Legal corpus: the complete U.S. Code (59,740 sections, all 53 titles)

Ingested titles 12–51 and 54 from OLRC USLM XML @119-100 (the whole Code
now, uniform edition; Title 53 is reserved/empty). LegalText 11,221 ->
59,740; repo total 105,704 records. Deterministic (byte-identical rerun,
verified on Title 42's 8,356 sections); make check green. make
legal-us-code default now covers every title.

Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
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---
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description: "Decimal system"
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title_number: 31
title_name: "MONEY AND FINANCE"
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chapter_name: "COINS AND CURRENCY"
section: "5101"
citation: "31 U.S.C. § 5101"
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---
# 31 U.S.C. § 5101 - Decimal system
## Text
United States money is expressed in dollars, dimes or tenths, cents or hundreths,11 So in original. Probably should be “hundredths,”. and mills or thousandths. A dime is a tenth of a dollar, a cent is a hundredth of a dollar, and a mill is a thousandth of a dollar.
(Pub. L. 97258, Sept. 13, 1982, 96 Stat. 980.)
## Notes
Historical and Revision Notes Revised SectionSource (U.S. Code)Source (Statutes at Large) 510131:371.R.S. § 3563. The word “money” is substituted for “money of account” to eliminate unnecessary words. As far as can be determined, the phrase “money of account” has not been interpreted by any court or Government agency. The phrase was used by Alexander Hamilton in his “Report on the Establishment of the Mint” (1791). In that Report, Hamilton propounded 6 questions, including: 1st. What ought to be the nature of the money unit of the United States? Thereafter, Hamilton uses the phrases “money unit of the United States” and “money of account” interchangeably and in the sense that the phrases are used to denote the monetary system for keeping financial accounts. In short, the phrases simply indicate that financial accounts are to be based on a decimal money system: …, and it is certain that nothing can be more simple and convenient than the decimal subdivisions. There is every reason to expect that the method will speedily grow into general use, when it shall be seconded by corresponding coins. On this plan the unit in the money of account will continue to be, as established by that resolution [of August 8, 1786], a dollar, and its multiples, dimes, cents, and mills, or tenths, hundreths, [sic] and thousands. Thus, the phrase “money of account” did not mean, by itself, that dollars or fractions of dollars must be equal to something having intrinsic or “substantive” value. This concept is supported by earlier writings of Thomas Jefferson in his “Notes on the Establishment of a Money Unit, and of a Coinage for the United States” (1784), and the 1782 report to the President of the Continental Congress on the coinage of the United States by the Superintendent of Finances, Robert Morris, which was apparently prepared by the Assistant Superintendent, Gouverneur Morris. See Paul L. Ford, The Writings of Thomas Jefferson, vol. III (G.P. Putnams Sons, 1894) pp. 446457; William G. Sumner, The Financier and the Finances of the American Revolution, vol. II (Burt Franklin, 1891, reprinted 1970) pp. 3647; and George T. Curtis, History of the Constitution, vol. I (Harper and Brothers, 1859) p. 443, n2. The words “or units” and “and all accounts in the public offices and all proceedings in the courts shall be kept and had in conformity to this regulation” are omitted as surplus.
Statutory Notes and Related Subsidiaries
Short Title of 2021 AmendmentPub. L. 116330, § 1, Jan. 13, 2021, 134 Stat. 5101, provided that: “This Act [amending section 5112 of this title and enacting provisions set out as a note under section 5112 of this title] may be cited as the Circulating Collectible Coin Redesign Act of 2020.”
Short Title of 2018 AmendmentPub. L. 115197, § 1, July 20, 2018, 132 Stat. 1515, provided that: “This Act [amending section 5112 of this title] may be cited as the American Innovation $1 Coin Act.”
Short Title of 2014 AmendmentPub. L. 113118, § 1, June 9, 2014, 128 Stat. 1183, provided that: “This Act [amending provisions listed in a table of Commemorative Medals set out under section 5111 of this title] may be cited as the Gold Medal Technical Corrections Act of 2014.”
Short Title of 2010 AmendmentPub. L. 111303, § 1, Dec. 14, 2010, 124 Stat. 3275, provided that: “This Act [amending section 5112 of this title] may be cited as the American Eagle Palladium Bullion Coin Act of 2010.” Pub. L. 111302, § 1, Dec. 14, 2010, 124 Stat. 3272, provided that: “This Act [amending section 5112 of this title and enacting provisions set out as notes under section 5112 of this title] may be cited as the Coin Modernization, Oversight, and Continuity Act of 2010.”
Short Title of 2008 AmendmentPub. L. 110456, § 1, Dec. 23, 2008, 122 Stat. 5038, provided that: “This Act [amending section 5112 of this title and enacting provisions set out as a note under section 5112 of this title] may be cited as the Americas Beautiful National Parks Quarter Dollar Coin Act of 2008.”
Short Title of 2007 AmendmentPub. L. 11082, § 1, Sept. 20, 2007, 121 Stat. 777, provided that: “This Act [amending section 5112 of this title and enacting provisions set out as a note under section 5112 of this title] may be cited as the Native American $1 Coin Act.”
Short Title of 2005 AmendmentPub. L. 109145, § 1, Dec. 22, 2005, 119 Stat. 2664, provided that: “This Act [amending section 5112 of this title and enacting provisions set out as notes under section 5112 of this title] may be cited as the Presidential $1 Coin Act of 2005.”
Short Title of 2003 AmendmentPub. L. 10815, § 1, Apr. 23, 2003, 117 Stat. 615, provided that: “This Act [amending sections 5112, 5134, and 5135 of this title and enacting provisions set out as notes under sections 5112, 5134, and 5135 of this title] may be cited as the American 5-Cent Coin Design Continuity Act of 2003.”
Short Title of 2002 AmendmentPub. L. 107201, § 1, July 23, 2002, 116 Stat. 736, provided that: “This Act [amending section 5116 of this title and enacting provisions set out as notes under sections 5112 and 5116 of this title] may be cited as the Support of American Eagle Silver Bullion Program Act.”
Short Title of 2000 AmendmentPub. L. 106445, § 1, Nov. 6, 2000, 114 Stat. 1931, provided that: “This Act [amending sections 5112, 5132 and 5134 of this title] may be cited as the United States Mint Numismatic Coin Clarification Act of 2000.”
Short Title of 1997 AmendmentPub. L. 105124, § 1, Dec. 1, 1997, 111 Stat. 2534, provided that: “This Act [amending section 5112 of this title and enacting provisions set out as notes under this section and section 5112 of this title] may be cited as the 50 States Commemorative Coin Program Act.” Pub. L. 105124, § 4(a), Dec. 1, 1997, 111 Stat. 2536, provided that: “This section [amending section 5112 of this title and enacting provisions set out as notes under section 5112 of this title] may be cited as the United States $1 Coin Act of 1997.”
Short Title of 1996 AmendmentPub. L. 104329, § 1(a), Oct. 20, 1996, 110 Stat. 4005, provided that: “This Act [amending sections 5131 and 5135 of this title and enacting provisions set out as notes under this section, sections 5112 and 5135 of this title, and section 431 of Title 16, Conservation] may be cited as the United States Commemorative Coin Act of 1996.” Pub. L. 104329, title III, § 301, Oct. 20, 1996, 110 Stat. 4012, provided that: “This title [amending sections 5131 and 5135 of this title and enacting provisions set out as notes under sections 5112 and 5135 of this title] may be cited as the 50 States Commemorative Coin Program Act.”
Short Title of 1992 AmendmentPub. L. 102390, title II, § 201, Oct. 6, 1992, 106 Stat. 1624, provided that: “This title [enacting sections 5134 and 5135 of this title, amending sections 304, 5111, 5112, 5119, 5131, and 5132 of this title and section 709 of Title 18, Crimes and Criminal Procedure, enacting provisions set out as notes under sections 5132 and 5134 of this title, amending provisions set out as notes under section 5112 of this title, and repealing provisions set out as a note under section 5112 of this title] may be cited as the United States Mint Reauthorization and Reform Act of 1992.”
Short Title of 1990 AmendmentPub. L. 101585, § 1, Nov. 15, 1990, 104 Stat. 2874, provided that: “This Act [amending section 5132 of this title] may be cited as the Silver Coin Proof Sets Act.”
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# 31 U.S.C. § 5102 - Standard weight
## Text
The standard troy pound of the National Institute of Standards and Technology of the Department of Commerce shall be the standard used to ensure that the weight of United States coins conforms to specifications in section 5112 of this title.
(Pub. L. 97258, Sept. 13, 1982, 96 Stat. 980; Pub. L. 100418, title V, § 5115(c), Aug. 23, 1988, 102 Stat. 1433.)
## Notes
Historical and Revision Notes Revised SectionSource (U.S. Code)Source (Statutes at Large) 510231:364.R.S. § 3548; restated Mar. 4, 1911, ch. 268, § 1, 36 Stat. 1354. The words “National Bureau of Standards of the Department of Commerce” are substituted for “Bureau of Standards of the United States” because of 15:1511. The words “troy pound of the mint of the United States, conformably to which the coinage thereof shall be regulated” are omitted as unnecessary because of the restatement. The word “ensure” is substituted for “securing” as being more precise. The words “specifications in section 5112 of this title” are substituted for “the provisions of the laws relating to coinage” because of the restatement.
Editorial Notes
Amendments1988—Pub. L. 100418 substituted “National Institute of Standards and Technology” for “National Bureau of Standards”.
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---
# 31 U.S.C. § 5103 - Legal tender
## Text
United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues. Foreign gold or silver coins are not legal tender for debts.
(Pub. L. 97258, Sept. 13, 1982, 96 Stat. 980; Pub. L. 97452, § 1(19), Jan. 12, 1983, 96 Stat. 2477.)
## Notes
Historical and Revision Notes 1982 Act Revised SectionSource (U.S. Code)Source (Statutes at Large) 510331:392.July 23, 1965, Pub. L. 8981, § 102, 79 Stat. 255. 31:456.R.S. § 3584. The words “All . . . regardless of when coined or issued” are omitted as unnecessary because of the restatement. The word “debts” is substituted for “debts, public and private” to eliminate unnecessary words. The words “public charges, taxes, duties, and dues” are omitted as included in “debts”.
1983 ActThis restores to 31:5103 the reference to public charges, taxes, and dues because they are not considered to be debts. See, Hagar v. Reclamation District No. 108, 111 U.S. 701, 706 (1884).
Editorial Notes
Amendments1983—Pub. L. 97452 inserted “, public charges, taxes, and dues” after “all debts”.
Statutory Notes and Related Subsidiaries
Effective Date of 1983 AmendmentAmendment effective Sept. 13, 1982, see section 2(i) of Pub. L. 97452, set out as a note under section 3331 of this title.
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# 31 U.S.C. § 5113 - Tolerances and testing of coins
## Text
(a) The Secretary of the Treasury may prescribe reasonable manufacturing tolerances for specifications in section 5112 of this title (except for specifications that are limits) for the dollar, half dollar, quarter dollar, and dime coins. The weight of the 5-cent coin may vary not more than 0.194 gram. The weight of the one-cent coin may vary not more than 0.13 gram. Any gold coin issued under section 5112 of this title shall contain the full weight of gold stated on the coin.
(b) The Secretary shall keep a record of the kind, number, and weight of each group of coins minted and test a number of the coins separately to determine if the coins conform to the weight specified in section 5112(a) of this title. If the coins tested do not conform, the Secretary—
(1) shall weigh each coin of the group separately and deface the coins that do not conform and cast them into bars for reminting; or
(2) may remelt the group of coins.
(Pub. L. 97258, Sept. 13, 1982, 96 Stat. 983; Pub. L. 100274, § 4(b), Mar. 31, 1988, 102 Stat. 50.)
## Notes
Historical and Revision Notes Revised SectionSource (U.S. Code)Source (Statutes at Large) 5113(a)31:350.R.S. § 3537; Sept. 26, 1890, ch. 945, § 1, 26 Stat. 485. 31:398(5).July 23, 1965, Pub. L. 8981, § 108(5), 79 Stat. 255. 5113(b)31:351.R.S. § 3538; Aug. 23, 1912, ch. 350, § 1(last par. words before 7th comma under heading “Assay Office at Salt Lake City, Utah”), 37 Stat. 384. In subsection (a), the words “for the dollar, half dollar, quarter dollar, and dime coins” are added because of the restatement. The words “0.194 gram” are substituted for “three grains”, and the words “0.13 gram” are substituted for “two grains”, for consistency in the revised chapter. In subsection (b), before clause (1), the words “Secretary shall keep a record of the kind, number, and weight of each group of coins minted” are substituted for 31:351(1st sentence) because of the source provisions restated in section 321(c) of the revised title. In clause (1), the words “deface the coins that do not conform and cast them into bars for reminting” are substituted for “shall be defaced and delivered to the superintendent of melting and refining department as standard bullion, to be again formed into ingots and recoined” for consistency in the revised chapter and to eliminate unnecessary words. In clause (2), the words “if more convenient” are omitted as surplus.
Editorial Notes
Amendments1988—Subsec. (a). Pub. L. 100274 inserted at end “Any gold coin issued under section 5112 of this title shall contain the full weight of gold stated on the coin.”
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# 31 U.S.C. § 5115 - United States currency notes
## Text
(a) The Secretary of the Treasury may issue United States currency notes. The notes—
(1) are payable to bearer; and
(2) shall be in a form and in denominations of at least one dollar that the Secretary prescribes.
(b) The amount of United States currency notes outstanding and in circulation—
(1) may not be more than $300,000,000; and
(2) may not be held or used for a reserve.
(Pub. L. 97258, Sept. 13, 1982, 96 Stat. 983.)
## Notes
Historical and Revision Notes Revised SectionSource (U.S. Code)Source (Statutes at Large) 5115(a)31:401.R.S. § 3571. 5115(b)31:402.June 20, 1874, ch. 343, § 6, 18 Stat. 124; Jan. 14, 1875, ch. 15, § 3, 18 Stat. 296. In the section, the words “United States currency notes” are substituted for “United States notes” for clarity and consistency in the revised title. In subsection (a), the first sentence is added for clarity and because of the restatement. The words “shall not bear interest” are omitted because of the source provisions restated in section 5118 of the revised title. In subsection (b), before clause (1), the words “in circulation” are substituted for “to be used as a part of the circulation medium” to eliminate unnecessary words. In clause (1), the words “the sum of” are omitted as surplus. The words “which said sum shall appear in each monthly statement of the public debt” are omitted because of the source provisions restated in section 5118 of the revised title. In clause (2), the words “and no part thereof shall” are omitted because of the restatement. The text of section 3(less 2d sentence) of the Act of January 14, 1875 (ch. 15, 18 Stat. 296), is omitted as executed.
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# 31 U.S.C. § 5116 - Buying and selling gold and silver
## Text
(a) (1) With the approval of the President, the Secretary of the Treasury may—
(A) buy and sell gold in the way, in amounts, at rates, and on conditions the Secretary considers most advantageous to the public interest; and
(B) buy the gold with any direct obligations of the United States Government or United States coins and currency authorized by law, or with amounts in the Treasury not otherwise appropriated.
(2) Amounts received from the purchase of gold are an asset of the general fund of the Treasury. Amounts received from the sale of gold shall be deposited by the Secretary in the general fund of the Treasury and shall be used for the sole purpose of reducing the national debt.
(3) The Secretary shall acquire gold for the coins issued under section 5112(i) of this title by purchase of gold mined from natural deposits in the United States, or in a territory or possession of the United States, within one year after the month in which the ore from which it is derived was mined. The Secretary shall pay not more than the average world price for the gold. In the absence of available supplies of such gold at the average world price, the Secretary may use gold from reserves held by the United States to mint the coins issued under section 5112(i) of this title. The Secretary shall issue such regulations as may be necessary to carry out this paragraph.
(b) (1) The Secretary may buy silver mined from natural deposits in the United States, or in a territory or possession of the United States, that is brought to a United States mint or assay office within one year after the month in which the ore from which it is derived was mined. The Secretary may use the coinage metal fund under section 5111(b) of this title to buy silver under this subsection.
