These certificates represent loans in amounts smaller than the smallest bonds that companies issued. Most fractional bonds represented down payments on $1,000 bonds.

Depending on the company, these certificates were also called fractional bond scrip or fractional bond warrants. Like fractional stock certificates, many represent interest payments that companies sent to bond holders, but which were redeemable only by purchasing more company stocks or bonds.

Generally, fractional bonds are plain in appearance. They seldom show vignettes. Typically fractional bonds include a large amount of text explaining redemption policies and dates.