What was the effects of WWII on Victory Bonds?
I do not really think that this is a proper way to phrase the question. This is because World War II did not really have any effect on Victory Bonds. Instead, World War II caused Victory Bonds to exist -- if it had not been for the war, there would have been no bonds.
The whole purpose of selling Victory Bonds was to raise money for the war effort. So if there is no war effort, there are no bonds.
So, the war made the bonds necessary and the bonds helped to finance the war. But I would not say that the war affected the bonds.
Victory bonds refer to the bonds raised by Canadian Government to raise money for the cost of fighting World War I and World War II. The effect of these war bond like similar war bonds by many other countries on the Allied side during the World War II was to support the war effort of the allies.
While war bonds did a lot to finance the war efforts. it also did a lot to boost the patriotic spirit and morale of common people by giving them in opportunity to contribute to the war effort.