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This small certificate bears a U.S. Treasury Department Seal and is sporadically found attached to bonds (and occasionally stocks). The certificates encountered so far seem to date from 1941 to 1943.
A correspondent finally helped solve this long-running mystery by directing me to a huge page of the Presidential Advisory Commission on Holocaust Assets in the United States. One of those pages explains, in detail, the issues involved in freezing assets of Germany and its conquered nations during World War II.
Similar to the freezing of terrorist assets in today's world, the U.S. attempted to prevent hostile interests from trading securities and thereby funding war efforts. Of course, that action also inadvertently blocked the securities of victims from those same countries.
It turns out that TFEL-2 was a form that allowed friendly, non-hostile foreign nationals to trade American securities during the war. Quoting Chapter III, Assets in the United States, this curious form, TFEL-2, was
Example of TFEL-2 stapled to $500 Northern Pacific Railway Company bond,
(I do NOT track occurrences of TFEL-2, so there is no need to report them to me.)
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