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When you want to change the names on a bond, you must ask Treasury to reissue the bond. That means you give up the bond you hold and get a new one in its place. Treasury cancels and retires the old bond and issues a new bond. The new bond has the same series, same issue date, and same total face amount as the old bond. Reissuing a bond may have tax consequences; that is, the original owner may need to pay taxes on interest earned before the bond was reissued.
