No. of Recommendations: 5
These delays, while ultimately resolved, were considered a form of "mini-default" or temporary default.
Like being a little bit pregnant, I guess : )
The really *big* default was the one of 1933. The bonds said that they would be repaid in gold, but they weren't, so that's that. The country was in dire straits and had little choice, but that's rather the point I suppose: such situations do happen from time to time.
I don't know as much about the 1968 silver certificate default or the 1862 demand notes.
Jim
