These are payable to the bearer, with title passing by delivery without endorsement. Interest is received by clipping the attached coupons as they mature and presenting them for payment. Tax law changes enacted in 1982 effectively prohibit the issuance of such bonds, but preexisting coupon bonds may be purchased in secondary markets.

Bonds that are usually not registered with the issuing organization but instead bear interest coupons stating the amount of interest due and the payment date.

Bonds with interest coupons attached that are removed as they become due and cashed by their bearer. Also known as bearer bonds.