(2) The Secretary may sell or use Government silver to mint coins, except silver transferred to stockpiles established under the Strategic and Critical Materials Stock Piling Act (50 U.S.C. 98 et seq.). The Secretary shall obtain the silver for the coins authorized under section 5112(e) of this title by purchase from stockpiles established under the Strategic and Critical Materials Stock Piling Act (50 U.S.C. 98 et seq.). At such time as the silver stockpile is depleted, the Secretary shall obtain silver as described in paragraph (1) to mint coins authorized under section 5112(e). If it is not economically feasible to obtain such silver, the Secretary may obtain silver for coins authorized under section 5112(e) from other available sources. The Secretary shall not pay more than the average world price for silver under any circumstances. As used in this paragraph, the term “average world price” means the price determined by a widely recognized commodity exchange at the time the silver is obtained by the Secretary. The Secretary shall sell silver under conditions the Secretary considers appropriate for at least $1.292929292 a fine troy ounce.
(Pub. L. 97258, Sept. 13, 1982, 96 Stat. 984; Pub. L. 9961, title II, § 203, July 9, 1985, 99 Stat. 116; Pub. L. 99185, § 2(c), Dec. 17, 1985, 99 Stat. 1178; Pub. L. 100274, § 5, Mar. 31, 1988, 102 Stat. 50; Pub. L. 107201, § 3(a)(1), July 23, 2002, 116 Stat. 737.)
## Notes
Historical and Revision Notes Revised SectionSource (U.S. Code)Source (Statutes at Large) 5116(a)31:733(words after semicolon).R.S. § 3699(words after semicolon); restated Jan. 30, 1934, ch. 6, § 9, 48 Stat. 341. 31:734.R.S. § 3700; restated Jan. 30, 1934, ch. 6, § 8, 48 Stat. 341. 5116(b)(1)31:335.R.S. § 3526; restated May 10, 1950, ch. 173, 64 Stat. 157; July 9, 1956, ch. 535, § 2, 70 Stat. 518; July 23, 1965, Pub. L. 8981, § 205, 79 Stat. 256. 31:394.July 23, 1965, Pub. L. 8981, § 104, 79 Stat. 255. 5116(b)(2)31:405a1.June 4, 1963, Pub. L. 8836, § 2, 77 Stat. 54; July 23, 1965, Pub. L. 8981, § 209, 79 Stat. 257; restated June 24, 1967, Pub. L. 9029, § 3, 81 Stat. 77. In subsection (a)(1), the words “With the approval of the President” are applied to 31:733(words after semicolon) because of 31:822b. The words “at home or abroad” in 31:733(words after semicolon) and 734 are omitted as surplus. The words “terms and” are omitted as included in “conditions”. The text of 31:733(proviso) is omitted as superseded by the Bretton Woods Agreement Act (22 U.S.C. 286 et seq.) and sections 6 and 9 of the Act of October 19, 1976 (Pub. L. 94564, 90 Stat. 2661), repealing 31:449 that provided for parity of the dollar on terms of gold and special drawing rights. The text of 31:734(1st sentence words after semicolon) is omitted as surplus. In subsection (b)(1), the words “coinage metal fund” are substituted for “bullion fund” in 31:335 as being more precise and because of section 5111 of the revised title. The words “after July 23, 1965” in 31:394 are omitted as executed. The words “to procure bullion for coinage” and 31:335(2dlast sentences) are omitted as obsolete because the Secretary of the Treasury has authority to mint coins containing silver only under section 5112(e) of the revised title and the Secretary holds sufficient silver to mint those coins. See Sen. Rept. No. 911084 (1970). In subsection (b)(2), the word “terms” is omitted as being included in “conditions”. The words “for at least” are substituted for “at a price not less than the monetary value of” to eliminate unnecessary words.
Editorial Notes
References in TextThe Strategic and Critical Materials Stock Piling Act, referred to in subsec. (b)(2), is act June 7, 1939, ch. 190, as revised generally by Pub. L. 9641, § 2, July 30, 1979, 93 Stat. 319, which is classified generally to subchapter III (§ 98 et seq.) of chapter 5 of Title 50, War and National Defense. For complete classification of this Act to the Code, see section 98 of Title 50 and Tables.
Amendments2002—Subsec. (b)(2). Pub. L. 107201 inserted after second sentence “At such time as the silver stockpile is depleted, the Secretary shall obtain silver as described in paragraph (1) to mint coins authorized under section 5112(e). If it is not economically feasible to obtain such silver, the Secretary may obtain silver for coins authorized under section 5112(e) from other available sources. The Secretary shall not pay more than the average world price for silver under any circumstances. As used in this paragraph, the term average world price means the price determined by a widely recognized commodity exchange at the time the silver is obtained by the Secretary.” 1988—Subsec. (a)(2). Pub. L. 100274 amended last sentence generally, substituting “shall be deposited by the Secretary in the general fund of the Treasury and shall be used for the sole purpose of reducing the national debt” for “shall be deposited in the general fund of the Treasury”. 1985—Subsec. (a)(3). Pub. L. 99185 added par. (3). Subsec. (b)(1). Pub. L. 9961, § 203(1), (2), substituted “The Secretary may buy silver” for “The Secretary shall buy silver”, and struck out provision directing that the Secretary pay $1.25 a fine troy ounce for silver. Subsec. (b)(2). Pub. L. 9961, § 203(3), inserted provision directing that the Secretary obtain the silver for the coins authorized under section 5112(e) of this title by purchase from stockpiles established under the Strategic and Critical Materials Stock Piling Act.
Statutory Notes and Related Subsidiaries
Effective Date of 1985 AmendmentsAmendment by Pub. L. 99185 effective Oct. 1, 1985, except that no coins may be issued or sold under section 5112(i) of this title before Oct. 1, 1986, see section 3 of Pub. L. 99185, set out as a note under section 5112 of this title. Amendment by Pub. L. 9961 effective Oct. 1, 1985, with exception as to issuance or sale of coins under section 5112(e) of this title, see section 205 of Pub. L. 9961, set out as a note under section 5112 of this title.
RegulationsPub. L. 107201, § 3(a)(2), July 23, 2002, 116 Stat. 737, provided that: “The Secretary of the Treasury shall issue regulations to implement the amendments made by paragraph (1) [amending this section].”
Congressional Findings Concerning American Eagle Silver Bullion ProgramPub. L. 107201, § 2, July 23, 2002, 116 Stat. 736, provided that: “Congress finds that— “(1) the American Eagle Silver Bullion coin leads the global market, and is the largest and most popular silver coin program in the United States; “(2) established in 1986, the American Eagle Silver Bullion Program is the most successful silver bullion program in the world; “(3) from fiscal year 1995 through fiscal year 2001, the American Eagle Silver Bullion Program generated—“(A) revenues of $264,100,000; and “(B) sufficient profits to significantly reduce the national debt; “(4) with the depletion of silver reserves in the Defense Logistic Agencys Strategic and Critical Materials Stockpile, it is necessary for the Department of the Treasury to acquire silver from other sources in order to preserve the American Eagle Silver Bullion Program; “(5) with the ability to obtain silver from other sources, the United States Mint can continue the highly successful American Eagle Silver Bullion Program, exercising sound business judgment and market acquisition practices in its approach to the silver market, resulting in continuing profitability of the program; “(6) in 2001, silver was commercially produced in 12 States, including, [sic] Alaska, Arizona, California, Colorado, Idaho, Missouri, Montana, Nevada, New Mexico, South Dakota, Utah, and Washington; “(7) Nevada is the largest silver producing State in the Nation, producing—“(A) 17,500,000 ounces of silver in 2001; and “(B) 34 percent of United States silver production in 2000; “(8) the mining industry in Idaho is vital to the economy of the State, and the Silver Valley in northern Idaho leads the world in recorded silver production, with over 1,100,000,000 ounces of silver produced between 1884 and 2001; “(9) the largest, active silver producing mine in the Nation is the McCoy/Cove Mine in Nevada, which produced more than 107,000,000 ounces of silver between 1989 and 2001; “(10) the mining industry in Idaho—“(A) employs more than 3,000 people; “(B) contributes more than $900,000,000 to the Idaho economy; and “(C) produces $70,000,000 worth of silver per year; “(11) the silver mines of the Comstock lode, the premier silver producing deposit in Nevada, brought people and wealth to the region, paving the way for statehood in 1864, and giving Nevada its nickname as the Silver State; “(12) mines in the Silver Valley—“(A) represent an important part of the mining history of Idaho and the United States; and “(B) have served in the past as key components of the United States war effort; and “(13) silver has been mined in Nevada throughout its history, with every significant metal mining camp in Nevada producing some silver.”
Annual Report on Silver Purchases in Support of American Eagle Silver Bullion ProgramPub. L. 107201, § 3(c), July 23, 2002, 116 Stat. 737, provided that: “(1) In general.—The Director of the United States Mint shall prepare and submit to Congress an annual report on the purchases of silver made pursuant to this Act [amending this section and enacting provisions set out as notes under this section and sections 5101 and 5112 of this title] and the amendments made by this Act. “(2) Concurrent submission.—The report required by paragraph (1) may be incorporated into the annual report of the Director of the United States Mint on the operations of the mint and assay offices, referred to in section 1329 of title 44, United States Code.”
Termination of Coinage Metal FundAll assets and liabilities of Coinage Metal Fund transferred to United States Mint Public Enterprise Fund and such coinage fund to cease to exist as separate fund as its activities and functions are subsumed under and subject to United States Mint Public Enterprise Fund, see section 5136 of this title.
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# 31 U.S.C. § 5117 - Transferring gold and gold certificates
## Text
(a) All right, title, and interest, and every claim of the Board of Governors of the Federal Reserve System, a Federal reserve bank, and a Federal reserve agent, in and to gold is transferred to and vests in the United States Government to be held in the Treasury. Payment for the transferred gold is made by crediting equivalent amounts in dollars in accounts established in the Treasury under the 15th paragraph of section 16 of the Federal Reserve Act (12 U.S.C. 467). Gold not in the possession of the Government shall be held in custody for the Government and delivered on the order of the Secretary of the Treasury. The Board of Governors, Federal reserve banks, and Federal reserve agents shall give instructions and take action necessary to ensure that the gold is so held and delivered.
(b) The Secretary shall issue gold certificates against gold transferred under subsection (a) of this section. The Secretary may issue gold certificates against other gold held in the Treasury. The Secretary may prescribe the form and denominations of the certificates. The amount of outstanding certificates may be not more than the value (for the purpose of issuing those certificates, of 42 and two-ninths dollars a fine troy ounce) of the gold held against gold certificates. The Secretary shall hold gold in the Treasury equal to the required dollar amount as security for gold certificates issued after January 29, 1934.
(c) With the approval of the President, the Secretary may prescribe regulations the Secretary considers necessary to carry out this section.
(Pub. L. 97258, Sept. 13, 1982, 96 Stat. 984.)
## Notes
Historical and Revision Notes Revised SectionSource (U.S. Code)Source (Statutes at Large) 5117(a)31:441(1st, last sentences).Jan. 30, 1934, ch. 6, §§ 2(a), 11, 48 Stat. 337, 342. 5117(b)31:405b.Jan. 30, 1934, ch. 6, § 14(c), 48 Stat. 344; Mar. 18, 1968, Pub. L. 90269, § 12, 82 Stat. 51; restated Oct. 19, 1976, Pub. L. 94564, § 8, 90 Stat. 2661. 31:408a(last proviso).Jan. 30, 1934, ch. 6, § 6(last proviso), 48 Stat. 340; Mar. 18, 1968, Pub. L. 90269, § 8, 82 Stat. 50. 31:441(2d sentence). 5117(c)31:822b. In subsection (a), the words “On January 30, 1934” are omitted as executed. The word “gold” is substituted for “gold coin and gold bullion” for consistency and to omit unnecessary words. The word “transferred” is substituted for “pass” for consistency in the subsection. The words “to be held in the Treasury” are added for consistency with the source provisions restated in subsection (b) of the revised section. In subsection (b), the first sentence is substituted for 31:441(2d sentence) for consistency. The word “issued” in 31:405b is omitted as being included in “outstanding”. The words “of 42 and two-ninths dollars a fine troy ounce)” are substituted for “at the legal standard provided in section 449 of this title on October 19, 1976” because that was the legal standard in that section on that date. The text of 31:449 was repealed by section 6 of the Bretton Woods Agreements Act. The words “The Secretary shall hold . . . in the Treasury . . . as security” are substituted for “security . . . shall be maintained” in 31:408a(last proviso) because of the source provisions restated in section 321 of the revised title. The words “gold certificates issued after January 29, 1934” are substituted for “gold certificates (including the gold certificates held in the Treasury for credits payable therein)” for clarity and because of section 5118(c)(1)(A) of the revised title. In subsection (c), the word “regulations” is substituted for “rules and regulations”, and the word “necessary” is substituted for “necessary or proper”, to eliminate unnecessary words.
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# 31 U.S.C. § 5118 - Gold clauses and consent to sue
## Text
(a) In this section—
(1) “gold clause” means a provision in or related to an obligation alleging to give the obligee a right to require payment in—
(A) gold;
(B) a particular United States coin or currency; or
(C) United States money measured in gold or a particular United States coin or currency.
(2) “public debt obligation” means a domestic obligation issued or guaranteed by the United States Government to repay money or interest.
(b) The United States Government may not pay out any gold coin. A person lawfully holding United States coins and currency may present the coins and currency to the Secretary of the Treasury for exchange (dollar for dollar) for other United States coins and currency (other than gold and silver coins) that may be lawfully held. The Secretary shall make the exchange under regulations prescribed by the Secretary.
(c) (1) The Government withdraws its consent given to anyone to assert against the Government, its agencies, or its officers, employees, or agents, a claim—
(A) on a gold clause public debt obligation or interest on the obligation;
(B) for United States coins or currency; or
(C) arising out of the surrender, requisition, seizure, or acquisition of United States coins or currency, gold, or silver involving the effect or validity of a change in the metallic content of the dollar or in a regulation about the value of money.
(2) Paragraph (1) of this subsection does not apply to a proceeding in which no claim is made for payment or credit in an amount greater than the face or nominal value in dollars of public debt obligations or United States coins or currency involved in the proceeding.
(3) Except when consent is not withdrawn under this subsection, an amount appropriated for payment on public debt obligations and for United States coins and currency may be expended only dollar for dollar.
(d) (1) In this subsection, “obligation” means any obligation (except United States currency) payable in United States money.
(2) An obligation issued containing a gold clause or governed by a gold clause is discharged on payment (dollar for dollar) in United States coin or currency that is legal tender at the time of payment. This paragraph does not apply to an obligation issued after October 27, 1977.
(Pub. L. 97258, Sept. 13, 1982, 96 Stat. 985; Pub. L. 99185, § 2(d), Dec. 17, 1985, 99 Stat. 1178; Pub. L. 104208, div. A, title II, § 2609, Sept. 30, 1996, 110 Stat. 3009475; Pub. L. 10561, title VI, § 641, Oct. 10, 1997, 111 Stat. 1318.)
## Notes
Historical and Revision Notes Revised SectionSource (U.S. Code)Source (Statutes at Large) 5118(a)31:773d.Aug. 27, 1935, ch. 780, 49 Stat. 938. 5118(b)31:315b.Jan. 30, 1934, ch. 6, § 5, 48 Stat. 340. 31:773a. 5118(c)(1), (2)31:773b. 5118(c)(3)31:773c. 5118(d)31:463.June 5, 1933, ch. 48, § 1, 48 Stat. 113. 31:463(note).Oct. 28, 1977, Pub. L. 95147, § 4(c), 91 Stat. 1229. In subsection (a), before clause (1), the words “the phrase” are omitted as surplus. In clause (1), the words “declared to be against public policy by section 463 of this title” are omitted as surplus. Clause (2) is substituted for 31:773d(words after semicolon) for consistency in the revised title and to eliminate unnecessary words. In subsection (b), the words “after January 30, 1934” in 31:315b are omitted as executed. The words “that may be lawfully held” are substituted for “which may be lawfully acquired and are legal tender for public and private debts” in 31:773a for consistency in the subsection and to eliminate unnecessary words. The words “and that the owners of the gold clause securities of the United States shall be, at their election, entitled to receive immediate payment of the stated dollar amount thereof with interest to the date of payment or to prior maturity or to prior redemption date, whichever is earlier” in section 1 of the Act of August 27, 1935 (ch. 780, 49 Stat. 938), are omitted as expired. The words “make the exchange” are substituted for “make such exchanges and payments upon presentation hereunder” to eliminate unnecessary words. The words “No gold shall after January 30, 1934, be coined” in 31:315b are omitted because of section 5112 of the revised title. The text of 31:315b(proviso) is omitted as unnecessary because of the restatement. The text of 31:315b(last sentence) is omitted as executed. In subsection (c)(1), before clause (A), the word “Government” is substituted for “United States” for consistency in the revised title and with other titles of the United States Code. The words “to anyone” are added for clarity. The words “whether by way of suit, counterclaim, set-off, recoupment, or other affirmative action or defense in its own name or in the name of” are omitted as surplus. The word “employees” is added for consistency in the revised title and with other titles of the Code. The word “instrumentalities” is omitted as unnecessary because of section 101 of the revised title. The word “claim” is substituted for “right, privilege, or power” to eliminate unnecessary words and for consistency in the revised title and with other titles of the Code. The words “in any proceeding of any nature whatsoever” are omitted as surplus. In clause (C), the words “or demand” are omitted as surplus. In subsection (c)(2), the words “any suit commenced prior to August 27, 1935, or which may be commenced by January 1, 1936” are omitted as executed. The words “referred to in this section” are omitted as surplus. In subsection (c)(3), the words “may be expended” are substituted for “an amount appropriated or authorized to be expended” and “shall be available for or expended in”, and the words “dollar for dollar” are substituted for “on an equal and uniform dollar for dollar basis”, to eliminate unnecessary words. In subsection (d)(1), the words “including every obligation of and to the United States” are omitted as surplus. The text of 31:463(b)(words after semicolon) is omitted as unnecessary because of the restatement.
