CHAPTER 51 —COINS AND CURRENCY
SUBCHAPTER I—MONETARY SYSTEM
SUBCHAPTER II—GENERAL AUTHORITY
SUBCHAPTER III—UNITED STATES MINT
SUBCHAPTER IV—BUREAU OF ENGRAVING AND PRINTING
SUBCHAPTER V—MISCELLANEOUS
Editorial Notes
Amendments
1992—
Executive Documents
Ex. Ord. No. 14067. Ensuring Responsible Development of Digital Assets
Ex. Ord. No. 14067, Mar. 9, 2022, 87 F.R. 14143, provided:
By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered as follows:
While many activities involving digital assets are within the scope of existing domestic laws and regulations, an area where the United States has been a global leader, growing development and adoption of digital assets and related innovations, as well as inconsistent controls to defend against certain key risks, necessitate an evolution and alignment of the United States Government approach to digital assets. The United States has an interest in responsible financial innovation, expanding access to safe and affordable financial services, and reducing the cost of domestic and cross-border funds transfers and payments, including through the continued modernization of public payment systems. We must take strong steps to reduce the risks that digital assets could pose to consumers, investors, and business protections; financial stability and financial system integrity; combating and preventing crime and illicit finance; national security; the ability to exercise human rights; financial inclusion and equity; and climate change and pollution.
(a) We must protect consumers, investors, and businesses in the United States. The unique and varied features of digital assets can pose significant financial risks to consumers, investors, and businesses if appropriate protections are not in place. In the absence of sufficient oversight and standards, firms providing digital asset services may provide inadequate protections for sensitive financial data, custodial and other arrangements relating to customer assets and funds, or disclosures of risks associated with investment. Cybersecurity and market failures at major digital asset exchanges and trading platforms have resulted in billions of dollars in losses. The United States should ensure that safeguards are in place and promote the responsible development of digital assets to protect consumers, investors, and businesses; maintain privacy; and shield against arbitrary or unlawful surveillance, which can contribute to human rights abuses.
(b) We must protect United States and global financial stability and mitigate systemic risk. Some digital asset trading platforms and service providers have grown rapidly in size and complexity and may not be subject to or in compliance with appropriate regulations or supervision. Digital asset issuers, exchanges and trading platforms, and intermediaries whose activities may increase risks to financial stability, should, as appropriate, be subject to and in compliance with regulatory and supervisory standards that govern traditional market infrastructures and financial firms, in line with the general principle of "same business, same risks, same rules." The new and unique uses and functions that digital assets can facilitate may create additional economic and financial risks requiring an evolution to a regulatory approach that adequately addresses those risks.
(c) We must mitigate the illicit finance and national security risks posed by misuse of digital assets. Digital assets may pose significant illicit finance risks, including money laundering, cybercrime and ransomware, narcotics and human trafficking, and terrorism and proliferation financing. Digital assets may also be used as a tool to circumvent United States and foreign financial sanctions regimes and other tools and authorities. Further, while the United States has been a leader in setting international standards for the regulation and supervision of digital assets for anti-money laundering and countering the financing of terrorism (AML/CFT), poor or nonexistent implementation of those standards in some jurisdictions abroad can present significant illicit financing risks for the United States and global financial systems. Illicit actors, including the perpetrators of ransomware incidents and other cybercrime, often launder and cash out of their illicit proceeds using digital asset service providers in jurisdictions that have not yet effectively implemented the international standards set by the inter-governmental Financial Action Task Force (FATF). The continued availability of service providers in jurisdictions where international AML/CFT standards are not effectively implemented enables financial activity without illicit finance controls. Growth in decentralized financial ecosystems, peer-to-peer payment activity, and obscured blockchain ledgers without controls to mitigate illicit finance could also present additional market and national security risks in the future. The United States must ensure appropriate controls and accountability for current and future digital assets systems to promote high standards for transparency, privacy, and security—including through regulatory, governance, and technological measures—that counter illicit activities and preserve or enhance the efficacy of our national security tools. When digital assets are abused or used in illicit ways, or undermine national security, it is in the national interest to take actions to mitigate these illicit finance and national security risks through regulation, oversight, law enforcement action, or use of other United States Government authorities.
(d) We must reinforce United States leadership in the global financial system and in technological and economic competitiveness, including through the responsible development of payment innovations and digital assets. The United States has an interest in ensuring that it remains at the forefront of responsible development and design of digital assets and the technology that underpins new forms of payments and capital flows in the international financial system, particularly in setting standards that promote: democratic values; the rule of law; privacy; the protection of consumers, investors, and businesses; and interoperability with digital platforms, legacy architecture, and international payment systems. The United States derives significant economic and national security benefits from the central role that the United States dollar and United States financial institutions and markets play in the global financial system. Continued United States leadership in the global financial system will sustain United States financial power and promote United States economic interests.
(e) We must promote access to safe and affordable financial services. Many Americans are underbanked and the costs of cross-border money transfers and payments are high. The United States has a strong interest in promoting responsible innovation that expands equitable access to financial services, particularly for those Americans underserved by the traditional banking system, including by making investments and domestic and cross-border funds transfers and payments cheaper, faster, and safer, and by promoting greater and more cost-efficient access to financial products and services. The United States also has an interest in ensuring that the benefits of financial innovation are enjoyed equitably by all Americans and that any disparate impacts of financial innovation are mitigated.
(f) We must support technological advances that promote responsible development and use of digital assets. The technological architecture of different digital assets has substantial implications for privacy, national security, the operational security and resilience of financial systems, climate change, the ability to exercise human rights, and other national goals. The United States has an interest in ensuring that digital asset technologies and the digital payments ecosystem are developed, designed, and implemented in a responsible manner that includes privacy and security in their architecture, integrates features and controls that defend against illicit exploitation, and reduces negative climate impacts and environmental pollution, as may result from some cryptocurrency mining.
(i) Sovereign money is at the core of a well-functioning financial system, macroeconomic stabilization policies, and economic growth. My Administration places the highest urgency on research and development efforts into the potential design and deployment options of a United States CBDC. These efforts should include assessments of possible benefits and risks for consumers, investors, and businesses; financial stability and systemic risk; payment systems; national security; the ability to exercise human rights; financial inclusion and equity; and the actions required to launch a United States CBDC if doing so is deemed to be in the national interest.
(ii) My Administration sees merit in showcasing United States leadership and participation in international fora related to CBDCs and in multi-country conversations and pilot projects involving CBDCs. Any future dollar payment system should be designed in a way that is consistent with United States priorities (as outlined in section 4(a)(i) of this order) and democratic values, including privacy protections, and that ensures the global financial system has appropriate transparency, connectivity, and platform and architecture interoperability or transferability, as appropriate.
(iii) A United States CBDC may have the potential to support efficient and low-cost transactions, particularly for cross-border funds transfers and payments, and to foster greater access to the financial system, with fewer of the risks posed by private sector-administered digital assets. A United States CBDC that is interoperable with CBDCs issued by other monetary authorities could facilitate faster and lower-cost cross-border payments and potentially boost economic growth, support the continued centrality of the United States within the international financial system, and help to protect the unique role that the dollar plays in global finance. There are also, however, potential risks and downsides to consider. We should prioritize timely assessments of potential benefits and risks under various designs to ensure that the United States remains a leader in the international financial system.
(b) Within 180 days of the date of this order [Mar. 9, 2022], the Secretary of the Treasury, in consultation with the Secretary of State, the Attorney General, the Secretary of Commerce, the Secretary of Homeland Security, the Director of the Office of Management and Budget, the Director of National Intelligence, and the heads of other relevant agencies, shall submit to the President a report on the future of money and payment systems, including the conditions that drive broad adoption of digital assets; the extent to which technological innovation may influence these outcomes; and the implications for the United States financial system, the modernization of and changes to payment systems, economic growth, financial inclusion, and national security. This report shall be coordinated through the interagency process described in section 3 of this order. Based on the potential United States CBDC design options, this report shall include an analysis of:
(i) the potential implications of a United States CBDC, based on the possible design choices, for national interests, including implications for economic growth and stability;
(ii) the potential implications a United States CBDC might have on financial inclusion;
(iii) the potential relationship between a CBDC and private sector-administered digital assets;
(iv) the future of sovereign and privately produced money globally and implications for our financial system and democracy;
(v) the extent to which foreign CBDCs could displace existing currencies and alter the payment system in ways that could undermine United States financial centrality;
(vi) the potential implications for national security and financial crime, including an analysis of illicit financing risks, sanctions risks, other law enforcement and national security interests, and implications for human rights; and
(vii) an assessment of the effects that the growth of foreign CBDCs may have on United States interests generally.
(c) The Chairman of the Board of Governors of the Federal Reserve System (Chairman of the Federal Reserve) is encouraged to continue to research and report on the extent to which CBDCs could improve the efficiency and reduce the costs of existing and future payments systems, to continue to assess the optimal form of a United States CBDC, and to develop a strategic plan for Federal Reserve and broader United States Government action, as appropriate, that evaluates the necessary steps and requirements for the potential implementation and launch of a United States CBDC. The Chairman of the Federal Reserve is also encouraged to evaluate the extent to which a United States CBDC, based on the potential design options, could enhance or impede the ability of monetary policy to function effectively as a critical macroeconomic stabilization tool.
(d) The Attorney General, in consultation with the Secretary of the Treasury and the Chairman of the Federal Reserve, shall:
(i) within 180 days of the date of this order, provide to the President through the APNSA and APEP an assessment of whether legislative changes would be necessary to issue a United States CBDC, should it be deemed appropriate and in the national interest; and
(ii) within 210 days of the date of this order, provide to the President through the APNSA and the APEP a corresponding legislative proposal, based on consideration of the report submitted by the Secretary of the Treasury under section 4(b) of this order and any materials developed by the Chairman of the Federal Reserve consistent with section 4(c) of this order.
(b) Consistent with the goals stated in section 5(a) of this order:
(i) Within 180 days of the date of this order [Mar. 9, 2022], the Secretary of the Treasury, in consultation with the Secretary of Labor and the heads of other relevant agencies, including, as appropriate, the heads of independent regulatory agencies such as the FTC, the SEC, the CFTC, Federal banking agencies, and the CFPB, shall submit to the President a report, or section of the report required by section 4 of this order, on the implications of developments and adoption of digital assets and changes in financial market and payment system infrastructures for United States consumers, investors, businesses, and for equitable economic growth. One section of the report shall address the conditions that would drive mass adoption of different types of digital assets and the risks and opportunities such growth might present to United States consumers, investors, and businesses, including a focus on how technological innovation may impact these efforts and with an eye toward those most vulnerable to disparate impacts. The report shall also include policy recommendations, including potential regulatory and legislative actions, as appropriate, to protect United States consumers, investors, and businesses, and support expanding access to safe and affordable financial services. The report shall be coordinated through the interagency process described in section 3 of this order.
(ii) Within 180 days of the date of this order, the Director of the Office of Science and Technology Policy and the Chief Technology Officer of the United States, in consultation with the Secretary of the Treasury, the Chairman of the Federal Reserve, and the heads of other relevant agencies, shall submit to the President a technical evaluation of the technological infrastructure, capacity, and expertise that would be necessary at relevant agencies to facilitate and support the introduction of a CBDC system should one be proposed. The evaluation should specifically address the technical risks of the various designs, including with respect to emerging and future technological developments, such as quantum computing. The evaluation should also include any reflections or recommendations on how the inclusion of digital assets in Federal processes may affect the work of the United States Government and the provision of Government services, including risks and benefits to cybersecurity, customer experience, and social-safety-net programs. The evaluation shall be coordinated through the interagency process described in section 3 of this order.
(iii) Within 180 days of the date of this order, the Attorney General, in consultation with the Secretary of the Treasury and the Secretary of Homeland Security, shall submit to the President a report on the role of law enforcement agencies in detecting, investigating, and prosecuting criminal activity related to digital assets. The report shall include any recommendations on regulatory or legislative actions, as appropriate.
(iv) The Attorney General, the Chair of the FTC, and the Director of the CFPB are each encouraged to consider what, if any, effects the growth of digital assets could have on competition policy.
(v) The Chair of the FTC and the Director of the CFPB are each encouraged to consider the extent to which privacy or consumer protection measures within their respective jurisdictions may be used to protect users of digital assets and whether additional measures may be needed.
