German External Loan 1924 (Dawes-Loan), $1000 Gold Bond

Uncommon pre-WW2 gold bond in US currency.  Elaborate vignette of a seated female warrior figure flanked by harbor city  scenes. Issued and cancelled. Dated 1924. Measures approximately 10 x 15.5 inches.

German External Loan 1924 (Dawes-Loan), $1000 Gold Bond, original J.P. Morgan & Co. New York City Gold Bond. Bottom hole cancellation with no coupons.

The Dawes Plan, proposed by the Dawes Committee chaired by Charles G. Dawes, was a plan devised in 1924 to address the issue of World War I reparations owed by Germany. It successfully resolved a crisis in European diplomacy following World War I and the Treaty of Versailles. The plan involved ending the Allied occupation and implementing a staggered payment plan for Germany’s war reparations. Recognizing its significance in resolving a serious international crisis, Dawes shared the Nobel Peace Prize in 1925 for his contributions. However, the Dawes Plan proved to be an interim measure and was ultimately replaced by the Young Plan in 1929.

In an agreement signed in August 1924, the core principles of the Dawes Plan were outlined:

The Ruhr region was to be evacuated by foreign troops.
Reparation payments were to commence at one billion marks in the initial year, gradually increasing annually to two and a half billion marks after five years.
The Reichsbank was to be reorganized under Allied supervision.
The sources for the reparation funds were to include transportation, excise, and customs taxes.
Germany was to be loaned approximately $200 million, primarily through Wall Street bond issues in the United States.

The bond issues were overseen by a consortium of American investment banks, led by J.P. Morgan & Co., under the supervision of the US State Department. Germany benefited significantly from the influx of foreign capital. The Dawes Plan, implemented in September 1924, shared the Nobel Peace Prize with Dawes and Sir Austen Chamberlain.

Product descriptions and images
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