Editorial Notes
Amendments1997—Subsec. (d)(2). Pub. L. 10561 struck out at end “This paragraph shall apply to any obligation issued on or before October 27, 1977, notwithstanding any assignment or novation of such obligation after October 27, 1977, unless all parties to the assignment or novation specifically agree to include a gold clause in the new agreement. Nothing in the preceding sentence shall be construed to affect the enforceability of a Gold Clause contained in any obligation issued after October 27, 1977 if the enforceability of that Gold Clause has been finally adjudicated before the date of enactment of the Economic Growth and Regulatory Paperwork Reduction Act of 1996.” 1996—Subsec. (d)(2). Pub. L. 104208 inserted at end “This paragraph shall apply to any obligation issued on or before October 27, 1977, notwithstanding any assignment or novation of such obligation after October 27, 1977, unless all parties to the assignment or novation specifically agree to include a gold clause in the new agreement. Nothing in the preceding sentence shall be construed to affect the enforceability of a Gold Clause contained in any obligation issued after October 27, 1977 if the enforceability of that Gold Clause has been finally adjudicated before the date of enactment of the Economic Growth and Regulatory Paperwork Reduction Act of 1996.” 1985—Subsec.(b). Pub. L. 99185 struck out “or deliver” after “pay out” and inserted “(other than gold and silver coins)” before “that may be lawfully held”.
Statutory Notes and Related Subsidiaries
Effective Date of 1985 AmendmentAmendment by Pub. L. 99185 effective Oct. 1, 1985, except that no coins may be issued or sold under section 5112(i) of this title before Oct. 1, 1986, see section 3 of Pub. L. 99185, set out as a note under section 5112 of this title.
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# 31 U.S.C. § 5119 - Redemption and cancellation of currency
## Text
(a) Except to the extent authorized in regulations the Secretary of the Treasury prescribes with the approval of the President, the Secretary may not redeem United States currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) in gold. However, the Secretary shall redeem gold certificates owned by the Federal reserve banks at times and in amounts the Secretary decides are necessary to maintain the equal purchasing power of each kind of United States currency. When redemption in gold is authorized, the redemption may be made only in gold bullion bearing the stamp of a United States mint or assay office in an amount equal at the time of redemption to the currency presented for redemption.
(b) (1) Except as provided in subsection (c)(1) of this section, the following are public debts bearing no interest:
(A) gold certificates issued before January 30, 1934.
(B) silver certificates.
(C) notes issued under the Act of July 14, 1890 (ch. 708, 26 Stat. 289).
(D) Federal Reserve notes for which payment was made under section 4 of the Old Series Currency Adjustment Act.
(E) United States currency notes, including those issued under section 1 of the Act of February 25, 1862 (ch. 33, 12 Stat. 345), the Act of July 11, 1862 (ch. 142, 12 Stat. 532), the resolution of January 17, 1863 (P.R. 9; 12 Stat. 822), section 2 of the Act of March 3, 1863 (ch. 73, 12 Stat. 710), or section 5115 of this title.
(2) Redemption, cancellation, and destruction of currency.— The Secretary shall—
(A) redeem any currency described in paragraph (1) from the general fund of the Treasury upon presentment to the Secretary; and
(B) cancel and destroy such currency upon redemption.
The Secretary shall not be required to reissue United States currency notes upon redemption.
(c) (1) The Secretary may determine the amount of the following United States currency that will not be presented for redemption because the currency has been destroyed or irretrievably lost:
(A) circulating notes of Federal reserve banks and national banks issued before July 1, 1929, for which the United States Government has assumed liability.
(B) outstanding currency referred to in subsection (b)(1) of this section.
(2) When the Secretary makes a determination under this subsection, the Secretary shall reduce the amount of that currency outstanding by the amount the Secretary determines will not be redeemed and credit the appropriate receipt account.
(d) To provide a historical collection of United States currency, the Secretary may withhold from cancellation and destruction and transfer to a special account one piece of each design, issue, or series of each denomination of each kind of currency (including circulating notes of Federal reserve banks and national banks) after redemption. The Secretary may make appropriate entries in Treasury accounts because of the transfers.
(Pub. L. 97258, Sept. 13, 1982, 96 Stat. 985; Pub. L. 102390, title II, § 226(b), Oct. 6, 1992, 106 Stat. 1630; Pub. L. 103325, title VI, § 602(g)(14), Sept. 23, 1994, 108 Stat. 2294.)
## Notes
Historical and Revision Notes Revised SectionSource (U.S. Code)Source (Statutes at Large) 5119(a)31:408a(less last proviso).Jan. 30, 1934, ch. 6, §§ 6(less last proviso), 11, 15(1st sentence words between 2d and 3d semicolons), 48 Stat. 340, 342, 344. 31:444(1st sentence words between 2d and 3d semicolons). 31:822b. 5119(b)(1)31:405a3.June 24, 1967, Pub. L. 9029, §§ 1, 2, 81 Stat. 77. 31:911.June 30, 1961, Pub. L. 8766, §§ 2, 5, 6, 9, 10, 75 Stat. 146, 147. 31:915(a), (b). 5119(b)(2)31:404.May 31, 1878, ch. 146, 20 Stat. 87; June 30, 1961, Pub. L. 8766, § 7, 75 Stat. 147. 31:420.R.S. § 3580. 31:914. 31:916. 5119(c)(1)31:915(c)(words before last comma). 5119(c)(2)31:405a2. 31:915(c)(words after last comma). 5119(d)31:917. In subsection (a), the words “Secretary may not redeem” are substituted for “no . . . shall be redeemed” in 31:408a(less last proviso) because of the source provisions restated in section 321 of the revised title. The words “United States currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks)” are substituted for “currency of the United States” and the text of 31:444(1st sentence words between 2d and 3d semicolons) for consistency with section 5103 of this title and to eliminate unnecessary words. In subsection (b)(1), before clause (A), the words “upon completion of the transfers and credits authorized and directed by section 912 of this title” in 31:915 and “and the amount of the payment credited as a public debt receipt in accordance with such section” are omitted as executed. In clause (B), the text of 31:405a3(last sentence) and 31:915(a)(4) is consolidated. The text of 31:405a3(1st sentence) is omitted as executed. In clauses (C) and (E), the citations in parentheses are included only for information purposes. In subsection (b)(2), the words “cancel and destroy” are substituted for “retired” in 31:914 for consistency in the revised section. The words “paragraph (1) of this subsection” are substituted for “Any currency the funds for the redemption or security of which have been transferred pursuant to the provisions of section 912 of this title, and any Federal Reserve notes as to which payment has been made under section 913 of this title” because of the restatement. The words “presented to the Secretary” are substituted for “presentation at the Treasury” because of the source provisions restated in section 321(c) of the revised title. The text of 31:916 is omitted as unnecessary because of the restatement. The text of 31:404 and 31:420 is omitted as superseded by the source provisions restated in this subsection and subsection (c). The words “All acts and parts of acts in conflict herewith are hereby repealed” in the Act of May 31, 1878 (ch. 146, 20 Stat. 87), are omitted as executed. In subsection (c)(2), the words “When the Secretary makes a determination under this subsection” are added because of the restatement. The words “on the books of the Treasury” are omitted as surplus. The text of 31:405(e)(2)(1st sentence) is omitted as superseded by the source provisions restated in subsection (b). In subsection (d), the word “paper” is omitted as surplus. The words “(including circulating notes of Federal Reserve banks and national banks)” are substituted for “including bank notes” for consistency in the section. The words “heretofore or hereafter issued” are omitted as surplus.
Editorial Notes
References in TextAct of July 14, 1890, ch. 708, 26 Stat. 289, referred to in subsec. (b)(1)(C), which was known as the Sherman Purchase of Silver Act of July 14, 1890, was classified to sections 408, 410, 412, and 453 of former Title 31, and sections 122 and 145 of Title 12, Banks and Banking, and was repealed by Pub. L. 97258, § 5(b), Sept. 13, 1982, 96 Stat. 1069. Section 4 of the Old Series Currency Adjustment Act, referred to in subsec. (b)(1)(D), is section 4 of Pub. L. 8766, June 30, 1961, 75 Stat. 146, which was classified to section 913 of former Title 31, and was repealed by Pub. L. 97258, § 5(b), Sept. 13, 1982, 96 Stat. 1079. Acts February 25, 1862, July 11, 1862, and March 3, 1863, and resolution January 17, 1863, referred to in subsec. (b)(1)(E), are acts Feb. 25, 1862, ch. 33, 12 Stat. 345, July 11, 1862, ch. 142, 12 Stat. 532, and Mar. 3, 1863, ch. 73, 12 Stat. 709, and resolution Jan. 17, 1863, 12 Stat. 822, respectively, which are not classified to the Code.
Amendments1994—Subsec. (b)(2). Pub. L. 103325 inserted concluding provisions. 1992—Subsec. (b)(2). Pub. L. 102390 amended par. (2) generally. Prior to amendment, par. (2) read as follows: “The Secretary shall redeem from the general fund of the Treasury and cancel and destroy currency referred to in paragraph (1) of this subsection when the currency is presented to the Secretary.”
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# 31 U.S.C. § 5120 - Obsolete, mutilated, and worn coins and currency
## Text
(a) (1) The Secretary of the Treasury shall melt obsolete and worn United States coins withdrawn from circulation. The Secretary may use the metal from melting the coins for reminting or may sell the metal. The Secretary shall account for the following in the coinage metal fund under section 5111(b) of this title:
(A) obsolete and worn coins and the metal from melting the coins.
(B) proceeds from the sale of the metal.
(C) losses incurred in the sale of the metal.
(D) losses incurred because of the difference between the face value of the coins melted and the coins minted from the metal.
(2) The Secretary shall reimburse the coinage metal fund for losses under paragraph (1)(C) and (D) of this subsection out of amounts in the coinage profit fund under section 5111(b) of this title.
(b) The Secretary shall—
(1) cancel and destroy (by a secure process) obsolete, mutilated, and worn United States currency withdrawn from circulation; and
(2) dispose of the residue of the currency and notes.
(c) The Comptroller General shall audit the cancellation and destruction of United States currency and the accounting of the cancellation and destruction. Records the Comptroller General considers necessary to make an effective audit easier shall be made available to the Comptroller General.
(Pub. L. 97258, Sept. 13, 1982, 96 Stat. 986.)
## Notes
Historical and Revision Notes Revised SectionSource (U.S. Code)Source (Statutes at Large) 5120(a)31:317c.Dec. 18, 1942, ch. 767, § 3, 56 Stat. 1065; July 23, 1965, Pub. L. 8981, § 203(a), 79 Stat. 256. 5120(b)31:421.R.S. § 3581. 31:422.June 23, 1874, ch. 455, § 1(3d par. under heading “National Currency”), 18 Stat. 206. 5120(c)31:49a.May 20, 1966, Pub. L. 89427, § 5, 80 Stat. 161. In subsection (a)(1), before clause (A), the word “obsolete” is substituted for “uncurrent” as being more precise. The words “withdrawn from circulation” are substituted for “received in the Treasury” for clarity. The words “heretofore or hereafter issued” are omitted as surplus. The words “metal from melting the coins” are substituted for “the resulting metal” because of the restatement. The word “reminting” is substituted for “coinage” for consistency in the revised title. The word “material” is omitted as being included in “metal”. The words “The Secretary shall account” are substituted for “shall be accounted for by entries” because of the source provisions restated in section 321 of the revised title. In clause (D), the word “face” is substituted for “nominal or face” to eliminate unnecessary words. The words “coins minted from the metal” are substituted for “the amount the same will produce in new coin” for clarity. In subsection (a)(2), the words “The Secretary shall reimburse” are substituted for “fund shall be reimbursed” because of the source provisions restated in section 321 of the revised title. The text of 31:317c(proviso) is omitted as obsolete because the statutory limit on the coinage metal fund was removed by the restatement of section 3528 of the Revised Statutes by section 206(a) of the Coinage Act of 1965 (Pub. L. 8981, 79 Stat. 256). In subsection (b), before clause (1), the words “The Secretary shall” are substituted for “shall be destroyed in such manner and under such regulations as the Secretary of the Treasury may prescribe” in 31:421 because of the source provisions restated in section 321 of the revised title. In clause (1), the words “cancel and destroy” are substituted for “shall be destroyed” to conform to subsection (c) and section 5118(c) and (e) of the revised title. The words “(by a secure process)” are substituted for “may be destroyed by maceration instead of burning to ashes” in 31:422 to eliminate unnecessary words and because of the source provisions restated in section 321 of the revised title. The words “obsolete, mutilated, and worn . . . withdrawn from circulation” are substituted for “which by law are required to be taken up, and not reissued, when taken up” in 31:421 for consistency with subsection (a) and 12:124. The words “United States currency” are substituted for “all other notes” in 31:421 and “All national bank notes . . . and other obligations of the United States” for consistency in the revised title. The words “Mutilated United States notes, when replaced according to law” are omitted as superseded by the source provisions restated in section 5119(b) of the revised title. The text of the 3d paragraph(words before the first semicolon and between the 2d and last semicolons) under the heading “National Currency” in section 1 of the Act of June 23, 1874 (ch. 455, 18 Stat. 206), is omitted as executed. In clause (2), the words “dispose of the residue of the currency and notes” are substituted for “The pulp from such macerated issue shall be disposed of only under the direction of the Secretary of the Treasury” in 31:422 to eliminate unnecessary words and for consistency in the revised title. In subsection (c), the word “currency” is substituted for “currency . . . unfit for circulation” to eliminate unnecessary words. The words “regardless of who is responsible for, and regardless of who performs, such cancellation, destruction, or accounting” are omitted as unnecessary because of the restatement. The word “record” is substituted for “books, documents, papers, and records”, and the words “make . . . easier” are substituted for “facilitate”, for consistency in the revised title and with other titles of the United States Code.
Statutory Notes and Related Subsidiaries
Termination of Coinage Profit Fund and Coinage Metal FundAll assets and liabilities of Coinage Profit Fund and Coinage Metal Fund transferred to United States Mint Public Enterprise Fund and both coinage funds to cease to exist as separate funds as their activities and functions are subsumed under and subject to United States Mint Public Enterprise Fund, see section 5136 of this title.
Threshold for Requiring Taxpayer Identification NumberPub. L. 11274, div. C, title I, § 117, Dec. 23, 2011, 125 Stat. 891, provided that: “In the current fiscal year and each fiscal year hereafter, any person who forwards to the Bureau of Engraving and Printing a mutilated paper currency claim equal to or exceeding $10,000 for redemption will be required to provide the Bureau their taxpayer identification number.”
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# 31 U.S.C. § 5122 - Payment to depositors
## Text
(a) The Secretary of the Treasury shall determine the fineness, weight, and value of each deposit and bar under section 5121 of this title. The value and the amount of charges under subsection (b) of this section shall be based on the fineness and weight of the bullion. The Secretary shall give the depositor a statement of the charges and the net amount of the deposit to be paid in money or bars of the same species of bullion as that deposited.
(b) The Secretary shall impose a charge equal to the average cost of material, labor, waste, and use of machinery of a United States mint or assay office for—
(1) melting and refining bullion;
(2) using copper as an alloy when bullion deposited is above standard;
(3) separating gold and silver combined in the bullion; and
(4) preparing bars.
