US (United States) Code. Title 31. Subtitle IV: Money. Chapter 51: Coins and currency

Codificación normativa de EEUU (Estados Unidos) Legislación Federal estadounidense # Money and finance

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-CITE-

31 USC CHAPTER 51 - COINS AND CURRENCY 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE IV - MONEY

CHAPTER 51 - COINS AND CURRENCY

-HEAD-

CHAPTER 51 - COINS AND CURRENCY

-MISC1-

SUBCHAPTER I - MONETARY SYSTEM

Sec.

5101. Decimal system.

5102. Standard weight.

5103. Legal tender.

SUBCHAPTER II - GENERAL AUTHORITY

5111. Minting and issuing coins, medals, and numismatic

items.

5112. Denominations, specifications, and design of coins.

5113. Tolerances and testing of coins.

5114. Engraving and printing currency and security

documents.

5115. United States currency notes.

5116. Buying and selling gold and silver.

5117. Transferring gold and gold certificates.

5118. Gold clauses and consent to sue.

5119. Redemption and cancellation of currency.

5120. Obsolete, mutilated, and worn coins and currency.

5121. Refining, assaying, and valuation of bullion.

5122. Payment to depositors.

SUBCHAPTER III - UNITED STATES MINT

5131. Organization.

5132. Administrative.

5133. Settlement of accounts.

5134. Numismatic Public Enterprise Fund.

5135. Numismatic Public Enterprise Fund.(!1)

5136. United States Mint Public Enterprise Fund.(!2)

SUBCHAPTER IV - BUREAU OF ENGRAVING AND PRINTING

5141. Operation of the Bureau.

5142. Bureau of Engraving and Printing Fund.

5143. Payment for services.

5144. Providing impressions of portraits and vignettes.

SUBCHAPTER V - MISCELLANEOUS

5151. Conversion of currency of foreign countries.

5152. Value of United States money holdings in international

institutions.

5153. Counterfeit currency.

5154. State taxation.

5155. Providing engraved plates of portraits of deceased

members of Congress.

AMENDMENTS

1992 - Pub. L. 102-390, title II, Secs. 221(d), 225(b)(6),

229(b), Oct. 6, 1992, 106 Stat. 1629, 1630, 1632, substituted

"UNITED STATES MINT" for "BUREAU OF THE MINT" in subchapter III

heading and added items 5134 and 5135.

-SECREF-

CHAPTER REFERRED TO IN OTHER SECTIONS

This chapter is referred to in title 2 section 802.

-FOOTNOTE-

(!1) So in original. Does not conform to section catchline.

(!2) Editorially supplied. Section added by Pub. L. 104-52

without corresponding amendment of chapter analysis.

-End-

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31 USC SUBCHAPTER I - MONETARY SYSTEM 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE IV - MONEY

CHAPTER 51 - COINS AND CURRENCY

SUBCHAPTER I - MONETARY SYSTEM

-HEAD-

SUBCHAPTER I - MONETARY SYSTEM

-End-

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31 USC Sec. 5101 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE IV - MONEY

CHAPTER 51 - COINS AND CURRENCY

SUBCHAPTER I - MONETARY SYSTEM

-HEAD-

Sec. 5101. Decimal system

-STATUTE-

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.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 980.)

-MISC1-

HISTORICAL AND REVISION NOTES

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Revised Source (U.S. Code) Source (Statutes at Large)

Section

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5101 31:371. R.S. Sec. 3563.

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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.

SHORT TITLE OF 2002 AMENDMENT

Pub. L. 107-201, Sec. 1, July 23, 2002, 116 Stat. 736, provided

that: "This Act [amending section 5116 of this title and enacting

provisions set out as notes under sections 5112 and 5116 of this

title] may be cited as the 'Support of American Eagle Silver

Bullion Program Act'."

SHORT TITLE OF 2000 AMENDMENT

Pub. L. 106-445, Sec. 1, Nov. 6, 2000, 114 Stat. 1931, provided

that: "This Act [amending sections 5112, 5132 and 5134 of this

title] may be cited as the 'United States Mint Numismatic Coin

Clarification Act of 2000'."

SHORT TITLE OF 1997 AMENDMENT

Pub. L. 105-124, Sec. 1, Dec. 1, 1997, 111 Stat. 2534, provided

that: "This Act [amending section 5112 of this title and enacting

provisions set out as notes under this section and section 5112 of

this title] may be cited as the '50 States Commemorative Coin

Program Act'."

Pub. L. 105-124, Sec. 4(a), Dec. 1, 1997, 111 Stat. 2536,

provided that: "This section [amending section 5112 of this title

and enacting provisions set out as notes under section 5112 of this

title] may be cited as the 'United States $1 Coin Act of 1997'."

SHORT TITLE OF 1996 AMENDMENT

Pub. L. 104-329, Sec. 1(a), Oct. 20, 1996, 110 Stat. 4005,

provided that: "This Act [amending sections 5131 and 5135 of this

title and enacting provisions set out as notes under this section,

sections 5112 and 5135 of this title, and section 431 of Title 16,

Conservation] may be cited as the 'United States Commemorative Coin

Act of 1996'."

Pub. L. 104-329, title III, Sec. 301, Oct. 20, 1996, 110 Stat.

4012, provided that: "This title [amending sections 5131 and 5135

of this title and enacting provisions set out as notes under

sections 5112 and 5135 of this title] may be cited as the '50

States Commemorative Coin Program Act'."

SHORT TITLE OF 1992 AMENDMENT

Pub. L. 102-390, title II, Sec. 201, Oct. 6, 1992, 106 Stat.

1624, provided that: "This title [enacting sections 5134 and 5135

of this title, amending sections 304, 5111, 5112, 5119, 5131, and

5132 of this title and section 709 of Title 18, Crimes and Criminal

Procedure, enacting provisions set out as notes under sections 5132

and 5134 of this title, amending provisions set out as notes under

section 5112 of this title, and repealing provisions set out as a

note under section 5112 of this title] may be cited as the 'United

States Mint Reauthorization and Reform Act of 1992'."

SHORT TITLE OF 1990 AMENDMENT

Pub. L. 101-585, Sec. 1, Nov. 15, 1990, 104 Stat. 2874, provided

that: "This Act [amending section 5132 of this title] may be cited

as the 'Silver Coin Proof Sets Act'."

-FOOTNOTE-

(!1) So in original. Probably should be "hundredths,".

-End-

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31 USC Sec. 5102 01/06/03

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TITLE 31 - MONEY AND FINANCE

SUBTITLE IV - MONEY

CHAPTER 51 - COINS AND CURRENCY

SUBCHAPTER I - MONETARY SYSTEM

-HEAD-

Sec. 5102. Standard weight

-STATUTE-

The standard troy pound of the National Institute of Standards

and Technology of the Department of Commerce shall be the standard

used to ensure that the weight of United States coins conforms to

specifications in section 5112 of this title.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 980; Pub. L. 100-418,

title V, Sec. 5115(c), Aug. 23, 1988, 102 Stat. 1433.)

-MISC1-

HISTORICAL AND REVISION NOTES

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Revised Source (U.S. Code) Source (Statutes at Large)

Section

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5102 31:364. R.S. Sec. 3548; restated Mar.

4, 1911, ch. 268, Sec. 1, 36

Stat. 1354.

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The words "National Bureau of Standards of the Department of

Commerce" are substituted for "Bureau of Standards of the United

States" because of 15:1511. The words "troy pound of the mint of

the United States, conformably to which the coinage thereof shall

be regulated" are omitted as unnecessary because of the

restatement. The word "ensure" is substituted for "securing" as

being more precise. The words "specifications in section 5112 of

this title" are substituted for "the provisions of the laws

relating to coinage" because of the restatement.

AMENDMENTS

1988 - Pub. L. 100-418 substituted "National Institute of

Standards and Technology" for "National Bureau of Standards".

-End-

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31 USC Sec. 5103 01/06/03

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TITLE 31 - MONEY AND FINANCE

SUBTITLE IV - MONEY

CHAPTER 51 - COINS AND CURRENCY

SUBCHAPTER I - MONETARY SYSTEM

-HEAD-

Sec. 5103. Legal tender

-STATUTE-

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.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 980; Pub. L. 97-452, Sec.

1(19), Jan. 12, 1983, 96 Stat. 2477.)

-MISC1-

HISTORICAL AND REVISION NOTES

1982 ACT

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Revised Source (U.S. Code) Source (Statutes at Large)

Section

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5103 31:392. July 23, 1965, Pub. L. 89-81,

Sec. 102, 79 Stat. 255.

31:456. R.S. Sec. 3584.

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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).

AMENDMENTS

1983 - Pub. L. 97-452 inserted ", public charges, taxes, and

dues" after "all debts".

EFFECTIVE DATE OF 1983 AMENDMENT

Amendment effective Sept. 13, 1982, see section 2(i) of Pub. L.

97-452, set out as a note under section 3331 of this title.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 5112, 5132 of this title.

-End-

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31 USC SUBCHAPTER II - GENERAL AUTHORITY 01/06/03

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TITLE 31 - MONEY AND FINANCE

SUBTITLE IV - MONEY

CHAPTER 51 - COINS AND CURRENCY

SUBCHAPTER II - GENERAL AUTHORITY

-HEAD-

SUBCHAPTER II - GENERAL AUTHORITY

-End-

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31 USC Sec. 5111 01/06/03

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TITLE 31 - MONEY AND FINANCE

SUBTITLE IV - MONEY

CHAPTER 51 - COINS AND CURRENCY

SUBCHAPTER II - GENERAL AUTHORITY

-HEAD-

Sec. 5111. Minting and issuing coins, medals, and numismatic items

-STATUTE-

(a) The Secretary of the Treasury -

(1) shall mint and issue coins described in section 5112 of

this title in amounts the Secretary decides are necessary to meet

the needs of the United States;

(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) Procurements Relating to Coin Production. -

(1) In general. - The Secretary may make contracts, on

conditions the Secretary decides are appropriate and are in the

public interest, to acquire articles, materials, supplies, and

services (including equipment, manufacturing facilities, patents,

patent rights, technical knowledge, and assistance) necessary to

produce the coins referred to in this title.

(2) Domestic control of coinage. - (A) Subject to subparagraph

(B), in order to protect the national security through domestic

control of the coinage process, the Secretary shall acquire only

such articles, materials, supplies, and services (including

equipment, manufacturing facilities, patents, patent rights,

technical knowledge, and assistance) for the production of coins

as have been produced or manufactured in the United States unless

the Secretary determines it to be inconsistent with the public

interest, or the cost to be unreasonable, and publishes in the

Federal Register a written finding stating the basis for the

determination.

(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) Determination. -

(A) In general. - Any determination of the Secretary referred

to in paragraph (2) shall not be reviewable in any

administrative proceeding or court of the United States.

(B) Other rights unaffected. - This paragraph does not alter

or annul any right of review that arises under any provision of

any law or regulation of the United States other than paragraph

(2).

(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 chapter 75 of the Internal Revenue Code of 1954

(!1) (26 U.S.C. 7321 et seq.).

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 980; Pub. L. 100-274,

Sec. 3, Mar. 31, 1988, 102 Stat. 49; Pub. L. 102-390, title II,

Sec. 222, Oct. 6, 1992, 106 Stat. 1629.)

-MISC1-

HISTORICAL AND REVISION NOTES

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Revised Source (U.S. Code) Source (Statutes at Large)

Section

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5111(a)( 31:272. R.S. Sec. 3503.

1)

31:275. R.S. Sec. 3509; Aug. 23, 1912,

ch. 350, Sec. 1(last par.

words before 7th comma under

heading "Assay Office at Salt

Lake City, Utah"), 37 Stat.

384.

31:322. R.S. Sec. 3516.

31:342. June 4, 1897, ch. 2, Sec.

1(1st par. under heading

"Recoinage, Reissue, and

Transportation of Minor

Coins"), 30 Stat. 27.

31:345. R.S. Sec. 3532; Aug. 23, 1912,

ch. 350, Sec. 1(last par.

words before 7th comma under

heading "Assay Office at Salt

Lake City, Utah"), 37 Stat.

384.

31:353. R.S. Sec. 3540; Aug. 23, 1912,

ch. 350, Sec. 1(last par.

words before 7th comma under

heading "Assay Office at Salt

Lake City, Utah"), 37 Stat.

384.

31:391(a). July 23, 1965, Pub. L. 89-81,

Sec. 101(a), 79 Stat. 254;

restated Dec. 31, 1970, Pub.

L. 91-607, Sec. 201, 84 Stat.

1768.

5111(a)( 31:368. R.S. Sec. 3551; Aug. 23, 1912,

2) ch. 350, Sec. 1(last par.

words before 7th comma under

heading "Assay Office at Salt

Lake City, Utah"), 37 Stat.

384.

5111(a)( 31:324h. Oct. 18, 1973, Pub. L. 93-127,

3) Sec. 5, 87 Stat. 456.

5111(a)( 31:367. Jan. 29, 1874, ch. 19, 18

4) Stat. 6.

5111(b) 31:340. R.S. Sec. 3528; Apr. 24, 1906,

ch. 1861, 34 Stat. 132; Dec.

2, 1918, ch. 1, 40 Stat. 1051;

Aug. 14, 1937, ch. 631, 50

Stat. 647; June 21, 1941, ch.

213, 55 Stat. 255; June 30,

1954, ch. 427, 68 Stat. 336;

July 9, 1956, ch. 535, Sec. 1,

70 Stat. 518; restated July

23, 1965, Pub. L. 89-81, Sec.

206(a), 79 Stat. 256.

5111(c) 31:393(a). July 23, 1965, Pub. L. 89-81,

Secs. 103(a), 105, 106, 79

Stat. 255.

5111(d) 31:395, 396.

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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.

-REFTEXT-

REFERENCES IN TEXT

The Internal Revenue Code of 1954, referred to in subsec. (d)(3),

was redesignated the Internal Revenue Code of 1986 by Pub. L.

99-514, Sec. 2, Oct. 22, 1986, 100 Stat. 2095, and is classified

generally to Title 26, Internal Revenue Code.

-MISC2-

AMENDMENTS

1992 - Subsec. (b). Pub. L. 102-390 inserted ", including the

cost of coin bags and pallets" after "distributing the coins" in

fourth sentence.

1988 - Subsec. (c). Pub. L. 100-274 inserted heading and amended

subsec. (c) generally. Prior to amendment, subsec. (c) read as

follows: "The Secretary may make contracts on conditions the

Secretary decides are appropriate and in the public interest to

acquire equipment, manufacturing facilities, patents, patent

rights, technical knowledge and assistance, and materials necessary

to produce rapidly an adequate supply of coins referred to in

section 5112(a)(1)-(4) of this title."

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 section 5136 of this title.

COMMEMORATIVE MEDALS

Provisions authorizing commemorative medals were contained in the

following acts:

Pub. L. 107-127, Jan. 16, 2002, 115 Stat. 2405, recognizing

General Henry H. Shelton.

Pub. L. 106-554, Sec. 1(a)(4) [div. B, title XI, Sec. 1101], Dec.

21, 2000, 114 Stat. 2763, 2763A-311, recognizing the Navajo Code

Talkers.

Pub. L. 106-251, July 27, 2000, 114 Stat. 624, recognizing Ronald

and Nancy Reagan.

Pub. L. 106-250, July 27, 2000, 114 Stat. 622, recognizing Pope

John Paul II.

Pub. L. 106-225, June 20, 2000, 114 Stat. 457, recognizing

Charles M. Schulz.

Pub. L. 106-175, Mar. 5, 2000, 114 Stat. 21, recognizing

Archbishop John Cardinal O'Connor.

Pub. L. 106-153, Dec. 9, 1999, 113 Stat. 1733, recognizing Father

Theodore M. Hesburgh.

Pub. L. 106-26, May 4, 1999, 113 Stat. 50, recognizing Rosa

Parks.