(vi) The Chair of the SEC, the Chairman of the CFTC, the Chairman of the Federal Reserve, the Chairperson of the Board of Directors of the Federal Deposit Insurance Corporation, and the Comptroller of the Currency are each encouraged to consider the extent to which investor and market protection measures within their respective jurisdictions may be used to address the risks of digital assets and whether additional measures may be needed.
(vii) Within 180 days of the date of this order, the Director of the Office of Science and Technology Policy, in consultation with the Secretary of the Treasury, the Secretary of Energy, the Administrator of the Environmental Protection Agency, the Chair of the Council of Economic Advisers, the Assistant to the President and National Climate Advisor, and the heads of other relevant agencies, shall submit a report to the President on the connections between distributed ledger technology and short-, medium-, and long-term economic and energy transitions; the potential for these technologies to impede or advance efforts to tackle climate change at home and abroad; and the impacts these technologies have on the environment. This report shall be coordinated through the interagency process described in section 3 of this order. The report should also address the effect of cryptocurrencies' consensus mechanisms on energy usage, including research into potential mitigating measures and alternative mechanisms of consensus and the design tradeoffs those may entail. The report should specifically address:
(A) potential uses of blockchain that could support monitoring or mitigating technologies to climate impacts, such as exchanging of liabilities for greenhouse gas emissions, water, and other natural or environmental assets; and
(B) implications for energy policy, including as it relates to grid management and reliability, energy efficiency incentives and standards, and sources of energy supply.
(viii) Within 1 year of submission of the report described in section 5(b)(vii) of this order, the Director of the Office of Science and Technology Policy, in consultation with the Secretary of the Treasury, the Secretary of Energy, the Administrator of the Environmental Protection Agency, the Chair of the Council of Economic Advisers, and the heads of other relevant agencies, shall update the report described in section 5(b)(vii) of this order, including to address any knowledge gaps identified in such report.
(b) Within 210 days of the date of this order, the Secretary of the Treasury should convene the FSOC and produce a report outlining the specific financial stability risks and regulatory gaps posed by various types of digital assets and providing recommendations to address such risks. As the Secretary of the Treasury and the FSOC deem appropriate, the report should consider the particular features of various types of digital assets and include recommendations that address the identified financial stability risks posed by these digital assets, including any proposals for additional or adjusted regulation and supervision as well as for new legislation. The report should take account of the prior analyses and assessments of the FSOC, agencies, and the President's Working Group on Financial Markets, including the ongoing work of the Federal banking agencies, as appropriate.
(b) Within 90 days of submission to the Congress of the National Strategy for Combating Terrorist and Other Illicit Financing, the Secretary of the Treasury, the Secretary of State, the Attorney General, the Secretary of Commerce, the Secretary of Homeland Security, the Director of the Office of Management and Budget, the Director of National Intelligence, and the heads of other relevant agencies may each submit to the President supplemental annexes, which may be classified or unclassified, to the Strategy offering additional views on illicit finance risks posed by digital assets, including cryptocurrencies, stablecoins, CBDCs, and trends in the use of digital assets by illicit actors.
(c) Within 120 days of submission to the Congress of the National Strategy for Combating Terrorist and Other Illicit Financing, the Secretary of the Treasury, in consultation with the Secretary of State, the Attorney General, the Secretary of Commerce, the Secretary of Homeland Security, the Director of the Office of Management and Budget, the Director of National Intelligence, and the heads of other relevant agencies shall develop a coordinated action plan based on the Strategy's conclusions for mitigating the digital-asset-related illicit finance and national security risks addressed in the updated strategy. This action plan shall be coordinated through the interagency process described in section 3 of this order. The action plan shall address the role of law enforcement and measures to increase financial services providers' compliance with AML/CFT obligations related to digital asset activities.
(d) Within 120 days following completion of all of the following reports—the National Money Laundering Risk Assessment; the National Terrorist Financing Risk Assessment; the National Proliferation Financing Risk Assessment; and the updated National Strategy for Combating Terrorist and Other Illicit Financing—the Secretary of the Treasury shall notify the relevant agencies through the interagency process described in section 3 of this order on any pending, proposed, or prospective rulemakings to address digital asset illicit finance risks. The Secretary of the Treasury shall consult with and consider the perspectives of relevant agencies in evaluating opportunities to mitigate such risks through regulation.
(i) Technology-driven financial innovation is frequently cross-border and therefore requires international cooperation among public authorities. This cooperation is critical to maintaining high regulatory standards and a level playing field. Uneven regulation, supervision, and compliance across jurisdictions creates opportunities for arbitrage and raises risks to financial stability and the protection of consumers, investors, businesses, and markets. Inadequate AML/CFT regulation, supervision, and enforcement by other countries challenges the ability of the United States to investigate illicit digital asset transaction flows that frequently jump overseas, as is often the case in ransomware payments and other cybercrime-related money laundering. There must also be cooperation to reduce inefficiencies in international funds transfer and payment systems.
(ii) The United States Government has been active in international fora and through bilateral partnerships on many of these issues and has a robust agenda to continue this work in the coming years. While the United States held the position of President of the FATF, the United States led the group in developing and adopting the first international standards on digital assets. The United States must continue to work with international partners on standards for the development and appropriate interoperability of digital payment architectures and CBDCs to reduce payment inefficiencies and ensure that any new funds transfer and payment systems are consistent with United States values and legal requirements.
(iii) While the United States held the position of President of the 2020 G7, the United States established the G7 Digital Payments Experts Group to discuss CBDCs, stablecoins, and other digital payment issues. The G7 report outlining a set of policy principles for CBDCs is an important contribution to establishing guidelines for jurisdictions for the exploration and potential development of CBDCs. While a CBDC would be issued by a country's central bank, the supporting infrastructure could involve both public and private participants. The G7 report highlighted that any CBDC should be grounded in the G7's long-standing public commitments to transparency, the rule of law, and sound economic governance, as well as the promotion of competition and innovation.
(iv) The United States continues to support the G20 roadmap for addressing challenges and frictions with cross-border funds transfers and payments for which work is underway, including work on improvements to existing systems for cross-border funds transfers and payments, the international dimensions of CBDC designs, and the potential of well-regulated stablecoin arrangements. The international Financial Stability Board (FSB), together with standard-setting bodies, is leading work on issues related to stablecoins, cross-border funds transfers and payments, and other international dimensions of digital assets and payments, while FATF continues its leadership in setting AML/CFT standards for digital assets. Such international work should continue to address the full spectrum of issues and challenges raised by digital assets, including financial stability, consumer, investor, and business risks, and money laundering, terrorist financing, proliferation financing, sanctions evasion, and other illicit activities.
(v) My Administration will elevate the importance of these topics and expand engagement with our critical international partners, including through fora such as the G7, G20, FATF, and FSB. My Administration will support the ongoing international work and, where appropriate, push for additional work to drive development and implementation of holistic standards, cooperation and coordination, and information sharing. With respect to digital assets, my Administration will seek to ensure that our core democratic values are respected; consumers, investors, and businesses are protected; appropriate global financial system connectivity and platform and architecture interoperability are preserved; and the safety and soundness of the global financial system and international monetary system are maintained.
(b) In furtherance of the policy stated in section 8(a) of this order:
(i) Within 120 days of the date of this order [Mar. 9, 2022], the Secretary of the Treasury, in consultation with the Secretary of State, the Secretary of Commerce, the Administrator of the United States Agency for International Development, and the heads of other relevant agencies, shall establish a framework for interagency international engagement with foreign counterparts and in international fora to, as appropriate, adapt, update, and enhance adoption of global principles and standards for how digital assets are used and transacted, and to promote development of digital asset and CBDC technologies consistent with our values and legal requirements. This framework shall be coordinated through the interagency process described in section 3 of this order. This framework shall include specific and prioritized lines of effort and coordinated messaging; interagency engagement and activities with foreign partners, such as foreign assistance and capacity-building efforts and coordination of global compliance; and whole-of-government efforts to promote international principles, standards, and best practices. This framework should reflect ongoing leadership by the Secretary of the Treasury and financial regulators in relevant international financial standards bodies, and should elevate United States engagement on digital assets issues in technical standards bodies and other international fora to promote development of digital asset and CBDC technologies consistent with our values.
(ii) Within 1 year of the date of the establishment of the framework required by section 8(b)(i) of this order, the Secretary of the Treasury, in consultation with the Secretary of State, the Secretary of Commerce, the Director of the Office of Management and Budget, the Administrator of the United States Agency for International Development, and the heads of other relevant agencies as appropriate, shall submit a report to the President on priority actions taken under the framework and its effectiveness. This report shall be coordinated through the interagency process described in section 3 of this order.
(iii) Within 180 days of the date of this order, the Secretary of Commerce, in consultation with the Secretary of State, the Secretary of the Treasury, and the heads of other relevant agencies, shall establish a framework for enhancing United States economic competitiveness in, and leveraging of, digital asset technologies. This framework shall be coordinated through the interagency process described in section 3 of this order.
(iv) Within 90 days of the date of this order, the Attorney General, in consultation with the Secretary of State, the Secretary of the Treasury, and the Secretary of Homeland Security, shall submit a report to the President on how to strengthen international law enforcement cooperation for detecting, investigating, and prosecuting criminal activity related to digital assets.
(a) The term "blockchain" refers to distributed ledger technologies where data is shared across a network that creates a digital ledger of verified transactions or information among network participants and the data are typically linked using cryptography to maintain the integrity of the ledger and execute other functions, including transfer of ownership or value.
(b) The term "central bank digital currency" or "CBDC" refers to a form of digital money or monetary value, denominated in the national unit of account, that is a direct liability of the central bank.
(c) The term "cryptocurrencies" refers to a digital asset, which may be a medium of exchange, for which generation or ownership records are supported through a distributed ledger technology that relies on cryptography, such as a blockchain.
(d) The term "digital assets" refers to all CBDCs, regardless of the technology used, and to other representations of value, financial assets and instruments, or claims that are used to make payments or investments, or to transmit or exchange funds or the equivalent thereof, that are issued or represented in digital form through the use of distributed ledger technology. For example, digital assets include cryptocurrencies, stablecoins, and CBDCs. Regardless of the label used, a digital asset may be, among other things, a security, a commodity, a derivative, or other financial product. Digital assets may be exchanged across digital asset trading platforms, including centralized and decentralized finance platforms, or through peer-to-peer technologies.
(e) The term "stablecoins" refers to a category of cryptocurrencies with mechanisms that are aimed at maintaining a stable value, such as by pegging the value of the coin to a specific currency, asset, or pool of assets or by algorithmically controlling supply in response to changes in demand in order to stabilize value.
(i) the authority granted by law to an executive department or agency, or the head thereof; or
(ii) the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.
(b) This order shall be implemented consistent with applicable law and subject to the availability of appropriations.
(c) This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.
J.R. Biden, Jr.
1 So in original. Does not conform to section catchline.
SUBCHAPTER I—MONETARY SYSTEM
§5101. Decimal system
United States money is expressed in dollars, dimes or tenths, cents or hundreths,1 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.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 5101 | 31:371. | 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. Putnam's Sons, 1894) pp. 446–457; William G. Sumner, The Financier and the Finances of the American Revolution, vol. II (Burt Franklin, 1891, reprinted 1970) pp. 36–47; 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 Amendment
Short Title of 2018 Amendment
Short Title of 2014 Amendment
Short Title of 2010 Amendment
Short Title of 2008 Amendment
Short Title of 2007 Amendment
Short Title of 2005 Amendment
Short Title of 2003 Amendment
Short Title of 2002 Amendment
Short Title of 2000 Amendment
Short Title of 1997 Amendment
Short Title of 1996 Amendment
Short Title of 1992 Amendment
Short Title of 1990 Amendment
1 So in original. Probably should be "hundredths,".
§5102. Standard weight
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
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 5102 | 31:364. | R.S. §3548; restated Mar. 4, 1911, ch. 268, §1, |
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
Editorial Notes
Amendments
1988—
§5103. Legal tender
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.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 5103 | 31:392. | July 23, 1965, |
| 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 Act
This 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
Amendments
1983—
Statutory Notes and Related Subsidiaries
Effective Date of 1983 Amendment
Amendment effective Sept. 13, 1982, see section 2(i) of
SUBCHAPTER II—GENERAL AUTHORITY
§5111. Minting and issuing coins, medals, and numismatic items
(a) The Secretary of the Treasury—
(1) shall mint and issue coins described in
(2) may prepare national medal dies and strike national and other medals if it does not interfere with regular minting operations but may not prepare private medal dies;
(3) may prepare and distribute numismatic items; and
(4) may mint coins for a foreign country if the minting does not interfere with regular minting operations, and shall prescribe a charge for minting the foreign coins equal to the cost of the minting (including labor, materials, and the use of machinery).