(c) The Secretary shall pay to the depositor or to a person designated by the depositor money or bars equivalent to the bullion deposited as soon as practicable after the value of the deposit is determined. If demanded, the Secretary shall pay depositors in the order in which the bullion is deposited with the Secretary. However, when there is an unavoidable delay in determining the value of a deposit, the Secretary shall pay subsequent depositors. When practicable and convenient, the Secretary shall pay depositors in the denominations requested by the depositor. After the depositor is paid, the bullion is the property of the United States Government.
(d) To allow the Secretary to pay depositors with as little delay as possible, the Secretary shall keep in the mints and assay offices, when possible, money and bullion the Secretary decides are convenient and necessary.
(Pub. L. 97258, Sept. 13, 1982, 96 Stat. 987.)
## Notes
Historical and Revision Notes Revised SectionSource (U.S. Code)Source (Statutes at Large) 5122(a)31:273(last sentence).R.S. § 3506(last sentence). 31:331.R.S. § 3523. 31:334.R.S. § 3525. 5122(b)31:332.R.S. § 3524; Jan. 14, 1875, ch. 15, § 2(words before com­ma), 18 Stat. 296; Mar. 1, 1881, ch. 95, 21 Stat. 374; Mar. 3, 1887, ch. 396, § 3, 24 Stat. 635. 5122(c)31:357.R.S. § 3544. 31:358(2d sentence).R.S. § 3545; June 19, 1878, ch. 329, § 1(last par. 1st sentence words before 1st semicolon under heading “Mint at Denver, Colorado”), 20 Stat. 191. 5122(d)31:358(1st, last sentences). In subsection (a), the words “Secretary of the Treasury” are substituted for “he” in 31:273(last sentence) because of the source provisions restated in section 321 of the revised title. The words “fineness, weight, and value of each deposit and bar” and “The value and the amount of charges . . . shall be based on the fineness and weight of the bullion” are substituted for “From the report of the assayer and the weight of the bullion” for clarity and because of the restatement. The words “or deductions, if any” are omitted as being included in “charges”. The word “money” is substituted for “in coins” for clarity. The text of 31:331 and 334 is omitted as unnecessary because of the restatement. The text of 31:273(last sentence words after 7th comma) is omitted because of the source provisions restated in section 321 of the revised title. In subsection (b), the words “Secretary shall impose a charge” are substituted for “shall be fixed, from time to time, by the director, with the concurrence of the Secretary of the Treasury” because of the source provisions restated in section 321(c) of the revised title. The words “for toughening when metals are contained in it which render it unfit for coinage” are omitted as obsolete because the Secretary of the Treasury has authority to mint coins containing silver only under section 5112(e) of the revised title and the Secretary holds sufficient silver to mint those coins. See Sen. Rept. No. 911084 (1970). In subsection (c), the words “person designated by the depositor” are substituted for “his order” for clarity. The words “an unavoidable delay in determining the value of a deposit” are substituted for “delay in manipulating a refractory deposit, or for any other unavoidable cause” in 31:357 for clarity. In subsection (d), the words “the Secretary to pay depositors” are substituted for “the several mints and assay offices of the United States to make returns to depositors” because of the source provisions restated in section 321(c) of the revised title. The words “when the state of the Treasury will admit thereof” are omitted as surplus. The words “under such rules and regulations as may be prescribed by the said Secretary” are omitted as unnecessary because of section 321(b) of the revised title. The text of 31:358(last sentence) is omitted as surplus.
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# 31 U.S.C. § 5131 - Organization
## Text
(a) The United States Mint has—
(1) a United States mint at Philadelphia, Pennsylvania.
(2) a United States mint at Denver, Colorado.
(3) a United States mint at West Point, New York.
(4) a United States mint at San Francisco, California.
(b) The Secretary of the Treasury shall carry out duties and powers related to refining and assaying bullion, minting coins, striking medals, and numismatic items at the mints. However, until the Secretary decides that the mints are adequate for minting and striking an ample supply of coins and medals, the Secretary may use any facility of the United States Mint to mint coins and strike medals and to store coins and medals.
(c) Laws on mints, officers and employees of mints, and punishment of offenses related to mints and minting coins apply to assay offices, as applicable.
(Pub. L. 97258, Sept. 13, 1982, 96 Stat. 988; Pub. L. 100274, § 2(a)(c)(2), Mar. 31, 1988, 102 Stat. 48; Pub. L. 102390, title II, §§ 224, 225(b)(3), (4), Oct. 6, 1992, 106 Stat. 1629; Pub. L. 104208, div. A, title I, § 101(f) [title V, §§ 503, 522], Sept. 30, 1996, 110 Stat. 3009314, 3009344, 3009347; Pub. L. 104329, title III, § 304, Oct. 20, 1996, 110 Stat. 4015.)
## Notes
Historical and Revision Notes Revised SectionSource (U.S. Code)Source (Statutes at Large) 5131(a)31:251(1st sentence words after 1st comma).R.S. § 343(1st sentence words after 1st comma). 31:261.R.S. § 3495; restated July 11, 1962, Pub. L. 87534, § 1, 76 Stat. 155. 5131(b)31:278.R.S. § 3553. 31:283(1st sentence).R.S. § 3558(1st sentence); July 11, 1962, Pub. L. 87534, § 2, 76 Stat. 155; restated July 23, 1965, Pub. L. 8981, § 201, 79 Stat. 256. 31:324f.Oct. 18, 1973, Pub. L. 93127, § 3, 87 Stat. 456. 31:361(1st sentence words before 1st comma).June 19, 1878, ch. 329, § 1(1st sentence on p. 191), 20 Stat. 191.  July 7, 1898, ch. 571(7th par. 1st sentence words before 1st comma under heading “Mints and Assay Offices”), 30 Stat. 661. 5131(c)31:263.R.S. § 3496; Aug. 23, 1912, ch. 350, § 1(last par. words before 7th comma under heading “Assay Office at Salt Lake City, Utah”), 37 Stat. 384. 31:279.R.S. § 3554; Aug. 23, 1912, ch. 350, § 1(last par. words before 7th comma under heading “Assay Office at Salt Lake City, Utah”), 37 Stat. 384. 31:281.R.S. § 3555; Aug. 23, 1912, ch. 350, § 1(last par. words before 7th comma under heading “Assay Office at Salt Lake City, Utah”), 37 Stat. 384; June 6, 1972, Pub. L. 92310, § 231(g), 86 Stat. 210. 5131(d)31:287.R.S. § 3562. 5131(e)31:292.Aug. 20, 1963, Pub. L. 88102, § 2, 77 Stat. 129. In subsection (a), the words “The Bureau of the Mint has” are substituted for “embracing in its organization and under its control all mints . . . and all assay offices” in 31:251(1st sentence words after 1st comma) because of the restatement and to eliminate unnecessary words. The words “for the manufacture of coin . . . for the stamping of bars, which have been, or which may be, authorized by law” are omitted as superseded by the source provisions restated in subsection (b). In subsection (b), the words “The Secretary of the Treasury shall carry out duties and powers” are added because of the source provisions restated in section 321 of the revised title. The words “related to refining and assaying bullion, minting coins, striking medals, and numismatic items at the mints and assay offices” are substituted for 31:278(1st sentence words before comma), 283(1st26th words), and 361(1st sentence words before 1st comma) to eliminate unnecessary words and for consistency with the source provisions restated in sections 5111(a)(1)(3) and 5120(a) of the revised title. The words “and not coin” in 31:278 are omitted as unnecessary because of the restatement. The words “and no metals shall be purchased for minor coinage” are omitted as superseded by section 5111(b) of the revised title. The text of 31:278(2d, last sentences) is omitted as obsolete because the Secretary of the Treasury has authority to mint coins containing silver only under section 5112(e) of the revised title and the Secretary holds sufficient silver to mint those coins. See Sen. Rept. No. 911084 (1970). The words “except that until the Secretary of the Treasury determines that the mints of the United States are adequate for the production of ample supplies of coins, its facilities may be used for the production of coins” in 31:283(1st sentence) are omitted as superseded by the source provisions restated in the subsection. The words “striking” and “strike” are added for consistency with section 5111 of the revised title. In subsection (c), the text of 31:281(words before semicolon) is omitted as superseded by the source provisions restated in section 321 of the revised title, and 31:281(words after semicolon) is omitted as superseded by the source provisions restated in subsection (d) and by 5:ch. 35, subch. II. In subsection (e), the words “the mint at Philadelphia” are substituted for “any building constructed pursuant to this subchapter” because that is the building that was constructed under the subchapter.
Editorial Notes
Amendments1996—Subsecs. (c), (d). Pub. L. 104208, § 101(f) [title V, §§ 503, 522], and Pub. L. 104329, amended section identically, redesignating subsec. (d) as (c) and striking out former subsec. (c) which read as follows: “Each mint has a superintendent and an assayer appointed by the President, by and with the advice and consent of the Senate. The mint at Philadelphia has an engraver appointed by the President, by and with the advice and consent of the Senate.” 1992—Subsec. (a). Pub. L. 102390, § 225(b)(3), substituted “United States Mint” for “Bureau of the Mint” in introductory provisions. Subsec. (b). Pub. L. 102390, § 225(b)(4), substituted “United States Mint” for “Bureau”. Subsec. (e). Pub. L. 102390, § 224, struck out subsec. (e) which read as follows: “The Secretary shall operate, maintain, and have custody of, the mint at Philadelphia. However, the Administrator of General Services shall make repairs and improvements to the mint.” 1988—Subsec. (a)(3). Pub. L. 100274, § 2(b), substituted “mint at West Point, New York” for “assay office at New York, New York”. Subsec. (a)(4). Pub. L. 100274, § 2(a), substituted “mint” for “assay office”. Subsec. (b). Pub. L. 100274, § 2(c)(1), struck out “and assay offices, except that only bars may be made at the assay offices” before period at end of first sentence. Subsec. (c). Pub. L. 100274, § 2(c)(2), substituted “Each mint has” for “Each mint and the assay office at New York have”.
Statutory Notes and Related Subsidiaries
Authority of Special Police OfficersFor authority of special police officers of United States Mint over buildings and land under control and in vicinity of the Mint and to protection in transit of bullion, coins, dies, and other property and assets of the Mint, see section 101(f) [title V, § 517(2), (3)] of Pub. L. 104208, set out as a note under section 5141 of this title.
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# 31 U.S.C. § 5132 - Administrative
## Text
(a) (1) Except as provided in this chapter, the Secretary of the Treasury shall deposit in the Treasury as miscellaneous receipts amounts the Secretary receives from the operations of the United States Mint. Expenditures made from appropriated funds which are subsequently determined to be properly chargeable to the Numismatic Public Enterprise Fund established by section 5134 shall be reimbursed by such Fund to the appropriation. The Secretary shall annually sell to the public, directly and by mail, sets of uncirculated and proof coins minted under paragraphs (1) through (6) of section 5112(a) of this title, and shall solicit such sales through the use of the customer list of the United States Mint. Except with respect to amounts deposited in the Numismatic Public Enterprise Fund in accordance with section 5134, the Secretary may not use amounts the Secretary receives from profits on minting coins or from charges on gold or silver bullion under section 5122 to pay officers and employees.
(2) (A) In addition to the coins described in paragraph (1), the Secretary shall sell annually to the public directly and by mail, sets of proof coins minted under paragraphs (1) through (6) of section 5112(a).
(B) Notwithstanding any other provision of law, for purposes of this paragraph—
(i) the coins described in paragraphs (2) through (4) of section 5112(a) shall be made of an alloy of not less than 90 percent silver; and
(ii) all coins minted under this paragraph shall have a mint mark indicating the place of manufacture.
(C) All coins minted under this paragraph shall be considered to be—
(i) numismatic items for purposes of paragraph (1) and section 5111(a)(3); and
(ii) legal tender, as provided in section 5103.
(D) The Secretary shall obtain silver for coins minted under this paragraph by purchase from stockpiles established under the Strategic and Critical Materials Stock Piling Act (50 U.S.C. 98 et seq.). At such time as the silver stockpile is depleted, the Secretary shall obtain silver for such coins by purchase of silver mined from natural deposits in the United States or in a territory or possession of the United States not more than 1 year following the month in which the ore from which it is derived was mined. The Secretary shall pay not more than the average world price for such silver. The Secretary may issue such regulations as may be necessary to carry out this subparagraph.
(3) Not more than $54,208,000 may be appropriated to the Secretary for the fiscal year ending on September 30, 1993, to pay costs of the mints. Not more than $965,000 of amounts appropriated pursuant to the preceding sentence shall remain available until expended for research and development.
(b) To the extent the Secretary decides is necessary, the Secretary may use amounts received from depositors for refining bullion and the proceeds from the sale of byproducts (including spent acids from surplus bullion recovered in refining processes) to pay the costs of refining the bullion (including labor, material, waste, and loss on the sale of sweeps). The Secretary may not use amounts appropriated for the mints to pay those costs.
(c) The Secretary shall make an annual report at the end of each fiscal year on the operation of the United States Mint.
(Pub. L. 97258, Sept. 13, 1982, 96 Stat. 988; Pub. L. 97452, § 1(21), Jan. 12, 1983, 96 Stat. 2477; Pub. L. 98151, § 123, Nov. 14, 1983, 97 Stat. 979; Pub. L. 98216, § 1(7), Feb. 14, 1984, 98 Stat. 4; Pub. L. 9961, title II, § 204, July 9, 1985, 99 Stat. 116; Pub. L. 99185, § 2(e), Dec. 17, 1985, 99 Stat. 1178; Pub. L. 100274, §§ 1, 2(c)(3), Mar. 31, 1988, 102 Stat. 48; Pub. L. 101585, § 2, Nov. 15, 1990, 104 Stat. 2874; Pub. L. 102390, title II, §§ 211, 221(c)(1), 225(b)(3), (4), Oct. 6, 1992, 106 Stat. 1624, 1628, 1629; Pub. L. 106445, § 2(a), Nov. 6, 2000, 114 Stat. 1931; Pub. L. 11494, div. G, title LXXIII, § 73001(2), Dec. 4, 2015, 129 Stat. 1786.)
## Notes
Historical and Revision Notes 1982 Act Revised SectionSource (U.S. Code)Source (Statutes at Large) 5132(a)31:273(1st, 2d sentences).R.S. § 3506(1st, 2d sentences). 31:369.R.S. § 3552; restated May 10, 1950, ch. 172, 64 Stat. 157; Sept. 5, 1962, Pub. L. 87643, § 2, 76 Stat. 440; Aug. 13, 1981, Pub. L. 9735, § 382(b)(1), 95 Stat. 432. 5132(b)31:361(1st sentence words after 1st comma, last sentence).June 19, 1878, ch. 329, § 1(2d sentence words before last semicolon on p. 191), 20 Stat. 191.  July 7, 1898, ch. 571(7th par. 1st sentence words after 1st comma, last sentence under heading “Mints and Assay Offices”), 30 Stat. 661. 5132(c)31:253.R.S. § 345. In subsection (a)(1), the words “Secretary of the Treasury shall deposit in the Treasury as miscellaneous receipts” are substituted for “shall . . . be covered into the Treasury” in 31:369 because of the source provisions restated in section 321(c) of the revised title. The words “amounts the Secretary receives from the operations of the Bureau of the Mint” are substituted for “The money arising from all charges and deductions on and from gold and silver bullion and from all other sources” for clarity and to eliminate unnecessary words. The words “amounts from” are substituted for “money arising from the manufacture and sale of” to eliminate unnecessary words. The words “numismatic items” are substituted for “medals, proof coins, and uncirculated coins” for consistency with section 5111(a)(3) of the revised title. The words “minting coins” are substituted for “silver or minor coinage” for consistency with section 5112 of the revised title. The words “made by law” are omitted as surplus. The words “on estimates furnished by the Secretary of the Treasury” are omitted because of section 1108 of the revised title. The text of 31:273(1st, 2d sentences) is omitted because of section 321 of the revised title and the other source provisions restated in this chapter. In subsection (a)(2), the words “ending September 30” are added for clarity and consistency in the revised title. The words “to pay costs” are substituted for “for all expenditures (salaries and expenses)” for consistency in the revised title and to eliminate unnecessary words. The words “not herein otherwise provided for” are omitted as surplus. In subsection (b), the word “refining” is substituted for “parting and refining” for consistency in the revised chapter. The words “mints and assay offices” are substituted for “coinage mints and assay office at New York” because of the source provisions restated in section 5131(b) of the revised title. The words “pursuant to law” are omitted as surplus. In subsection (c), the text of 31:253(less 18th38th words) is omitted as superseded by the source provisions restated in section 321(c) of the revised title.