Pub. L. 105-277, div. C, title I, Sec. 139(a), Oct. 21, 1998, 112

Stat. 2681-597, recognizing the individuals commonly referred to as

the "Little Rock Nine".

Pub. L. 105-277, div. C, title I, Sec. 139(b), Oct. 21, 1998, 112

Stat. 2681-598, recognizing Gerald R. and Betty Ford.

Pub. L. 105-215, July 29, 1998, 112 Stat. 895, recognizing Nelson

Rolihlahla Mandela.

Pub. L. 105-51, Oct. 6, 1997, 111 Stat. 1170, recognizing

Ecumenical Patriarch Bartholomew.

Pub. L. 105-16, June 2, 1997, 111 Stat. 35, recognizing Mother

Teresa of Calcutta.

Pub. L. 105-14, May 14, 1997, 111 Stat. 32, recognizing Frank

Sinatra.

Pub. L. 104-201, div. A, title X, Sec. 1066, Sept. 23, 1996, 110

Stat. 2654, recognizing civilians who defended Pearl Harbor.

Pub. L. 104-111, Feb. 13, 1996, 110 Stat. 772, recognizing Billy

and Ruth Graham.

Pub. L. 103-457, Nov. 2, 1994, 108 Stat. 4799, recognizing Rabbi

Menachem Mendel Schneerson.

Pub. L. 102-479, Oct. 23, 1992, 106 Stat. 2308, commemorating the

250th anniversary of the founding of the American Philosophical

Society and of the birth of Thomas Jefferson.

Pub. L. 102-406, Oct. 12, 1992, 106 Stat. 1986, commemorating

Benjamin Franklin's contributions to American fire services.

Pub. L. 102-281, title III, May 13, 1992, 106 Stat. 137; Pub. L.

103-328, title II, Sec. 203, Sept. 29, 1994, 108 Stat. 2369,

recognizing members of the United States Armed Forces who served in

a combat zone in connection with the Persian Gulf conflict.

Pub. L. 102-33, Apr. 23, 1991, 105 Stat. 177, recognizing General

Colin L. Powell.

Pub. L. 102-32, Apr. 23, 1991, 105 Stat. 175, recognizing General

H. Norman Schwarzkopf.

Pub. L. 101-510, div. A, title XIV, Secs. 1491, 1494, Nov. 5,

1990, 104 Stat. 1720, 1722, recognizing General Matthew B. Ridgway.

Pub. L. 101-510, div. A, title XIV, Secs. 1492, 1494, Nov. 5,

1990, 104 Stat. 1721, 1722, recognizing veterans of the Armed

Forces of the United States who were present in Hawaii on Dec. 7,

1941, and participated in combat operations that day.

Pub. L. 101-510, div. A, title XIV, Secs. 1493, 1494, Nov. 5,

1990, 104 Stat. 1722, commemorating centennial of Yosemite National

Park.

Pub. L. 101-296, May 17, 1990, 104 Stat. 197, recognizing

Laurance Spelman Rockefeller.

Pub. L. 101-260, Mar. 30, 1990, 104 Stat. 122, commemorating

bicentennial of United States Coast Guard.

Pub. L. 100-639, Nov. 9, 1988, 102 Stat. 3331, recognizing Andrew

Wyeth.

Pub. L. 100-437, Secs. 1-3, Sept. 20, 1988, 102 Stat. 1717,

recognizing Jesse Owens.

Pub. L. 100-210, Secs. 1, 2, Dec. 24, 1987, 101 Stat. 1441,

recognizing Mary Lasker.

Pub. L. 99-418, Sept. 23, 1986, 100 Stat. 952, recognizing Aaron

Copland.

Pub. L. 99-311, May 20, 1986, 100 Stat. 464, recognizing Harry

Chapin.

Pub. L. 99-298, May 13, 1986, 100 Stat. 432, recognizing Natan

(Anatoly) and Avital Shcharansky.

Pub. L. 99-295, May 12, 1986, 100 Stat. 427; Pub. L. 100-210,

Sec. 3, Dec. 24, 1987, 101 Stat. 1441; Pub. L. 100-437, Sec. 4,

Sept. 20, 1988, 102 Stat. 1717, commemorating the Young Astronaut

Program.

Pub. L. 95-630, title IV, Secs. 401-407, Nov. 10, 1978, 92 Stat.

3679, 3680, recognizing outstanding individuals in the American

arts.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 5112, 5116, 5120, 5132 of

this title.

-FOOTNOTE-

(!1) See References in Text note below.

-End-

-CITE-

31 USC Sec. 5112 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE IV - MONEY

CHAPTER 51 - COINS AND CURRENCY

SUBCHAPTER II - GENERAL AUTHORITY

-HEAD-

Sec. 5112. Denominations, specifications, and design of coins

-STATUTE-

(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.

(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.

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 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 section

3109 of title 5 in carrying out this paragraph.

(e) Notwithstanding any other provision of law, the Secretary

shall mint and issue, in quantities 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) Silver Coins. -

(1) Sale price. - The Secretary shall sell the coins minted

under subsection (e) 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).

(2) Bulk sales. - The Secretary shall make bulk sales of the

coins minted under subsection (e) at a reasonable discount.

(3) Numismatic items. - For purposes of section 5132(a)(1) of

this title, all coins minted under subsection (e) shall be

considered to be numismatic items.

(g) For purposes of section 5132(a)(1) of this title, all coins

minted under subsection (e) of this section shall be considered to

be numismatic items.

(h) The coins issued under this title shall be legal tender as

provided in section 5103 of this title.

(i)(1) Notwithstanding section 5111(a)(1) of this title, the

Secretary shall mint and issue the gold coins described in

paragraphs (7), (8), (9), and (10) of subsection (a) of this

section, in quantities sufficient to meet public demand, and such

gold coins shall -

(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 section 5132(a)(1) of this title, all coins

minted under this subsection shall be considered to be numismatic

items.

(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) General Waiver of Procurement Regulations. -

(1) In general. - Except as provided in paragraph (2), no

provision of law governing procurement or public contracts shall

be applicable to the procurement of goods or services necessary

for minting, marketing, or issuing any coin authorized under

paragraph (7), (8), (9), or (10) of subsection (a) or subsection

(e), including any proof version of any such coin.

(2) Equal employment opportunity. - Paragraph (1) shall not

relieve any person entering into a contract with respect to any

coin referred to in such paragraph from complying with any law

relating to equal employment opportunity.

(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) Redesign and Issuance of Quarter Dollar in Commemoration of

Each of the 50 States. -

(1) Redesign beginning in 1999. -

(A) In general. - Notwithstanding the fourth sentence of

subsection (d)(1) and subsection (d)(2), quarter dollar coins

issued during the 10-year period beginning in 1999, shall have

designs on the reverse side selected in accordance with this

subsection which are emblematic of the 50 States.

(B) Transition provision. - Notwithstanding subparagraph (A),

the Secretary may continue to mint and issue quarter dollars in

1999 which bear the design in effect before the redesign

required under this subsection and an inscription of the year

"1998" as required to ensure a smooth transition into the

10-year program under this subsection.

(C) Flexibility with regard to placement of inscriptions. -

Notwithstanding subsection (d)(1), the Secretary may select a

design for quarter dollars issued during the 10-year period

referred to in subparagraph (A) in which -

(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) Single state designs. - The design on the reverse side of

each quarter dollar issued during the 10-year period referred to

in paragraph (1) shall be emblematic of 1 of the 50 States.

(3) Issuance of coins commemorating 5 states during each of the

10 years. -

(A) In general. - The designs for the quarter dollar coins

issued during each year of the 10-year period referred to in

paragraph (1) shall be emblematic of 5 States selected in the

order in which such States ratified the Constitution of the

United States or were admitted into the Union, as the case may

be.

(B) Number of each of 5 coin designs in each year. - Of the

quarter dollar coins issued during each year of the 10-year

period referred to in paragraph (1), the Secretary of the

Treasury shall prescribe, on the basis of such factors as the

Secretary determines to be appropriate, the number of quarter

dollars which shall be issued with each of the 5 designs

selected for such year.

(4) Selection of design. -

(A) In general. - Each of the 50 designs required under this

subsection for quarter dollars shall be -

(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 Commemorative Coin Advisory

Committee.

(B) Selection and approval process. - Designs for quarter

dollars may be submitted in accordance with the design

selection and approval process developed by the Secretary in

the sole discretion of the Secretary.

(C) Participation. - The Secretary may include participation

by State officials, artists from the States, engravers of the

United States Mint, and members of the general public.

(D) Standards. - Because it is important that the Nation's

coinage and currency bear dignified designs of which the

citizens of the United States can be proud, the Secretary shall

not select any frivolous or inappropriate design for any

quarter dollar minted under this subsection.

(E) Prohibition on certain representations. - No head and

shoulders portrait or bust of any person, living or dead, and

no portrait of a living person may be included in the design of

any quarter dollar under this subsection.

(5) Treatment as numismatic items. - For purposes of sections

5134 and 5136, all coins minted under this subsection shall be

considered to be numismatic items.

(6) Issuance. -

(A) Quality of coins. - The Secretary may mint and issue such

number of quarter dollars of each design selected under

paragraph (4) in uncirculated and proof qualities as the

Secretary determines to be appropriate.

(B) Silver coins. - Notwithstanding subsection (b), the

Secretary may mint and issue such number of quarter dollars of

each design selected under paragraph (4) as the Secretary

determines to be appropriate, with a content of 90 percent

silver and 10 percent copper.

(C) Sources of bullion. - The Secretary shall obtain silver

for minting coins under subparagraph (B) from available

resources, including stockpiles established under the Strategic

and Critical Materials Stock Piling Act.

(7) Application in event of the admission of additional states.

- If any additional State is admitted into the Union before the

end of the 10-year period referred to in paragraph (1), the

Secretary of the Treasury may issue quarter dollar coins, in

accordance with this subsection, with a design which is

emblematic of such State during any 1 year of such 10-year

period, in addition to the quarter dollar coins issued during

such year in accordance with paragraph (3)(A).

(m) Commemorative Coin Program Restrictions. -

(1) Maximum number. - Beginning January 1, 1999, the Secretary

may mint and issue commemorative coins under this section during

any calendar year with respect to not more than 2 commemorative

coin programs.

(2) Mintage levels. -

(A) In general. - Except as provided in subparagraph (B), in

carrying out any commemorative coin program, the Secretary

shall mint -

(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) Exception. - If the Secretary determines, based on

independent, market-based research conducted by a designated

recipient organization of a commemorative coin program, that

the mintage levels described in subparagraph (A) are not

adequate to meet public demand for that commemorative coin, the

Secretary may waive one or more of the requirements of

subparagraph (A) with respect to that commemorative coin

program.

(C) Designated recipient organization defined. - For purposes

of this paragraph, the term "designated recipient organization"

means any organization designated, under any provision of law,

as the recipient of any surcharge imposed on the sale of any

numismatic item.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 981; Pub. L. 97-452, Sec.

1(20), Jan. 12, 1983, 96 Stat. 2477; Pub. L. 99-61, title II, Sec.

202, July 9, 1985, 99 Stat. 115; Pub. L. 99-185, Sec. 2(a), (b),

Dec. 17, 1985, 99 Stat. 1177; Pub. L. 100-274, Secs. 4(a), 6, Mar.

31, 1988, 102 Stat. 50; Pub. L. 102-390, title II, Secs. 226(a),

227, 228, Oct. 6, 1992, 106 Stat. 1630; Pub. L. 103-272, Sec.

4(f)(1)(R), July 5, 1994, 108 Stat. 1362; Pub. L. 104-208, div. A,

title I, Sec. 101(f) [title V, Secs. 523, 524, 529(a)], Sept. 30,

1996, 110 Stat. 3009-314, 3009-347 to 3009-349; Pub. L. 105-124,

Secs. 3, 4(b)-(d), Dec. 1, 1997, 111 Stat. 2534, 2536; Pub. L.

105-176, May 29, 1998, 112 Stat. 104; Pub. L. 106-445, Sec. 2(b),

Nov. 6, 2000, 114 Stat. 1931.)

-MISC1-

HISTORICAL AND REVISION NOTES

1982 ACT

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

5112(a) 31:317(a)(1st, last R.S. Sec. 3515(a); Sept. 26,

sentences). 1890, ch. 945, Sec. 1, 26

Stat. 485; Sept. 5, 1962, Pub.

L. 87-643, Sec. 1, 76 Stat.

440; Oct. 11, 1974, Pub. L.

93-441, Sec. 1, 88 Stat. 1261.

31:391(c). July 23, 1965, Pub. L. 89-81,

Sec. 101(c), 79 Stat. 255;

restated Dec. 31, 1970, Pub.

L. 91-607, Sec. 201, 84 Stat.

1768; Oct. 10, 1978, Pub. L.

95-447, Sec. 2, 92 Stat. 1072.

5112(b) 31:317(a)(2d, 3d

sentences).

31:346. R.S. Sec. 3533; June 14, 1947,

ch. 104, Sec. 1, 61 Stat. 132.

31:391(b). July 23, 1965, Pub. L. 89-81,

Sec. 101(b), (d), 79 Stat.

254; restated Dec. 31, 1970,

Pub. L. 91-607, Sec. 201, 84

Stat. 1768.

31:398(1)-(4), (6). July 23, 1965, Pub. L. 89-81,

Sec. 108(1)-(4), (6), 79 Stat.

255.

5112(c) 31:317(b). R.S. Sec. 3515(b); added Oct.

11, 1974, Pub. L. 93-441, Sec.

1, 88 Stat. 1261.

5112(d)( 31:324. R.S. Sec. 3517; Mar. 3, 1887,

1) ch. 396, Sec. 3, 24 Stat. 635;

Sept. 26, 1890, ch. 945, Sec.

1, 26 Stat. 485; May 18, 1908,

ch. 173, 35 Stat. 164;

restated July 23, 1965, Pub.

L. 89-81, Sec. 204(a), 79

Stat. 256; Dec. 31, 1970, Pub.

L. 91-607, Sec. 206, 84 Stat.

1769.

31:324b-1. Oct. 10, 1978, Pub. L. 95-447,

Sec. 3, 92 Stat. 1072.

5112(d)( 31:276. R.S. Sec. 3510; restated Sept.

2) 26, 1890, ch. 944, 26 Stat.

484.

5112(e) 31:324b. Dec. 31, 1970, Pub. L. 91-607,

Sec. 203, 84 Stat. 1769; Oct.

10, 1978, Pub. L. 95-447, Sec.

4, 92 Stat. 1072.

31:324c. Dec. 31, 1970, Pub. L. 91-607,

Sec. 209, 84 Stat. 1769.

31:391(d).

31:398(3), (4).

5112(f) 31:321. R.S. Sec. 3514; Jan. 30, 1934,

ch. 6, Sec. 5, 48 Stat. 340.

31:399. July 23, 1965, Pub. L. 89-81,

79 Stat. 254, Sec. 109; added

Dec. 23, 1981, Pub. L. 97-104,

Sec. 2, 95 Stat. 1491.

--------------------------------------------------------------------

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 section 391(c)

of this title shall bear on the obverse side" in 31:324b-1, to

eliminate unnecessary words. The words "Any coins minted after July

23, 1965, from 900 fine coin silver shall be inscribed with the

year 1964" in 31:324 are omitted because the Secretary no longer

has authority to mint coins from 900 fine coin silver.

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 section 3109 of

title 5 in carrying out this paragraph" are substituted for "engage

temporarily for this purpose the services of one or more artists,

distinguished in their respective departments of art" to eliminate

unnecessary words. The words "who shall be paid for such service

from the contingent appropriation for the mint at Philadelphia" are

omitted as obsolete. The text of section 3510(2d proviso) of the

Revised Statutes is omitted as executed.

