What is the difference between a municipal bond and coupon?

It is of some assistance, though not to my mind decisive, to note, as counsel observed, that the coupon is in the form of a promissory note payable to bearer. The bond and coupon is intended to be a negotiable security transferable by delivery until, according to the term of the bond, “a certificate of ownership has been endorsed thereon by the treasurer of this city,” after which it is not transferable except by entry in the debenture register of the city. To be a negotiable security it must be for “a sum certain in money,” or for that which passes freely from hand to hand throughout the community in final discharge of debts and full payment of commodities, being accepted equally without reference to the character or credit of the person who offers it and without the intention of the person who receives it to consume it or apply it to any other use than in turn to tender it to others in discharge of debts or payment for commodities. [Moss v. Hancock (1899) 2 Q.B. 111, at p. 116, 68 L.J.Q.B. 657, quoted in Maclaren on Bills and Notes, 5th ed., 454.]