1983 Act Revised SectionSource (U.S. Code)Source (Statutes at Large) 5132(a)(2)31 App.:369.Sept. 8, 1982, Pub. L. 97253, § 202, 96 Stat. 790.
1984 ActThis is necessary because the language was restated by section 382(h)(1) of the Omnibus Budget Reconciliation Act of 1981 (Pub. L. 9735, 95 Stat. 432) but inadvertently codified as 31:5132(a)(1) (last sentence) by section 1 of the Act of September 13, 1982 (Pub. L. 97258, 96 Stat. 989.)
Editorial Notes
References in TextThe Strategic and Critical Materials Stock Piling Act, referred to in subsec. (a)(2)(D), is act June 7, 1939, ch. 190, as revised generally by Pub. L. 9641, § 2, July 30, 1979, 93 Stat. 319, which is classified generally to subchapter III (§ 98 et seq.) of chapter 5 of Title 50, War and National Defense. For complete classification of this Act to the Code, see section 98 of Title 50 and Tables.
Amendments2015—Subsec. (a)(2)(B)(i). Pub. L. 11494 substituted “not less than 90 percent silver” for “90 percent silver and 10 percent copper”. 2000—Subsec. (a)(2)(B)(i). Pub. L. 106445 substituted “paragraphs (2)” for “paragraphs (1)”. 1992—Subsec. (a)(1). Pub. L. 102390, § 225(b)(3), substituted “United States Mint” for “Bureau of the Mint” in two places. Pub. L. 102390, § 221(c)(1)(A), amended second sentence generally. Prior to amendment, second sentence read as follows: “However, amounts from numismatic items shall be reimbursed to the current appropriation used to pay the cost of preparing and selling the items.” Pub. L. 102390, § 221(c)(1)(B), amended last sentence generally. Prior to amendment, last sentence read as follows: “The Secretary may not use amounts the Secretary receives from profits on minting coins or from charges on gold or silver bullion under section 5122 of this title to pay officers and employees.” Subsec. (a)(3) to (5). Pub. L. 102390, § 211, which directed the substitution of “$54,208,000” for “$46,511,000” and “1993” for “1988” in par. (2), and the striking out of pars. (3) and (4), was executed by making the substitution in par. (3) and striking out pars. (4) and (5) to reflect the probable intent of Congress and the intervening amendment by Pub. L. 101585 redesignating pars. (2) to (4) as (3) to (5). See 1990 Amendment note below. Prior to being struck out, par. (4) provided that not more than $75,000 be expended for purpose of hosting International Mint Directors Conference in the United States in 1988, and par. (5) authorized Director of the Mint to collect from participants at Conference reasonable fees and assessments in connection with Conference, administer such amounts, and spend such amounts to pay expenses incurred in connection with Conference. Subsec. (c). Pub. L. 102390, § 225(b)(4), substituted “United States Mint” for “Bureau”. 1990—Subsec. (a)(2) to (5). Pub. L. 101585 added par. (2), redesignated former pars. (2) to (4) as (3) to (5), respectively, and substituted “(3)” for “(2)” in par. (4). 1988—Subsec. (a)(2) to (4). Pub. L. 100274, § 1, added pars. (2) to (4) and struck out former par. (2) which read as follows: “Not more than $50,165,000 may be appropriated to the Secretary for the fiscal year ending September 30, 1983, to pay costs of the mints and assay offices.” Subsec. (b). Pub. L. 100274, § 2(c)(3), struck out “and assay offices” after “amounts appropriated for the mints” in last sentence. 1985—Subsec. (a)(1). Pub. L. 99185 inserted “paragraphs (1) through (6) of” before “section 5112(a) of this title”. Pub. L. 9961 inserted “minted under section 5112(a) of this title” after “proof coins”. 1984—Subsec. (a)(1). Pub. L. 98216 struck out provision requiring the Secretary to pay the costs of the mints and assay offices not provided for in this subsection out of appropriations. 1983—Subsec. (a)(1). Pub. L. 98151 inserted provisions relating to authority of Secretary to sell sets of uncirculated and proof coins and solicitation of such sales through the customer lists of the Bureau of the Mint. Subsec. (a)(2). Pub. L. 97452 substituted “$50,165,000” for “$54,706,000”, and “1983” for “1982”.
Statutory Notes and Related Subsidiaries
Effective Date of 1992 AmendmentPub. L. 102390, title II, § 221(e), Oct. 6, 1992, 106 Stat. 1629, provided that: “The amendments made by this section [enacting section 5134 of this title, amending this section, amending and repealing provisions set out as notes under section 5112 of this title] shall apply with respect to fiscal years beginning after fiscal year 1992.”
Effective Date of 1985 AmendmentsAmendment by Pub. L. 99185 effective Oct. 1, 1985, except that no coins may be issued or sold under section 5112(i) of this title before Oct. 1, 1986, see section 3 of Pub. L. 99185, set out as a note under section 5112 of this title. Amendment by Pub. L. 9961 effective Oct. 1, 1985, with exception as to issuance or sale of coins under section 5112(e) of this title, see section 205 of Pub. L. 9961, set out as a note under section 5112 of this title.
Effective Date of 1984 AmendmentAmendment by Pub. L. 98216 effective Sept. 13, 1982, see section 4(c) of Pub. L. 98216, set out as a note under section 490 of Title 18, Crimes and Criminal Procedure.
Termination of Numismatic Public Enterprise FundAll assets and liabilities of Numismatic Public Enterprise Fund transferred to United States Mint Public Enterprise Fund and Numismatic Public Enterprise Fund to cease to exist as separate fund as its activities and functions are subsumed under and subject to United States Mint Public Enterprise Fund, see section 5136 of this title.
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# 31 U.S.C. § 5133 - Settlement of accounts
## Text
(a) The Secretary of the Treasury shall—
(1) charge the superintendent of each mint with the amount in weight of standard metal of bullion the superintendent receives from the Secretary;
(2) credit each superintendent with the amount in weight of coins, clippings, and other bullion the superintendent returns to the Secretary; and
(3) charge separately to each superintendent, who shall account for, copper to be used in the alloy of gold and silver bullion.
(b) Settlement of Accounts.— (1) In general.— At least once each year, the Secretary of the Treasury shall settle the accounts of the superintendents of the mints.
(2) Procedure.— At any settlement under this subsection, the superintendent shall—
(A) return to the Secretary any coin, clipping, or other bullion in the possession of the superintendent; and
(B) present the Secretary with a statement of bullion received and returned since the last settlement (including any bullion returned for settlement).
(3) Audit.— The Secretary shall—
(A) audit the accounts of each superintendent; and
(B) allow each superintendent the waste of precious metals that the Secretary determines is necessary—
(i) for refining and minting (within the limitations which the Secretary shall prescribe); and
(ii) for casting fine gold and silver bars (within the limit prescribed for refining), except that any waste allowance under this clause may not apply to deposit operations.
(c) After settlement, the Secretary shall compare the amount of gold and silver bullion and coins on hand with the total liabilities of the mints. The Secretary also shall make a statement of the ordinary expense account.
(d) The Secretary shall procure for each mint a series of standard weights corresponding to the standard troy pound of the National Institute of Standards and Technology of the Department of Commerce. The series shall include a one pound weight and multiples and subdivisions of one pound from .01 grain to 25 pounds. At least once a year, the Secretary shall test the weights normally used in transactions at the mints against the standard weights.
(Pub. L. 97258, Sept. 13, 1982, 96 Stat. 989; Pub. L. 100274, § 2(c)(4)(7), (9), (10), Mar. 31, 1988, 102 Stat. 49; Pub. L. 100418, title V, § 5115(c), Aug. 23, 1988, 102 Stat. 1433.)
## Notes
Historical and Revision Notes Revised SectionSource (U.S. Code)Source (Statutes at Large) 5133(a)31:354(1st sentence).R.S. § 3541; Aug. 23, 1912, ch. 350, § 1(last par. words before 7th comma under heading “Assay Office at Salt Lake City, Utah”), 37 Stat. 384. 31:355(last sentence).R.S. § 3542; Aug. 23, 1912, ch. 350, § 1(last par. words before 7th comma under heading “Assay Office at Salt Lake City, Utah”), 37 Stat. 384; July 23, 1965, Pub. L. 8981, § 207, 79 Stat. 257. 5133(b)31:283(2d, last sentences).R.S. § 3558(2d, last sentences); restated July 11, 1962, Pub. L. 87534, § 2, 76 Stat. 155. 31:354(last sentence). 31:355(1st, 2d sentences). 5133(c)31:356.R.S. § 3543. 5133(d)31:365.R.S. § 3549; restated Mar. 4, 1911, ch. 268, § 2, 36 Stat. 1354. In the section, the word “Secretary” is substituted for “superintendent” and “Director of the Mint” in 31:354, 356, 365, and the word “Superintendent” is substituted for “superintendent of coining department” in 31:354 and 355 and “superintendent of melting and refining”, because of the source provisions restated in section 321(c) of the revised title. In subsection (a), the words “superintendent of each mint and the assay office at New York and the officer in charge of the assay office at San Francisco” are added because of the source provisions restated in section 5131(b) and (c) of the revised title. In subsection (b), before clause (1), the words “shall settle” are substituted for “and at such time as the . . . shall appoint, there shall be an accurate and full settlement” in 31:354(last sentence) to eliminate unnecessary words. In clause (1), the words “The Secretary shall audit” are substituted for “When all the coins, clippings, and other bullion have been delivered to the superintendent, it shall be his duty to examine” in 31:355(1st, 2d sentences) to eliminate unnecessary words. In clause (2), the words “the waste of precious metals . . . decides is necessary for refining and minting” are substituted for “The difference between the amount charged and credited to each officer . . . as necessary wastage, if . . . shall be satisfied that there has been a bona fide waste of the precious metals” for consistency in the subsection and to eliminate unnecessary words. In clause (3), the words “limitations prescribed for refining” are substituted for “that provided for the melter and refiner” in 31:283(2d, last sentences) for consistency in the subsection. The word “bona fide” is omitted as being included in “necessary”. In subsection (c), the words “It shall also be the duty of the superintendent to forward a correct statement of his balance sheet” are omitted as superseded by the source provisions restated in section 321(c) of the revised title. The words “mints and assay offices” are substituted for “mint” for consistency in the section. In subsection (d), the words “National Bureau of Standards of the Department of Commerce” are substituted for “Bureau of Standards of the United States” because of 15:1511. The words “from .01 grain” are substituted for “from the hundredths part of a grain” for consistency. The words “under the inspection of the superintendent and assayer” are omitted as superseded by the source provisions restated in section 321(c) of the revised title. The words “and the accuracy of those used at the mint at Philadelphia shall be tested annually in the presence of the assay commissioners, at the time of the annual examination and test of coins” are omitted because the position of assay commissioner was abolished by section 201 of the Act of March 14, 1980 (Pub. L. 96209, 94 Stat. 98).
Editorial Notes
Amendments1988—Subsec. (a)(1). Pub. L. 100274, § 2(c)(4), substituted “each mint” and “superintendent receives” for “each mint and the assay office at New York and the officer in charge of the assay office at San Francisco” and “superintendent or officer receives”, respectively. Subsec. (a)(2). Pub. L. 100274, § 2(c)(5), substituted “credit each superintendent with the amount” and “superintendent returns” for “credit each superintendent and the officer with the amount” and “superintendent or officer returns”, respectively. Subsec. (a)(3). Pub. L. 100274, § 2(c)(6), substituted “superintendent, who” for “superintendent and the officer, who”. Subsec. (b). Pub. L. 100274, § 2(c)(7), inserted heading and amended subsec. (b) generally. Prior to amendment, subsec. (b) read as follows: “At least once a year, the Secretary shall settle the accounts of the superintendents and the officer in charge. At settlement, each superintendent and the officer shall return to the Secretary coins, clippings, and other bullion in their possession with a statement of bullion received and returned since the last settlement (including bullion returned for settlement). The Secretary shall— “(1) audit the accounts and statements of each superintendent and the officer; “(2) allow each superintendent the waste of precious metals, within limitations prescribed by the Secretary, that the Secretary decides is necessary for refining and minting; and “(3) allow the officer the waste, within the limitations prescribed for refining, that the Secretary decides is necessary in casting fine gold and silver bars, except that the waste allowance may not apply to deposit operations.” Subsec. (c). Pub. L. 100274, § 2(c)(9), struck out “and assay offices” after “total liabilities of the mints”. Subsec. (d). Pub. L. 100418 substituted “National Institute of Standards and Technology” for “National Bureau of Standards”. Pub. L. 100274, § 2(c)(10), struck out “and assay office” after “procure for each mint” and “and assay offices” after “transactions at the mints”.
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# 31 U.S.C. § 5134 - Numismatic Public Enterprise Fund
## Text
(a) Definitions.— For purposes of this section—
(1) Fund.— The term “Fund” means the Numismatic Public Enterprise Fund.
(2) Mint.— The term “Mint” means the United States Mint.
(3) Numismatic item.— The term “numismatic item” means any medal, proof coin, uncirculated coin, bullion coin, or other coin specifically designated by statute as a numismatic item, including products and accessories related to any such medal, coin, or item.
(4) Numismatic operations and programs.— The term “numismatic operations and programs”—
(A) means the activities concerning, and assets utilized in, the production, administration, sale, and management of numismatic items and the Numismatic Public Enterprise Fund; and
(B) includes capital, personnel salaries, functions relating to operations, marketing, distribution, promotion, advertising, and official reception and representation, the acquisition or replacement of equipment, and the renovation or modernization of facilities (other than the construction or acquisition of new buildings).
(5) Secretary.— The term “Secretary” means the Secretary of the Treasury.
(b) Establishment of Fund.— There is hereby established in the Treasury of the United States a revolving Numismatic Public Enterprise Fund consisting of amounts deposited in the fund 11 So in original. Probably should be capitalized. under subsection (c)(2) of this section or section 221(b) of the United States Mint Reauthorization and Reform Act of 1992 which shall be available to the Secretary for numismatic operations and programs of the United States Mint without fiscal year limitation.
(c) Operations of the Fund.— (1) Payment of expenses.— Any expense incurred by the Secretary for numismatic operations and programs which the Secretary determines, in the Secretarys sole discretion, to be ordinary and reasonable incidents of the numismatic business shall be paid out of the Fund, including any expense incurred pursuant to any obligation or other commitment of Mint numismatic operations and programs which was entered into before the beginning of fiscal year 1993.
(2) Deposit of receipts.— All receipts from numismatic operations and programs shall be deposited into the Fund, including amounts attributable to any surcharge imposed with respect to the sale of any numismatic item.
(3) Transfer of seigniorage.— The Secretary shall transfer monthly from the Fund to the general fund of the Treasury an amount equal to the total amount on the seigniorage of numismatic items sold since the date of any preceding transfer.
(4) Transfer of excess amounts to the treasury.— (A) In general.— At such times as the Secretary determines to be appropriate, the Secretary shall transfer any amount in the Fund which the Secretary determines to be in excess of the amount required by the Fund to the Treasury for deposit as miscellaneous receipts.
(B) Report to congress.— The Secretary shall submit an annual report to the Congress containing—
(i) a statement of the total amount transferred to the Treasury pursuant to subparagraph (A) during the period covered by the report;
(ii) a statement of the amount by which the amount on deposit in the Fund at the end of the period covered by the report exceeds the estimated operating costs of the Fund for the 1-year period beginning at the end of such period; and
(iii) an explanation of the specific purposes for which such excess amounts are being retained in the Fund.
(d) Budget Treatment.— (1) In general.— The Secretary shall prepare budgets for the Fund, and estimates and statements of financial condition of the Fund in accordance with the requirements of section 9103 which shall be submitted to the President for inclusion in the budget submitted under section 1105.
(2) Inclusion in annual report.— Statements of the financial condition of the Fund shall be included in the Secretarys annual report on the operation of the Mint.
(3) Treatment as wholly owned government corporation for certain purposes.— Section 9104 shall apply to the Fund to the same extent such section applies to wholly owned Government corporations.