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 section 5111(a)(1) of this title

are substituted for "Notwithstanding any other provision of law" in

31:399 for clarity. In clause (B), the words "are an alloy of 90

percent silver and 10 percent copper" are substituted for "be

minted in accordance with the standard established in section 3514

of the Revised Statutes (31 U.S.C. 321)" and 31:321 to eliminate

unnecessary words and for clarity. In clause (C), the word

"symbolizing" is substituted for "emblematic" for clarity.

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.

-REFTEXT-

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 Pub. L.

105-124, which was approved Dec. 1, 1997.

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 Pub. L. 96-41, Sec. 2, July 30, 1979, 93 Stat. 319,

which is classified generally to subchapter III (Sec. 98 et seq.)

of chapter 5 of Title 50, War and National Defense. For complete

classification of this Act to the Code, see section 98 of Title 50

and Tables.

-MISC2-

AMENDMENTS

2000 - Subsec. (k). Pub. L. 106-445 substituted "platinum bullion

coins" for "bullion".

1998 - Subsec. (l)(1)(C). Pub. L. 105-176 added subpar. (C).

1997 - Subsec. (a)(1). Pub. L. 105-124, Sec. 4(b), struck out

"and weighs 8.1 grams" after "diameter".

Subsec. (b). Pub. L. 105-124, Sec. 4(c), struck out "dollar,"

before "half dollar" in first sentence and inserted after fourth

sentence "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."

Subsec. (d)(1). Pub. L. 105-124, Sec. 4(d), substituted "The

Secretary of the Treasury, in consultation with the Congress, shall

select appropriate designs for the obverse and reverse sides of the

dollar coin." for "The eagle on the reverse side of the dollar is

the symbolic eagle of Apollo 11 landing on the moon. The obverse

side of the dollar has the likeness of Susan B. Anthony."

Subsec. (l). Pub. L. 105-124, Sec. 3, added subsec. (l).

1996 - Subsec. (i)(4)(C). Pub. L. 104-208, Sec. 101(f) [title V,

Sec. 523], added subpar. (C).

Subsec. (k). Pub. L. 104-208, Sec. 101(f) [title V, Sec. 524],

added subsec. (k).

Subsec. (m). Pub. L. 104-208, Sec. 101(f) [title V, Sec. 529(a)],

added subsec. (m).

1994 - Subsec. (h). Pub. L. 103-272 substituted "section 5103 of

this title" for "section 5103 of title 31, United States Code".

1992 - Subsec. (d)(1). Pub. L. 102-390, Sec. 226(a), inserted

"shall" before "have" in first sentence and substituted "coin shall

have" for "coin has" in second and third sentences.

Subsec. (i)(4). Pub. L. 102-390, Sec. 228, added par. (4).

Subsec. (j). Pub. L. 102-390, Sec. 227, added subsec. (j).

1988 - Subsec. (b). Pub. L. 100-274, Sec. 4(a), inserted before

last sentence "In minting gold coins, the Secretary shall use

alloys that vary not more than 0.1 percent from the percent of gold

required."

Subsec. (f). Pub. L. 100-274, Sec. 6, inserted heading and

amended subsec. (f) generally. Prior to amendment, subsec. (f) read

as follows: "The Secretary shall sell the coins minted under

subsection (e) 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,

dyes, use of machinery, and overhead expenses)."

1985 - Subsec. (a)(7) to (10). Pub. L. 99-185, Sec. 2(a), added

pars. (7) to (10).

Subsec. (e). Pub. L. 99-61 added subsec. (e). Former subsec. (e),

providing for the minting of 150,000,000 silver and copper alloy

dollar coins bearing the likeness of Dwight David Eisenhower, was

struck out.

Subsec. (f). Pub. L. 99-61 added subsec. (f). Former subsec. (f),

providing for the minting of up to 10,000,000 silver and copper

alloy half-dollar coins symbolizing the 250th anniversary of the

birth of George Washington, was struck out.

Subsecs. (g), (h). Pub. L. 99-61 added subsecs. (g) and (h).

Subsec. (i). Pub. L. 99-185, Sec. 2(b), added subsec. (i).

1983 - Subsec. (f)(1). Pub. L. 97-452, Sec. 1(20)(A), inserted a

comma after "10,000,000)" in introductory text.

Subsec. (f)(1)(C). Pub. L. 97-452, Sec. 1(20)(B), substituted

"250th" for "two hundred and fiftieth".

EFFECTIVE DATE OF 1996 AMENDMENT

Section 101(f) [title V, Sec. 529(e)] of Pub. L. 104-208,

provided that: "This section [amending this section and sections

5134 and 5135 of this title, enacting provisions set out as a note

under section 5134 of this title, and amending provisions set out

as a note under this section] and the amendments made by this

section shall take effect on the date of enactment of this Act

[Sept. 30, 1996]."

EFFECTIVE DATE OF 1985 AMENDMENTS

Section 3 of Pub. L. 99-185 provided that: "This Act [amending

this section and sections 5116, 5118, and 5132 of this title and

enacting provisions set out as notes under this section] shall take

effect on October 1, 1985, except that no coins may be issued or

sold under section 5112(i) of title 31, United States Code, before

October 1, 1986."

Section 205 of title II of Pub. L. 99-61 provided that: "This

title [amending this section and sections 5116 and 5132 of this

title and enacting provisions set out as a note under this section]

shall take effect on October 1, 1985, except that no coins may be

issued or sold under subsection (e) of section 5112 of title 31,

United States Code, before September 1, 1986, or before the date on

which all coins minted under title I of this Act [set out as a note

below] have been sold, whichever is earlier."

SHORT TITLE OF 1985 AMENDMENTS

Section 1 of Pub. L. 99-185 provided that: "This Act [amending

this section and sections 5116, 5118, and 5132 of this title and

enacting provisions set out as notes under this section] may be

cited as the 'Gold Bullion Coin Act of 1985'."

Section 201 of title II of Pub. L. 99-61 provided that: "This

title [amending this section and sections 5116 and 5132 of this

title and enacting provisions set out as a note under this section]

may be cited as the 'Liberty Coin Act'."

STUDY AND REPORT OF IMPACT ON UNITED STATES SILVER MARKET OF THE

AMERICAN EAGLE SILVER BULLION PROGRAM

Pub. L. 107-201, Sec. 3(b), July 23, 2002, 116 Stat. 737,

provided that:

"(1) Study. - The Secretary of the Treasury shall conduct a study

of the impact on the United States silver market of the American

Eagle Silver Bullion Program, established under section 5112(e) of

title 31, United States Code.

"(2) Report. - Not later than 1 year after the date of enactment

of this Act [July 23, 2002], the Secretary of the Treasury shall

submit a report of the study conducted under paragraph (1) to the

chairman and ranking minority member of -

"(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

Pub. L. 105-124, Sec. 2, Dec. 1, 1997, 111 Stat. 2534, provided

that: "The Congress finds that -

"(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

Pub. L. 105-124, Sec. 4(e), (f), Dec. 1, 1997, 111 Stat. 2536,

2537, provided that:

"(e) Production of New Dollar Coins. -

"(1) In general. - Upon the depletion of the Government's

supply (as of the date of enactment of this Act [Dec. 1, 1997])

of $1 coins bearing the likeness of Susan B. Anthony, the

Secretary of the Treasury shall place into circulation $1 coins

that comply with the requirements of subsections (b) and (d)(1)

of section 5112 of title 31, United States Code, as amended by

this section.

"(2) Authority of secretary to continue production. - If the

supply of $1 coins bearing the likeness of Susan B. Anthony is

depleted before production has begun of $1 coins which bear a

design which complies with the requirements of subsections (b)

and (d)(1) of section 5112 of title 31, United States Code, as

amended by this section, the Secretary of the Treasury may

continue to mint and issue $1 coins bearing the likeness of Susan

B. Anthony in accordance with that section 5112 (as in effect on

the day before the date of enactment of this Act) until such time

as production begins.

"(3) Numismatic sets. - The Secretary may include such $1 coins

in any numismatic set produced by the United States Mint before

the date on which the $1 coins authorized by this section are

placed in circulation.

"(f) Marketing Program. -

"(1) In general. - Before placing into circulation $1 coins

authorized under this section [amending this section and enacting

provisions set out as a note under section 5101 of this title],

the Secretary of the Treasury shall adopt a program to promote

the use of such coins by commercial enterprises, mass transit

authorities, and Federal, State, and local government agencies.

"(2) Study required. - The Secretary of the Treasury shall

conduct a study on the progress of the marketing program adopted

in accordance with paragraph (1).

"(3) Report. - Not later than March 31, 2001, the Secretary of

the Treasury shall submit a report to the Congress on the results

of the study conducted pursuant to paragraph (2)."

RULE OF CONSTRUCTION

Pub. L. 105-124, Sec. 5, Dec. 1, 1997, 111 Stat. 2537, provided

that: "Nothing in this Act [see Short Title of 1997 Amendment note

set out under section 5101 of this title] or the amendments made by

this Act shall be construed to evidence any intention to eliminate

or to limit the printing or circulation of United States currency

in the $1 denomination."

STUDY AND REPORT TO CONGRESS OF 50 STATES COMMEMORATIVE COIN

PROGRAM

Pub. L. 104-329, title III, Sec. 302, Oct. 20, 1996, 110 Stat.

4012, provided that:

"(a) Study. - The Secretary of the Treasury shall by June 1, 1997

complete a study of the feasibility of a circulating commemorative

coin program to commemorate each of the 50 States. The study shall

assess likely public acceptance of and consumer demand for

different coins that might be issued in connection with such a

program (taking into consideration the pace of issuance of coins

and the length of such a program), a comparison of the costs of

producing coins issued under the program and the revenue that the

program would generate, the impact on coin distribution systems,

the advantages and disadvantages of different approaches to

selecting designs for coins in such a program, and such other

factors as the Secretary considers appropriate in deciding upon the

feasibility of such a program. No steps taken in order to gather

information for this study shall be considered a collection of

information within the meaning of section 3502 of title 44, United

States Code.

"(b) Report. - The Secretary shall submit the study required in

subsection (a) above, to the Committee on Banking and Financial

Services of the House of Representatives and the Committee on

Banking, Housing and Urban Affairs of the Senate, simultaneously on

its receipt by the Secretary.

"(c) 50-State Commemorative Coin Program. - The Secretary shall

determine by August 1, 1997 whether the results of the study

authorized by subsection (a) justify such a program. If the

Secretary determines that such a program is justified, then he

shall by January 1, 1999, notwithstanding the fourth sentence of

subsection (d)(1) and subsection (d)(2) of section 5112, title 31,

United States Code, commence a commemorative coin program

consisting of the minting and issuance of quarter dollar coins

bearing designs, selected in accordance with paragraph (4) of this

subsection, which are emblematic of the 50 States. If the Secretary

determines that such a commemorative coin program is justified but

that it is not practicable to commence the program by January 1,

1999, then he shall notify the Committee on Banking and Financial

Services of the House of Representatives and the Committee on

Banking, Housing, and Urban Affairs of the Senate of such

impracticability and of the date on which the program will

commence.

"(1) Design. - The design for each quarter dollar issued under

the program shall be emblematic of 1 of the 50 States. The

designs for quarter dollar coins issued during each year of the

program shall be emblematic of States which have not previously

been commemorated under the program.

"(2) Order of issuance. - Each State will be honored by a coin

in the order of that State's admission to the United States.

"(3) Number of coins. - Of the quarter dollar coins issued

during each year of the program, the Secretary shall prescribe,

on the basis of such factors as the Secretary determines to be

appropriate, the number of quarter dollar coins which shall be

issued with each of the designs selected for such year.

"(4) Selection of design. - Each of the 50 designs required for

quarter dollars issued under the program shall be -

"(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) Treatment as numismatic items. - For purposes of sections

5134 and 5136 of title 31, United States Code, all coins minted

under this section shall be considered to be numismatic items.

"(6) Numismatic items. -

"(A) Quality of coins. - The Secretary may mint and issue

such number of quarter dollars of each design selected under

paragraph (4) of this subsection in uncirculated and proof

qualities as the Secretary determines to be appropriate.

"(B) Silver coins. - Notwithstanding the provisions of

subsection 5112(b) of title 31, United States Code, the

Secretary may mint and issue such number of quarter dollars of

each design selected under paragraph (4) of this subsection as

the Secretary determines to be appropriate with a content of 90

percent silver and 10 percent copper.

"(C) Sources of bullion. - The Secretary may obtain silver

for minting coins under paragraph (6)(B) from stockpiles

established under the Strategic and Critical Materials Stock

Piling Act [50 U.S.C. 98 et seq.].

"(d) Funding. - Funds used to complete this study shall be offset

from funds from the Department of the Treasury."

DEPOSIT OF PROFITS FROM SALE OF GOLD TO MINT FOR COMMEMORATIVE COIN

PROGRAM

Section 101(f) [title V, Sec. 523] of Pub. L. 104-208 provided in

part: "That profits generated from the sale of gold to the United

States Mint for this program shall be considered as a receipt to be

deposited into the General Fund of the Treasury."

USE OF GOVERNMENT PLATINUM RESERVES STOCKPILED AT MINT

Section 101(f) [title V, Sec. 524] of Pub. L. 104-208 provided in

part: "That the Secretary is authorized to use Government platinum

reserves stockpiled at the United States Mint as working inventory

and shall ensure that reserves utilized are replaced by the Mint."

REFORM OF COMMEMORATIVE COIN PROGRAMS

Pub. L. 103-186, title III, Dec. 14, 1993, 107 Stat. 2251, as

amended by Pub. L. 104-208, div. A, title I, Sec. 101(f) [title V,

Sec. 529(b)(4)], Sept. 30, 1996, 110 Stat. 3009-314, 3009-352; Pub.

L. 104-316, title I, Sec. 115(h), Oct. 19, 1996, 110 Stat. 3835,

provided that:

"SEC. 301. SENSE OF CONGRESS RESOLUTION.

"(a) Findings. - The Congress hereby makes the following

findings:

"(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) Declaration. - It is the sense of the Congress that the

Committee on Banking, Finance and Urban Affairs [now Committee on

Financial Services] of the House of Representatives and the

Committee on Banking, Housing, and Urban Affairs of the Senate

should not report or otherwise clear for consideration by the House

of Representatives or the Senate legislation providing for more

than 2 commemorative coin programs for any year, unless the

committee determines, on the basis of a recommendation by the

Citizens Commemorative Coin Advisory Committee, that extraordinary

merit exists for an additional commemorative coin program.

"SEC. 302. REPORTS BY RECIPIENTS OF COMMEMORATIVE COIN

SURCHARGES.

"(a) Quarterly Financial Report. -

"(1) In general. - Each person who receives, after the date of

the enactment of this Act [Dec. 14, 1993], any surcharge derived

from the sale of commemorative coins under any Act of Congress

shall submit a quarterly financial report to the Director of the

United States Mint and the Comptroller General of the United

States describing in detail the expenditures made by such person

from the proceeds of the surcharge.

"(2) Information to be included. - The report under paragraph

(1) shall include information on the proportion of the surcharges

received during the period covered by the report to the total

revenue of such person during such period, expressed as a

percentage, and the percentage of total revenue during such

period which was spent on administrative expenses (including

salaries, travel, overhead, and fund raising).

"(3) Due dates. - Quarterly reports under this subsection shall

be due at the end of the 30-day period beginning on the last day

of any calendar quarter during which any surcharge derived from

the sale of commemorative coins is received by any person.

"(b) Final Report. - Each person who receives, after the date of

the enactment of this Act, any surcharge derived from the sale of

commemorative coins under any Act of Congress shall submit a final

report on the expenditures made by such person from the proceeds of

all surcharges received by such person, including information

described in subsection (a)(2), before the end of the 1-year period

beginning on the last day on which sales of such coins may be

made."

