Jerald C. Price was born June 18, 1918 in Longmont, Colorado to Jean C. and Laura M. (Jones) Price. He had two sisters, Jean and Patricia. Price graduated from Longmont (CO) High School and then Colorado A&M in Fort Collins in 1940.

Price married Jean Fonda on June 14, 1941 in Palo Alto, California.

Immediately after graduating from college, Price enlisted in the United States Army Air Corps from Larimer County, Colorado. Service Numbers 18000207 and O-407260. CPT Price flew a B-17 Flying Fortress.

In June 1943, the city of Estes Park, Colorado dedicated a fighter plane "Avenger" that was purchased with bonds by the town residents. Price offered to write the names of the five largest bond purchasers on bombs that he would drop over Germany. On August 17, 1943, Price fulfilled the promise by dropping the named bombs over Schweinfurt, Germany from his B-17 "WE THE PEOPLE". He had previously dropped a brick over Vegesack, Germany at the request of a friend.

In November 1943, Price completed his schedule of bombing missions. He was then promoted to the rank of Lieutenant Colonel (LTC) and transferred to Headquarters with the 8th Army Air Force.  LTC Price was later loaned to the 355th Fighter Group stationed at Steeple Morden, England where he flew six additional combat missions.

On August 23, 1944, LTC Price was killed while flying a P-51 Mustang that experienced a mechanical issue. The plane crashed near St Neots, Cambridgeshire, England.

Jerald C. Price was interred in Mountain View Cemetery in Longmont, Colorado.

LTC Price was awarded the Distinguished Flying Cross with Oak Leaf Cluster in September 1943 for his many bombing missions as a squadron leader. He also received the Air Medal with three Oak Leaf Clusters.

The Legion of Merit was awarded to LTC Price for modifying equipment and training men to drop leaflets over Germany.