Later History
Veterans were able to take out loans against their certificates beginning in 1927. By June 30, 1932, more than 2 and a half million veterans had borrowed $1.369 billion.
In 1936, the Adjusted Compensation Payment Act (January 27, 1936, ch. 32, 49 Stat. 1099) replaced the 1924 Act's service certificates with bonds issued by the Treasury Department that could be redeemed at any time.
Read more about this topic: World War Adjusted Compensation Act
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