AMOUNT EQUAL TO PROFIT FROM SALE OF GOLD COINS DEPOSITED IN GENERAL

FUND OF TREASURY TO REDUCE NATIONAL DEBT

Section 2(f) of Pub. L. 99-185 provided that an amount equal to

the amount by which the proceeds from the sale of the coins issued

under 31 U.S.C. 5112(i) exceeded the sum of the cost of minting,

marketing, and distributing such coins, and the value of gold

certificates (not exceeding forty-two and two-ninths dollars a fine

troy ounce) retired from the use of gold contained in such coins,

was to be deposited in the general fund of the Treasury and used

for the sole purpose of reducing the national debt, prior to repeal

by Pub. L. 102-390, title II, Sec. 221(c)(2)(A), Oct. 6, 1992, 106

Stat. 1628, effective Oct. 1, 1992.

ISSUANCE OF GOLD COINS TO RESULT IN NO NET COST TO UNITED STATES

Section 2(g) of Pub. L. 99-185 provided that: "The Secretary

shall take all actions necessary to ensure that the issuance of the

coins minted under section 5112(i) of title 31, United States Code,

shall result in no net cost to the United States Government."

COMMEMORATIVE COINS

Provisions authorizing commemorative coins were contained in the

following acts:

Pub. L. 106-435, Nov. 6, 2000, 114 Stat. 1916. - 2002 Winter

Olympic Games.

Pub. L. 106-375, Oct. 27, 2000, 114 Stat. 1435. - National Museum

of the American Indian.

Pub. L. 106-126, title I, Dec. 6, 1999, 113 Stat. 1643. - Leif

Ericson millennium.

Pub. L. 106-126, title II, Dec. 6, 1999, 113 Stat. 1644. - United

States Capitol visitor center.

Pub. L. 106-126, title III, Dec. 6, 1999, 113 Stat. 1647. - Lewis

and Clark Expedition bicentennial.

Pub. L. 105-331, Oct. 31, 1998, 112 Stat. 3073. - Thomas Alva

Edison.

Pub. L. 105-268, Oct. 19, 1998, 112 Stat. 2378. - Library of

Congress bicentennial.

Pub. L. 105-124, Sec. 6, Dec. 1, 1997, 111 Stat. 2537. - First

flight by Orville and Wilbur Wright.

Pub. L. 104-329, Sec. 2, title I, Secs. 101-108, Oct. 20, 1996,

110 Stat. 4005-4011; Pub. L. 105-277, div. C, title I, Sec. 139(c),

Oct. 21, 1998, 112 Stat. 2681-599. - Dolley Madison, George

Washington, Black Revolutionary War patriots, Franklin Delano

Roosevelt Memorial, Yellowstone National Park, National Law

Enforcement Officers Memorial, and Jackie Robinson.

Pub. L. 104-96, Jan. 10, 1996, 109 Stat. 981. - Smithsonian

Institution sesquicentennial.

Pub. L. 103-328, title II, Sec. 204, Sept. 29, 1994, 108 Stat.

2369. - 1995 Special Olympics World Games.

Pub. L. 103-328, title II, Sec. 205, Sept. 29, 1994, 108 Stat.

2371. - National community service.

Pub. L. 103-328, title II, Sec. 206, Sept. 29, 1994, 108 Stat.

2373. - Robert F. Kennedy Memorial.

Pub. L. 103-328, title II, Sec. 207, Sept. 29, 1994, 108 Stat.

2375. - United States Military Academy bicentennial.

Pub. L. 103-328, title II, Sec. 208, Sept. 29, 1994, 108 Stat.

2377. - United States Botanic Garden.

Pub. L. 103-186, title I, Dec. 14, 1993, 107 Stat. 2245. - Thomas

Jefferson.

Pub. L. 103-186, title II, Dec. 14, 1993, 107 Stat. 2247. -

Prisoner-of-war, Vietnam Veterans Memorial, and Women in Military

Service for America Memorial.

Pub. L. 103-186, title IV, Dec. 14, 1993, 107 Stat. 2252. -

United States Capitol bicentennial.

Pub. L. 102-414, Oct. 14, 1992, 106 Stat. 2106. - World War II

50th anniversary.

Pub. L. 102-390, title I, Oct. 6, 1992, 106 Stat. 1620; Pub. L.

104-74, Dec. 26, 1995, 109 Stat. 784. - 1996 Olympic Games.

Pub. L. 102-379, Oct. 5, 1992, 106 Stat. 1362. - Civil War

battlefields.

Pub. L. 102-281, title I, May 13, 1992, 106 Stat. 133; Pub. L.

102-390, title II, Sec. 221(c)(2)(G), Oct. 6, 1992, 106 Stat. 1628.

- White House 200th anniversary.

Pub. L. 102-281, title II, May 13, 1992, 106 Stat. 135; Pub. L.

102-390, title II, Sec. 221(c)(2)(H), Oct. 6, 1992, 106 Stat. 1628;

Pub. L. 104-66, title I, Sec. 1132(a), Dec. 21, 1995, 109 Stat.

725. - World Cup USA 1994.

Pub. L. 102-281, title IV, Secs. 401-411, May 13, 1992, 106 Stat.

139-141; Pub. L. 102-390, title II, Sec. 221(c)(2)(I), Oct. 6,

1992, 106 Stat. 1628. - Christopher Columbus quincentenary.

Pub. L. 102-281, title V, May 13, 1992, 106 Stat. 145; Pub. L.

104-66, title I, Sec. 1132(c), Dec. 21, 1995, 109 Stat. 725. -

James Madison and Bill of Rights.

Pub. L. 101-495, Oct. 31, 1990, 104 Stat. 1187; Pub. L. 102-390,

title II, Sec. 221(c)(2)(F), Oct. 6, 1992, 106 Stat. 1628. - Korean

War Veterans Memorial.

Pub. L. 101-406, Oct. 3, 1990, 104 Stat. 879; Pub. L. 102-390,

title II, Sec. 221(c)(2)(E), Oct. 6, 1992, 106 Stat. 1628. - 1992

Olympic Games.

Pub. L. 101-404, Oct. 2, 1990, 104 Stat. 875; Pub. L. 102-390,

title II, Sec. 221(c)(2)(D), Oct. 6, 1992, 106 Stat. 1628. - United

Services Organization 50th anniversary.

Pub. L. 101-332, July 16, 1990, 104 Stat. 313; Pub. L. 102-390,

title II, Sec. 221(c)(2)(C), Oct. 6, 1992, 106 Stat. 1628; Pub. L.

103-328, title II, Sec. 209, Sept. 29, 1994, 108 Stat. 2378. -

Mount Rushmore National Memorial golden anniversary.

Pub. L. 100-673, Nov. 17, 1988, 102 Stat. 3992; Pub. L. 101-36,

June 9, 1989, 103 Stat. 69; Pub. L. 101-302, title III, Sec.

312(c), May 25, 1990, 104 Stat. 245; Pub. L. 103-186, title IV,

Sec. 408(b), Dec. 14, 1993, 107 Stat. 2253. - United States

Congress bicentennial.

Pub. L. 100-467, Oct. 3, 1988, 102 Stat. 2275; Pub. L. 102-390,

title II, Sec. 221(c)(2)(B), Oct. 6, 1992, 106 Stat. 1628. - Dwight

David Eisenhower.

Pub. L. 100-141, Oct. 28, 1987, 101 Stat. 832. - 1988 Olympic

Games.

Pub. L. 99-582, Oct. 29, 1986, 100 Stat. 3315. - United States

Constitution bicentennial.

Pub. L. 99-61, title I, July 9, 1985, 99 Stat. 113. - Statue of

Liberty and Ellis Island.

Pub. L. 97-220, July 22, 1982, 96 Stat. 222. - 1984 Olympic

Games.

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. See notes set out under section

95a of Title 12, Banks and Banking.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 5102, 5111, 5113, 5116,

5132 of this title; title 26 section 408.

-End-

-CITE-

31 USC Sec. 5113 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE IV - MONEY

CHAPTER 51 - COINS AND CURRENCY

SUBCHAPTER II - GENERAL AUTHORITY

-HEAD-

Sec. 5113. Tolerances and testing of coins

-STATUTE-

(a) The Secretary of the Treasury may prescribe reasonable

manufacturing tolerances for specifications in section 5112 of this

title (except for specifications that are limits) for the dollar,

half dollar, quarter dollar, and dime coins. The weight of the

5-cent coin may vary not more than 0.194 gram. The weight of the

one-cent coin may vary not more than 0.13 gram. Any gold coin

issued under section 5112 of this title shall contain the full

weight of gold stated on the coin.

(b) The Secretary shall keep a record of the kind, number, and

weight of each group of coins minted and test a number of the coins

separately to determine if the coins conform to the weight

specified in section 5112(a) of this title. If the coins tested do

not conform, the Secretary -

(1) shall weigh each coin of the group separately and deface

the coins that do not conform and cast them into bars for

reminting; or

(2) may remelt the group of coins.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 983; Pub. L. 100-274,

Sec. 4(b), Mar. 31, 1988, 102 Stat. 50.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

5113(a) 31:350. R.S. Sec. 3537; Sept. 26,

1890, ch. 945, Sec. 1, 26

Stat. 485.

31:398(5). July 23, 1965, Pub. L. 89-81,

Sec. 108(5), 79 Stat. 255.

5113(b) 31:351. R.S. Sec. 3538; Aug. 23, 1912,

ch. 350, Sec. 1(last par.

words before 7th comma under

heading "Assay Office at Salt

Lake City, Utah"), 37 Stat.

384.

--------------------------------------------------------------------

In subsection (a), the words "for the dollar, half dollar,

quarter dollar, and dime coins" are added because of the

restatement. The words "0.194 gram" are substituted for "three

grains", and the words "0.13 gram" are substituted for "two

grains", for consistency in the revised chapter.

In subsection (b), before clause (1), the words "Secretary shall

keep a record of the kind, number, and weight of each group of

coins minted" are substituted for 31:351(1st sentence) because of

the source provisions restated in section 321(c) of the revised

title. In clause (1), the words "deface the coins that do not

conform and cast them into bars for reminting" are substituted for

"shall be defaced and delivered to the superintendent of melting

and refining department as standard bullion, to be again formed

into ingots and recoined" for consistency in the revised chapter

and to eliminate unnecessary words. In clause (2), the words "if

more convenient" are omitted as surplus.

AMENDMENTS

1988 - Subsec. (a). Pub. L. 100-274 inserted at end "Any gold

coin issued under section 5112 of this title shall contain the full

weight of gold stated on the coin."

-End-

-CITE-

31 USC Sec. 5114 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE IV - MONEY

CHAPTER 51 - COINS AND CURRENCY

SUBCHAPTER II - GENERAL AUTHORITY

-HEAD-

Sec. 5114. Engraving and printing currency and security documents

-STATUTE-

(a) The Secretary of the Treasury shall engrave and print United

States currency and bonds of the United States Government and

currency and bonds of United States territories and possessions

from intaglio plates on plate printing presses the Secretary

selects. However, other security documents and checks may be

printed by any process the Secretary selects. Engraving and

printing shall be carried out within the Department of the Treasury

if the Secretary decides the engraving and printing can be carried

out as cheaply, perfectly, and safely as outside the Department.

(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 for a period of not more

than 4 years 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.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 983.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

5114(a) 31:177. Aug. 24, 1912, ch. 355, Sec.

1(4th par. under heading

"Engraving and Printing"), 37

Stat. 430.

Jan. 3, 1923, ch. 22(2d par.

under heading "Bureau of

Engraving and Printing"), 42

Stat. 1099.

31:415. Mar. 3, 1877, ch. 105(provisos

in par. under heading "Bureau

of Engraving and Printing"),

19 Stat. 353.

31:416. R.S. Sec. 3577.

5114(b) 31:324a. July 11, 1955, ch. 303, 69

Stat. 290.

31:413. R.S. Sec. 3576.

31:414. Mar. 2, 1889, ch. 411, Sec.

1(5th proviso under heading

"Engraving and Printing"), 25

Stat. 945.

5114(c) 31:418. July 1, 1916, ch. 209, Sec.

1(2d par. on p. 277), 39 Stat.

277; Oct. 31, 1951, ch. 654,

Sec. 2(19), 65 Stat. 707.

31:418a. Aug. 11, 1951, ch. 301, Sec.

101(proviso under heading

"Bureau of Engraving and

Printing"), 65 Stat. 184.

31:419. Apr. 4, 1924, ch. 84(1st par.

on p. 69), 43 Stat. 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, 37 Stat. 430), is omitted as superseded by 31:177(1st

proviso). The words after the semicolon in the 2d paragraph under

the heading "Bureau of Engraving and Printing" of the Act of

January 3, 1923 (ch. 22, 42 Stat. 1099), are omitted as executed.

The words "if the Secretary decides the engraving and printing can

be carried out . . . as outside the Department" are substituted for

"provided it can be done there" in 31:415 for clarity. The words

"The Secretary of the Treasury may purchase and provide all the

machinery and materials" in 31:416 are omitted as being superseded

by section 5142 of the revised title. The words "and employ such

persons and appoint such officers as are necessary for the purpose

of section 415 of this title" are omitted as unnecessary because of

5:3101. The text of section 3577(words before the semicolon) of the

Revised Statutes is omitted as superseded by 31:415.

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, 69

Stat. 290), are omitted as unnecessary. The words "Only . . . of a

deceased individual" are substituted for "No . . . while the

original of such portrait is living" in 31:413 for clarity. The

words "United States currency and obligations" are substituted for

"bonds, securities, notes, fractional or postal currency of the

United States" for consistency in the revised title. The words

"shall be placed upon any of the plates for bonds, securities,

notes, and silver certificates of the United States" in 31:414 are

omitted as unnecessary because of the restatement.

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.

PROHIBITION ON USE OF FUNDS FOR MANUFACTURE OF DISTINCTIVE PAPER

FOR CURRENCY AND SECURITIES BY FOREIGN OWNED CORPORATIONS OR

OUTSIDE UNITED STATES; EXCEPTION

Pub. L. 100-440, title VI, Sec. 617(a), Sept. 22, 1988, 102 Stat.

1755, provided that: "None of the funds made available by this or

any other Act with respect to any fiscal year may be used to make a

contract for the manufacture of distinctive paper for United States

currency and securities pursuant to section 5114 of title 31,

United States Code, with any corporation or other entity owned or

controlled by persons not citizens of the United States, or for the

manufacture of such distinctive paper outside of the United States

or its possessions. This subsection shall not apply if the

Secretary of the Treasury determines that no domestic manufacturer

of distinctive paper for United States currency or securities

exists with which to make a contract and if the Secretary of the

Treasury publishes in the Federal Register a written finding

stating the basis for the determination."

Similar provisions were contained in the following prior

appropriation act:

Pub. L. 100-202, Sec. 101(m) [title VI, Sec. 622(a)], Dec. 22,

1987, 101 Stat. 1329-390, 1329-428.

-End-

-CITE-

31 USC Sec. 5115 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE IV - MONEY

CHAPTER 51 - COINS AND CURRENCY

SUBCHAPTER II - GENERAL AUTHORITY

-HEAD-

Sec. 5115. United States currency notes

-STATUTE-

(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.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 983.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

5115(a) 31:401. R.S. Sec. 3571.

5115(b) 31:402. June 20, 1874, ch. 343, Sec.

6, 18 Stat. 124; Jan. 14,

1875, ch. 15, Sec. 3, 18 Stat.

296.

--------------------------------------------------------------------

In the section, the words "United States currency notes" are

substituted for "United States notes" for clarity and consistency

in the revised title.

In subsection (a), the first sentence is added for clarity and

because of the restatement. The words "shall not bear interest" are

omitted because of the source provisions restated in section 5118

of the revised title.

In subsection (b), before clause (1), the words "in circulation"

are substituted for "to be used as a part of the circulation

medium" to eliminate unnecessary words. In clause (1), the words

"the sum of" are omitted as surplus. The words "which said sum

shall appear in each monthly statement of the public debt" are

omitted because of the source provisions restated in section 5118

of the revised title. In clause (2), the words "and no part thereof

shall" are omitted because of the restatement. The text of section

3(less 2d sentence) of the Act of January 14, 1875 (ch. 15, 18

Stat. 296), is omitted as executed.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 5119 of this title.

