Dated at Washington, October 24, 1918, No. Issued and uncancelled, certificate is in good condition, with light edgewear, minor rust marks near the top left, and coupons 32-40 attached. 18(27) x 21 cm. Notable: This series has the distinction of being the only federal bond issue in American history to default on its terms. The Fourth Liberty Loan was to be payable in United States gold coin of the present standard of value. Despite a legal challenge to the default (wherein the Supreme Court acknowledged a violation of the 14th Amendment), the Fourth Liberty Loan was not redeemed at the original terms of its issuance. The high court felt that to pay bondholders at a 1918 gold value would be an unjust enrichment.