Having served as head of the Farm Credit Administration in 1933, Henry Morgenthau (1891 - 1967) was appointed Secretary of the Treasury by President Franklin D. Roosevelt in 1934, continuing briefly under President Harry Truman. As Roosevelt's Secretary, Morgenthau was instrumental in setting up the Works Progress Administration and the Public Works of Art Project in the 1930's. To finance World War II,Morgenthau initiated an elaborate system of marketing war bonds. He arranged that the Federal Reserve would support Treasury borrowing and would purchase bonds not bought by the public at an agreed rate. The War Bond program raised 49 billion dollars towards the cost of the war.

Notice that the total amount raised. Clearly, these were low denomination bonds. The fake ones came later. They are clearly forgeries.

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http://www.quatloos.com/morganthau_bonds.htm