-End-

-CITE-

31 USC Sec. 5116 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE IV - MONEY

CHAPTER 51 - COINS AND CURRENCY

SUBCHAPTER II - GENERAL AUTHORITY

-HEAD-

Sec. 5116. Buying and selling gold and silver

-STATUTE-

(a)(1) With the approval of the President, the Secretary of the

Treasury may -

(A) buy and sell gold in the way, in amounts, at rates, and on

conditions the Secretary considers most advantageous to the

public interest; and

(B) buy the gold with any direct obligations of the United

States Government or United States coins and currency authorized

by law, or with amounts in the Treasury not otherwise

appropriated.

(2) Amounts received from the purchase of gold are an asset of

the general fund of the Treasury. Amounts received from the sale of

gold shall be deposited by the Secretary in the general fund of the

Treasury and shall be used for the sole purpose of reducing the

national debt.

(3) The Secretary shall acquire gold for the coins issued under

section 5112(i) of this title by purchase of gold mined from

natural deposits in the United States, or in a territory or

possession of the United States, within one year after the month in

which the ore from which it is derived was mined. The Secretary

shall pay not more than the average world price for the gold. In

the absence of available supplies of such gold at the average world

price, the Secretary may use gold from reserves held by the United

States to mint the coins issued under section 5112(i) of this

title. The Secretary shall issue such regulations as may be

necessary to carry out this paragraph.

(b)(1) The Secretary may buy silver mined from natural deposits

in the United States, or in a territory or possession of the United

States, that is brought to a United States mint or assay office

within one year after the month in which the ore from which it is

derived was mined. The Secretary may use the coinage metal fund

under section 5111(b) of this title to buy silver under this

subsection.

(2) The Secretary may sell or use Government silver to mint

coins, except silver transferred to stockpiles established under

the Strategic and Critical Materials Stock Piling Act (50 U.S.C. 98

et seq.). The Secretary shall obtain the silver for the coins

authorized under section 5112(e) of this title by purchase from

stockpiles established under the Strategic and Critical Materials

Stock Piling Act (50 U.S.C. 98 et seq.). At such time as the silver

stockpile is depleted, the Secretary shall obtain silver as

described in paragraph (1) to mint coins authorized under section

5112(e). If it is not economically feasible to obtain such silver,

the Secretary may obtain silver for coins authorized under section

5112(e) from other available sources. The Secretary shall not pay

more than the average world price for silver under any

circumstances. As used in this paragraph, the term "average world

price" means the price determined by a widely recognized commodity

exchange at the time the silver is obtained by the Secretary. The

Secretary shall sell silver under conditions the Secretary

considers appropriate for at least $1.292929292 a fine troy ounce.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 984; Pub. L. 99-61, title

II, Sec. 203, July 9, 1985, 99 Stat. 116; Pub. L. 99-185, Sec.

2(c), Dec. 17, 1985, 99 Stat. 1178; Pub. L. 100-274, Sec. 5, Mar.

31, 1988, 102 Stat. 50; Pub. L. 107-201, Sec. 3(a)(1), July 23,

2002, 116 Stat. 737.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

5116(a) 31:733(words after R.S. Sec. 3699(words after

semicolon). semicolon); restated Jan. 30,

1934, ch. 6, Sec. 9, 48 Stat.

341.

31:734. R.S. Sec. 3700; restated Jan.

30, 1934, ch. 6, Sec. 8, 48

Stat. 341.

5116(b)( 31:335. R.S. Sec. 3526; restated May

1) 10, 1950, ch. 173, 64 Stat.

157; July 9, 1956, ch. 535,

Sec. 2, 70 Stat. 518; July 23,

1965, Pub. L. 89-81, Sec. 205,

79 Stat. 256.

31:394. July 23, 1965, Pub. L. 89-81,

Sec. 104, 79 Stat. 255.

5116(b)( 31:405a-1. June 4, 1963, Pub. L. 88-36,

2) Sec. 2, 77 Stat. 54; July 23,

1965, Pub. L. 89-81, Sec. 209,

79 Stat. 257; restated June

24, 1967, Pub. L. 90-29, Sec.

3, 81 Stat. 77.

--------------------------------------------------------------------

In subsection (a)(1), the words "With the approval of the

President" are applied to 31:733(words after semicolon) because of

31:822b. The words "at home or abroad" in 31:733(words after

semicolon) and 734 are omitted as surplus. The words "terms and"

are omitted as included in "conditions". The text of

31:733(proviso) is omitted as superseded by the Bretton Woods

Agreement Act (22 U.S.C. 286 et seq.) and sections 6 and 9 of the

Act of October 19, 1976 (Pub. L. 94-564, 90 Stat. 2661), repealing

31:449 that provided for parity of the dollar on terms of gold and

special drawing rights. The text of 31:734(1st sentence words after

semicolon) is omitted as surplus.

In subsection (b)(1), the words "coinage metal fund" are

substituted for "bullion fund" in 31:335 as being more precise and

because of section 5111 of the revised title. The words "after July

23, 1965" in 31:394 are omitted as executed. The words "to procure

bullion for coinage" and 31:335(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.

-REFTEXT-

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 Pub. L. 96-41, Sec. 2, July 30, 1979, 93 Stat. 319,

which is classified generally to subchapter III (Sec. 98 et seq.)

of chapter 5 of Title 50, War and National Defense. For complete

classification of this Act to the Code, see section 98 of Title 50

and Tables.

-MISC2-

AMENDMENTS

2002 - Subsec. (b)(2). Pub. L. 107-201 inserted after second

sentence "At such time as the silver stockpile is depleted, the

Secretary shall obtain silver as described in paragraph (1) to mint

coins authorized under section 5112(e). If it is not economically

feasible to obtain such silver, the Secretary may obtain silver for

coins authorized under section 5112(e) from other available

sources. The Secretary shall not pay more than the average world

price for silver under any circumstances. As used in this

paragraph, the term 'average world price' means the price

determined by a widely recognized commodity exchange at the time

the silver is obtained by the Secretary."

1988 - Subsec. (a)(2). Pub. L. 100-274 amended last sentence

generally, substituting "shall be deposited by the Secretary in the

general fund of the Treasury and shall be used for the sole purpose

of reducing the national debt" for "shall be deposited in the

general fund of the Treasury".

1985 - Subsec. (a)(3). Pub. L. 99-185 added par. (3).

Subsec. (b)(1). Pub. L. 99-61, Sec. 203(1), (2), substituted "The

Secretary may buy silver" for "The Secretary shall buy silver", and

struck out provision directing that the Secretary pay $1.25 a fine

troy ounce for silver.

Subsec. (b)(2). Pub. L. 99-61, Sec. 203(3), inserted provision

directing that the Secretary obtain the silver for the coins

authorized under section 5112(e) of this title by purchase from

stockpiles established under the Strategic and Critical Materials

Stock Piling Act.

EFFECTIVE DATE OF 1985 AMENDMENTS

Amendment by Pub. L. 99-185 effective Oct. 1, 1985, except that

no coins may be issued or sold under section 5112(i) of this title

before Oct. 1, 1986, see section 3 of Pub. L. 99-185, set out as a

note under section 5112 of this title.

Amendment by Pub. L. 99-61 effective Oct. 1, 1985, with exception

as to issuance or sale of coins under section 5112(e) of this

title, see section 205 of Pub. L. 99-61, set out as a note under

section 5112 of this title.

REGULATIONS

Pub. L. 107-201, Sec. 3(a)(2), July 23, 2002, 116 Stat. 737,

provided that: "The Secretary of the Treasury shall issue

regulations to implement the amendments made by paragraph (1)

[amending this section]."

CONGRESSIONAL FINDINGS CONCERNING AMERICAN EAGLE SILVER BULLION

PROGRAM

Pub. L. 107-201, Sec. 2, July 23, 2002, 116 Stat. 736, provided

that: "Congress finds that -

"(1) the American Eagle Silver Bullion coin leads the global

market, and is the largest and most popular silver coin program

in the United States;

"(2) established in 1986, the American Eagle Silver Bullion

Program is the most successful silver bullion program in the

world;

"(3) from fiscal year 1995 through fiscal year 2001, the

American Eagle Silver Bullion Program generated -

"(A) revenues of $264,100,000; and

"(B) sufficient profits to significantly reduce the national

debt;

"(4) with the depletion of silver reserves in the Defense

Logistic 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

Pub. L. 107-201, Sec. 3(c), July 23, 2002, 116 Stat. 737,

provided that:

"(1) In general. - The Director of the United States Mint shall

prepare and submit to Congress an annual report on the purchases of

silver made pursuant to this Act [amending this section and

enacting provisions set out as notes under this section and

sections 5101 and 5112 of this title] and the amendments made by

this Act.

"(2) Concurrent submission. - The report required by paragraph

(1) may be incorporated into the annual report of the Director of

the United States Mint on the operations of the mint and assay

offices, referred to in section 1329 of title 44, United States

Code."

TERMINATION OF COINAGE METAL 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 section 5136 of this title.

-End-

-CITE-

31 USC Sec. 5117 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE IV - MONEY

CHAPTER 51 - COINS AND CURRENCY

SUBCHAPTER II - GENERAL AUTHORITY

-HEAD-

Sec. 5117. Transferring gold and gold certificates

-STATUTE-

(a) All right, title, and interest, and every claim of the Board

of Governors of the Federal Reserve System, a Federal reserve bank,

and a Federal reserve agent, in and to gold is transferred to and

vests in the United States Government to be held in the Treasury.

Payment for the transferred gold is made by crediting equivalent

amounts in dollars in accounts established in the Treasury under

the 15th paragraph of section 16 of the Federal Reserve Act (12

U.S.C. 467). Gold not in the possession of the Government shall be

held in custody for the Government and delivered on the order of

the Secretary of the Treasury. The Board of Governors, Federal

reserve banks, and Federal reserve agents shall give instructions

and take action necessary to ensure that the gold is so held and

delivered.

(b) The Secretary shall issue gold certificates against gold

transferred under subsection (a) of this section. The Secretary may

issue gold certificates against other gold held in the Treasury.

The Secretary may prescribe the form and denominations of the

certificates. The amount of outstanding certificates may be not

more than the value (for the purpose of issuing those certificates,

of 42 and two-ninths dollars a fine troy ounce) of the gold held

against gold certificates. The Secretary shall hold gold in the

Treasury equal to the required dollar amount as security for gold

certificates issued after January 29, 1934.

(c) With the approval of the President, the Secretary may

prescribe regulations the Secretary considers necessary to carry

out this section.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 984.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

5117(a) 31:441(1st, last Jan. 30, 1934, ch. 6, Secs.

sentences). 2(a), 11, 48 Stat. 337, 342.

5117(b) 31:405b. Jan. 30, 1934, ch. 6, Sec.

14(c), 48 Stat. 344; Mar. 18,

1968, Pub. L. 90-269, Sec. 12,

82 Stat. 51; restated Oct. 19,

1976, Pub. L. 94-564, Sec. 8,

90 Stat. 2661.

31:408a(last Jan. 30, 1934, ch. 6, Sec.

proviso). 6(last proviso), 48 Stat. 340;

Mar. 18, 1968, Pub. L. 90-269,

Sec. 8, 82 Stat. 50.

31:441(2d sentence).

5117(c) 31:822b.

--------------------------------------------------------------------

In subsection (a), the words "On January 30, 1934" are omitted as

executed. The word "gold" is substituted for "gold coin and gold

bullion" for consistency and to omit unnecessary words. The word

"transferred" is substituted for "pass" for consistency in the

subsection. The words "to be held in the Treasury" are added for

consistency with the source provisions restated in subsection (b)

of the revised section.

In subsection (b), the first sentence is substituted for

31:441(2d sentence) for consistency. The word "issued" in 31:405b

is omitted as being included in "outstanding". The words "of 42 and

two-ninths dollars a fine troy ounce)" are substituted for "at the

legal standard provided in section 449 of this title on October 19,

1976" because that was the legal standard in that section on that

date. The text of 31:449 was repealed by section 6 of the Bretton

Woods Agreements Act. The words "The Secretary shall hold . . . in

the Treasury . . . as security" are substituted for "security . . .

shall be maintained" in 31:408a(last proviso) because of the source

provisions restated in section 321 of the revised title. The words

"gold certificates issued after January 29, 1934" are substituted

for "gold certificates (including the gold certificates held in the

Treasury for credits payable therein)" for clarity and because of

section 5118(c)(1)(A) of the revised title.

In subsection (c), the word "regulations" is substituted for

"rules and regulations", and the word "necessary" is substituted

for "necessary or proper", to eliminate unnecessary words.

-End-

-CITE-

31 USC Sec. 5118 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE IV - MONEY

CHAPTER 51 - COINS AND CURRENCY

SUBCHAPTER II - GENERAL AUTHORITY

-HEAD-

Sec. 5118. Gold clauses and consent to sue

-STATUTE-

(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.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 985; Pub. L. 99-185, Sec.

2(d), Dec. 17, 1985, 99 Stat. 1178; Pub. L. 104-208, div. A, title

II, Sec. 2609, Sept. 30, 1996, 110 Stat. 3009-475; Pub. L. 105-61,

title VI, Sec. 641, Oct. 10, 1997, 111 Stat. 1318.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

5118(a) 31:773d. Aug. 27, 1935, ch. 780, 49

Stat. 938.

5118(b) 31:315b. Jan. 30, 1934, ch. 6, Sec. 5,

48 Stat. 340.

31:773a.

5118(c)( 31:773b.

1), (2)

5118(c)( 31:773c.

3)

5118(d) 31:463. June 5, 1933, ch. 48, Sec. 1,

48 Stat. 113.

31:463(note). Oct. 28, 1977, Pub. L. 95-147,

Sec. 4(c), 91 Stat. 1229.

--------------------------------------------------------------------

In subsection (a), before clause (1), the words "the phrase" are

omitted as surplus. In clause (1), the words "declared to be

against public policy by section 463 of this title" are omitted as

surplus. Clause (2) is substituted for 31:773d(words after

semicolon) for consistency in the revised title and to eliminate

unnecessary words.

In subsection (b), the words "after January 30, 1934" in 31:315b

are omitted as executed. The words "that may be lawfully held" are

substituted for "which may be lawfully acquired and are legal

tender for public and private debts" in 31:773a for consistency in

the subsection and to eliminate unnecessary words. The words "and

that the owners of the gold clause securities of the United States

shall be, at their election, entitled to receive immediate payment

of the stated dollar amount thereof with interest to the date of

payment or to prior maturity or to prior redemption date, whichever

is earlier" in section 1 of the Act of August 27, 1935 (ch. 780, 49

Stat. 938), are omitted as expired. The words "make the exchange"

are substituted for "make such exchanges and payments upon

presentation hereunder" to eliminate unnecessary words. The words

"No gold shall after January 30, 1934, be coined" in 31:315b are

omitted because of section 5112 of the revised title. The text of

31:315b(proviso) is omitted as unnecessary because of the

restatement. The text of 31:315b(last sentence) is omitted as

executed.

In subsection (c)(1), before clause (A), the word "Government" is

substituted for "United States" for consistency in the revised

title and with other titles of the United States Code. The words

"to anyone" are added for clarity. The words "whether by way of

suit, counterclaim, set-off, recoupment, or other affirmative

action or defense in its own name or in the name of" are omitted as

surplus. The word "employees" is added for consistency in the

revised title and with other titles of the Code. The word

"instrumentalities" is omitted as unnecessary because of section

101 of the revised title. The word "claim" is substituted for

"right, privilege, or power" to eliminate unnecessary words and for

consistency in the revised title and with other titles of the Code.

The words "in any proceeding of any nature whatsoever" are omitted

as surplus. In clause (C), the words "or demand" are omitted as

surplus.