(b) The Department of the Treasury has a coinage metal fund and a coinage profit fund. The Secretary may use the coinage metal fund to buy metal to mint coins. The Secretary shall credit the coinage profit fund with the amount by which the nominal value of the coins minted from the metal exceeds the cost of the metal. The Secretary shall charge the coinage profit fund with waste incurred in minting coins and the cost of distributing the coins, including the cost of coin bags and pallets. The Secretary shall deposit in the Treasury as miscellaneous receipts excess amounts in the coinage profit fund.
(c)
(1)
(2)
(B) Subparagraph (A) shall apply only in the case of a bid or offer from a supplier the principal place of business of which is in a foreign country which does not accord to United States companies the same competitive opportunities for procurements in connection with the production of coins as it accords to domestic companies.
(3)
(A)
(B)
(4) Nothing in paragraph (2) of this subsection in any way affects the procurement by the Secretary of gold and silver for the production of coins by the United States Mint.
(d)(1) The Secretary may prohibit or limit the exportation, melting, or treatment of United States coins when the Secretary decides the prohibition or limitation is necessary to protect the coinage of the United States.
(2) A person knowingly violating an order or license issued or regulation prescribed under paragraph (1) of this subsection, shall be fined not more than $10,000, imprisoned not more than 5 years, or both.
(3) Coins exported, melted, or treated in violation of an order or license issued or regulation prescribed, and metal resulting from the melting or treatment, shall be forfeited to the United States Government. The powers of the Secretary and the remedies available to enforce forfeitures are those provided in part II of subchapter C of
(
In subsection (a)(1), the words "coins described in" are substituted for "coins of the denominations set forth in" in 31:391(a) because of the restatement. The text of 31:253, 272, and 345(1st sentence) is omitted as superseded by the source provisions restated in section 321(c) of the revised title. The text of 31:275, 322, 342, 345(last sentence), and 353 is omitted as unnecessary because of the restatement.
In subsection (a)(2), the words "Secretary of the Treasury" are substituted for "engraver" and "superintendent of coining department of the mint at Philadelphia" because of the source provisions restated in section 321(c) of the revised title. The words "under such regulations as the superintendent, with the approval of the Director of the Mint, may prescribe" are omitted as unnecessary because of section 321(b) of the revised title. The words "national medal dies" are substituted for "Dies of a national character" for clarity. The words "or the machinery or apparatus thereof be used for that purpose" are omitted as unnecessary because of the restatement.
In subsection (a)(3), the words "numismatic items" are retained and used throughout the revised title to apply to medals, proof coins, uncirculated coins, numismatic accessories, and other numismatic items to eliminate unnecessary words and for consistency. The words "In connection with the operations of the Bureau of the Mint" are omitted as unnecessary because of the restatement. The text of 31:324h(last sentence) is omitted as unnecessary because of the source provisions restated in section 5132(a) of the revised title.
In subsection (a)(4), the words "may mint" are substituted for "It shall be lawful for coinage to be executed" in 31:367, and the words "regular minting operations" are substituted for "required coinage of the United States", for consistency in the revised section. The words "at the mints of the United States" and "according to the legally prescribed standards and devices of such country" are omitted as unnecessary because of the restatement. The words "The Secretary of the Treasury . . . shall prescribe a charge" are substituted for "the charge . . . to be fixed by the Director of the Mint, with the approval of the Secretary of the Treasury" because of the source provisions restated in section 321(c) of the revised title. The words "minting the foreign coins" are substituted for "the same", for clarity. The words "under such regulations as the Secretary of the Treasury may prescribe" are omitted as unnecessary because of section 321(b) of the revised title.
In subsection (b), the first sentence is added for clarity and because of the restatement. The words "amount by which the nominal value of the coins minted from the metal exceeds the cost of the metal" are substituted for "gain arising from the coinage of metals purchased out of such fund into coin of a nominal value exceeding the cost of such metals" to eliminate unnecessary words. The words "The Secretary shall deposit in the Treasury as miscellaneous receipts excess amounts in the coinage profit fund" are substituted for "such sums as shall from time to time be transferred therefrom to the general fund of the Treasury" for clarity and for consistency in the revised title.
In subsection (c), the words "metallic strip" are omitted as being included in "materials", and the word "terms" is omitted as being included in "conditions".
In subsection (d)(1), the words "prohibit or limit" are substituted for "prohibit, curtail, or regulate" because of the restatement and to eliminate unnecessary words. The words "prohibition or limitation" are substituted for "such action" because of the restatement. The words "under such rules and regulations as he may prescribe" are omitted as unnecessary because of section 321(b) of the revised title.
In subsection (d)(2), the word "person" is substituted for "Whoever" for consistency in the revised title.
In subsection (d)(3), the words "and his delegates" are omitted as unnecessary because of the power of the Secretary to delegate under section 321(b) of the revised title. The word "remedies" is substituted for "judicial and other remedies available to the United States" to eliminate unnecessary words. The words "of property subject to forfeiture pursuant to subsection (a) of this section" and "for the enforcement of forfeitures of property subject to forfeiture under any provision of title 26" are omitted as unnecessary because of the restatement.
Editorial Notes
References in Text
The Internal Revenue Code of 1954, referred to in subsec. (d)(3), was redesignated the Internal Revenue Code of 1986 by
Amendments
1992—Subsec. (b).
1988—Subsec. (c).
Statutory Notes and Related Subsidiaries
Termination of Coinage Profit Fund and Coinage Metal Fund
All 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
Commemorative Medals
Provisions authorizing commemorative medals were contained in the following acts:
1 See References in Text note below.
§5112. Denominations, specifications, and design of coins
(a) The Secretary of the Treasury may mint and issue only the following coins:
(1) a dollar coin that is 1.043 inches in diameter.
(2) a half dollar coin that is 1.205 inches in diameter and weighs 11.34 grams.
(3) a quarter dollar coin that is 0.955 inch in diameter and weighs 5.67 grams.
(4) a dime coin that is 0.705 inch in diameter and weighs 2.268 grams.
(5) a 5-cent coin that is 0.835 inch in diameter and weighs 5 grams.
(6) except as provided under subsection (c) of this section, a one-cent coin that is 0.75 inch in diameter and weighs 3.11 grams.
(7) A fifty dollar gold coin that is 32.7 millimeters in diameter, weighs 33.931 grams, and contains one troy ounce of fine gold.
(8) A twenty-five dollar gold coin that is 27.0 millimeters in diameter, weighs 16.966 grams, and contains one-half troy ounce of fine gold.
(9) A ten dollar gold coin that is 22.0 millimeters in diameter, weighs 8.483 grams, and contains one-fourth troy ounce of fine gold.
(10) A five dollar gold coin that is 16.5 millimeters in diameter, weighs 3.393 grams, and contains one-tenth troy ounce of fine gold.
(11) A $50 gold coin that is of an appropriate size and thickness, as determined by the Secretary, weighs 1 ounce, and contains 99.99 percent pure gold.
(12) A $25 coin of an appropriate size and thickness, as determined by the Secretary, that weighs 1 troy ounce and contains .9995 fine palladium.
(b) The half dollar, quarter dollar, and dime coins are clad coins with 3 layers of metal. The 2 identical outer layers are an alloy of 75 percent copper and 25 percent nickel. The inner layer is copper. The outer layers are metallurgically bonded to the inner layer and weigh at least 30 percent of the weight of the coin. The dollar coin shall be golden in color, have a distinctive edge, have tactile and visual features that make the denomination of the coin readily discernible, be minted and fabricated in the United States, and have similar metallic, anti-counterfeiting properties as United States coinage in circulation on the date of enactment of the United States $1 Coin Act of 1997. The 5-cent coin is an alloy of 75 percent copper and 25 percent nickel. In minting 5-cent coins, the Secretary shall use bars that vary not more than 2.5 percent from the percent of nickel required. Except as provided under subsection (c) of this section, the one-cent coin is an alloy of 95 percent copper and 5 percent zinc. In minting gold coins, the Secretary shall use alloys that vary not more than 0.1 percent from the percent of gold required. The specifications for alloys are by weight.
(c) The Secretary may prescribe the weight and the composition of copper and zinc in the alloy of the one-cent coin that the Secretary decides are appropriate when the Secretary decides that a different weight and alloy of copper and zinc are necessary to ensure an adequate supply of one-cent coins to meet the needs of the United States.
(d)(1) United States coins shall have the inscription "In God We Trust". The obverse side of each coin shall have the inscription "Liberty". The reverse side of each coin shall have the inscriptions "United States of America" and "E Pluribus Unum" and a designation of the value of the coin. The design on the reverse side of the dollar, half dollar, and quarter dollar is an eagle. Subject to other provisions of this subsection, the obverse of any 5-cent coin issued after December 31, 2005, shall bear the likeness of Thomas Jefferson and the reverse of any such 5-cent coin shall bear an image of the home of Thomas Jefferson at Monticello. The Secretary of the Treasury, in consultation with the Congress, shall select appropriate designs for the obverse and reverse sides of the dollar coin. The coins have an inscription of the year of minting or issuance. However, to prevent or alleviate a shortage of a denomination, the Secretary may inscribe coins of the denomination with the year that was last inscribed on coins of the denomination.
(2) The Secretary shall prepare the devices, models, hubs, and dies for coins, emblems, devices, inscriptions, and designs authorized under this chapter. The Secretary may, after consulting with the Citizens Coinage Advisory Committee and the Commission of Fine Arts, adopt and prepare new designs or models of emblems or devices that are authorized in the same way as when new coins or devices are authorized. The Secretary may change the design or die of a coin only once within 25 years of the first adoption of the design, model, hub, or die for that coin. The Secretary may procure services under
(e) Notwithstanding any other provision of law, the Secretary shall mint and issue, in qualities and quantities that the Secretary determines are sufficient to meet public demand, coins which—
(1) are 40.6 millimeters in diameter and weigh 31.103 grams;
(2) contain .999 fine silver;
(3) have a design—
(A) symbolic of Liberty on the obverse side; and
(B) of an eagle on the reverse side;
(4) have inscriptions of the year of minting or issuance, and the words "Liberty", "In God We Trust", "United States of America", "1 Oz. Fine Silver", "E Pluribus Unum", and "One Dollar"; and
(5) have reeded edges.
(f)
(1)
(2)
(3)
(g) For purposes of
(h) The coins issued under this title shall be legal tender as provided in
(i)(1) Notwithstanding
(A) have a design determined by the Secretary, except that the fifty dollar gold coin shall have—
(i) on the obverse side, a design symbolic of Liberty; and
(ii) on the reverse side, a design representing a family of eagles, with the male carrying an olive branch and flying above a nest containing a female eagle and hatchlings;
(B) have inscriptions of the denomination, the weight of the fine gold content, the year of minting or issuance, and the words "Liberty", "In God We Trust", "United States of America", and "E Pluribus Unum"; and
(C) have reeded edges.
(2)(A) The Secretary shall sell the coins minted under this subsection to the public at a price equal to the market value of the bullion at the time of sale, plus the cost of minting, marketing, and distributing such coins (including labor, materials, dies, use of machinery, and promotional and overhead expenses).
(B) The Secretary shall make bulk sales of the coins minted under this subsection at a reasonable discount.
(3) For purposes of
(4)(A) Notwithstanding any other provision of law and subject to subparagraph (B), the Secretary of the Treasury may change the diameter, weight, or design of any coin minted under this subsection or the fineness of the gold in the alloy of any such coin if the Secretary determines that the specific diameter, weight, design, or fineness of gold which differs from that otherwise required by law is appropriate for such coin.
(B) The Secretary may not mint any coin with respect to which a determination has been made by the Secretary under subparagraph (A) before the end of the 30-day period beginning on the date a notice of such determination is published in the Federal Register.
