized as of March 11, 2025 (2024 SECURE 2.0 Report to Congress). Every war bond falls in that period.
Four items help identify a missing war bond, and they are listed below.
- Serial numbers, from old lists, photocopies or bank records
- Issue dates, by month and year
- Face values, from $10 to $1,000
- Owner and co-owner names as printed on the bond, since war bonds were issued without a Social Security number
Claims use FS Form 1048 (Rev. March 2026), signed before a notary or certifying officer and mailed to P.O. Box 9150 in Minneapolis. For paper EE and I bonds that may already have been cashed, TreasuryDirect describes a signed letter listing serial numbers, sent without the bonds; it states no such route for Series E.
Is War Bond Interest Taxable?
War bond interest is subject to federal income tax and exempt from state and local income tax (31 CFR 316.9; 31 U.S.C. 3124). The interest is the redemption value minus the issue price: on a $100 war bond bought for $75, everything above $75 is interest.
Owners on the cash method could defer that interest until the earliest of final maturity, redemption or other disposition (31 CFR 316.9(b); 26 CFR 1.454-1(a)(1); 26 U.S.C. 454).
Every war bond reached final maturity between 1981 and 1985, so for a bond cashed today the rule names that earlier year, not the year of cashing. IRS Publication 550: "All Series E bonds have matured and are no longer earning interest."
IRS treatment of such interest never reported, and whether a 1099-INT (the IRS interest form) was issued at final maturity, is not settled. Ask a tax professional; rules for every series are under federal tax on savings bond interest.
Other Types of US Savings Bonds and Securities From the War Years
Series E war bonds sat beside four other Treasury savings securities tied to the world wars: savings stamps, Series F and G, Armed Forces Leave Bonds and Adjusted Service Bonds. Every series is compared in types of US savings bonds.
| Security | Sold or issued | Status | Where to cash |
|---|---|---|---|
| Series E war bonds | May 1941 to December 1945 | Stopped earning 1981 to 1985 | Bank or FS Form 1522 |
| War Savings Stamps | From May 1941; sales ended June 30, 1970 | May be redeemed (31 CFR 316.6(c)) | Places named in 316.6(c) |
| Series F and G | 1941 to April 1952 | Stopped earning | FS Form 1522 by mail |
| Armed Forces Leave Bonds | Issued for WWII leave | Owner or survivor can cash | Mail or courier; paid by check |
| Adjusted Service Bonds | Issued to WWI veterans | Owner, survivor or representative can cash | Mail or courier; paid by check |
Source: TreasuryDirect historical and retired bonds page; eCFR 31 CFR 316.6(c) and 315.35(d), as of November 11, 2026.
War Savings Stamps and Stamp Albums
Defense Savings Stamps (10 cents to $5) replaced Postal Savings Stamps in May 1941; buyers filled albums of war savings stamps and exchanged them for Series E bonds until sales ended June 30, 1970.
Under 31 CFR 316.6(c), banks, designated Federal Reserve Banks and the Bureau of the Fiscal Service in Parkersburg, WV, may redeem them; $45.01 million was outstanding on October 31, 2026.
Series F and G Bonds Sold Alongside Series E
Series F (74% of face) and G (face value, interest every six months) were sold from 1941 to April 1952 and ran 12 years. A G bond pays face plus $1.25 per $100 (31 CFR 315.35(d)). Treasury redeems Series F and G savings bonds only by mail with FS Form 1522.
Armed Forces Leave Bonds From World War II
Armed Forces Leave Bonds were issued as compensation for accumulated leave to members and former members of the Armed Forces of World War II. Only the owner or a survivor can cash one.
An owner signs the back; a survivor uses FS Form 2066 (Rev. October 2022). Both add IRS Form W-9 and a letter with payment instructions, sent to P.O. Box 9150 or by courier to the Federal Reserve Bank of Minneapolis, 90 Hennepin Ave., Minneapolis, MN 55401; payment is by check.
World War I: Liberty Bonds and Adjusted Service Bonds
World War I "war bonds" were Liberty Loan bonds, marketable securities outside this guide; whether any, or any WWI War Savings and Thrift Stamps, are still payable is not established. Adjusted Service Bonds went to World War I veterans for unmatured Adjusted Service Certificates.
The owner, a survivor or a representative mails or couriers one with the completed back, IRS Form W-9 and a letter, and is paid by check. US savings bonds began in March 1935, under section 22 of the Second Liberty Bond Act, added February 4, 1935 (31 U.S.C. 3105).
War Bond FAQ
How Much Is a $50 War Bond Worth Today?
A $50 war bond, meaning a Series E issued May 1941 to December 1945, is worth $181.18 to $234.56 in November 2026, by issue month. Later bonds are priced in the tables for every $50 savings bond.
How Much Is a $25 War Bond Worth Today?
A $25 war bond, which cost $18.75, is worth $90.59 (May 1941 issues) to $117.28 (December 1945 issues) in November 2026. Most paper $25 savings bonds are Series E; a $25 paper bond is never Series EE, because paper EE bonds start at $50.
Can You Still Buy War Bonds?
No. Series E sales ended in 1979, payroll sales June 30, 1980 (31 CFR 316.1). Bonds are not transferable (31 CFR 315.15); TreasuryDirect warns: "Do not buy savings bonds from someone else or in an online auction site. You cannot cash them." Such offers are a pattern among savings bond scams.
Do War Bonds Still Earn Interest?
No. Every war bond stopped earning between May 1981 and December 1985 and keeps that frozen value until cashed.
Is a War Bond Worth More to a Collector?
Treasury pays no collector premium: a $100 war bond from May 1941 pays $362.36 in November 2026, like any Series E of that month and face. A collector's price is not a Treasury value.
What Interest Rate Did War Bonds Pay?
War bonds paid 2.9% compounded semiannually to a 10-year maturity on the 1941 terms, and extensions to 40 years paid yields set under 31 CFR 316.8. No war bond has a rate today.
Is There a Series EE War Bond?
No. Series EE began in January 1980, so a 1940s "War Savings Bond" is always Series E, and the rules for Series EE savings bonds do not apply to it.
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.