In subsection (c)(2), the words "any suit commenced prior to

August 27, 1935, or which may be commenced by January 1, 1936" are

omitted as executed. The words "referred to in this section" are

omitted as surplus.

In subsection (c)(3), the words "may be expended" are substituted

for "an amount appropriated or authorized to be expended" and

"shall be available for or expended in", and the words "dollar for

dollar" are substituted for "on an equal and uniform dollar for

dollar basis", to eliminate unnecessary words.

In subsection (d)(1), the words "including every obligation of

and to the United States" are omitted as surplus. The text of

31:463(b)(words after semicolon) is omitted as unnecessary because

of the restatement.

AMENDMENTS

1997 - Subsec. (d)(2). Pub. L. 105-61 struck out at end "This

paragraph shall apply to any obligation issued on or before October

27, 1977, notwithstanding any assignment or novation of such

obligation after October 27, 1977, unless all parties to the

assignment or novation specifically agree to include a gold clause

in the new agreement. Nothing in the preceding sentence shall be

construed to affect the enforceability of a Gold Clause contained

in any obligation issued after October 27, 1977 if the

enforceability of that Gold Clause has been finally adjudicated

before the date of enactment of the Economic Growth and Regulatory

Paperwork Reduction Act of 1996."

1996 - Subsec. (d)(2). Pub. L. 104-208 inserted at end "This

paragraph shall apply to any obligation issued on or before October

27, 1977, notwithstanding any assignment or novation of such

obligation after October 27, 1977, unless all parties to the

assignment or novation specifically agree to include a gold clause

in the new agreement. Nothing in the preceding sentence shall be

construed to affect the enforceability of a Gold Clause contained

in any obligation issued after October 27, 1977 if the

enforceability of that Gold Clause has been finally adjudicated

before the date of enactment of the Economic Growth and Regulatory

Paperwork Reduction Act of 1996."

1985 - Subsec.(b). Pub. L. 99-185 struck out "or deliver" after

"pay out" and inserted "(other than gold and silver coins)" before

"that may be lawfully held".

EFFECTIVE DATE OF 1985 AMENDMENT

Amendment by Pub. L. 99-185 effective Oct. 1, 1985, except that

no coins may be issued or sold under section 5112(i) of this title

before Oct. 1, 1986, see section 3 of Pub. L. 99-185, set out as a

note under section 5112 of this title.

-End-

-CITE-

31 USC Sec. 5119 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE IV - MONEY

CHAPTER 51 - COINS AND CURRENCY

SUBCHAPTER II - GENERAL AUTHORITY

-HEAD-

Sec. 5119. Redemption and cancellation of currency

-STATUTE-

(a) Except to the extent authorized in regulations the Secretary

of the Treasury prescribes with the approval of the President, the

Secretary may not redeem United States currency (including Federal

reserve notes and circulating notes of Federal reserve banks and

national banks) in gold. However, the Secretary shall redeem gold

certificates owned by the Federal reserve banks at times and in

amounts the Secretary decides are necessary to maintain the equal

purchasing power of each kind of United States currency. When

redemption in gold is authorized, the redemption may be made only

in gold bullion bearing the stamp of a United States mint or assay

office in an amount equal at the time of redemption to the currency

presented for redemption.

(b)(1) Except as provided in subsection (c)(1) of this section,

the following are public debts bearing no interest:

(A) gold certificates issued before January 30, 1934.

(B) silver certificates.

(C) notes issued under the Act of July 14, 1890 (ch. 708, 26

Stat. 289).

(D) Federal Reserve notes for which payment was made under

section 4 of the Old Series Currency Adjustment Act.

(E) United States currency notes, including those issued under

section 1 of the Act of February 25, 1862 (ch. 33, 12 Stat. 345),

the Act of July 11, 1862 (ch. 142, 12 Stat. 532), the resolution

of January 17, 1863 (P.R. 9; 12 Stat. 822), section 2 of the Act

of March 3, 1863 (ch. 73, 12 Stat. 710), or section 5115 of this

title.

(2) Redemption, cancellation, and destruction of currency. - The

Secretary shall -

(A) redeem any currency described in paragraph (1) from the

general fund of the Treasury upon presentment to the Secretary;

and

(B) cancel and destroy such currency upon redemption.

The Secretary shall not be required to reissue United States

currency notes upon redemption.

(c)(1) The Secretary may determine the amount of the following

United States currency that will not be presented for redemption

because the currency has been destroyed or irretrievably lost:

(A) circulating notes of Federal reserve banks and national

banks issued before July 1, 1929, for which the United States

Government has assumed liability.

(B) outstanding currency referred to in subsection (b)(1) of

this section.

(2) When the Secretary makes a determination under this

subsection, the Secretary shall reduce the amount of that currency

outstanding by the amount the Secretary determines will not be

redeemed and credit the appropriate receipt account.

(d) To provide a historical collection of United States currency,

the Secretary may withhold from cancellation and destruction and

transfer to a special account one piece of each design, issue, or

series of each denomination of each kind of currency (including

circulating notes of Federal reserve banks and national banks)

after redemption. The Secretary may make appropriate entries in

Treasury accounts because of the transfers.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 985; Pub. L. 102-390,

title II, Sec. 226(b), Oct. 6, 1992, 106 Stat. 1630; Pub. L.

103-325, title VI, Sec. 602(g)(14), Sept. 23, 1994, 108 Stat.

2294.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

5119(a) 31:408a(less last Jan. 30, 1934, ch. 6, Secs.

proviso). 6(less last proviso), 11,

15(1st sentence words between

2d and 3d semicolons), 48

Stat. 340, 342, 344.

31:444(1st sentence

words between 2d

and 3d semicolons).

31:822b.

5119(b)( 31:405a-3. June 24, 1967, Pub. L. 90-29,

1) Secs. 1, 2, 81 Stat. 77.

31:911. June 30, 1961, Pub. L. 87-66,

Secs. 2, 5, 6, 9, 10, 75 Stat.

146, 147.

31:915(a), (b).

5119(b)( 31:404. May 31, 1878, ch. 146, 20

2) Stat. 87; June 30, 1961, Pub.

L. 87-66, Sec. 7, 75 Stat. 147.

31:420. R.S. Sec. 3580.

31:914.

31:916.

5119(c)( 31:915(c)(words

1) before last comma).

5119(c)( 31:405a-2.

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 section 5103 of this title

and to eliminate unnecessary words.

In subsection (b)(1), before clause (A), the words "upon

completion of the transfers and credits authorized and directed by

section 912 of this title" in 31:915 and "and the amount of the

payment credited as a public debt receipt in accordance with such

section" are omitted as executed. In clause (B), the text of

31:405a-3(last sentence) and 31:915(a)(4) is consolidated. The text

of 31:405a-3(1st sentence) is omitted as executed. In clauses (C)

and (E), the citations in parentheses are included only for

information purposes.

In subsection (b)(2), the words "cancel and destroy" are

substituted for "retired" in 31:914 for consistency in the revised

section. The words "paragraph (1) of this subsection" are

substituted for "Any currency the funds for the redemption or

security of which have been transferred pursuant to the provisions

of section 912 of this title, and any Federal Reserve notes as to

which payment has been made under section 913 of this title"

because of the restatement. The words "presented to the Secretary"

are substituted for "presentation at the Treasury" because of the

source provisions restated in section 321(c) of the revised title.

The text of 31:916 is omitted as unnecessary because of the

restatement. The text of 31:404 and 31:420 is omitted as superseded

by the source provisions restated in this subsection and subsection

(c). The words "All acts and parts of acts in conflict herewith are

hereby repealed" in the Act of May 31, 1878 (ch. 146, 20 Stat. 87),

are omitted as executed.

In subsection (c)(2), the words "When the Secretary makes a

determination under this subsection" are added because of the

restatement. The words "on the books of the Treasury" are omitted

as surplus. The text of 31:405(e)(2)(1st sentence) is omitted as

superseded by the source provisions restated in subsection (b).

In subsection (d), the word "paper" is omitted as surplus. The

words "(including circulating notes of Federal Reserve banks and

national banks)" are substituted for "including bank notes" for

consistency in the section. The words "heretofore or hereafter

issued" are omitted as surplus.

-REFTEXT-

REFERENCES IN TEXT

Act of July 14, 1890, ch. 708, 26 Stat. 289, referred to in

subsec. (b)(1)(C), which was known as the Sherman Purchase of

Silver Act of July 14, 1890, was classified to sections 408, 410,

412, and 453 of former Title 31, and sections 122 and 145 of Title

12, Banks and Banking, and was repealed by Pub. L. 97-258, Sec.

5(b), Sept. 13, 1982, 96 Stat. 1069.

Section 4 of the Old Series Currency Adjustment Act, referred to

in subsec. (b)(1)(D), is section 4 of Pub. L. 87-66, June 30, 1961,

75 Stat. 146, which was classified to section 913 of former Title

31, and was repealed by Pub. L. 97-258, Sec. 5(b), Sept. 13, 1982,

96 Stat. 1079.

Acts February 25, 1862, July 11, 1862, and March 3, 1863, and

resolution January 17, 1863, referred to in subsec. (b)(1)(E), are

acts Feb. 25, 1862, ch. 33, 12 Stat. 345, July 11, 1862, ch. 142,

12 Stat. 532, and Mar. 3, 1863, ch. 73, 12 Stat. 709, and

resolution Jan. 17, 1863, 12 Stat. 822, respectively, which are not

classified to the Code.

-MISC2-

AMENDMENTS

1994 - Subsec. (b)(2). Pub. L. 103-325 inserted concluding

provisions.

1992 - Subsec. (b)(2). Pub. L. 102-390 amended par. (2)

generally. Prior to amendment, par. (2) read as follows: "The

Secretary shall redeem from the general fund of the Treasury and

cancel and destroy currency referred to in paragraph (1) of this

subsection when the currency is presented to the Secretary."

-End-

-CITE-

31 USC Sec. 5120 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE IV - MONEY

CHAPTER 51 - COINS AND CURRENCY

SUBCHAPTER II - GENERAL AUTHORITY

-HEAD-

Sec. 5120. Obsolete, mutilated, and worn coins and currency

-STATUTE-

(a)(1) The Secretary of the Treasury shall melt obsolete and worn

United States coins withdrawn from circulation. The Secretary may

use the metal from melting the coins for reminting or may sell the

metal. The Secretary shall account for the following in the coinage

metal fund under section 5111(b) of this title:

(A) obsolete and worn coins and the metal from melting the

coins.

(B) proceeds from the sale of the metal.

(C) losses incurred in the sale of the metal.

(D) losses incurred because of the difference between the face

value of the coins melted and the coins minted from the metal.

(2) The Secretary shall reimburse the coinage metal fund for

losses under paragraph (1)(C) and (D) of this subsection out of

amounts in the coinage profit fund under section 5111(b) of this

title.

(b) The Secretary shall -

(1) cancel and destroy (by a secure process) obsolete,

mutilated, and worn United States currency withdrawn from

circulation; and

(2) dispose of the residue of the currency and notes.

(c) The Comptroller General shall audit the cancellation and

destruction of United States currency and the accounting of the

cancellation and destruction. Records the Comptroller General

considers necessary to make an effective audit easier shall be made

available to the Comptroller General.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 986.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

5120(a) 31:317c. Dec. 18, 1942, ch. 767, Sec.

3, 56 Stat. 1065; July 23,

1965, Pub. L. 89-81, Sec.

203(a), 79 Stat. 256.

5120(b) 31:421. R.S. Sec. 3581.

31:422. June 23, 1874, ch. 455, Sec.

1(3d par. under heading

"National Currency"), 18 Stat.

206.

5120(c) 31:49a. May 20, 1966, Pub. L. 89-427,

Sec. 5, 80 Stat. 161.

--------------------------------------------------------------------

In subsection (a)(1), before clause (A), the word "obsolete" is

substituted for "uncurrent" as being more precise. The words

"withdrawn from circulation" are substituted for "received in the

Treasury" for clarity. The words "heretofore or hereafter issued"

are omitted as surplus. The words "metal from melting the coins"

are substituted for "the resulting metal" because of the

restatement. The word "reminting" is substituted for "coinage" for

consistency in the revised title. The word "material" is omitted as

being included in "metal". The words "The Secretary shall account"

are substituted for "shall be accounted for by entries" because of

the source provisions restated in section 321 of the revised title.

In clause (D), the word "face" is substituted for "nominal or face"

to eliminate unnecessary words. The words "coins minted from the

metal" are substituted for "the amount the same will produce in new

coin" for clarity.

In subsection (a)(2), the words "The Secretary shall reimburse"

are substituted for "fund shall be reimbursed" because of the

source provisions restated in section 321 of the revised title. The

text of 31:317c(proviso) is omitted as obsolete because the

statutory limit on the coinage metal fund was removed by the

restatement of section 3528 of the Revised Statutes by section

206(a) of the Coinage Act of 1965 (Pub. L. 89-81, 79 Stat. 256).

In subsection (b), before clause (1), the words "The Secretary

shall" are substituted for "shall be destroyed in such manner and

under such regulations as the Secretary of the Treasury may

prescribe" in 31:421 because of the source provisions restated in

section 321 of the revised title. In clause (1), the words "cancel

and destroy" are substituted for "shall be destroyed" to conform to

subsection (c) and section 5118(c) and (e) of the revised title.

The words "(by a secure process)" are substituted for "may be

destroyed by maceration instead of burning to ashes" in 31:422 to

eliminate unnecessary words and because of the source provisions

restated in section 321 of the revised title. The words "obsolete,

mutilated, and worn . . . withdrawn from circulation" are

substituted for "which by law are required to be taken up, and not

reissued, when taken up" in 31:421 for consistency with subsection

(a) and 12:124. The words "United States currency" are substituted

for "all other notes" in 31:421 and "All national bank notes . . .

and other obligations of the United States" for consistency in the

revised title. The words "Mutilated United States notes, when

replaced according to law" are omitted as superseded by the source

provisions restated in section 5119(b) of the revised title. The

text of the 3d paragraph(words before the first semicolon and

between the 2d and last semicolons) under the heading "National

Currency" in section 1 of the Act of June 23, 1874 (ch. 455, 18

Stat. 206), is omitted as executed. In clause (2), the words

"dispose of the residue of the currency and notes" are substituted

for "The pulp from such macerated issue shall be disposed of only

under the direction of the Secretary of the Treasury" in 31:422 to

eliminate unnecessary words and for consistency in the revised

title.

In subsection (c), the word "currency" is substituted for

"currency . . . unfit for circulation" to eliminate unnecessary

words. The words "regardless of who is responsible for, and

regardless of who performs, such cancellation, destruction, or

accounting" are omitted as unnecessary because of the restatement.

The word "record" is substituted for "books, documents, papers, and

records", and the words "make . . . easier" are substituted for

"facilitate", for consistency in the revised title and with other

titles of the United States Code.

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 section 5136 of this title.

-End-

-CITE-

31 USC Sec. 5121 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE IV - MONEY

CHAPTER 51 - COINS AND CURRENCY

SUBCHAPTER II - GENERAL AUTHORITY

-HEAD-

Sec. 5121. Refining, assaying, and valuation of bullion

-STATUTE-

(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.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 987.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

5121(a) 31:274. R.S. Sec. 3508; Aug. 23, 1912,

ch. 350, Sec. 1(last par.

words before 7th comma under

heading "Assay Office at Salt

Lake City, Utah"), 37 Stat.

384.

31:277. R.S. Sec. 3507.

31:330. R.S. Sec. 3522.

31:343. R.S. Sec. 3530; Aug. 23, 1912,

ch. 350, Sec. 1(last par.

words before 7th comma under

heading "Assay Office at Salt

Lake City, Utah"), 37 Stat.

384.

31:344. R.S. Sec. 3531; Aug. 23, 1912,

ch. 350, Sec. 1(last par.

words before 7th comma under

heading "Assay Office at Salt

Lake City, Utah"), 37 Stat.

384.