(C) The Secretary may continue to mint and issue coins in accordance with the specifications contained in paragraphs (7), (8), (9), and (10) of subsection (a) and paragraph (1)(A) of this subsection at the same time the Secretary in minting and issuing other bullion and proof gold coins under this subsection in accordance with such program procedures and coin specifications, designs, varieties, quantities, denominations, and inscriptions as the Secretary, in the Secretary's discretion, may prescribe from time to time.
(j)
(1)
(2)
(k) The Secretary may mint and issue platinum bullion coins and proof platinum coins in accordance with such specifications, designs, varieties, quantities, denominations, and inscriptions as the Secretary, in the Secretary's discretion, may prescribe from time to time.
(l)
(1)
(A)
(B)
(C)
(i) the inscription described in the second sentence of subsection (d)(1) appears on the reverse side of any such quarter dollars; and
(ii) any inscription described in the third sentence of subsection (d)(1) or the designation of the value of the coin appears on the obverse side of any such quarter dollars.
(2)
(3)
(A)
(B)
(4)
(A)
(i) selected by the Secretary after consultation with—
(I) the Governor of the State being commemorated, or such other State officials or group as the State may designate for such purpose; and
(II) the Commission of Fine Arts; and
(ii) reviewed by the Citizens Coinage Advisory Committee.
(B)
(C)
(D)
(E)
(5)
(6)
(A)
(B)
(C)
(7)
(m)
(1)
(2)
(A)
(i) not more than 750,000 clad half-dollar coins;
(ii) not more than 500,000 silver one-dollar coins; and
(iii) not more than 100,000 gold five-dollar or ten-dollar coins.
(B)
(C)
(n)
(1)
(A) have designs on the obverse selected in accordance with paragraph (2)(B) which are emblematic of the Presidents of the United States; and
(B) have a design on the reverse selected in accordance with paragraph (2)(A).
(2)
(A)
(i) a likeness of the Statue of Liberty extending to the rim of the coin and large enough to provide a dramatic representation of Liberty while not being large enough to create the impression of a "2-headed" coin;
(ii) the inscription "$1"; and
(iii) the inscription "United States of America".
(B)
(i) the name and likeness of a President of the United States; and
(ii) basic information about the President, including—
(I) the dates or years of the term of office of such President; and
(II) a number indicating the order of the period of service in which the President served.
(C)
(i)
(ii)
(D)
(E)
(F)
(3)
(A)
(B)
(i)
(ii)
(4)
(A)
(B)
(5)
(6)
(7)
(8)
(9)
(o)
(1)
(2)
(A) have the same diameter as the $1 coins described in subsection (n);
(B) weigh 0.5 ounce; and
(C) contain 99.99 percent pure gold.
(3)
(A)
(i) the name and likeness of a person who was a spouse of a President during the President's period of service;
(ii) an inscription of the years during which such person was the spouse of a President during the President's period of service; and
(iii) a number indicating the order of the period of service in which such President served.
(B)
(i) images emblematic of the life and work of the First Spouse whose image is borne on the obverse; and
(ii) the inscription "United States of America".
(C)
(D)
(i) the image on the obverse of the bullion coin corresponding to the $1 coin relating to such President shall be an image emblematic of the concept of "Liberty"—
(I) as represented on a United States coin issued during the period of service of such President; or
(II) as represented, in the case of President Chester Alan Arthur, by a design incorporating the name and likeness of Alice Paul, a leading strategist in the suffrage movement, who was instrumental in gaining women the right to vote upon the adoption of the 19th amendment and thus the ability to participate in the election of future Presidents, and who was born on January 11, 1885, during the term of President Arthur; and
(ii) the reverse of such bullion coin shall be of a design representative of themes of such President, except that in the case of the bullion coin referred to in clause (i)(II) the reverse of such coin shall be representative of the suffrage movement.
(E)
(F)
(4)
(A) the face value of the coins; and
(B) the cost of designing and issuing the coins (including labor, materials, dies, use of machinery, overhead expenses, marketing, and shipping).
(5)
(A)
(B)
(i) prescribe, on the basis of such factors as the Secretary determines to be appropriate, the maximum number of bullion coins that shall be issued with each of the designs selected under this subsection; and
(ii) announce, before the issuance of the bullion coins of each such design, the maximum number of bullion coins of that design that will be issued.
(C)
(6)
(7)
(A)
(B)
(8)
(9)
(10)
(p)
(1)
(A) any business operations conducted by any such agency, instrumentality, system, or entity that involve coins or currency will be fully capable of—
(i) accepting $1 coins in connection with such operations; and
(ii) other than vending machines that do not receive currency denominations higher than $1, dispensing $1 coins in connection with such operations; and
(B) display signs and notices denoting such capability on the premises where coins or currency are accepted or dispensed, including on each vending machine.
This paragraph does not apply with respect to business operations conducted by any entity under a contract with an agency or instrumentality of the United States, including with any nonappropriated fund instrumentality established under title 10.
(2)
(3)
(A) consulting, to accurately gauge demand for coins and to anticipate and eliminate obstacles to the easy and efficient distribution and circulation of $1 coins as well as all other circulating coins, from time to time but no less frequently than annually, with a coin users group, which may include—
(i) representatives of merchants who would benefit from the increased usage of $1 coins;
(ii) vending machine and other coin acceptor manufacturers;
(iii) vending machine owners and operators;
(iv) transit officials;
(v) municipal parking officials;
(vi) depository institutions;
(vii) coin and currency handlers;
(viii) armored-car operators;
(ix) car wash operators; and
(x) coin collectors and dealers;
(B) submitting an annual report to the Congress containing—
(i) an assessment of the remaining obstacles to the efficient and timely circulation of coins, particularly $1 coins;
(ii) an assessment of the extent to which the goals of subparagraph (C) are being met; and
(iii) such recommendations for legislative action the Board and the Secretary may determine to be appropriate;
(C) consulting with industry representatives to encourage operators of vending machines and other automated coin-accepting devices in the United States to accept coins issued under the Presidential $1 Coin Program established under subsection (n) and any coins bearing any design in effect before the issuance of coins required under subsection (n) (including the so-called "Sacagawea-design" $1 coins), and to include notices on the machines and devices of such acceptability;
(D) ensuring that—
(i) during an introductory period, all institutions that want unmixed supplies of each newly-issued design of $1 coins minted under subsections (n) and (o) are able to obtain such unmixed supplies; and
(ii) circulating coins will be available for ordinary commerce in packaging of sizes and types appropriate for and useful to ordinary commerce, including rolled coins;
(E) working closely with any agency, instrumentality, system, or entity referred to in paragraph (1) to facilitate compliance with the requirements of such paragraph; and
(F) identifying, analyzing, and overcoming barriers to the robust circulation of $1 coins minted under subsections (n) and (o), including the use of demand prediction, improved methods of distribution and circulation, and improved public education and awareness campaigns.
(4)
(5)
(q)
(1)
(2)
(A)
(B)
(i) have inscriptions of the weight of the coin and the nominal denomination of the coin incused in that portion of the design on the reverse of the coin commonly known as the "grassy mound"; and
(ii) bear such other inscriptions as the Secretary determines to be appropriate.
(3)
(A)
(B)
(4)
(A) the market value of the bullion at the time of sale; and
(B) the cost of designing and issuing the coins, including labor, materials, dies, use of machinery, overhead expenses, marketing, and shipping.
(5)
(6)
(r)
(1)
(A)
(i) have as the designs on the obverse the so-called "Sacagawea design"; and
(ii) have a design on the reverse selected in accordance with paragraph (2)(A), subject to paragraph (3)(A).
(B)
(2)
(A)
(i) images celebrating the important contributions made by Indian tribes and individual Native Americans to the development of the United States and the history of the United States;
(ii) the inscription "$1"; and
(iii) the inscription "United States of America".
(B)
(i) be chosen by the Secretary, after consultation with the Commission of Fine Arts and review by the Citizens Coinage Advisory Committee; and
(ii) contain the so-called "Sacagawea design" and the inscription "Liberty".
(C)
(i)
(ii)
(D)
(i) shall be chosen by the Secretary after consultation with the Committee on Indian Affairs of the Senate, the Congressional Native American Caucus of the House of Representatives, the Commission of Fine Arts, and the National Congress of American Indians;
(ii) shall be reviewed by the Citizens Coinage Advisory Committee;
(iii) may depict individuals and events such as—
(I) the creation of Cherokee written language;
(II) the Iroquois Confederacy;
(III) Wampanoag Chief Massasoit;
(IV) the "Pueblo Revolt";
(V) Olympian Jim Thorpe;
(VI) Ely S. Parker, a general on the staff of General Ulysses S. Grant and later head of the Bureau of Indian Affairs; and
(VII) code talkers who served the United States Armed Forces during World War I and World War II; and
(iv) in the case of a design depicting the contribution of an individual Native American to the development of the United States and the history of the United States, shall not depict the individual in a size such that the coin could be considered to be a "2-headed" coin.
(E)
(3)
(A)
(B)
(C)
(i) shall be issued, to the maximum extent practicable, in the chronological order in which the Native Americans lived or the events occurred, until the termination of the coin program described in subsection (n); and
(ii) thereafter shall be issued in any order determined to be appropriate by the Secretary, after consultation with the Committee on Indian Affairs of the Senate, the Congressional Native American Caucus of the House of Representatives, and the National Congress of American Indians.
(4)
(5)
(s)
(1)
(A)
(B)
(i) the inscription described in the second sentence of subsection (d)(1) appears on the reverse side of any such quarter dollars; and
(ii) any inscription described in the third sentence of subsection (d)(1) or the designation of the value of the coin appears on the obverse side of any such quarter dollars.
(2)
(3)
(A)
(i) selected by the Secretary after consultation with—
(I) the chief executive of the District of Columbia or the territory being honored, or such other officials or group as the chief executive officer of the District of Columbia or the territory may designate for such purpose; and
(II) the Commission of Fine Arts; and
(ii) reviewed by the Citizens Coinage Advisory Committee.
(B)
(C)
(D)
(E)
(4)
(5)
(A)
(B)
(C)
(6)
(A)
(B)
(7)
(t)
(1)
(A)
(B)
(i) the inscription described in the second sentence of subsection (d)(1) appears on the reverse side of any such quarter dollars; and
(ii) any inscription described in the third sentence of subsection (d)(1) or the designation of the value of the coin appears on the obverse side of any such quarter dollars.
(C)
(2)
(3)
(A)
(i)
(ii)
(B)
(i) selected by the Secretary after consultation with—
(I) the Secretary of the Interior; and
(II) the Commission of Fine Arts; and
(ii) reviewed by the Citizens Coinage Advisory Committee.
(C)
(D)
(E)
(F)
(4)
(A)
(B)
(C)
(5)
(6)
(A)
(B)
(7)
(A)
(B)
(i)
(ii)
(iii)
(iv)
(8)
(A) the obverse of the quarter dollar shall revert to the same design containing an image of President Washington in effect for the quarter dollar before the institution of the 50-State quarter dollar program; and
(B) notwithstanding the fourth sentence of subsection (d)(1), the reverse of the quarter dollar shall contain an image of General Washington crossing the Delaware River prior to the Battle of Trenton.
(9)
(10)
(u)
(1)
(A) have a diameter of 3.0 inches and weigh 5.0 ounces;
(B) contain .999 fine silver;
(C) have incused into the edge the fineness and weight of the bullion coin; and
(D) bear an inscription of the denomination of such coins, such denominations to be determined by the Secretary as the Secretary determines to be appropriate.
(2)
(3)
(4)
(v)
(1)
(2)
(A)
(B)
(3)
(A) the market value of the bullion at the time of sale; and
(B) the cost of designing and issuing the coins, including labor, materials, dies, use of machinery, overhead expenses, marketing, distribution, and shipping.
(4)
(5)
(6)
(A) the obverse shall bear a high-relief likeness of the "Winged Liberty" design used on the obverse of the so-called "Mercury dime";
(B) the reverse shall bear a high-relief version of the reverse design of the 1907 American Institute of Architects medal; and
(C) the coin shall bear such other inscriptions, including "Liberty", "In God We Trust", "United States of America", the denomination and weight of the coin and the fineness of the metal, as the Secretary determines to be appropriate and in keeping with the original design.
(7)
(w)
(1)
(A)
(i) have designs on the obverse selected in accordance with paragraph (2)(A); and
(ii) have a design on the reverse selected in accordance with paragraph (2)(B).