(e) Financial Statements, Audits, and Reports.— (1) Annual financial statement required.— By the end of each calendar year, the Secretary shall prepare an annual financial statement of the Fund for the fiscal year which ends during such calendar year.
(2) Contents of financial statement.— Each statement prepared pursuant to paragraph (1) shall, at a minimum, contain—
(A) the overall financial position (including assets and liabilities) of the Fund as of the end of the fiscal year;
(B) the results of the numismatic operations and programs of the Fund during the fiscal year;
(C) the cash flows or the changes in financial position of the Fund;
(D) a reconciliation of the financial statement to the budget reports of the Fund; and
(E) a supplemental schedule detailing—
(i) the costs and expenses for the production, for the marketing, and for the distribution of each denomination of circulating coins produced by the Mint during the fiscal year and the per-unit cost of producing, of marketing, and of distributing each denomination of such coins; and
(ii) the gross revenue derived from the sales of each such denomination of coins.
(3) Annual audits.— (A) In general.— Each annual financial statement prepared under paragraph (1) shall be audited—
(i) by—
(I) an independent external auditor; or
(II) the Inspector General of the Department of the Treasury,
as designated by the Secretary; and
(ii) in accordance with the generally accepted Government auditing standards issued by the Comptroller General of the United States.
(B) Auditors report required.— The auditor designated to audit any financial statement of the Fund pursuant to subparagraph (A) shall submit a report—
(i) to the Secretary by March 31 of the year beginning after the end of the fiscal year covered by such financial statement; and
(ii) containing the auditors opinion on—
(I) the financial statement of the Fund;
(II) the internal accounting and administrative controls and accounting systems of the Fund; and
(III) the Funds compliance with applicable laws and regulations.
(4) Annual report on fund.— (A) Report required.— By April 30 of each year, the Secretary shall submit a report on the Fund for the most recently completed fiscal year to the President, the Congress, and the Director of the Office of Management and Budget.
(B) Contents of annual report.— The annual report required under subparagraph (A) for any fiscal year shall include—
(i) the financial statement prepared under paragraph (1) for such fiscal year;
(ii) the audit report submitted to the Secretary pursuant to paragraph (3)(B) for such fiscal year;
(iii) a description of activities carried out during such fiscal year;
(iv) a summary of information relating to numismatic operations and programs contained in the reports on systems on internal accounting and administrative controls and accounting systems submitted to the President and the Congress under section 3512(c);
(v) a summary of the corrective actions taken with respect to material weaknesses relating to numismatic operations and programs identified in the reports prepared under section 3512(c);
(vi) any other information the Secretary considers appropriate to fully inform the Congress concerning the financial management of the Fund; and
(vii) a statement of the total amount of excess funds transferred to the Treasury.
(5) Marketing report.— (A) Report required for 10 years.— For each fiscal year beginning before fiscal year 2003, the Secretary shall submit an annual report on all marketing activities and expenses of the Fund to the Congress before the end of the 3-month period beginning at the end of such fiscal year.
(B) Contents of report.— The report submitted pursuant to subparagraph (A) shall contain a detailed description of—
(i) the sources of income including surcharges; and
(ii) expenses incurred for manufacturing, materials, overhead, packaging, marketing, and shipping.
(f) Conditions on Payment of Surcharges to Recipient Organizations.— (1) Payment of surcharges.— (A) In general.— Notwithstanding any other provision of law, no amount derived from the proceeds of any surcharge imposed on the sale of any numismatic item shall be paid from the fund 1 to any designated recipient organization unless—
(i) all numismatic operation and program costs allocable to the program under which such numismatic item is produced and sold have been recovered; and
(ii) the designated recipient organization submits an audited financial statement that demonstrates, to the satisfaction of the Secretary, that, with respect to all projects or purposes for which the proceeds of such surcharge may be used, the organization has raised funds from private sources for such projects and purposes in an amount that is equal to or greater than the total amount of the proceeds of such surcharge derived from the sale of such numismatic item.
(B) Unpaid amounts.— If any amount derived from the proceeds of any surcharge imposed on the sale of any numismatic item that may otherwise be paid from the fund,1 under any provision of law relating to such numismatic item, to any designated recipient organization remains unpaid to such organization solely by reason of the matching fund requirement contained in subparagraph (A)(ii) after the end of the 2-year period beginning on the later of—
(i) the last day any such numismatic item is issued by the Secretary; or
(ii) the date of the enactment of the American 5-Cent Coin Design Continuity Act of 2003,
such unpaid amount shall be deposited in the Treasury as miscellaneous receipts.
(2) Annual audits.— (A) Annual audits of recipients required.— Each designated recipient organization that receives any payment from the fund 1 of any amount derived from the proceeds of any surcharge imposed on the sale of any numismatic item shall provide, as a condition for receiving any such amount, for an annual audit, in accordance with generally accepted government auditing standards by an independent public accountant selected by the organization, of all such payments to the organization beginning in the first fiscal year of the organization in which any such amount is received and continuing until all amounts received by such organization from the fund 1 with respect to such surcharges are fully expended or placed in trust.
(B) Minimum requirements for annual audits.— At a minimum, each audit of a designated recipient organization pursuant to subparagraph (A) shall report—
(i) the amount of payments received by the designated recipient organization from the fund 1 during the fiscal year of the organization for which the audit is conducted that are derived from the proceeds of any surcharge imposed on the sale of any numismatic item;
(ii) the amount expended by the designated recipient organization from the proceeds of such surcharges during the fiscal year of the organization for which the audit is conducted; and
(iii) whether all expenditures by the designated recipient organization during the fiscal year of the organization for which the audit is conducted from the proceeds of such surcharges were for authorized purposes.
(C) Responsibility of organization to account for expenditures of surcharges.— Each designated recipient organization that receives any payment from the fund 1 of any amount derived from the proceeds of any surcharge imposed on the sale of any numismatic item shall take appropriate steps, as a condition for receiving any such payment, to ensure that the receipt of the payment and the expenditure of the proceeds of such surcharge by the organization in each fiscal year of the organization can be accounted for separately from all other revenues and expenditures of the organization.
(D) Submission of audit report.— Not later than 90 days after the end of any fiscal year of a designated recipient organization for which an audit is required under subparagraph (A), the organization shall—
(i) submit a copy of the report to the Secretary of the Treasury; and
(ii) make a copy of the report available to the public.
(E) Use of surcharges for audits.— Any designated recipient organization that receives any payment from the fund 1 of any amount derived from the proceeds of any surcharge imposed on the sale of any numismatic item may use the amount received to pay the cost of an audit required under subparagraph (A).
(F) Waiver of paragraph.— The Secretary of the Treasury may waive the application of any subparagraph of this paragraph to any designated recipient organization for any fiscal year after taking into account the amount of surcharges that such organization received or expended during such year.
(G) Nonapplicability to federal entities.— This paragraph shall not apply to any Federal agency or department or any independent establishment in the executive branch that receives any payment from the fund 1 of any amount derived from the proceeds of any surcharge imposed on the sale of any numismatic item.
(H) Availability of books and records.— An organization that receives any payment from the fund 1 of any amount derived from the proceeds of any surcharge imposed on the sale of any numismatic item shall provide, as a condition for receiving any such payment, to the Inspector General of the Department of the Treasury or the Comptroller General of the United States, upon the request of such Inspector General or the Comptroller General, all books, records, and work papers belonging to or used by the organization, or by any independent public accountant who audited the organization in accordance with subparagraph (A), which may relate to the receipt or expenditure of any such amount by the organization.
(3) Use of agents or attorneys to influence commemorative coin legislation.— No portion of any payment from the fund 1 to any designated recipient organization of any amount derived from the proceeds of any surcharge imposed on the sale of any numismatic item may be used, directly or indirectly, by the organization to compensate any agent or attorney for services rendered to support or influence in any way legislative action of the Congress relating to such numismatic item.
(4) Designated recipient organization defined.— For purposes of this subsection, the term “designated recipient organization” means any organization designated, under any provision of law, as the recipient of any surcharge imposed on the sale of any numismatic item.
(g) Quarterly Financial Reports.— (1) In general.— Not later than the 30th day of each month following each calendar quarter through and including the final period of sales with respect to any commemorative coin program authorized on or after the date of enactment of the Treasury, Postal Service, and General Government Appropriations Act, 1997, the Mint shall submit to the Congress a quarterly financial report in accordance with this subsection.
(2) Requirements.— Each report submitted under paragraph (1) shall include, with respect to the calendar quarter at issue—
(A) a detailed financial statement, prepared in accordance with generally accepted accounting principles, that includes financial information specific to that quarter, as well as cumulative financial information relating to the entire program;
(B) a detailed accounting of—
(i) all costs relating to marketing efforts;
(ii) all funds projected for marketing use;
(iii) all costs for employee travel relating to the promotion of commemorative coin programs;
(iv) all numismatic items minted, sold, not sold, and rejected during the production process; and
(v) the costs of melting down all rejected and unsold products;
(C) adequate market-based research for all commemorative coin programs; and
(D) a description of the efforts of the Mint in keeping the sale price of numismatic items as low as practicable.
(Added Pub. L. 102390, title II, § 221(a), Oct. 6, 1992, 106 Stat. 1624; amended Pub. L. 104208, div. A, title I, § 101(f) [title V, § 529(b)(1), (2), (c)], Sept. 30, 1996, 110 Stat. 3009314, 3009349, 3009350, 3009352; Pub. L. 106445, § 3, Nov. 6, 2000, 114 Stat. 1931; Pub. L. 10815, title I, § 103(d)(2), title II, § 201(a), Apr. 23, 2003, 117 Stat. 619.)
## Notes
Editorial Notes
References in TextSection 221(b) of the United States Mint Reauthorization and Reform Act of 1992, referred to in subsec. (b), is section 221(b) of Pub. L. 102390, which is set out below. The date of the enactment of the American 5-Cent Coin Design Continuity Act of 2003, referred to in subsec. (f)(1)(B)(ii), is the date of enactment of Pub. L. 10815, which was approved Apr. 23, 2003. The date of enactment of the Treasury, Postal Service, and General Government Appropriations Act, 1997, referred to in subsec. (g)(1), is the date of enactment of section 101(f) of title I of div. A of Pub. L. 104208, which was approved Sept. 30, 1996.
Amendments2003—Subsec. (c)(4), (5). Pub. L. 10815, § 103(d)(2), redesignated par. (5) as (4) and struck out heading and text of former par. (4). Text read as follows: “For purposes of paragraph (1), any expense incurred by the Secretary in connection with the Citizens Commemorative Coin Advisory Committee established under section 5135 shall be treated as an expense incurred for numismatic operations and programs which is an ordinary and reasonable incident of the numismatic business.” Subsec. (f)(1). Pub. L. 10815, § 201(a), amended heading and text of par. (1) generally. Prior to amendment, text read as follows: “Notwithstanding any other provision of law, no amount derived from the proceeds of any surcharge imposed on the sale of any numismatic item shall be paid from the fund to any designated recipient organization unless— “(A) all numismatic operation and program costs allocable to the program under which such numismatic item is produced and sold have been recovered; and “(B) the designated recipient organization submits an audited financial statement that demonstrates to the satisfaction of the Secretary of the Treasury that, with respect to all projects or purposes for which the proceeds of such surcharge may be used, the organization has raised funds from private sources for such projects and purposes in an amount that is equal to or greater than the maximum amount the organization may receive from the proceeds of such surcharge.” 2000—Subsec. (e)(2). Pub. L. 106445, § 3(1), substituted “contain” for “reflect” in introductory provisions. Subsec. (e)(2)(E). Pub. L. 106445, § 3(2)(4), added subpar. (E). 1996—Subsec. (c)(2). Pub. L. 104208, § 101(f) [title V, § 529(b)(1)], inserted “, including amounts attributable to any surcharge imposed with respect to the sale of any numismatic item” before period at end. Subsec. (f). Pub. L. 104208, § 101(f) [title V, § 529(b)(2)], added subsec. (f). Subsec. (g). Pub. L. 104208, § 101(f) [title V, § 529(c)], added subsec. (g).
Statutory Notes and Related Subsidiaries
Effective Date of 2003 AmendmentPub. L. 10815, title II, § 201(b), Apr. 23, 2003, 117 Stat. 620, provided that: “The amendment made by subsection (a) [amending this section] shall apply as of the date of the enactment of Public Law 104208 [Sept. 30, 1996].”
Effective Date of 1996 AmendmentPub. L. 104208, div. A, title I, § 101(f) [title V, § 529(b)(3)], Sept. 30, 1996, 110 Stat. 3009314, 3009352, provided that: “The amendments made by this section [probably should be this subsection, amending this section] shall apply with respect to the proceeds of any surcharge imposed on the sale of any numismatic item that are deposited in the Numismatic Public Enterprise Fund after the date of the enactment of this Act [Sept. 30, 1996].”
Effective DateSection applicable with respect to fiscal years beginning after fiscal year 1992, see section 221(e) of Pub. L. 102390, set out as an Effective Date of 1992 Amendment note under section 5132 of this title.
Termination of Numismatic Public Enterprise FundAll assets and liabilities of Numismatic Public Enterprise Fund transferred to United States Mint Public Enterprise Fund and Numismatic Public Enterprise Fund to cease to exist as separate fund as its activities and functions are subsumed under and subject to United States Mint Public Enterprise Fund, see section 5136 of this title.
Initial Funding of Fund From Existing Numismatic OperationsPub. L. 102390, title II, § 221(b), Oct. 6, 1992, 106 Stat. 1627, provided that: “(1) In general.—As soon as practicable after the end of fiscal year 1992, the Secretary of the Treasury shall transfer to the Fund—“(A) from the Mints numismatic profits for such fiscal year, an amount which the Secretary determines to be necessary—“(i) to meet existing numismatic liabilities and obligations; and “(ii) to provide working capital for Mint numismatic operations and programs; and “(B) all numismatic receivables, and the numismatic operations and programs (including liabilities and other obligations) of the United States Mint, and the land and buildings of the San Francisco Mint, the Old San Francisco Mint, and the West Point Mint, capitalized at current book value as carried in the Mint combined statement of financial condition. “(2) Excess amounts to be deposited in the general fund.—That portion of the total amount of numismatic profits for fiscal year 1992 which remains after the transfer to the Fund pursuant to paragraph (1)(A) is made shall be deposited by the Secretary in the general fund of the Treasury as soon as practicable after the end of the fiscal year. “(3) Definitions.—For purposes of paragraphs (1) and (2)—“(A) Numismatic profit.—The term numismatic profit means the amount which is equal to the proceeds (including seigniorage) from the sale of numismatic items minus the costs of numismatic operations and programs. “(B) Numismatic receivable.—The term numismatic receivable means any account receivable from numismatic operations and programs, including chargebacks, returned checks, amounts due from special order sales, and amounts due from consignment sales. “(C) Other terms.—The terms Fund and numismatic item have the meaning given to such terms in the amendment made by subsection (a) [enacting this section].”
@@ -0,0 +1,129 @@
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# 31 U.S.C. § 5135 - Citizens Coinage Advisory Committee
## Text
(a) Establishment.— (1) In general.— There is hereby established the Citizens Coinage Advisory Committee (in this section referred to as the “Advisory Committee”) to advise the Secretary of the Treasury on the selection of themes and designs for coins.
(2) Oversight of advisory committee.— The Advisory Committee shall be subject to the authority of the Secretary of the Treasury (hereafter in this section referred to as the “Secretary”).
(b) Membership.— (1) Appointment.— The Advisory Committee shall consist of 11 members appointed by the Secretary as follows:
(A) Seven persons appointed by the Secretary—
(i) one of whom shall be appointed from among individuals who are specially qualified to serve on the Advisory Committee by virtue of their education, training, or experience as a nationally or internationally recognized curator in the United States of a numismatic collection;
(ii) one of whom shall be appointed from among individuals who are specially qualified to serve on the Advisory Committee by virtue of their experience in the medallic arts or sculpture;
(iii) one of whom shall be appointed from among individuals who are specially qualified to serve on the Advisory Committee by virtue of their education, training, or experience in American history;
(iv) one of whom shall be appointed from among individuals who are specially qualified to serve on the Advisory Committee by virtue of their education, training, or experience in numismatics; and
(v) three of whom shall be appointed from among individuals who can represent the interests of the general public in the coinage of the United States.
(B) Four persons appointed by the Secretary on the basis of the recommendations of the following officials who shall make the selection for such recommendation from among citizens who are specially qualified to serve on the Advisory Committee by virtue of their education, training, or experience:
(i) One person recommended by the Speaker of the House of Representatives.
