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A small, detachable mini-certificate that is literally attached to a bond certificate and is clipped and presented for payment when interest is due.

The certificate entitles the holder to an interest payment on a specified date. It usually represents the six month interest payment on the face value of the bond certificate. For example, a bond with a 10% coupon will pay $10 per $100 of the face value per year, usually in installments paid every six months.

Coupons can be sold individually separate from the bond principal.

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