A $1,000 Gold Bond of the German External Loan of 1924, the Dawes Loan
The American tranche of the Dawes Loan: a German External Loan 7% gold bond for $1,000, issued 15 October 1924 and due in 1949. Paper like this is what the Dawes Plan actually consisted of — foreign capital lent to Germany so that Germany could pay reparations to the countries lending it.
The Dawes Plan is usually described as a rescheduling of reparations, which understates it. Its working part was a loan of 800 million gold marks raised on the American and European markets, of which this bond is one American share. The money stabilised the new Reichsmark, reopened German industry to credit, and set annuities that rose with the recovery it financed. It also built the circular arrangement that the Depression would break in 1929: American lenders funded German payments to Britain and France, who used them to repay American war debts. See how the Dawes Plan revived the Weimar economy.
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