(ii) One person recommended by the minority leader of the House of Representatives.
(iii) One person recommended by the majority leader of the Senate.
(iv) One person recommended by the minority leader of the Senate.
(2) Terms.— (A) In general.— Except as provided in subparagraph (B), members of the Advisory Committee shall be appointed for a term of 4 years.
(B) Terms of initial appointees.— As designated by the Secretary at the time of appointment, of the members first appointed—
(i) four of the members appointed under paragraph (1)(A) shall be appointed for a term of 4 years;
(ii) the four members appointed under paragraph (1)(B) shall be appointed for a term of 3 years; and
(iii) three of the members appointed under paragraph (1)(A) shall be appointed for a term of 2 years.
(3) Preservation of public advisory status.— No individual may be appointed to the Advisory Committee while serving as an officer or employee of the Federal Government.
(4) Continuation of service.— Each appointed member may continue to serve for up to 6 months after the expiration of the term of office to which such member was appointed until a successor has been appointed.
(5) Vacancy and removal.— (A) In general.— Any vacancy on the Advisory Committee shall be filled in the manner in which the original appointment was made.
(B) Removal.— Advisory Committee members shall serve at the discretion of the Secretary and may be removed at any time for good cause.
(6) Chairperson.— The Chairperson of the Advisory Committee shall be appointed for a term of 1 year by the Secretary from among the members of the Advisory Committee.
(7) Pay and expenses.— Members of the Advisory Committee shall serve without pay for such service but each member of the Advisory Committee shall be reimbursed from the United States Mint Public Enterprise Fund for travel, lodging, meals, and incidental expenses incurred in connection with attendance of such members at meetings of the Advisory Committee in the same amounts and under the same conditions as employees of the United States Mint who engage in official travel, as determined by the Secretary.
(8) Meetings.— (A) In general.— The Advisory Committee shall meet at the call of the Secretary, the chairperson, or a majority of the members, but not less frequently than twice annually.
(B) Open meetings.— Each meeting of the Advisory Committee shall be open to the public.
(C) Prior notice of meetings.— Timely notice of each meeting of the Advisory Committee shall be published in the Federal Register, and timely notice of each meeting shall be made to trade publications and publications of general circulation.
(9) Quorum.— Seven members of the Advisory Committee shall constitute a quorum.
(c) Duties of the Advisory Committee.— The duties of the Advisory Committee are as follows:
(1) Advising the Secretary of the Treasury on any theme or design proposals relating to circulating coinage, bullion coinage, congressional gold medals and national and other medals produced by the Secretary of the Treasury in accordance with section 5111 of title 31, United States Code.
(2) Advising the Secretary of the Treasury with regard to—
(A) the events, persons, or places that the Advisory Committee recommends be commemorated by the issuance of commemorative coins in each of the 5 calendar years succeeding the year in which a commemorative coin designation is made;
(B) the mintage level for any commemorative coin recommended under subparagraph (A); and
(C) the proposed designs for commemorative coins.
(d) Expenses.— The expenses of the Advisory Committee that the Secretary of the Treasury determines to be reasonable and appropriate shall be paid by the Secretary from the United States Mint Public Enterprise Fund.
(e) Administrative Support, Technical Services, and Advice.— Upon the request of the Advisory Committee, or as necessary for the Advisory Committee to carry out the responsibilities of the Advisory Committee under this section, the Director of the United States Mint shall provide to the Advisory Committee the administrative support, technical services, and advice that the Secretary of the Treasury determines to be reasonable and appropriate.
(f) Consultation Authority.— In carrying out the duties of the Advisory Committee under this section, the Advisory Committee may consult with the Commission of Fine Arts.
(g) Annual Report.— (1) Required.— Not later than September 30 of each year, the Advisory Committee shall submit a report to the Secretary, the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate. Should circumstances arise in which the Advisory Committee cannot meet the September 30 deadline in any year, the Secretary shall advise the Chairpersons of the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate of the reasons for such delay and the date on which the submission of the report is anticipated.
(2) Contents.— The report required by paragraph (1) shall describe the activities of the Advisory Committee during the preceding year and the reports and recommendations made by the Advisory Committee to the Secretary of the Treasury.
(h) Chapter 10 of Title 5 Does Not Apply.— Subject to the requirements of subsection (b)(8), chapter 10 of title 5 shall not apply with respect to the Committee.
(Added Pub. L. 102390, title II, § 229(a), Oct. 6, 1992, 106 Stat. 1631; amended Pub. L. 104208, div. A, title I, § 101(f) [title V, § 529(d)], Sept. 30, 1996, 110 Stat. 3009314, 3009352; Pub. L. 104329, title III, § 303(a), Oct. 20, 1996, 110 Stat. 4014; Pub. L. 10815, title I, § 103(a), Apr. 23, 2003, 117 Stat. 616; Pub. L. 117286, § 4(a)(196), Dec. 27, 2022, 136 Stat. 4327.)
## Notes
Editorial Notes
Amendments2022—Subsec. (h). Pub. L. 117286 substituted “Chapter 10 of Title 5” for “Federal Advisory Committee Act” in heading and “chapter 10 of title 5” for “the Federal Advisory Committee Act” in text. 2003—Pub. L. 10815 amended section catchline and text generally. Prior to amendment, text provided for the establishment of the Citizens Commemorative Coin Advisory Committee and contained provisions concerning its oversight, membership, duties, and funding, the term of each membership, and the compensation of each member. 1996—Subsec. (a)(4). Pub. L. 104329 reenacted heading without change and amended text generally. Prior to amendment, text read as follows: “Each member appointed under clause (i) or (iii) of paragraph (3)(A) shall be appointed for a term of 4 years.” Pub. L. 104208, § 101(f) [title V, § 529(d)(1)], reenacted heading without change and amended text generally. Prior to amendment, text read as follows: “No individual shall be appointed to serve as a member of the Advisory Committee for a term in excess of 5 years.” Subsec. (a)(7). Pub. L. 104208, § 101(f) [title V, § 529(d)(2)], added par. (7).
Statutory Notes and Related Subsidiaries
Abolishment of Citizens Commemorative Coin Advisory Committee; Continuity of MembersPub. L. 10815, title I, § 103(b), (c), Apr. 23, 2003, 117 Stat. 618, 619, provided that: “(b) Abolishment of Citizens Commemorative Coin Advisory Committee.—Effective on the date of the enactment of this Act [Apr. 23, 2003], the Citizens Commemorative Coin Advisory Committee (established by section 5135 of title 31, United States Code, as in effect before the amendment made by subsection (a)) is hereby abolished. “(c) Continuity of Members of Citizens Commemorative Coin Advisory Committee.—Subject to paragraphs (1) and (2) of section 5135(b) of title 31, United States Code, any person who is a member of the Citizens Commemorative Coin Advisory Committee on the date of the enactment of this Act [Apr. 23, 2003], other than the member of such committee who is appointed from among the officers or employees of the United States Mint, may continue to serve the remainder of the term to which such member was appointed as a member of the Citizens Coinage Advisory Committee in one of the positions as determined by the Secretary.”
Staggered Terms for Members of Citizens Commemorative Coin Advisory CommitteePub. L. 104329, title III, § 303(b), Oct. 20, 1996, 110 Stat. 4014, provided that members serving on the Citizens Commemorative Coin Advisory Committee as of Oct. 20, 1996, would be deemed to have been appointed to terms which ended on Dec. 31, 1997, 1998, or 1999.
Status of Members of Citizens Commemorative Coin Advisory CommitteePub. L. 104329, title III, § 303(c), Oct. 20, 1996, 110 Stat. 4015, provided that members appointed to the Citizens Commemorative Coin Advisory Committee under clause (i) or (iii) of subsec. (a)(3)(A) of this section would not be treated as special Government employees.
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# 31 U.S.C. § 5136 - United States Mint Public Enterprise Fund
## Text
There shall be established in the Treasury of the United States, a United States Mint Public Enterprise Fund (the “Fund”) for fiscal year 1996 and hereafter: Provided, That all receipts from Mint operations and programs, including the production and sale of numismatic items, the production and sale of circulating coinage, the protection of Government assets, and gifts and bequests of property, real or personal shall be deposited into the Fund and shall be available without fiscal year limitations: Provided further, That all expenses incurred by the Secretary of the Treasury for operations and programs of the United States Mint that the Secretary of the Treasury determines, in the Secretarys sole discretion, to be ordinary and reasonable incidents of Mint operations and programs, and any expense incurred pursuant to any obligation or other commitment of Mint operations and programs that was entered into before the establishment of the Fund, shall be paid out of the Fund: Provided further, That not to exceed 6.2415 percent of the nominal value of the coins minted, shall be paid out of the Fund for the circulating coin operations and programs in fiscal year 1996 for those operations and programs previously provided for by appropriation: Provided further, That the Secretary of the Treasury may borrow such funds from the General Fund as may be necessary to meet existing liabilities and obligations incurred prior to the receipt of revenues into the Fund: Provided further, That the General Fund shall be reimbursed for such funds by the Fund within one year of the date of the loan: Provided further, That the Fund may retain receipts from the Federal Reserve System from the sale of circulating coins at face value for deposit into the Fund (retention of receipts is for the circulating operations and programs): Provided further, That the Secretary of the Treasury shall transfer to the Fund all assets and liabilities of the Mint operations and programs, including all Numismatic Public Enterprise Fund assets and liabilities, all receivables, unpaid obligations and unobligated balances from the Mints appropriation, the Coinage Profit Fund, and the Coinage Metal Fund, and the land and buildings of the Philadelphia Mint, Denver Mint, and the Fort Knox Bullion Depository: Provided further, That the Numismatic Public Enterprise Fund, the Coinage Profit Fund and the Coinage Metal Fund shall cease to exist as separate funds as their activites 11 So in original. Probably should be “activities”. and functions are subsumed under and subject to the Fund, and the requirements of 31 USC 22 So in original. Probably should be “U.S.C.” 5134(c)(4), (c)(5)(B), and (d) and (e) 33 See References in Text note below. of the Numismatic Public Enterprise Fund shall apply to the Fund: Provided further, That at such times as the Secretary of the Treasury determines appropriate, but not less than annually, any amount in the Fund that is determined to be in excess of the amount required by the Fund shall be transferred to the Treasury for deposit as miscellaneous receipts: Provided further, That the term “Mint operations and programs” means (1) the activities concerning, and assets utilized in, the production, administration, distribution, marketing, purchase, sale, and management of coinage, numismatic items, the protection and safeguarding of Mint assets and those non-Mint assets in the custody of the Mint, and the Fund; and (2) includes capital, personnel salaries and compensation, functions relating to operations, marketing, distribution, promotion, advertising, official reception and representation, the acquisition or replacement of equipment, the renovation or modernization of facilities, and the construction or acquisition of new buildings: Provided further, That the term “numismatic item” includes any medal, proof coin, uncirculated coin, bullion coin, numismatic collectible, other monetary issuances and products and accessories related to any such medal or coin: Provided further, That provisions of law governing procurement or public contracts shall not be applicable to the procurement of goods or services necessary for carrying out Mint programs and operations.
(Added Pub. L. 10452, title V, § 522, Nov. 19, 1995, 109 Stat. 494.)
## Notes
Editorial Notes
References in TextSection 5134(c) of this title, referred to in text, was amended by Pub. L. 10815, title I, § 103(d)(2), Apr. 23, 2003, 117 Stat. 619, which struck out par. (4) and redesignated par. (5) as (4).
Codification Section 522 of Pub. L. 10452, which directed the amendment of subchapter III of chapter 51 of this title by adding at the end thereof a new section, but had the ending quotation marks following the section catchline, was executed by adding this section as set out above, to reflect the probable intent of Congress.
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# 31 U.S.C. § 5141 - Operation of the Bureau
## Text
(a) The Secretary of the Treasury shall prepare and submit to the President an annual business-type budget for the Bureau of Engraving and Printing.
(b) (1) The Secretary shall maintain in the Bureau an integrated accounting system with internal controls that—
(A) ensures adequate control over assets and liabilities of the Bureau of Engraving and Printing Fund described in section 5142 of this title;
(B) develops accurate production costs to enable the Bureau to recover those costs on the basis of the work requisitioned;
(C) provides for replacement of capitalized equipment and other fixed assets by maintaining adequate depreciation reserves based on original cost or appraised values;
(D) discloses the financial condition and operations of the Fund on an accrual basis of accounting; and
(E) provides information for the prior fiscal year on the annual budget of the Bureau.
(2) The accounting system shall conform to principles and standards prescribed by the Comptroller General to carry out this subsection. The Comptroller General may review the system to ensure conformity to the principles and standards and its effectiveness of operation.
(c) An officer or employee in the clerical-mech­anical service of the Bureau assigned to an established shift or tour of duty at least half of which occurs between 6 p.m. and 6 a.m. is entitled to pay for the regular 40-hour week (except when on leave) at a rate of pay 15 percent higher than the day rate for the same work.
(Pub. L. 97258, Sept. 13, 1982, 96 Stat. 990.)
## Notes
Historical and Revision Notes Revised SectionSource (U.S. Code)Source (Statutes at Large) 5141(a)31:181b.Aug. 4, 1950, ch. 558, §§ 4, 5, 64 Stat. 409. 5141(b)31:181c. 5141(c)31:180.July 1, 1944, ch. 357, 58 Stat. 648. In subsection (a), the word “budget” is substituted for “budget program” to eliminate unnecessary words. The words “to the President” are added because of chapter 11 of the revised title. In subsection (b)(1), before clause (A), the words “Secretary shall maintain” are substituted for “There shall be installed and maintained” because of sections 301 and 303 of the revised title and to eliminate executed words. The words “internal controls” are substituted for “including proper features of internal control” to eliminate unnecessary words. In clause (B), the word “costs” is substituted for “direct and indirect costs” to eliminate unnecessary words. In clause (D), the word “basis” is substituted for “method” for clarity. In clause (E), the words “provides information” are substituted for “supply on the basis of accounting results the data” to eliminate unnecessary words. The word “prior” is substituted for “last completed” for consistency in the revised title. In subsection (c), the words “An officer or employee” are substituted for “employees” for consistency in the revised title and with other titles of the United States Code. The words “assigned to an established shift or tour of duty at least half of which occurs between the hours of 6 p.m. and 6 a.m.” are substituted for “assigned to perform their work at night” and 31:180(proviso) to eliminate unnecessary words.
Statutory Notes and Related Subsidiaries
Authority of Special Police OfficersPub. L. 104208, div. A, title I, § 101(f) [title V, § 517], Sept. 30, 1996, 110 Stat. 3009314, 3009346, provided that: “Notwithstanding any other provision of law or regulation during the fiscal year ending September 30, 1997, and thereafter: “(1) The authority of the special police officers of the Bureau of Engraving and Printing, in the Washington, DC Metropolitan area, extends to buildings and land under the custody and control of the Bureau; to buildings and land acquired by or for the Bureau through lease, unless otherwise provided by the acquisition agency; to the streets, sidewalks and open areas immediately adjacent to the Bureau along Wallenberg Place (15th Street) and 14th Street between Independence and Maine Avenues and C and D Streets between 12th and 14th Streets; to areas which include surrounding parking facilities used by Bureau employees, including the lots at 12th and C Streets, SW, Maine Avenue and Water Streets, SW, Maiden Lane, the Tidal Basin and East Potomac Park; to the protection in transit of United States securities, plates and dies used in the production of United States securities, or other products or implements of the Bureau of Engraving and Printing which the Director of that agency so designates. “(2) The authority of the special police officers of the United States Mint extends to the buildings and land under the custody and control of the Mint; to the streets, sidewalks and open areas in the vicinity to such facilities; to surrounding parking facilities used by Mint employees; and to the protection in transit of bullion, coins, dies, and other property and assets of, or in the custody of, the Mint. “(3) The exercise of police authority by Bureau or Mint officers, with the exception of the exercise of authority upon property under the custody and control of the Bureau or the Mint, respectively, shall be deemed supplementary to the Federal police force with primary jurisdictional responsibility. This authority shall be in addition to any other law enforcement authority which has been provided to these officers under other provisions of law or regulations.” Similar provisions were contained in the following prior appropriation acts: Pub. L. 10452, title V, § 520, Nov. 19, 1995, 109 Stat. 494. Pub. L. 103329, title V, § 535, Sept. 30, 1994, 108 Stat. 2414.