5121(b) 31:325(words before R.S. Sec. 3518.

4th comma and after

last comma).

31:327(1st R.S. Sec. 3519.

sentence).

31:328(1st R.S. Sec. 3520; Mar. 3, 1887,

sentence). ch. 396, Sec. 3, 24 Stat. 635.

31:329. R.S. Sec. 3521; Aug. 23, 1912,

ch. 350, Sec. 1(last par.

words before 7th comma under

heading "Assay Office at Salt

Lake City, Utah"), 37 Stat.

384.

5121(c) 31:327(last

sentence).

31:328(last

sentence).

5121(d) 31:360. R.S. Sec. 3546.

31:362. June 19, 1878, ch. 329, Sec.

1(2d sentence words after last

semicolon on p. 191), 20 Stat.

191.

5121(e) 31:325(words

between 4th and

last commas).

31:347. R.S. Sec. 3534; Aug. 23, 1912,

ch. 350, Sec. 1(last par.

words before 7th comma under

heading "Assay Office at Salt

Lake City, Utah"), 37 Stat.

384.

--------------------------------------------------------------------

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.

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. See notes set out under section

95a of Title 12, Banks and Banking.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 5122 of this title.

-End-

-CITE-

31 USC Sec. 5122 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE IV - MONEY

CHAPTER 51 - COINS AND CURRENCY

SUBCHAPTER II - GENERAL AUTHORITY

-HEAD-

Sec. 5122. Payment to depositors

-STATUTE-

(a) The Secretary of the Treasury shall determine the fineness,

weight, and value of each deposit and bar under section 5121 of

this title. The value and the amount of charges under subsection

(b) of this section shall be based on the fineness and weight of

the bullion. The Secretary shall give the depositor a statement of

the charges and the net amount of the deposit to be paid in money

or bars of the same species of bullion as that deposited.

(b) The Secretary shall impose a charge equal to the average cost

of material, labor, waste, and use of machinery of a United States

mint or assay office for -

(1) melting and refining bullion;

(2) using copper as an alloy when bullion deposited is above

standard;

(3) separating gold and silver combined in the bullion; and

(4) preparing bars.

(c) The Secretary shall pay to the depositor or to a person

designated by the depositor money or bars equivalent to the bullion

deposited as soon as practicable after the value of the deposit is

determined. If demanded, the Secretary shall pay depositors in the

order in which the bullion is deposited with the Secretary.

However, when there is an unavoidable delay in determining the

value of a deposit, the Secretary shall pay subsequent depositors.

When practicable and convenient, the Secretary shall pay depositors

in the denominations requested by the depositor. After the

depositor is paid, the bullion is the property of the United States

Government.

(d) To allow the Secretary to pay depositors with as little delay

as possible, the Secretary shall keep in the mints and assay

offices, when possible, money and bullion the Secretary decides are

convenient and necessary.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 987.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

5122(a) 31:273(last R.S. Sec. 3506(last sentence).

sentence).

31:331. R.S. Sec. 3523.

31:334. R.S. Sec. 3525.

5122(b) 31:332. R.S. Sec. 3524; Jan. 14, 1875,

ch. 15, Sec. 2(words before

comma), 18 Stat. 296; Mar. 1,

1881, ch. 95, 21 Stat. 374;

Mar. 3, 1887, ch. 396, Sec. 3,

24 Stat. 635.

5122(c) 31:357. R.S. Sec. 3544.

31:358(2d sentence). R.S. Sec. 3545; June 19, 1878,

ch. 329, Sec. 1(last par. 1st

sentence words before 1st

semicolon under heading "Mint

at Denver, Colorado"), 20

Stat. 191.

5122(d) 31:358(1st, last

sentences).

--------------------------------------------------------------------

In subsection (a), the words "Secretary of the Treasury" are

substituted for "he" in 31:273(last sentence) because of the source

provisions restated in section 321 of the revised title. The words

"fineness, weight, and value of each deposit and bar" and "The

value and the amount of charges . . . shall be based on the

fineness and weight of the bullion" are substituted for "From the

report of the assayer and the weight of the bullion" for clarity

and because of the restatement. The words "or deductions, if any"

are omitted as being included in "charges". The word "money" is

substituted for "in coins" for clarity. The text of 31:331 and 334

is omitted as unnecessary because of the restatement. The text of

31:273(last sentence words after 7th comma) is omitted because of

the source provisions restated in section 321 of the revised title.

In subsection (b), the words "Secretary shall impose a charge"

are substituted for "shall be fixed, from time to time, by the

director, with the concurrence of the Secretary of the Treasury"

because of the source provisions restated in section 321(c) of the

revised title. The words "for toughening when metals are contained

in it which render it unfit for coinage" are omitted as obsolete

because the Secretary of the Treasury has authority to mint coins

containing silver only under section 5112(e) of the revised title

and the Secretary holds sufficient silver to mint those coins. See

Sen. Rept. No. 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.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 5132 of this title.

-End-

-CITE-

31 USC SUBCHAPTER III - UNITED STATES MINT 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE IV - MONEY

CHAPTER 51 - COINS AND CURRENCY

SUBCHAPTER III - UNITED STATES MINT

-HEAD-

SUBCHAPTER III - UNITED STATES MINT

-MISC1-

AMENDMENTS

1992 - Pub. L. 102-390, title II, Sec. 225(b)(5), Oct. 6, 1992,

106 Stat. 1630, substituted "UNITED STATES MINT" for "BUREAU OF THE

MINT" in subchapter heading.

-End-

-CITE-

31 USC Sec. 5131 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE IV - MONEY

CHAPTER 51 - COINS AND CURRENCY

SUBCHAPTER III - UNITED STATES MINT

-HEAD-

Sec. 5131. Organization

-STATUTE-

(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.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 988; Pub. L. 100-274,

Sec. 2(a)-(c)(2), Mar. 31, 1988, 102 Stat. 48; Pub. L. 102-390,

title II, Secs. 224, 225(b)(3), (4), Oct. 6, 1992, 106 Stat. 1629;

Pub. L. 104-208, div. A, title I, Sec. 101(f) [title V, Secs. 503,

522], Sept. 30, 1996, 110 Stat. 3009-314, 3009-344, 3009-347; Pub.

L. 104-329, title III, Sec. 304, Oct. 20, 1996, 110 Stat. 4015.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

5131(a) 31:251(1st sentence R.S. Sec. 343(1st sentence

words after 1st words after 1st comma).

comma).

31:261. R.S. Sec. 3495; restated July

11, 1962, Pub. L. 87-534, Sec.

1, 76 Stat. 155.

5131(b) 31:278. R.S. Sec. 3553.

31:283(1st R.S. Sec. 3558(1st sentence);

sentence). July 11, 1962, Pub. L. 87-534,

Sec. 2, 76 Stat. 155; restated

July 23, 1965, Pub. L. 89-81,

Sec. 201, 79 Stat. 256.

31:324f. Oct. 18, 1973, Pub. L. 93-127,

Sec. 3, 87 Stat. 456.

31:361(1st sentence June 19, 1878, ch. 329, Sec.

words before 1st 1(1st sentence on p. 191), 20

comma). Stat. 191.

July 7, 1898, ch. 571(7th par.

1st sentence words before 1st

comma under heading "Mints and

Assay Offices"), 30 Stat. 661.

5131(c) 31:263. R.S. Sec. 3496; Aug. 23, 1912,

ch. 350, Sec. 1(last par.

words before 7th comma under

heading "Assay Office at Salt

Lake City, Utah"), 37 Stat.

384.

31:279. R.S. Sec. 3554; Aug. 23, 1912,

ch. 350, Sec. 1(last par.

words before 7th comma under

heading "Assay Office at Salt

Lake City, Utah"), 37 Stat.

384.

31:281. R.S. Sec. 3555; Aug. 23, 1912,

ch. 350, Sec. 1(last par.

words before 7th comma under

heading "Assay Office at Salt

Lake City, Utah"), 37 Stat.

384; June 6, 1972, Pub. L.

92-310, Sec. 231(g), 86 Stat.

210.

5131(d) 31:287. R.S. Sec. 3562.

5131(e) 31:292. Aug. 20, 1963, Pub. L. 88-102,

Sec. 2, 77 Stat. 129.

--------------------------------------------------------------------

In subsection (a), the words "The Bureau of the Mint has" are

substituted for "embracing in its organization and under its

control all mints . . . and all assay offices" in 31:251(1st

sentence words after 1st comma) because of the restatement and to

eliminate unnecessary words. The words "for the manufacture of coin

. . . for the stamping of bars, which have been, or which may be,

authorized by law" are omitted as superseded by the source

provisions restated in subsection (b).

In subsection (b), the words "The Secretary of the Treasury shall

carry out duties and powers" are added because of the source

provisions restated in section 321 of the revised title. The words

"related to refining and assaying bullion, minting coins, striking

medals, and numismatic items at the mints and assay offices" are

substituted for 31:278(1st sentence words before comma),

283(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.

AMENDMENTS

1996 - Subsecs. (c), (d). Pub. L. 104-208, Sec. 101(f) [title V,

Secs. 503, 522], and Pub. L. 104-329, amended section identically,

redesignating subsec. (d) as (c) and striking out former subsec.

(c) which read as follows: "Each mint has a superintendent and an

assayer appointed by the President, by and with the advice and

consent of the Senate. The mint at Philadelphia has an engraver

appointed by the President, by and with the advice and consent of

the Senate."

1992 - Subsec. (a). Pub. L. 102-390, Sec. 225(b)(3), substituted

"United States Mint" for "Bureau of the Mint" in introductory

provisions.

Subsec. (b). Pub. L. 102-390, Sec. 225(b)(4), substituted "United

States Mint" for "Bureau".

Subsec. (e). Pub. L. 102-390, Sec. 224, struck out subsec. (e)

which read as follows: "The Secretary shall operate, maintain, and

have custody of, the mint at Philadelphia. However, the

Administrator of General Services shall make repairs and

improvements to the mint."

1988 - Subsec. (a)(3). Pub. L. 100-274, Sec. 2(b), substituted

"mint at West Point, New York" for "assay office at New York, New

York".

Subsec. (a)(4). Pub. L. 100-274, Sec. 2(a), substituted "mint"

for "assay office".

Subsec. (b). Pub. L. 100-274, Sec. 2(c)(1), struck out "and assay

offices, except that only bars may be made at the assay offices"

before period at end of first sentence.

Subsec. (c). Pub. L. 100-274, Sec. 2(c)(2), substituted "Each

mint has" for "Each mint and the assay office at New York have".

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, Sec.

517(2), (3)] of Pub. L. 104-208, set out as a note under section

5141 of this title.

-End-

-CITE-

31 USC Sec. 5132 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE IV - MONEY

CHAPTER 51 - COINS AND CURRENCY

SUBCHAPTER III - UNITED STATES MINT

-HEAD-

Sec. 5132. Administrative

-STATUTE-

(a)(1) Except as provided in this chapter, the Secretary of the

Treasury shall deposit in the Treasury as miscellaneous receipts

amounts the Secretary receives from the operations of the United

States Mint. Expenditures made from appropriated funds which are

subsequently determined to be properly chargeable to the Numismatic

Public Enterprise Fund established by section 5134 shall be

reimbursed by such Fund to the appropriation. The Secretary shall

annually sell to the public, directly and by mail, sets of

uncirculated and proof coins minted under paragraphs (1) through

(6) of section 5112(a) of this title, and shall solicit such sales

through the use of the customer list of the United States Mint.

Except with respect to amounts deposited in the Numismatic Public

Enterprise Fund in accordance with section 5134, the Secretary may

not use amounts the Secretary receives from profits on minting

coins or from charges on gold or silver bullion under section 5122

to pay officers and employees.

(2)(A) In addition to the coins described in paragraph (1), the

Secretary shall sell annually to the public directly and by mail,

sets of proof coins minted under paragraphs (1) through (6) of

section 5112(a).

(B) Notwithstanding any other provision of law, for purposes of

this paragraph -

(i) the coins described in paragraphs (2) through (4) of

section 5112(a) shall be made of an alloy of 90 percent silver

and 10 percent copper; and

(ii) all coins minted under this paragraph shall have a mint

mark indicating the place of manufacture.

(C) All coins minted under this paragraph shall be considered to

be -

(i) numismatic items for purposes of paragraph (1) and section

5111(a)(3); and

(ii) legal tender, as provided in section 5103.

(D) The Secretary shall obtain silver for coins minted under this

paragraph by purchase from stockpiles established under the

Strategic and Critical Materials Stock Piling Act (50 U.S.C. 98 et

seq.). At such time as the silver stockpile is depleted, the

Secretary shall obtain silver for such coins by purchase of silver

mined from natural deposits in the United States or in a territory

or possession of the United States not more than 1 year following

the month in which the ore from which it is derived was mined. The

Secretary shall pay not more than the average world price for such

silver. The Secretary may issue such regulations as may be

necessary to carry out this subparagraph.

(3) Not more than $54,208,000 may be appropriated to the

Secretary for the fiscal year ending on September 30, 1993, to pay

costs of the mints. Not more than $965,000 of amounts appropriated

pursuant to the preceding sentence shall remain available until

expended for research and development.

(b) To the extent the Secretary decides is necessary, the

Secretary may use amounts received from depositors for refining

bullion and the proceeds from the sale of byproducts (including

spent acids from surplus bullion recovered in refining processes)

to pay the costs of refining the bullion (including labor,

material, waste, and loss on the sale of sweeps). The Secretary may

not use amounts appropriated for the mints to pay those costs.

(c) The Secretary shall make an annual report at the end of each

fiscal year on the operation of the United States Mint.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 988; Pub. L. 97-452, Sec.

1(21), Jan. 12, 1983, 96 Stat. 2477; Pub. L. 98-151, Sec. 123, Nov.

14, 1983, 97 Stat. 979; Pub. L. 98-216, Sec. 1(7), Feb. 14, 1984,

98 Stat. 4; Pub. L. 99-61, title II, Sec. 204, July 9, 1985, 99

Stat. 116; Pub. L. 99-185, Sec. 2(e), Dec. 17, 1985, 99 Stat. 1178;

Pub. L. 100-274, Secs. 1, 2(c)(3), Mar. 31, 1988, 102 Stat. 48;

Pub. L. 101-585, Sec. 2, Nov. 15, 1990, 104 Stat. 2874; Pub. L.

102-390, title II, Secs. 211, 221(c)(1), 225(b)(3), (4), Oct. 6,

1992, 106 Stat. 1624, 1628, 1629; Pub. L. 106-445, Sec. 2(a), Nov.

6, 2000, 114 Stat. 1931.)

-MISC1-

HISTORICAL AND REVISION NOTES

1982 ACT

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

5132(a) 31:273(1st, 2d R.S. Sec. 3506(1st, 2d

sentences). sentences).

31:369. R.S. Sec. 3552; restated May

10, 1950, ch. 172, 64 Stat.

157; Sept. 5, 1962, Pub. L.

87-643, Sec. 2, 76 Stat. 440;

Aug. 13, 1981, Pub. L. 97-35,

Sec. 382(b)(1), 95 Stat. 432.

5132(b) 31:361(1st sentence June 19, 1878, ch. 329, Sec.

words after 1st 1(2d sentence words before

comma, last last semicolon on p. 191), 20

sentence). Stat. 191.

July 7, 1898, ch. 571(7th par.

1st sentence words after 1st

comma, last sentence under

heading "Mints and Assay

Offices"), 30 Stat. 661.

5132(c) 31:253. R.S. Sec. 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.

1983 ACT

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

5132(a)( 31 App.:369. Sept. 8, 1982, Pub. L. 97-253,

2) Sec. 202, 96 Stat. 790.

--------------------------------------------------------------------

1984 ACT

This is necessary because the language was restated by section

382(h)(1) of the Omnibus Budget Reconciliation Act of 1981 (Pub. L.

