German External Gold Loan Uncancelled 7% 1924 Gold Bond with the 9 traditional coupons remaining with PASS-CO AUTHENTICATION. Almost complete identical to the German Dawes $1,000 Bonds. Only difference is the denomination & the appearance. The Dawes Plan, proposed by the Dawes Committee chaired by Charles G. Dawes, was a plan devised in 1924 to address the issue of World War I reparations owed by Germany. It successfully resolved a crisis in European diplomacy following World War I and the Treaty of Versailles. The plan involved ending the Allied occupation and implementing a staggered payment plan for Germanys war reparations. Recognizing its significance in resolving a serious international crisis, Dawes shared the Nobel Peace Prize in 1925 for his contributions. However, the Dawes Plan proved to be an interim measure and was ultimately replaced by the Young Plan in 1929. At the end of World War I, the Allied and Associated Powers, including Germany, agreed to pay reparations in the Treaty of Versailles. Initially, the figure was set at 20 billion gold marks, but it was later revised to 132 billion gold marks in 1921. However, only 50 billion gold marks were required to be paid. German industrialists in the Ruhr Valley, who had lost factories in Lorraine, which was returned to France after the war, demanded hundreds of millions of marks in compensation from the German government. Despite its obligations under the Versailles Treaty, the German government paid the Ruhr Valley industrialists, which contributed significantly to the subsequent hyperinflation. For the first five years after the war, coal was scarce in Europe, and France sought coal exports from Germany to fuel its steel industry. However, Germany needed coal for domestic heating and steel production, having lost its steel plants in Lorraine to France. To protect the growing German steel industry, German coal producers, whose directors also sat on the boards of German state railways and steel companies, began to increase shipping rates on coal exports to France. In early 1923, Germany defaulted on its reparations, and German coal producers refused to ship any more coal across the border. In response, French and Belgian troops occupied the Ruhr, compelling the German government to resume shipments of coal and coke. Germany characterized the demands as excessive under its post-war condition, as they represented 60% of what Germany had been shipping into the same area before the war began. This occupation of the Ruhr, the center of Germanys coal and steel industries, outraged many German people. There was passive resistance to the occupation, and the economy suffered, further contributing to the German hyperinflation. To simultaneously resolve this situation and enhance the likelihood of Germany resuming reparation payments, the Allied Reparations Commission urgently requested Dawes to devise a solution promptly. The Dawes Committee, comprising ten inform Item ordered may not be exact piece shown. All original and authentic.