And don't think it can't happen.
Here's TIME Magazine, February 16, 1959:
Business: Bond Failure
The U.S. Treasury offered $9.1 billion in new securities last week to private holders of maturing debt and got a shock. It had hoped to persuade most of the holders of maturing issues, bearing 1â??% and 2½% interest rates, to trade them in for new Government securities paying 3¾% and 4%. Instead, owners of more than 20% of the old issues demanded to be paid off in cash, the biggest such demand in six months.
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