(B)
(i)
(ii)
(I) has the obverse described under paragraph (2)(A);
(II) has a reverse that bears the inscription "United States of America" and "American Innovators" and a representation of the signature of President George Washington on the first United States patent issued;
(III) has the edge-incusing described under paragraph (2)(C); and
(IV) the design for which has reviewed by 3 the Citizens Coinage Advisory Committee.
(C)
(2)
(A)
(i) a likeness of the Statue of Liberty extending to the rim of the coin and large enough to provide a dramatic representation of Liberty;
(ii) the inscription "$1"; and
(iii) the inscription "In God We Trust".
(B)
(i) An image or images emblematic of one of the following from one of the 50 States, the District of Columbia, or the territories of the United States:
(I) A significant innovation.
(II) An innovator.
(III) A group of innovators.
(ii) The name of the State, the District of Columbia, or territory, as applicable.
(iii) The inscription "United States of America".
(C)
(i)
(ii)
(3)
(A)
(i)
(I)
(II)
(ii)
(iii)
(I) if any territory becomes independent or otherwise ceases to be a territory of the United States before $1 coins are minted pursuant to this subsection, the subsection shall cease to apply with respect to such territory; and
(II) if any new territory is added to the United States, $1 coins shall be issued for such territories in the order in which the new the territories are added, beginning after the $1 coin is issued for the Commonwealth of the Northern Mariana Islands.
(B)
(i)
(ii)
(4)
(A)
(B)
(i) consultation with—
(I) the Governor or other chief executive of the State, the District of Columbia, or territory with respect to which a coin is to be issued under this subsection; and
(II) the Commission of Fine Arts; and
(ii) review by the Citizens Coinage Advisory Committee.
(C)
(D)
(E)
(5)
(6)
(7)
(x)
(1)
(A)
(B)
(i) the inscription described in the second sentence of subsection (d)(1) appears on the reverse side of any such quarter dollar; and
(ii) any of the inscriptions described in the third sentence of subsection (d)(1) or the designation of the value of the coin appear on the obverse side of any such quarter dollar.
(C)
(D)
(E)
(i) in accordance with a selection process developed by the Secretary;
(ii) after soliciting recommendations from the general public for prominent women designs for quarter dollars; and
(iii) in consultation with the Smithsonian Institution American Women's History Initiative, National Women's History Museum, and the Bipartisan Women's Caucus.
(2)
(A)
(B)
(3)
(4)
(A)
(B)
(y)
(1)
(A)
(i) Notwithstanding the 4th, 5th, and 6th sentences of subsection (d)(1), the Secretary may change the design on any of the coins authorized under this section and minted for issuance during the one-year period beginning January 1, 2026, in celebration of the United States semiquincentennial.
(ii) Notwithstanding the 2nd and 3rd sentences of subsection (d)(1), the Secretary may place the required inscriptions on either the obverse or reverse sides of the coins authorized for redesign under this subsection.
(B)
(C)
(D)
(E)
(2)
(A)
(B)
(z)
(1)
(A)
(B)
(i) the inscription described in the second sentence of subsection (d)(1) appears on the reverse side of any such quarter dollars; and
(ii) any of the inscriptions described in the third sentence of subsection (d)(1) or the designation of the value of the coin appear on the obverse side of any such quarter dollars.
(C)
(D)
(E)
(2)
(A)
(B)
(i) the inscription described in the second sentence of subsection (d)(1) appears on the reverse side of any such half dollars; and
(ii) any of the inscriptions described in the third sentence of subsection (d)(1) or the designation of the value of the coin appear on the obverse side of any such half dollars.
(C)
(D)
(3)
(A)
(B)
(C)
(4)
(A)
(B)
(5)
(A)
(B)
(6)
(7)
(A)
(B)
(C)
(D)
(8)
(A)
(i)
(ii)
(B)
(i)
(ii)
(aa)
(1)
(2)
(3)
(A)
(B)
(C)
(D)
(4)
(5)
(6)
(
In subsection (a), the words before clause (1) are added because of the restatement. In clause (5), the words "that is 0.835 inch in diameter" are added because the Secretary of the Treasury has prescribed the diameter and the diameter of a coin may not be changed under 31:276. The words "5 grams" are substituted for "seventy-seven and sixteen-hundredths grains troy" for consistency in the revised chapter. In clause (6), the words "that is 0.75 inch in diameter" are added because the Secretary has prescribed the diameter and the diameter of a coin may not be changed under 31:276. The words "except as provided under subsection (c) of this section" are added for clarity and because of the restatement. The words "3.11 grams" are substituted for "forty-eight grains" for consistency in the revised chapter.
In subsection (b), the words "In minting 5-cent coins" are substituted for "in minor-coinage alloys" in 31:346 because 5-cent coins are the minor coins composed of nickel. The words "Secretary shall use" are substituted for "shall be used" because of the source provisions restated in section 321 of the revised title. The word "bars" is substituted for "ingots" for consistency in the revised chapter. The words "2.5 percent" are substituted for "twenty-five thousandths" for consistency in the revised title and with other titles of the United States Code. The words "from the percent of nickel required" are substituted for "the legal standard . . . in the proportion of nickel" because of the restatement. The words "In silver ingots, six-thousandths" are omitted as superseded by the source provisions restated in the section. The words "In gold ingots, one-thousandth" in section 3533 of the Revised Statutes are omitted because gold coinage was discontinued by 31:315b. The words "Except as provided in subsection (c) of this section" are added for clarity and because of the restatement.
In subsection (c), the words "a different weight and alloy of copper and zinc" are substituted for "such action" for clarity.
In subsection (d)(1), the words "an impression emblematic of liberty" in 31:324 are omitted as obsolete. The words "The design on the reverse side of the dollar, half dollar, and quarter dollar is an eagle" are substituted for "and upon the reverse side shall be the figure or representation of an eagle . . . but on the dime, 5-, and 1-cent piece, the figure of the eagle shall be omitted", and the words "The emblem on the obverse side of the dollar is" are substituted for "The one-dollar coin authorized by
In subsection (d)(2), the word "Secretary" is substituted for "engraver", "Director of the Mint", and "Director of the Mint . . . with the approval of the Secretary of the Treasury" because of the source provisions restated in section 321(c) of the revised title. The word "dies" is substituted for "from the original dies already authorized all the working dies required for use in the coinage of the several mints" and "original dies" to eliminate unnecessary words. The word "inscription" is substituted for "legend" for consistency in the section. The words "Provided, That no change be made in the diameter of any coin" are omitted as unnecessary because the diameters are prescribed by subsection (a) of the revised section. The words "procure services under
In subsection (e)(2), the words "80 percent" are substituted for "eight hundred parts" in 31:391(d), and the words "20 percent" are substituted for "two hundred parts", for consistency in the revised title and with other titles of the Code. The words "that are metallurgically bonded to" are added for clarity and consistency with subsection (b). In clause (4), the words "the late President of the United States" in 31:324b are omitted as unnecessary. Clause (6) is added because 31:324 applies to coins minted under this subsection.
In subsection (f)(1), before clause (A), the words "Notwithstanding this section and
In subsection (f)(2), the words "under such regulations as he may prescribe" are omitted as unnecessary because of section 321 of the revised title. The word "Treasury" is substituted for "general fund of the Treasury" to eliminate unnecessary words.
The text of 31:399(b)(3) is omitted as unnecessary because of section 5103 of the revised title.
1983 Act
This amends 31:5112(f)(1) to make technical and conforming changes.
Editorial Notes
References in Text
The date of enactment of the United States $1 Coin Act of 1997, referred to in subsec. (b), is the date of enactment of
The Strategic and Critical Materials Stock Piling Act, referred to in subsec. (l)(6)(C), is act June 7, 1939, ch. 190, as revised generally by
This Act, referred to in subsec. (o)(6), probably means
The date of enactment of the Presidential $1 Coin Act of 2005, referred to in subsec. (q)(1), is the date of enactment of
The date of the enactment of the Native American $1 Coin Act, referred to in subsec. (r)(1)(B), is the date of enactment of
Section 3 of the Federal Deposit Insurance Act, referred to in subsec. (t)(1)(C), is classified to
The date of the enactment of the America's Beautiful National Parks Quarter Dollar Coin Act of 2008, referred to in subsec. (t)(3)(A)(ii), is the date of enactment of
This Act, referred to in subsec. (z)(2)(A), probably means
Amendments
2021—Subsec. (u).
Subsec. (x).
Subsec. (y).
Subsec. (z).
Subsec. (aa).
2018—Subsec. (p)(1).
Subsec. (w).
2017—Subsec. (p)(1).
Subsec. (p)(1)(B).
2015—Subsec. (q)(3) to (8).
Subsec. (t)(6)(B).
Subsec. (v)(1).
Subsec. (v)(2)(A).
Subsec. (v)(5).
Subsec. (v)(8).
2010—Subsec. (a)(12).
Subsec. (e).
Subsec. (i).
Subsec. (u)(1).
Subsec. (u)(1)(A).
Subsec. (u)(1)(C) to (E).
Subsec. (v).
2009—Subsecs. (r), (s).
2008—Subsec. (t).
Subsec. (u).
2007—Subsec. (n)(1).
Subsec. (n)(2)(C)(i).
Subsec. (n)(2)(F).
Subsec. (p)(1)(A).
Subsec. (r).
Subsec. (r)(2).
2005—Subsec. (a)(11).
Subsec. (n).
Subsec. (o).
Subsec. (p).
Subsec. (q).
2003—Subsec. (d)(1).
Subsec. (d)(2).
Subsec. (l)(4)(A)(ii).
2000—Subsec. (k).
1998—Subsec. (l)(1)(C).
1997—Subsec. (a)(1).
Subsec. (b).
Subsec. (d)(1).
Subsec. (l).
1996—Subsec. (i)(4)(C).
Subsec. (k).
Subsec. (m).
1994—Subsec. (h).
1992—Subsec. (d)(1).
Subsec. (i)(4).
Subsec. (j).
1988—Subsec. (b).
Subsec. (f).
1985—Subsec. (a)(7) to (10).
Subsec. (e).
Subsec. (f).
Subsecs. (g), (h).
Subsec. (i).
1983—Subsec. (f)(1).
Subsec. (f)(1)(C).
Statutory Notes and Related Subsidiaries
Effective Date of 2007 Amendment
Effective Date of 1996 Amendment
Effective Date of 1985 Amendments
Short Title of 1985 Amendments
Savings Provision
Rule of Construction
Cost specification under Circulating Collectible Coin Redesign Act of 2020
1921 Silver Dollar Coins
"SECTION 1. SHORT TITLE.
"This Act may be cited as the '1921 Silver Dollar Coin Anniversary Act'.
"SEC. 2. FINDINGS.
"The Congress finds that [sic] following:
"(1) In December 1921, the Peace silver dollar was approved by Treasury Secretary Andrew Mellon, replacing the Morgan silver dollar and commemorating the declaration of peace between the United States and the Imperial German government.
"(2) The Peace silver dollar was minted in Philadelphia, Denver and San Francisco. The Morgan silver dollar was minted at Philadelphia, Denver, San Francisco, Carson City, and New Orleans.
"(3) The Peace silver dollar was designed by Anthony de Francisci with the Goddess of Liberty on the obverse and a bald eagle clutching the olive branch (a symbol of peace) on the reverse. The Peace silver dollars were minted between 1921 to 1935.
"(4) The Morgan silver dollar was designed by George T. Morgan and was minted from 1878 to 1904, and again in 1921. The obverse depicts a profile portrait of Lady Liberty and on the reverse, a heraldic eagle.
"(5) The conversion from the Morgan silver dollar to the Peace silver dollar design in 1921 reflected a pivotal moment in American history. The Morgan silver dollar represents the country's westward expansion and industrial development in the late 19th century. The Peace silver dollar symbolizes the country's coming of age as an international power while recognizing the sacrifices made by her citizens in World War I and celebrating the victory and peace that ensued.
"(6) These iconic silver dollars with vastly different representations of Lady Liberty and the American Eagle, reflect a changing of the guard in 1921 in the United States and therefore on the 100th anniversary must begin to be minted again to commemorate this significant evolution of American freedom.
"SEC. 3. COIN SPECIFICATIONS.
"(a) $1
"(1) weigh 26.73 grams;
"(2) have a diameter of 1.500 inches;
"(3) contain not less than 90 percent silver; and
"(4) have a reeded edge.
