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In order to mobilize the home front to support the war efforts ideologically and financially, the Treasury Department's primary message revolved around patriotism. With support from the advertising industry, which donated $250 million worth of advertising during the first three years of the campaign, [9] war bonds and stamps permeated everyday ...
The greenback's low point came in July that year, with 258 greenbacks equal to 100 gold. When the war ended in April 1865 the greenback made another recovery to 150. [ 11 ] The recovery began when Congress limited the total issue of greenback dollars to $450 million.
The third War Loan was launched in January 1917 at a 5% discount to face value and paying 5% interest (or 4% tax-free for 25 years), a rate Lloyd George described as "penal". [17] Holders of existing War Loans, Treasury Bills and War Expenditure Certificates could convert to the 5% issue. [15]
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