@@ -0,0 +1,69 @@
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# 31 U.S.C. § 5142 - Bureau of Engraving and Printing Fund
## Text
(a) The Department of the Treasury has a Bureau of Engraving and Printing Fund. Amounts—
(1) in the Fund are available to operate the Bureau of Engraving and Printing;
(2) in the Fund remain available until expended; and
(3) may be appropriated to the Fund.
(b) The Fund consists of—
(1) property and physical assets (except buildings and land) acquired by the Bureau;
(2) all amounts received by the Bureau; and
(3) proceeds from the disposition of property and assets acquired by the Fund.
(c) The capital of the Fund consists of—
(1) amounts appropriated to the Fund;
(2) physical assets of the Bureau (except buildings and land) as of the close of business June 30, 1951; and
(3) all payments made after June 30, 1974, under section 5143 of this title at prices adjusted to permit buying capital equipment and to provide future working capital.
(d) The Secretary shall deposit each fiscal year, in the Treasury as miscellaneous receipts, amounts accruing to the Fund in the prior fiscal year that the Secretary decides are in excess of the needs of the Fund. However, the Secretary may use the excess amounts to restore capital of the Fund reduced by the difference between the charges for services of the Bureau and the cost of providing those services.
(e) The Secretary shall maintain a special deposit account in the Treasury for the Fund. The Secretary shall credit the account with amounts appropriated to the Fund and receipts of the Bureau without depositing the receipts in the Treasury as miscellaneous receipts.
(Pub. L. 97258, Sept. 13, 1982, 96 Stat. 990.)
## Notes
Historical and Revision Notes Revised SectionSource (U.S. Code)Source (Statutes at Large) 5142(a)31:181a(a)(1st sentence), (d).Aug. 4, 1950, ch. 558, § 2, 64 Stat. 409. 5142(b)31:181a(c). 5142(c)31:181a(a)(last sentence), (b). 31:181(note).July 31, 1977, Pub. L. 9581, § 100(par. under heading “Bureau of Engraving and Printing”), 91 Stat. 342. 5142(d)31:181a(e). 5142(e)31:181a(f). In subsection (a), before clause (1), the words “as of July 1, 1951” are omitted as executed. In clause (1), the words “subsequent to June 30, 1951” are omitted as executed. In clause (2), the words “remain available until expended” are substituted for “shall be available without fiscal year limitation” for consistency in the revised title and with other titles of the United States Code. In subsection (b)(2), the words “amounts received by the Bureau” are substituted for “all amounts recoverable as provided in section 181 of this title for the costs of work and services performed by the Bureau, and all other amounts receivable by the Bureau from whatever sources derived” to eliminate unnecessary words. In subsection (c)(1), the words “amounts appropriated to the Fund” are substituted for “an initial appropriation by the Congress to the fund of not to exceed $5,000,000 and such additional amounts as from time to time may be appropriated for the purposes of the fund” to eliminate unnecessary words. In subsection (c)(2), the words “such inventories and other physical assets to be capitalized at fair and reasonable values to be determined by the Secretary” are omitted as executed. The words “receivables and the inventories” are omitted as covered by “physical assets”. The words “unexpended balances of appropriations” are omitted as unnecessary because of clause (1). In subsection (c)(3), the words “$5,000,000, to remain available until expended” are omitted as unnecessary because of the source provision restated in subsection (a)(2) of this section. The text of 31:181a(a)(3) and (b) is omitted as executed. In subsection (d), the words “each fiscal year” are substituted for “ensuing fiscal year”, and the words “prior fiscal year” are added, because of the restatement. The word “Secretary” is added because of sections 301 and 303 of the revised title. The words “decides are in excess of the needs of the Fund” are substituted for “surplus” for consistency in the chapter. The words “may use” are substituted for “may be applied first” to eliminate unnecessary words. The word “reduced” is substituted for “impairment” for clarity. In subsection (e), the words “Secretary shall maintain” are substituted for “shall be established” because of sections 301 and 303 of the revised title and to eliminate executed words. The words “in the Treasury” are substituted for “with the Treasurer of the United States” because of Department of the Treasury Order 229 of January 14, 1974 (39 F.R. 2280). The text of 31:181a(f)(last sentence) is omitted as unnecessary because of the source provisions restated in section 3325 of the revised title.
Statutory Notes and Related Subsidiaries
Replacement Currency Production FacilityPub. L. 1166, div. D, title I, § 127, Feb. 15, 2019, 133 Stat. 149, as amended by Pub. L. 117328, div. E, title I, § 127, Dec. 29, 2022, 136 Stat. 4660, provided that: “Beginning in fiscal year 2019 and for each fiscal year thereafter, amounts in the Bureau of Engraving and Printing Fund may be used for the acquisition of necessary land for, and construction of, a replacement currency production facility, including public improvements in the area around such facility to mitigate traffic impacts caused by the construction and occupancy of the facility.”
@@ -0,0 +1,43 @@
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# 31 U.S.C. § 5143 - Payment for services
## Text
The Secretary of the Treasury shall impose charges for Bureau of Engraving and Printing services the Secretary provides to an agency or to a foreign government under section 5114. The charges shall be in amounts the Secretary considers adequate to cover the costs of the services (including administrative and other costs related to providing the services). The agency shall pay promptly bills submitted by the Secretary, and the Secretary shall take such action, in coordination with the Secretary of State, as may be appropriate to ensure prompt payment by a foreign government of any invoice or statement of account submitted by the Secretary with respect to services rendered under section 5114.
(Pub. L. 97258, Sept. 13, 1982, 96 Stat. 991; Pub. L. 108458, title VI, § 6301(b), Dec. 17, 2004, 118 Stat. 3748.)
## Notes
Historical and Revision Notes Revised SectionSource (U.S. Code)Source (Statutes at Large) 514331:181.Aug. 4, 1950, ch. 558, § 1, 64 Stat. 408. The word “costs” is substituted for “direct and indirect costs” to eliminate unnecessary words. The words “shall make payment therefor” are omitted as unnecessary because of the restatement. The words “from funds available to it for such purposes” are omitted as surplus.
Editorial Notes
Amendments2004—Pub. L. 108458 inserted “or to a foreign government under section 5114” after “provides to an agency”, “and other” after “including administrative”, and “, and the Secretary shall take such action, in coordination with the Secretary of State, as may be appropriate to ensure prompt payment by a foreign government of any invoice or statement of account submitted by the Secretary with respect to services rendered under section 5114” before period at end.
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# 31 U.S.C. § 5144 - Providing impressions of portraits and vignettes
## Text
The Secretary of the Treasury may provide impressions from an engraved portrait or vignette in the possession of the Bureau of Engraving and Printing. An impression shall be provided—
(1) at the request of—
(A) a member of Congress;
(B) a head of an agency;
(C) an art association; or
(D) a library; and
(2) for a charge and under conditions the Secretary decides are necessary to protect the public interest.
(Pub. L. 97258, Sept. 13, 1982, 96 Stat. 991.)
## Notes
Historical and Revision Notes Revised SectionSource (U.S. Code)Source (Statutes at Large) 514431:174.Dec. 22, 1879, ch. 2, 21 Stat. 59. In the section, before clause (1), the word “engraved” is added before “portrait” because of the restatement. The words “in the possession” are substituted for “which is now, or may be a part of the engraved stock” to eliminate unnecessary words. The words “An impression shall be provided” are added because of the restatement. In clause (1)(A), the words “member of Congress” are substituted for “Senator, Representative, or Delegate in Congress” for consistency. In clause (1)(B), the word “agency” is substituted for “department or bureau” because of section 101 of the revised title and for consistency in the revised title. In clause (2), the words “for a charge and under conditions the Secretary decides are” are substituted for “at such rates and under such conditions as he may deem” for consistency.
@@ -0,0 +1,63 @@
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# 31 U.S.C. § 5151 - Conversion of currency of foreign countries
## Text
(a) In this section—
(1) “buying rate” means the buying rate in the market in New York, New York, for cable transfers payable in the currency of a foreign country to be converted.
(2) when merchandise is exported on a day that banks are generally closed in New York, the buying rate at noon on the last prior business day is deemed to be the buying rate at noon on the day the merchandise is exported.
(b) The value of coins of a foreign country expressed in United States money is the value of the pure metal of the standard coin of the foreign country. The Secretary of the Treasury shall estimate the values of standard coins of the country quarterly and publish the values on the first day of January, April, July, and October of each year.
(c) Except as provided in this section, conversion of currency of a foreign country into United States currency for assessment and collection of duties on merchandise imported into the United States shall be made at values published by the Secretary under subsection (b) of this section for the quarter in which the merchandise is exported.
(d) If the Secretary has not published a value for the quarter in which the merchandise is exported, or if the value published by the Secretary varies by at least 5 percent from a value measured by the buying rate at noon on the day the merchandise is exported, the conversion of the currency of the foreign country shall be made at a value—
(1) equal to the buying rate at noon on the day the merchandise is exported; or
(2) prescribed by regulation of the Secretary for the currency that is equal to the first buying rate certified for that currency by the Federal Reserve Bank of New York under subsection (e) of this section in the quarter in which the merchandise is exported, but only if the buying rate at noon on the day the merchandise is exported varies less than 5 percent from the buying rate first certified.
(e) The Federal Reserve Bank of New York shall decide the buying rate and certify the rate to the Secretary. The Secretary shall publish the rate at times and to the extent the Secretary considers necessary. In deciding the buying rate, the Bank may—
(1) consider the last ascertainable transactions and quotations (direct or through exchange of other currencies); and
(2) if there is no buying rate, calculate the rate from—
(A) actual transactions and quotations in demand or time bills of exchange; or
(B) the last ascertainable transactions and quotations outside the United States in or for exchange payable in United States currency or foreign currency.
(Pub. L. 97258, Sept. 13, 1982, 96 Stat. 991.)
## Notes
Historical and Revision Notes Revised SectionSource (U.S. Code)Source (Statutes at Large) 5151(a)31:372(c)(2)(1st sentence), (3).June 17, 1930, ch. 497, § 522(c), 46 Stat. 740; restated Aug. 2, 1956, ch. 887, § 3, 70 Stat. 946. 5151(b)31:372(a).Aug. 27, 1894, ch. 349, § 25, 28 Stat. 552; May 27, 1921, ch. 14, § 403(a), 42 Stat. 17; restated June 17, 1930, ch. 497, § 522(a), 46 Stat. 739. 5151(c)31:372(b).June 17, 1930, ch. 497, § 522(b), 46 Stat. 740. 5151(d)31:372(c)(1). 5151(e)31:372(c)(2)(2d, last sentences). In subsection (b), the words “United States money” are substituted for “money of account” for consistency in the chapter. The words “standard coins of the country” are substituted for “values of standard coins in circulation of the various nations of the world” to eliminate unnecessary words. The words “Secretary of the Treasury” are substituted for “Director of the Mint” because of the source provisions restated in section 321(c) of the revised title. In subsection (c), the words “on or after June 17, 1930” are omitted as executed. In subsection (d)(1), the words “buying rate at noon on the day the merchandise is exported” are substituted for “such buying rate” for clarity. In subsection (d)(2), the words “that is equal to” are substituted for “at a value measured by” because of the restatement. In subsection (e)(2), the words “buying rate” are substituted for “market buying rate for such cable transfers” to eliminate unnecessary words.
@@ -0,0 +1,39 @@
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# 31 U.S.C. § 5152 - Value of United States money holdings in international institutions
## Text
The Secretary of the Treasury shall maintain the value in terms of gold of the holdings of United States money of the International Bank for Reconstruction and Development, the Inter-American Development Bank, the International Development Association, and the Asian Development Bank to the extent provided in the articles of agreement of those institutions. Amounts necessary to maintain the value may be appropriated. Amounts appropriated under this section remain available until expended.
(Pub. L. 97258, Sept. 13, 1982, 96 Stat. 992.)
## Notes
Historical and Revision Notes Revised SectionSource (U.S. Code)Source (Statutes at Large) 515231:449a.Mar. 31, 1972, Pub. L. 92268, § 3, 86 Stat. 117. The word “money” is substituted for “dollars” for consistency in the revised title. The words “the International Monetary Fund” are omitted as obsolete because of section 9 of the Act of October 19, 1976 (Pub. L. 94564, 90 Stat. 2661).
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# 31 U.S.C. § 5153 - Counterfeit currency
## Text
Disbursing officials of the United States Government and officers of national banks shall stamp or mark the word “counterfeit”, “altered”, or “worthless” on counterfeit notes intended to circulate as currency that are presented to them. An official or officer wrongfully stamping or marking an item of genuine United States currency (including a Federal reserve note or a circulating note of Federal reserve banks and national banks) shall redeem the currency at face value when presented.
(Pub. L. 97258, Sept. 13, 1982, 96 Stat. 992.)
## Notes
Historical and Revision Notes Revised SectionSource (U.S. Code)Source (Statutes at Large) 515331:424.June 30, 1876, ch. 156, § 5, 19 Stat. 64. The words “Disbursing officials” are substituted for “officers charged with the receipt or disbursement of public moneys” for consistency in the revised title and other titles of the United States Code. The word “mark” is substituted for “write in plain letters” to eliminate unnecessary words. The words “counterfeit notes intended to circulate as currency” are substituted for “all fraudulent notes issued in the form of, and intended to circulate as money” for consistency in the revised title and with other titles of the Code. The last sentence is substituted for the words following the semicolon in 31:424 for clarity and to reflect the legislative history of the derivative source. See 4 Cong. Rec. 22252228, 3148. In that sentence, the words “United States currency (including a Federal reserve note or a circulating note of Federal reserve banks and national banks)” are substituted for “any genuine note of the United States, or of the national banks” for consistency with section 5103 of the revised title.
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# 31 U.S.C. § 5154 - State taxation
## Text
A State or a territory or possession of the United States may tax United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) as money on hand or on deposit in the same way and at the same rate that the State, territory, or possession taxes other forms of money. This section does not affect a law taxing national banks.
(Pub. L. 97258, Sept. 13, 1982, 96 Stat. 992; Pub. L. 97452, § 1(22), Jan. 12, 1983, 96 Stat. 2477.)
## Notes
Historical and Revision Notes 1982 Act Revised SectionSource (U.S. Code)Source (Statutes at Large) 515431:425, 426.Aug. 13, 1894, ch. 281, 28 Stat. 278. The words “United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks)” are substituted for “Circulating notes of national banking associations and United States legal tender notes and other notes and certificates of the United States payable on demand and circulating or intended to circulate as currency and gold, silver, or other coin” in 31:425 to eliminate unnecessary words and for consistency with section 5103 of the revised title.
1983 ActThis restates 31:5154 to clarify the intent of the section. See 26 Cong. Rec. 7152, 7170 (1894).
Editorial Notes
Amendments1983—Pub. L. 97452 substituted “other forms of money” for “United States coins and currency circulating within its jurisdiction”.
Statutory Notes and Related Subsidiaries
Effective Date of 1983 AmendmentAmendment effective Sept. 13, 1982, see section 2(i) of Pub. L. 97452, set out as a note under section 3331 of this title.
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---
type: "LegalText"
title: "31 U.S.C. § 5155"
description: "Providing engraved plates of portraits of deceased members of Congress"
jurisdiction: "us"
corpus: "united_states_code"
kind: "code_section"
title_number: 31
title_name: "MONEY AND FINANCE"
chapter_number: "51"
chapter_name: "COINS AND CURRENCY"
section: "5155"
citation: "31 U.S.C. § 5155"
status: "current"
release_point: "119-100"
release_date: "2026-06-26"
source: "official"
source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc31@119-100.zip"
source_identifier: "/us/usc/t31/s5155"
source_file: "data/legal/raw/us/code/title-31/usc31.xml"
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retrieved_at: "2026-07-04"
confidence: "official"
tags: ["legal", "us-code"]
---
# 31 U.S.C. § 5155 - Providing engraved plates of portraits of deceased members of Congress
## Text
On conditions the Secretary of the Treasury decides, the Secretary may send an engraved plate of a portrait of a deceased Senator or Representative to an heir or legal representative of such a Senator or Representative.
(Pub. L. 97258, Sept. 13, 1982, 96 Stat. 993.)
## Notes
Historical and Revision Notes Revised SectionSource (U.S. Code)Source (Statutes at Large) 515531:175.July 1, 1916, ch. 209, § 1(3d par. on p. 275), 39 Stat. 275. The words “terms and” are omitted as being included in “conditions”. The words “that have been or may be made” are omitted as unnecessary.