"(b)
"(c)
"SEC. 4. DESIGN OF COINS.
"(a)
"(1)
"(A)
"(B)
"(2)
"(A) a designation of the value of the coin;
"(B) an inscription of the year of minting or issuance; and
"(C) inscriptions of the words 'Liberty', 'In God We Trust', 'United States of America', and 'E Pluribus Unum'.
"(b)
"(1) selected by the Secretary after consultation with the Commission of Fine Arts; and
"(2) reviewed by the Citizens Coinage Advisory Committee.
"SEC. 5. ISSUANCE OF COINS.
"The Secretary may issue coins minted under this Act beginning on January 1, 2021.
"SEC. 6. SALE OF COINS.
"(a)
"(1) the face value of the coins; and
"(2) the cost of designing and issuing the coins (including labor, materials, dies, use of machinery, overhead expenses, marketing, and shipping).
"(b)
"SEC. 7. FINANCIAL ASSURANCES.
"The Secretary of the Treasury shall take such actions as may be necessary to ensure that the minting and issuing of coins under the Act will not result in any net cost to the United States Government.
"SEC. 8. DETERMINATION OF BUDGETARY EFFECTS.
"The budgetary effects of this Act, for the purpose of complying with the Statutory Pay-As-You-Go Act of 2010 [
President George H.W. Bush and First Spouse Barbara Bush Coins
"SECTION 1. SHORT TITLE.
"This Act may be cited as the 'President George H.W. Bush and First Spouse Barbara Bush Coin Act'.
"SEC. 2. COINS HONORING PRESIDENT GEORGE H.W. BUSH AND FIRST SPOUSE BARBARA BUSH.
"(a)
"(1) the image of President George H.W. Bush; and
"(2) an inscription of the year '2020'.
"(b)
"(1) the image of First Spouse Barbara Bush; and
"(2) an inscription of the year '2020'.
"SEC. 3. FINANCIAL ASSURANCES.
"The Secretary of the Treasury shall take such actions as may be necessary to ensure that the minting and issuing of coins under this Act will not result in any net cost to the United States Government."
Authority To Conduct Research and Development on All Circulating Coins
"(a)
"(1) conduct any appropriate testing of appropriate coinage metallic materials within or outside of the Department of the Treasury; and
"(2) solicit input from or otherwise work in conjunction with entities within or outside of the Federal Government including independent research facilities or current or potential suppliers of the metallic material used in volume production of circulating coins,
to complete the report referred to in this Act [see section 3 of
"(b)
"(1) Factors relevant to the potential impact of any revisions to the composition of the material used in coin production on the current coinage material suppliers.
"(2) Factors relevant to the ease of use and ability to co-circulate of new coinage materials, including the effect on vending machines and commercial coin processing equipment and making certain, to the greatest extent practicable, that any new coins work without interruption in existing coin acceptance equipment without modification.
"(3) Such other factors that the Secretary of the Treasury, in consultation with merchants who would be affected by any change in the composition of circulating coins, vending machine and other coin acceptor manufacturers, vending machine owners and operators, transit officials, municipal parking officials, depository institutions, coin and currency handlers, armored-car operators, car wash operators, and American-owned manufacturers of commercial coin processing equipment, considers to be appropriate and in the public interest, after notice and opportunity for comment."
Biennial Report to the Congress on the Current Status of Coin Production Costs and Analysis of Alternative Content
"(a)
"(b)
"(c)
"(d)
"(e)
"(f)
Findings of 2008 Amendment
"(1) Yellowstone National Park was established by an Act signed by President Ulysses S. Grant on March 1, 1872, as the Nation's first national park.
"(2) The summer and autumn of 1890 saw the establishment of a number of national sites:
"(A) August 19: Chickamauga and Chattanooga established as national military parks in Georgia and Tennessee.
"(B) August 30: Antietam established as a national battlefield site in Maryland.
"(C) September 25: Sequoia National Park established in California.
"(D) September 27: Rock Creek Park established in the District of Columbia.
"(E) October 1: General Grant National Park established in California (and subsequently incorporated in Kings Canyon National Park).
"(F) October 1: Yosemite National Park established in California.
"(3) Theodore Roosevelt was this nation's 26th President and is considered by many to be our 'Conservationist President'.
"(4) As a frequent visitor to the West, Theodore Roosevelt witnessed the virtual destruction of some big game species and the overgrazing that destroyed the grasslands and with them the habitats for small mammals and songbirds and conservation increasingly became one of his major concerns.
"(5) When he became President in 1901, Roosevelt pursued this interest in conservation by establishing the first 51 Bird Reserves, 4 Game Preserves, and 150 National Forests.
"(6) He also established the United States Forest Service, signed into law the creation of 5 National Parks, and signed the Act for the Preservation of American Antiquities in 1906 under which he proclaimed 18 national monuments.
"(7) Approximately 230,000,000 acres of area within the United States was placed under public protection by Theodore Roosevelt.
"(8) Theodore Roosevelt said that nothing short of defending this country in wartime 'compares in importance with the great central task of leaving this land even a better land for our descendants than it is for us'.
"(9) The National Park Service was created by an Act signed by President Woodrow Wilson on August 25, 1916.
"(10) The National Park System comprises 391 areas covering more than 84,000,000 acres in every State (except Delaware), the District of Columbia, American Samoa, Guam, Puerto Rico, and the Virgin Islands.
"(11) The sites or areas within the National Park System vary widely in size and type from vast natural wilderness to birthplaces of Presidents to world heritage archaeology sites to an African burial ground memorial in Manhattan and include national parks, monuments, battlefields, military parks, historical parks, historic sites, lakeshores, seashores, recreation areas, scenic rivers and trails, and the White House.
"(12) In addition to the sites within the National Park System, the United States has placed numerous other types of sites under various forms of conservancy, such as the national forests and sites within the National Wildlife Refuge System and on the National Register of Historic Places."
Removal of Barriers to Circulation of $1 Coin
"(a)
"(b)
5-Cent Coins Minted in 2004 and 2005
Presidential Commemorative Dollar Coins; Findings
"(1) There are sectors of the United States economy, including public transportation, parking meters, vending machines, and low-dollar value transactions, in which the use of a $1 coin is both useful and desirable for keeping costs and prices down.
"(2) For a variety of reasons, the new $1 coin introduced in 2000 has not been widely sought-after by the public, leading to higher costs for merchants and thus higher prices for consumers.
"(3) The success of the 50 States Commemorative Coin Program (
"(4) The 50 States Commemorative Coin Program also has been an educational tool, teaching both Americans and visitors something about each State for which a quarter has been issued.
"(5) A national survey and study by the Government Accountability Office has indicated that many Americans who do not seek, or who reject, the new $1 coin for use in commerce would actively seek the coin if an attractive, educational rotating design were to be struck on the coin.
"(6) The President is the leader of our tripartite government and the President's spouse has often set the social tone for the White House while spearheading and highlighting important issues for the country.
"(7) Sacagawea, as currently represented on the new $1 coin, is an important symbol of American history.
"(8) Many people cannot name all of the Presidents, and fewer can name the spouses, nor can many people accurately place each President in the proper time period of American history.
"(9) First Spouses have not generally been recognized on American coinage.
"(10) In order to revitalize the design of United States coinage and return circulating coinage to its position as not only a necessary means of exchange in commerce, but also as an object of aesthetic beauty in its own right, it is appropriate to move many of the mottos and emblems, the inscription of the year, and the so-called 'mint marks' that currently appear on the 2 faces of each circulating coin to the edge of the coin, which would allow larger and more dramatic artwork on the coins reminiscent of the so-called 'Golden Age of Coinage' in the United States, at the beginning of the Twentieth Century, initiated by President Theodore Roosevelt, with the assistance of noted sculptors and medallic artists James Earle Fraser and Augustus Saint-Gaudens.
"(11) Placing inscriptions on the edge of coins, known as edge-incusing, is a hallmark of modern coinage and is common in large-volume production of coinage elsewhere in the world, such as the 2,700,000,000 2-Euro coins in circulation, but it has not been done on a large scale in United States coinage in recent years.
"(12) Although the Congress has authorized the Secretary of the Treasury to issue gold coins with a purity of 99.99 percent, the Secretary has not done so.
"(13) Bullion coins are a valuable tool for the investor and, in some cases, an important aspect of coin collecting."
Abraham Lincoln Bicentennial 1-cent Coin Redesign
"SEC. 301. FINDINGS.
"Congress finds the following:
"(1) Abraham Lincoln, the 16th President, was one of the Nation's greatest leaders, demonstrating true courage during the Civil War, one of the greatest crises in the Nation's history.
"(2) Born of humble roots in Hardin County (present-day LaRue County), Kentucky, on February 12, 1809, Abraham Lincoln rose to the Presidency through a combination of honesty, integrity, intelligence, and commitment to the United States.
"(3) With the belief that all men are created equal, Abraham Lincoln led the effort to free all slaves in the United States.
"(4) Abraham Lincoln had a generous heart, with malice toward none, and with charity for all.
"(5) Abraham Lincoln gave the ultimate sacrifice for the country he loved, dying from an assassin's bullet on April 15, 1865.
"(6) All Americans could benefit from studying the life of Abraham Lincoln, for Lincoln's life is a model for accomplishing the 'American dream' through honesty, integrity, loyalty, and a lifetime of education.
"(7) The year 2009 will be the bicentennial anniversary of the birth of Abraham Lincoln.
"(8) Abraham Lincoln was born in Kentucky, grew to adulthood in Indiana, achieved fame in Illinois, and led the nation in Washington, D.C.
"(9) The so-called 'Lincoln cent' was introduced in 1909 on the 100th anniversary of Lincoln's birth, making the obverse design the most enduring on the nation's coinage.
"(10) President Theodore Roosevelt was so impressed by the talent of Victor David Brenner that the sculptor was chosen to design the likeness of President Lincoln for the coin, adapting a design from a plaque Brenner had prepared earlier.
"(11) In the nearly 100 years of production of the 'Lincoln cent', there have been only 2 designs on the reverse: the original, featuring 2 wheat-heads in memorial style enclosing mottoes, and the current representation of the Lincoln Memorial in Washington, D.C.
"(12) On the occasion of the bicentennial of President Lincoln's birth and the 100th anniversary of the production of the Lincoln cent, it is entirely fitting to issue a series of 1-cent coins with designs on the reverse that are emblematic of the 4 major periods of President Lincoln's life.
"SEC. 302. REDESIGN OF LINCOLN CENT FOR 2009.
"(a)
"(1)
"(2)
"(A) his birth and early childhood in Kentucky;
"(B) his formative years in Indiana;
"(C) his professional life in Illinois; and
"(D) his presidency, in Washington, D.C.
"(b)
"(1)
"(2)
"(c)
"(1) after consultation with the Abraham Lincoln Bicentennial Commission and the Commission of Fine Arts; and
"(2) after review by the Citizens Coinage Advisory Committee.
"SEC. 303. REDESIGN OF REVERSE OF 1-CENT COINS AFTER 2009.
"The design on the reverse of the 1-cent coins issued after December 31, 2009, shall bear an image emblematic of President Lincoln's preservation of the United States of America as a single and united country.
"SEC. 304. NUMISMATIC PENNIES WITH THE SAME METALLIC CONTENT AS THE 1909 PENNY.
"The Secretary of the Treasury shall issue 1-cent coins in 2009 with the exact metallic content as the 1-cent coin contained in 1909 in such number as the Secretary determines to be appropriate for numismatic purposes.
"SEC. 305. SENSE OF THE CONGRESS.
"It is the sense of the Congress that the original Victor David Brenner design for the 1-cent coin was a dramatic departure from previous American coinage that should be reproduced, using the original form and relief of the likeness of Abraham Lincoln, on the 1-cent coins issued in 2009."
Designs on the 5-Cent Coin
"(a)
"(b)
"(1)
"(2)
"(3)
Study and Report of Impact on United States Silver Market of the American Eagle Silver Bullion Program
"(1)
"(2)
"(A) the Committee on Banking, Housing, and Urban Affairs of the Senate; and
"(B) the Committee on Financial Services of the House of Representatives."
Findings of 1997 Amendment
"(1) it is appropriate and timely—
"(A) to honor the unique Federal republic of 50 States that comprise the United States; and
"(B) to promote the diffusion of knowledge among the youth of the United States about the individual States, their history and geography, and the rich diversity of the national heritage;
"(2) the circulating coinage of the United States has not been modernized during the 25-year period preceding the date of enactment of this Act [Dec. 1, 1997];
"(3) a circulating commemorative 25-cent coin program could produce earnings of $110,000,000 from the sale of silver proof coins and sets over the 10-year period of issuance, and would produce indirect earnings of an estimated $2,600,000,000 to $5,100,000,000 to the United States Treasury, money that will replace borrowing to fund the national debt to at least that extent; and
"(4) it is appropriate to launch a commemorative circulating coin program that encourages young people and their families to collect memorable tokens of all of the States for the face value of the coins."
Dollar Coins
"(e)
"(1)
"(2)
"(3)
"(f)
"(1)
"(2)
"(3)
Study and Report to Congress of 50 States Commemorative Coin Program
"(a)
"(b)
"(c) 50-
"(1)
"(2)
"(3)
"(4)
"(A) selected pursuant to a process, decided upon by the Secretary, on the basis of the study conducted pursuant to subsection (a), which process shall involve, among other things, consultation with appropriate officials of the State being commemorated with such design; and
"(B) reviewed by the Citizens Commemorative Coin Advisory Committee and the Commission of Fine Arts.
"(5)
"(6)
"(A)
"(B)
"(C)
"(d)
Deposit of Profits From Sale of Gold to Mint for Commemorative Coin Program
Use of Government Platinum Reserves Stockpiled at Mint
Reform of Commemorative Coin Programs
"SEC. 301. SENSE OF CONGRESS RESOLUTION.
"(a)
"(1) Congress has authorized 18 commemorative coin programs in the 9 years since 1984.
"(2) There are more meritorious causes, events, and people worthy of commemoration than can be honored with commemorative coinage.
"(3) Commemorative coin legislation has increased at a pace beyond that which the numismatic community can reasonably be expected to absorb.
"(4) It is in the interests of all Members of Congress that a policy be established to control the flow of commemorative coin legislation.
"(b)
"SEC. 302. REPORTS BY RECIPIENTS OF COMMEMORATIVE COIN SURCHARGES.
"(a)
"(1)
"(2)
"(3)
"(b)
Amount Equal to Profit From Sale of Gold Coins Deposited in General Fund of Treasury To Reduce National Debt
Issuance of Gold Coins To Result in No Net Cost to United States
Commemorative Coins
Provisions authorizing commemorative coins were contained in the following acts:
Executive Documents
Possession of Gold Coins and Bullion
The possession of gold coins and bullion was prohibited except under Government license by Ex. Ord. No. 6260, eff. Aug. 28, 1933. That prohibition was revoked by Ex. Ord. No. 11825, Dec. 31, 1974, 40 F.R. 1003, eff. Dec. 31, 1974.
1 So in original. Probably should be "sections".
2 So in original. The comma probably should not appear.
4 So in original. Probably should be "this subsection".
§5113. Tolerances and testing of coins
(a) The Secretary of the Treasury may prescribe reasonable manufacturing tolerances for specifications in
(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
(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.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 5113(a) | 31:350. | R.S. §3537; Sept. 26, 1890, ch. 945, §1, |
| 31:398(5). | July 23, 1965, |
|
| 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"), |
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
Amendments
1988—Subsec. (a).
§5114. Engraving and printing currency and security documents
(a)
(1)
(2)
(A) the Secretary of the Treasury determines that such production will not interfere with engraving and printing needs of the United States; and
(B) the Secretary of State determines that such production would be consistent with the foreign policy of the United States.
(3)
(b) United States currency has the inscription "In God We Trust" in a place the Secretary decides is appropriate. Only the portrait of a deceased individual may appear on United States currency and securities. The name of the individual shall be inscribed below the portrait.
(c) The Secretary may make a contract to manufacture distinctive paper for United States currency and securities. To promote competition among manufacturers of the distinctive paper, the Secretary may split the award for the manufacture of the paper between the 2 bidders with the lowest prices a pound. When the Secretary decides that it is necessary to operate more than one mill to manufacture distinctive paper, the Secretary may—
(1) employ individuals temporarily at rates of pay equivalent to the rates of pay of regular employees; and
(2) charge the pay of the temporary employees to the appropriation available for manufacturing distinctive paper.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 5114(a) | 31:177. | Aug. 24, 1912, ch. 355, §1(4th par. under heading "Engraving and Printing"), |
| Jan. 3, 1923, ch. 22(2d par. under heading "Bureau of Engraving and Printing"), |
||
| 31:415. | Mar. 3, 1877, ch. 105(provisos in par. under heading "Bureau of Engraving and Printing"), |
|
| 31:416. | R.S. §3577. | |
| 5114(b) | 31:324a. | July 11, 1955, ch. 303, |
| 31:413. | R.S. §3576. | |
| 31:414. | Mar. 2, 1889, ch. 411, §1(5th proviso under heading "Engraving and Printing"), |
|
| 5114(c) | 31:418. | July 1, 1916, ch. 209, §1(2d par. on p. 277), |
| 31:418a. | Aug. 11, 1951, ch. 301, §101(proviso under heading "Bureau of Engraving and Printing"), |
|
| 31:419. | Apr. 4, 1924, ch. 84(1st par. on p. 69), |
In subsection (a), the words "The Secretary of the Treasury shall engrave and print" are substituted for "The work of engraving and printing . . . shall be performed at the Treasury Department" in 31:415 because of the source provisions restated in section 321(c) of the revised title. The words "United States currency and security documents of the United States Government and currency and bonds of the United States territories and possessions" are substituted for "the backs and tints of all United States bonds, the backs and tints of all United States paper money, and the backs and tints of bonds and paper money issued by any of the insular possessions of the United States" in 31:177 to eliminate unnecessary words and for clarity and consistency in the revised title. The words "other security documents and checks" are substituted for "checks" because only currency and bonds must be printed from intaglio plates. The text of 31:177(1st proviso) is omitted as unnecessary because of the authority of the Secretary to engrave and print restated in the subsection and the source provisions restated in section 303 of the revised title. The text of 31:177(last proviso) is omitted as executed. The text of the first and 2d provisos in the 4th paragraph under the heading "Engraving and Printing" in section 1 of the Act of August 24, 1912 (ch. 355,
In subsection (b), the words "United States currency has the inscription" are substituted for "the dies shall bear . . . the inscription" in 31:324a for clarity. The words "At such time as new dies for the printing of currency are adopted" are omitted as executed. The words "and thereafter this inscription shall appear on all United States currency and coins" are omitted as unnecessary because of the restatement of the source provisions in this subsection and section 5112(d) of the revised title. The words "in connection with the current program of the Treasury Department to increase the capacity of presses utilized by the Bureau of Engraving and Printing" in the Act of July 11, 1955 (ch. 303,
In subsection (c), before clause (1), the words "subject to applicable regulations under the Federal Property and Administrative Services Act of 1949, as amended" in 31:418 are omitted as unnecessary. The words "On and after August 11, 1951" in 31:418a are omitted as executed. The words "received after advertisement" are omitted as unnecessary because of 41:252. The words "the Secretary decides" are added for clarity. In clause (1), the words "as may be necessary" in 31:419 are omitted as surplus. In clause (2), the word "pay" is substituted for "compensation" for consistency in the revised subsection and with other titles of the United States Code.
Editorial Notes
References in Text
Title III of the Act of March 3, 1933, referred to in subsec. (a)(3), is title III of act Mar. 3, 1933, ch. 212,
Amendments
2011—Subsec. (c).
2004—Subsec. (a).
Statutory Notes and Related Subsidiaries
Prohibition on Use of Funds for Manufacture of Distinctive Paper for Currency and Securities by Foreign Owned Corporations or Outside United States; Exception
Similar provisions were contained in the following prior appropriation act:
1 See References in Text note below.
§5115. United States currency notes
(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.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 5115(a) | 31:401. | R.S. §3571. |
| 5115(b) | 31:402. | June 20, 1874, ch. 343, §6, |
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,
§5116. Buying and selling gold and silver
(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
(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
(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 (
(
| Revised Section | Source (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, |
| 31:734. | R.S. §3700; restated Jan. 30, 1934, ch. 6, §8, |
|
| 5116(b)(1) | 31:335. | R.S. §3526; restated May 10, 1950, ch. 173, |
| 31:394. | July 23, 1965, |
|
| 5116(b)(2) | 31:405a–1. | June 4, 1963, |
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 (
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(2d–last 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. 91–1084 (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 Text
The Strategic and Critical Materials Stock Piling Act, referred to in subsec. (b)(2), is act June 7, 1939, ch. 190, as revised generally by
Amendments
2002—Subsec. (b)(2).
1988—Subsec. (a)(2).
1985—Subsec. (a)(3).
Subsec. (b)(1).
Subsec. (b)(2).
Statutory Notes and Related Subsidiaries
Effective Date of 1985 Amendments
Amendment by
Amendment by
Regulations
Congressional Findings Concerning American Eagle Silver Bullion Program
"(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 Agency's 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 Program
"(1)
"(2)
Termination of Coinage Metal Fund
All 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
§5117. Transferring gold and gold certificates
(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 (
(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.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 5117(a) | 31:441(1st, last sentences). | Jan. 30, 1934, ch. 6, §§2(a), 11, |
| 5117(b) | 31:405b. | Jan. 30, 1934, ch. 6, §14(c), |
| 31:408a(last proviso). | Jan. 30, 1934, ch. 6, §6(last proviso), |
|
| 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
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.
§5118. Gold clauses and consent to sue
(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.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 5118(a) | 31:773d. | Aug. 27, 1935, ch. 780, |
| 5118(b) | 31:315b. | Jan. 30, 1934, ch. 6, §5, |
| 31:773a. | ||
| 5118(c)(1), (2) | 31:773b. | |
| 5118(c)(3) | 31:773c. | |
| 5118(d) | 31:463. | June 5, 1933, ch. 48, §1, |
| 31:463(note). | Oct. 28, 1977, |
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
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,
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
Amendments
1997—Subsec. (d)(2).
1996—Subsec. (d)(2).
1985—Subsec.(b).
Statutory Notes and Related Subsidiaries
Effective Date of 1985 Amendment
Amendment by
§5119. Redemption and cancellation of currency
(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,
(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,
(2)
(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.
(
| Revised Section | Source (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), |
| 31:444(1st sentence words between 2d and 3d semicolons). | ||
| 31:822b. | ||
| 5119(b)(1) | 31:405a–3. | June 24, 1967, |
| 31:911. | June 30, 1961, |
|
| 31:915(a), (b). | ||
| 5119(b)(2) | 31:404. | May 31, 1878, ch. 146, |
| 31:420. | R.S. §3580. | |
| 31:914. | ||
| 31:916. | ||
| 5119(c)(1) | 31:915(c)(words before last comma). | |
| 5119(c)(2) | 31:405a–2. | |
| 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
In subsection (b)(1), before clause (A), the words "upon completion of the transfers and credits authorized and directed by
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
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 Text
Act of July 14, 1890, ch. 708,
Section 4 of the Old Series Currency Adjustment Act, referred to in subsec. (b)(1)(D), is section 4 of
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,
Amendments
1994—Subsec. (b)(2).
1992—Subsec. (b)(2).
§5120. Obsolete, mutilated, and worn coins and currency
(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
(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
(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.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 5120(a) | 31:317c. | Dec. 18, 1942, ch. 767, §3, |
| 5120(b) | 31:421. | R.S. §3581. |
| 31:422. | June 23, 1874, ch. 455, §1(3d par. under heading "National Currency"), |
|
| 5120(c) | 31:49a. | May 20, 1966, |
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 (
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,
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 Fund
All 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
Threshold for Requiring Taxpayer Identification Number
§5121. Refining, assaying, and valuation of bullion
(a) The Secretary of the Treasury shall—
(1) melt and refine bullion;
(2) as required, assay coins, metal, and bullion;
(3) cast gold and silver bullion deposits into bars; and
(4) cast alloys into bars for minting coins.
(b) A person owning gold or silver bullion may deposit the bullion with the Secretary to be cast into fine, standard fineness, or unrefined bars weighing at least 5 troy ounces. When practicable, the Secretary shall weigh the bullion in front of the depositor. The Secretary shall give the depositor a receipt for the bullion stating the description and weight of the bullion. When the Secretary has to melt the bullion or remove base metals before the value of the bullion can be determined, the weight is the weight after the melting or removal of the metals. The Secretary may refuse a deposit of gold bullion if the deposit is less than $100 in value or the bullion is so base that it is unsuitable for the operations of the Bureau of the Mint.
(c) When the gold and silver are combined in bullion that is deposited and either the gold or silver is so little that it cannot be separated economically, the Secretary may not pay the depositor for the gold or silver that cannot be separated.
(d)(1) Under conditions prescribed by the Secretary, a person may exchange unrefined bullion for fine bars when—
(A) gold and silver are combined in the bullion in proportions that cannot be economically refined; or
(B) necessary supplies of acids cannot be procured at reasonable rates.
(2) The charge for refining in an exchange under this subsection may be not more than the charge imposed in an exchange of unrefined bullion for refined bullion.
(e) The Secretary shall prepare bars for payment of deposits. The Secretary shall stamp each bar with a designation of the weight and fineness of the bar and a symbol the Secretary considers suitable to prevent fraudulent imitation of the bar.
(
In the section, the word "Secretary" is substituted for "superintendent", "superintendent of melting and refining department", "assayer", "Director of the Mint", and "Director of the Mint, with the approval of the Secretary of the Treasury" because of the source provisions restated in section 321(c) of the revised title.
In subsection (a), clause (1) is added to provide a complete list of the duties and powers of the Secretary and for consistency with section 5131 of the revised title. In clause (2), the words "as required" are substituted for "required by the operations of the Bureau of the Mint" and "whenever required by the superintendent" in 31:277 to eliminate unnecessary words. The text of 31:330 is omitted as superseded by the source provisions restated in section 321(c) of the revised title. In clause (3), the word "bars" is substituted for "bars conformable in all respects to the law" in 31:274 to eliminate unnecessary words. In clause (4), the word "alloys" is substituted for "standard silver or gold, and alloys for minor" in 31:274, and the text of 31:343(last sentence) is omitted, because coins issued by the Secretary under this chapter are composed of alloys. The words "minting coins" are substituted for "coinage" for consistency in the revised chapter. The words "suitable for the superintendent of coining department, from the metals legally delivered to him for that purpose" in 31:274 and the text of 31:274(last sentence) and 31:343(1st, 2d sentences) are omitted as superseded by the source provisions restated in section 321(c) of the revised title. The text of 31:344(last sentence) is omitted as unnecessary because of the restatement of the source provisions in sections 5112 and 5113 of the revised title.
In subsections (b) and (d), the word "unrefined" is substituted for "unparted" for consistency in the revised chapter.
In subsection (b), the words "At the option of the owner" and "as he may prefer" in 31:325 and "for his benefit" in 31:327 are omitted as unnecessary because of the restatement. The words "weighing at least" are substituted for "and no such bars shall be issued of a less weight than" in 31:325 to eliminate unnecessary words. The word "troy" is added for clarity. The words "into coin" in section 3519 of the Revised Statutes are omitted because the coinage of gold was discontinued by 31:315b. The text of 31:329(last sentence) is omitted because of the source provisions restated in section 321(c) of the revised title. The words "and no deposit of silver for other coinage shall be received" in 31:328(1st sentence) are omitted as unnecessary because of the restatement.
In subsection (c), the word "economically" is substituted for "advantageously" in 31:327(last sentence) for consistency in the section. The text of 31:328(last sentence) is omitted as unnecessary because of the source provisions restated in section 5121(a) of the revised title.
In subsection (d)(1), before clause (A), the words "at any of the mints" in 31:360(1st sentence) are omitted as superseded by the source provisions restated in section 321(c) of the revised title. The text of 31:360(2d sentence) is omitted as unnecessary because of the source provisions restated in section 5121(a) of the revised title.
In subsection (d)(2), the words "in an exchange under this subsection" are added for clarity. The word "refining" is substituted for "refining or parting" for consistency in the revised chapter.
In subsection (e), the word "suitable" is substituted for "expedient" in 31:325(words between 4th and last commas) for clarity. The words "but the fineness thereof shall be ascertained and" in 31:347 are omitted as unnecessary because of the source provisions restated in section 5121(a) of the revised title.
Executive Documents
Possession of Gold Coins and Bullion
The possession of gold coins and bullion was prohibited except under Government license by Ex. Ord. No. 6260, eff. Aug. 28, 1933. That prohibition was revoked by Ex. Ord. No. 11825, Dec. 31, 1974, 40 F.R. 1003, eff. Dec. 31, 1974.
§5122. Payment to depositors
(a) The Secretary of the Treasury shall determine the fineness, weight, and value of each deposit and bar under
(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.
(
| Revised Section | Source (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), |
| 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"), |
|
| 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. 91–1084 (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.
SUBCHAPTER III—UNITED STATES MINT
Editorial Notes
Amendments
1992—
§5131. Organization
(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.
(
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(1st–26th 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. 91–1084 (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
Amendments
1996—Subsecs. (c), (d).
1992—Subsec. (a).
Subsec. (b).
Subsec. (e).
1988—Subsec. (a)(3).
Subsec. (a)(4).
Subsec. (b).
Subsec. (c).
Statutory Notes and Related Subsidiaries
Authority of Special Police Officers
For 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
§5132. Administrative
(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
(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 (
(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.
(
| Revised Section | Source (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, |
|
| 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), |
| July 7, 1898, ch. 571(7th par. 1st sentence words after 1st comma, last sentence under heading "Mints and Assay Offices"), |
||
| 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 18th–38th words) is omitted as superseded by the source provisions restated in section 321(c) of the revised title.
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 5132(a)(2) | 31 App.:369. | Sept. 8, 1982, |
1984 Act
This is necessary because the language was restated by section 382(h)(1) of the Omnibus Budget Reconciliation Act of 1981 (
Editorial Notes
References in Text
The 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
Amendments
2015—Subsec. (a)(2)(B)(i).
2000—Subsec. (a)(2)(B)(i).
1992—Subsec. (a)(1).
Subsec. (a)(3) to (5).
Subsec. (c).
1990—Subsec. (a)(2) to (5).
1988—Subsec. (a)(2) to (4).
Subsec. (b).
1985—Subsec. (a)(1).
1984—Subsec. (a)(1).
1983—Subsec. (a)(1).
Subsec. (a)(2).
Statutory Notes and Related Subsidiaries
Effective Date of 1992 Amendment
Effective Date of 1985 Amendments
Amendment by
Amendment by
Effective Date of 1984 Amendment
Amendment by
Termination of Numismatic Public Enterprise Fund
All 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
§5133. Settlement of accounts
(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)
(1)
(2)
(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)
(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.
(
| Revised Section | Source (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"), |
| 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"), |
|
| 5133(b) | 31:283(2d, last sentences). | R.S. §3558(2d, last sentences); restated July 11, 1962, |
| 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, |
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 (
Editorial Notes
Amendments
1988—Subsec. (a)(1).
Subsec. (a)(2).
Subsec. (a)(3).
Subsec. (b).
"(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).
Subsec. (d).
§5134. Numismatic Public Enterprise Fund
(a)
(1)
(2)
(3)
(4)
(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)
(b)
(c)
(1)
(2)
(3)
(4)
(A)
(B)
(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)
(1)
(2)
(3)
(e)
(1)
(2)
(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)
(A)
(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)
(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 auditor's 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 Fund's compliance with applicable laws and regulations.
(4)
(A)
(B)
(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)
(A)
(B)
(i) the sources of income including surcharges; and
(ii) expenses incurred for manufacturing, materials, overhead, packaging, marketing, and shipping.
(f)
(1)
(A)
(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)
(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)
(A)
(B)
(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)
(D)
(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)
(F)
(G)
(H)
(3)
(4)
(g)
(1)
(2)
(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
Editorial Notes
References in Text
Section 221(b) of the United States Mint Reauthorization and Reform Act of 1992, referred to in subsec. (b), is section 221(b) of
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
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
Amendments
2003—Subsec. (c)(4), (5).
Subsec. (f)(1).
"(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).
Subsec. (e)(2)(E).
1996—Subsec. (c)(2).
Subsec. (f).
Subsec. (g).
Statutory Notes and Related Subsidiaries
Effective Date of 2003 Amendment
Effective Date of 1996 Amendment
Effective Date
Section applicable with respect to fiscal years beginning after fiscal year 1992, see section 221(e) of
Termination of Numismatic Public Enterprise Fund
All 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
Initial Funding of Fund From Existing Numismatic Operations
"(1)
"(A) from the Mint's 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)
"(3)
"(A)
"(B)
"(C)
1 So in original. Probably should be capitalized.
§5135. Citizens Coinage Advisory Committee
(a)
(1)
(2)
(b)
(1)
(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)
(A)
(B)
(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)
(4)
(5)
(A)
(B)
(6)
(7)
(8)
(A)
(B)
(C)
(9)
(c)
(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
(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)
(e)
(f)
(g)
(1)
(2)
(h)
(Added
Editorial Notes
Amendments
2022—Subsec. (h).
2003—
1996—Subsec. (a)(4).
Subsec. (a)(7).
Statutory Notes and Related Subsidiaries
Abolishment of Citizens Commemorative Coin Advisory Committee; Continuity of Members
"(b)
"(c)
Staggered Terms for Members of Citizens Commemorative Coin Advisory Committee
Status of Members of Citizens Commemorative Coin Advisory Committee
§5136. United States Mint Public Enterprise Fund
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 Secretary's 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 Mint's 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 1 and functions are subsumed under and subject to the Fund, and the requirements of 31 USC 2 5134(c)(4), (c)(5)(B), and (d) and (e) 3 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
Editorial Notes
References in Text
Codification
Section 522 of
1 So in original. Probably should be "activities".
2 So in original. Probably should be "U.S.C."
3 See References in Text note below.
SUBCHAPTER IV—BUREAU OF ENGRAVING AND PRINTING
§5141. Operation of the Bureau
(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
(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.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 5141(a) | 31:181b. | Aug. 4, 1950, ch. 558, §§4, 5, |
| 5141(b) | 31:181c. | |
| 5141(c) | 31:180. | July 1, 1944, ch. 357, |
In subsection (a), the word "budget" is substituted for "budget program" to eliminate unnecessary words. The words "to the President" are added because of
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 Officers
"(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:
§5142. Bureau of Engraving and Printing Fund
(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
(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.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 5142(a) | 31:181a(a)(1st sentence), (d). | Aug. 4, 1950, ch. 558, §2, |
| 5142(b) | 31:181a(c). | |
| 5142(c) | 31:181a(a)(last sentence), (b). | |
| 31:181(note). | July 31, 1977, |
|
| 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
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 Facility
§5143. Payment for services
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.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 5143 | 31:181. | Aug. 4, 1950, ch. 558, §1, |
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
Amendments
2004—
§5144. Providing impressions of portraits and vignettes
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.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 5144 | 31:174. | Dec. 22, 1879, ch. 2, |
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.
SUBCHAPTER V—MISCELLANEOUS
§5151. Conversion of currency of foreign countries
(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.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 5151(a) | 31:372(c)(2)(1st sentence), (3). | June 17, 1930, ch. 497, §522(c), |
| 5151(b) | 31:372(a). | Aug. 27, 1894, ch. 349, §25, |
| 5151(c) | 31:372(b). | June 17, 1930, ch. 497, §522(b), |
| 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.
§5152. Value of United States money holdings in international institutions
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.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 5152 | 31:449a. | Mar. 31, 1972, |
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 (
§5153. Counterfeit currency
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.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 5153 | 31:424. | June 30, 1876, ch. 156, §5, |
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. 2225–2228, 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.
§5154. State taxation
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.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 5154 | 31:425, 426. | Aug. 13, 1894, ch. 281, |
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 Act
This restates 31:5154 to clarify the intent of the section. See 26 Cong. Rec. 7152, 7170 (1894).
Editorial Notes
Amendments
1983—
Statutory Notes and Related Subsidiaries
Effective Date of 1983 Amendment
Amendment effective Sept. 13, 1982, see section 2(i) of
§5155. Providing engraved plates of portraits of deceased members of Congress
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.
(
| Revised Section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 5155 | 31:175. | July 1, 1916, ch. 209, §1(3d par. on p. 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.