97-35, 95 Stat. 432) but inadvertently codified as 31:5132(a)(1)

(last sentence) by section 1 of the Act of September 13, 1982 (Pub.

L. 97-258, 96 Stat. 989.)

-REFTEXT-

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 Pub. L. 96-41, Sec. 2, July 30, 1979, 93 Stat. 319,

which is classified generally to subchapter III (Sec. 98 et seq.)

of chapter 5 of Title 50, War and National Defense. For complete

classification of this Act to the Code, see section 98 of Title 50

and Tables.

-MISC2-

AMENDMENTS

2000 - Subsec. (a)(2)(B)(i). Pub. L. 106-445 substituted

"paragraphs (2)" for "paragraphs (1)".

1992 - Subsec. (a)(1). Pub. L. 102-390, Sec. 225(b)(3),

substituted "United States Mint" for "Bureau of the Mint" in two

places.

Pub. L. 102-390, Sec. 221(c)(1)(A), amended second sentence

generally. Prior to amendment, second sentence read as follows:

"However, amounts from numismatic items shall be reimbursed to the

current appropriation used to pay the cost of preparing and selling

the items."

Pub. L. 102-390, Sec. 221(c)(1)(B), amended last sentence

generally. Prior to amendment, last sentence read as follows: "The

Secretary may not use amounts the Secretary receives from profits

on minting coins or from charges on gold or silver bullion under

section 5122 of this title to pay officers and employees."

Subsec. (a)(3) to (5). Pub. L. 102-390, Sec. 211, which directed

the substitution of "$54,208,000" for "$46,511,000" and "1993" for

"1988" in par. (2), and the striking out of pars. (3) and (4), was

executed by making the substitution in par. (3) and striking out

pars. (4) and (5) to reflect the probable intent of Congress and

the intervening amendment by Pub. L. 101-585 redesignating pars.

(2) to (4) as (3) to (5). See 1990 Amendment note below. Prior to

being struck out, par. (4) provided that not more than $75,000 be

expended for purpose of hosting International Mint Directors'

Conference in the United States in 1988, and par. (5) authorized

Director of the Mint to collect from participants at Conference

reasonable fees and assessments in connection with Conference,

administer such amounts, and spend such amounts to pay expenses

incurred in connection with Conference.

Subsec. (c). Pub. L. 102-390, Sec. 225(b)(4), substituted "United

States Mint" for "Bureau".

1990 - Subsec. (a)(2) to (5). Pub. L. 101-585 added par. (2),

redesignated former pars. (2) to (4) as (3) to (5), respectively,

and substituted "(3)" for "(2)" in par. (4).

1988 - Subsec. (a)(2) to (4). Pub. L. 100-274, Sec. 1, added

pars. (2) to (4) and struck out former par. (2) which read as

follows: "Not more than $50,165,000 may be appropriated to the

Secretary for the fiscal year ending September 30, 1983, to pay

costs of the mints and assay offices."

Subsec. (b). Pub. L. 100-274, Sec. 2(c)(3), struck out "and assay

offices" after "amounts appropriated for the mints" in last

sentence.

1985 - Subsec. (a)(1). Pub. L. 99-185 inserted "paragraphs (1)

through (6) of" before "section 5112(a) of this title".

Pub. L. 99-61 inserted "minted under section 5112(a) of this

title" after "proof coins".

1984 - Subsec. (a)(1). Pub. L. 98-216 struck out provision

requiring the Secretary to pay the costs of the mints and assay

offices not provided for in this subsection out of appropriations.

1983 - Subsec. (a)(1). Pub. L. 98-151 inserted provisions

relating to authority of Secretary to sell sets of uncirculated and

proof coins and solicitation of such sales through the customer

lists of the Bureau of the Mint.

Subsec. (a)(2). Pub. L. 97-452 substituted "$50,165,000" for

"$54,706,000", and "1983" for "1982".

EFFECTIVE DATE OF 1992 AMENDMENT

Section 221(e) of Pub. L. 102-390 provided that: "The amendments

made by this section [enacting section 5134 of this title, amending

this section, amending and repealing provisions set out as notes

under section 5112 of this title] shall apply with respect to

fiscal years beginning after fiscal year 1992."

EFFECTIVE DATE OF 1985 AMENDMENTS

Amendment by Pub. L. 99-185 effective Oct. 1, 1985, except that

no coins may be issued or sold under section 5112(i) of this title

before Oct. 1, 1986, see section 3 of Pub. L. 99-185, set out as a

note under section 5112 of this title.

Amendment by Pub. L. 99-61 effective Oct. 1, 1985, with exception

as to issuance or sale of coins under section 5112(e) of this

title, see section 205 of Pub. L. 99-61, set out as a note under

section 5112 of this title.

EFFECTIVE DATE OF 1984 AMENDMENT

Amendment by Pub. L. 98-216 effective Sept. 13, 1982, see section

4(c) of Pub. L. 98-216, set out as a note under section 490 of

Title 18, Crimes and Criminal Procedure.

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 section 5136 of

this title.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 5112 of this title.

-End-

-CITE-

31 USC Sec. 5133 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE IV - MONEY

CHAPTER 51 - COINS AND CURRENCY

SUBCHAPTER III - UNITED STATES MINT

-HEAD-

Sec. 5133. Settlement of accounts

-STATUTE-

(a) The Secretary of the Treasury shall -

(1) charge the superintendent of each mint with the amount in

weight of standard metal of bullion the superintendent receives

from the Secretary;

(2) credit each superintendent with the amount in weight of

coins, clippings, and other bullion the superintendent returns to

the Secretary; and

(3) charge separately to each superintendent, who shall account

for, copper to be used in the alloy of gold and silver bullion.

(b) Settlement of Accounts. -

(1) In general. - At least once each year, the Secretary of the

Treasury shall settle the accounts of the superintendents of the

mints.

(2) Procedure. - At any settlement under this subsection, the

superintendent shall -

(A) return to the Secretary any coin, clipping, or other

bullion in the possession of the superintendent; and

(B) present the Secretary with a statement of bullion

received and returned since the last settlement (including any

bullion returned for settlement).

(3) Audit. - The Secretary shall -

(A) audit the accounts of each superintendent; and

(B) allow each superintendent the waste of precious metals

that the Secretary determines is necessary -

(i) for refining and minting (within the limitations which

the Secretary shall prescribe); and

(ii) for casting fine gold and silver bars (within the

limit prescribed for refining), except that any waste

allowance under this clause may not apply to deposit

operations.

(c) After settlement, the Secretary shall compare the amount of

gold and silver bullion and coins on hand with the total

liabilities of the mints. The Secretary also shall make a statement

of the ordinary expense account.

(d) The Secretary shall procure for each mint a series of

standard weights corresponding to the standard troy pound of the

National Institute of Standards and Technology of the Department of

Commerce. The series shall include a one pound weight and multiples

and subdivisions of one pound from .01 grain to 25 pounds. At least

once a year, the Secretary shall test the weights normally used in

transactions at the mints against the standard weights.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 989; Pub. L. 100-274,

Sec. 2(c)(4)-(7), (9), (10), Mar. 31, 1988, 102 Stat. 49; Pub. L.

100-418, title V, Sec. 5115(c), Aug. 23, 1988, 102 Stat. 1433.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

5133(a) 31:354(1st R.S. Sec. 3541; Aug. 23, 1912,

sentence). ch. 350, Sec. 1(last par.

words before 7th comma under

heading "Assay Office at Salt

Lake City, Utah"), 37 Stat.

384.

31:355(last R.S. Sec. 3542; Aug. 23, 1912,

sentence). ch. 350, Sec. 1(last par.

words before 7th comma under

heading "Assay Office at Salt

Lake City, Utah"), 37 Stat.

384; July 23, 1965, Pub. L.

89-81, Sec. 207, 79 Stat. 257.

5133(b) 31:283(2d, last R.S. Sec. 3558(2d, last

sentences). sentences); restated July 11,

1962, Pub. L. 87-534, Sec. 2,

76 Stat. 155.

31:354(last

sentence).

31:355(1st, 2d

sentences).

5133(c) 31:356. R.S. Sec. 3543.

5133(d) 31:365. R.S. Sec. 3549; restated Mar.

4, 1911, ch. 268, Sec. 2, 36

Stat. 1354.

--------------------------------------------------------------------

In the section, the word "Secretary" is substituted for

"superintendent" and "Director of the Mint" in 31:354, 356, 365,

and the word "Superintendent" is substituted for "superintendent of

coining department" in 31:354 and 355 and "superintendent of

melting and refining", because of the source provisions restated in

section 321(c) of the revised title.

In subsection (a), the words "superintendent of each mint and the

assay office at New York and the officer in charge of the assay

office at San Francisco" are added because of the source provisions

restated in section 5131(b) and (c) of the revised title.

In subsection (b), before clause (1), the words "shall settle"

are substituted for "and at such time as the . . . shall appoint,

there shall be an accurate and full settlement" in 31:354(last

sentence) to eliminate unnecessary words. In clause (1), the words

"The Secretary shall audit" are substituted for "When all the

coins, clippings, and other bullion have been delivered to the

superintendent, it shall be his duty to examine" in 31:355(1st, 2d

sentences) to eliminate unnecessary words. In clause (2), the words

"the waste of precious metals . . . decides is necessary for

refining and minting" are substituted for "The difference between

the amount charged and credited to each officer . . . as necessary

wastage, if . . . shall be satisfied that there has been a bona

fide waste of the precious metals" for consistency in the

subsection and to eliminate unnecessary words. In clause (3), the

words "limitations prescribed for refining" are substituted for

"that provided for the melter and refiner" in 31:283(2d, last

sentences) for consistency in the subsection. The word "bona fide"

is omitted as being included in "necessary".

In subsection (c), the words "It shall also be the duty of the

superintendent to forward a correct statement of his balance sheet"

are omitted as superseded by the source provisions restated in

section 321(c) of the revised title. The words "mints and assay

offices" are substituted for "mint" for consistency in the section.

In subsection (d), the words "National Bureau of Standards of the

Department of Commerce" are substituted for "Bureau of Standards of

the United States" because of 15:1511. The words "from .01 grain"

are substituted for "from the hundredths part of a grain" for

consistency. The words "under the inspection of the superintendent

and assayer" are omitted as superseded by the source provisions

restated in section 321(c) of the revised title. The words "and the

accuracy of those used at the mint at Philadelphia shall be tested

annually in the presence of the assay commissioners, at the time of

the annual examination and test of coins" are omitted because the

position of assay commissioner was abolished by section 201 of the

Act of March 14, 1980 (Pub. L. 96-209, 94 Stat. 98).

AMENDMENTS

1988 - Subsec. (a)(1). Pub. L. 100-274, Sec. 2(c)(4), substituted

"each mint" and "superintendent receives" for "each mint and the

assay office at New York and the officer in charge of the assay

office at San Francisco" and "superintendent or officer receives",

respectively.

Subsec. (a)(2). Pub. L. 100-274, Sec. 2(c)(5), substituted

"credit each superintendent with the amount" and "superintendent

returns" for "credit each superintendent and the officer with the

amount" and "superintendent or officer returns", respectively.

Subsec. (a)(3). Pub. L. 100-274, Sec. 2(c)(6), substituted

"superintendent, who" for "superintendent and the officer, who".

Subsec. (b). Pub. L. 100-274, Sec. 2(c)(7), inserted heading and

amended subsec. (b) generally. Prior to amendment, subsec. (b) read

as follows: "At least once a year, the Secretary shall settle the

accounts of the superintendents and the officer in charge. At

settlement, each superintendent and the officer shall return to the

Secretary coins, clippings, and other bullion in their possession

with a statement of bullion received and returned since the last

settlement (including bullion returned for settlement). The

Secretary shall -

"(1) audit the accounts and statements of each superintendent

and the officer;

"(2) allow each superintendent the waste of precious metals,

within limitations prescribed by the Secretary, that the

Secretary decides is necessary for refining and minting; and

"(3) allow the officer the waste, within the limitations

prescribed for refining, that the Secretary decides is necessary

in casting fine gold and silver bars, except that the waste

allowance may not apply to deposit operations."

Subsec. (c). Pub. L. 100-274, Sec. 2(c)(9), struck out "and assay

offices" after "total liabilities of the mints".

Subsec. (d). Pub. L. 100-418 substituted "National Institute of

Standards and Technology" for "National Bureau of Standards".

Pub. L. 100-274, Sec. 2(c)(10), struck out "and assay office"

after "procure for each mint" and "and assay offices" after

"transactions at the mints".

-End-

-CITE-

31 USC Sec. 5134 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE IV - MONEY

CHAPTER 51 - COINS AND CURRENCY

SUBCHAPTER III - UNITED STATES MINT

-HEAD-

Sec. 5134. Numismatic Public Enterprise Fund

-STATUTE-

(a) Definitions. - For purposes of this section -

(1) Fund. - The term "Fund" means the Numismatic Public

Enterprise Fund.

(2) Mint. - The term "Mint" means the United States Mint.

(3) Numismatic item. - The term "numismatic item" means any

medal, proof coin, uncirculated coin, bullion coin, or other coin

specifically designated by statute as a numismatic item,

including products and accessories related to any such medal,

coin, or item.

(4) Numismatic operations and programs. - The term "numismatic

operations and programs" -

(A) means the activities concerning, and assets utilized in,

the production, administration, sale, and management of

numismatic items and the Numismatic Public Enterprise Fund; and

(B) includes capital, personnel salaries, functions relating

to operations, marketing, distribution, promotion, advertising,

and official reception and representation, the acquisition or

replacement of equipment, and the renovation or modernization

of facilities (other than the construction or acquisition of

new buildings).

(5) Secretary. - The term "Secretary" means the Secretary of

the Treasury.

(b) Establishment of Fund. - There is hereby established in the

Treasury of the United States a revolving Numismatic Public

Enterprise Fund consisting of amounts deposited in the fund (!1)

under subsection (c)(2) of this section or section 221(b) of the

United States Mint Reauthorization and Reform Act of 1992 which

shall be available to the Secretary for numismatic operations and

programs of the United States Mint without fiscal year limitation.

(c) Operations of the Fund. -

(1) Payment of expenses. - Any expense incurred by the

Secretary for numismatic operations and programs which the

Secretary determines, in the Secretary's sole discretion, to be

ordinary and reasonable incidents of the numismatic business

shall be paid out of the Fund, including any expense incurred

pursuant to any obligation or other commitment of Mint numismatic

operations and programs which was entered into before the

beginning of fiscal year 1993.

(2) Deposit of receipts. - All receipts from numismatic

operations and programs shall be deposited into the Fund,

including amounts attributable to any surcharge imposed with

respect to the sale of any numismatic item.

(3) Transfer of seigniorage. - The Secretary shall transfer

monthly from the Fund to the general fund of the Treasury an

amount equal to the total amount on the seigniorage of numismatic

items sold since the date of any preceding transfer.

(4) Expenses of citizens commemorative coin advisory committee.

- For purposes of paragraph (1), any expense incurred by the

Secretary in connection with the Citizens Commemorative Coin

Advisory Committee established under section 5135 shall be

treated as an expense incurred for numismatic operations and

programs which is an ordinary and reasonable incident of the

numismatic business.

(5) Transfer of excess amounts to the treasury. -

(A) In general. - At such times as the Secretary determines

to be appropriate, the Secretary shall transfer any amount in

the Fund which the Secretary determines to be in excess of the

amount required by the Fund to the Treasury for deposit as

miscellaneous receipts.

(B) Report to congress. - The Secretary shall submit an

annual report to the Congress containing -

(i) a statement of the total amount transferred to the

Treasury pursuant to subparagraph (A) during the period

covered by the report;

(ii) a statement of the amount by which the amount on

deposit in the Fund at the end of the period covered by the

report exceeds the estimated operating costs of the Fund for

the 1-year period beginning at the end of such period; and

(iii) an explanation of the specific purposes for which

such excess amounts are being retained in the Fund.

(d) Budget Treatment. -

(1) In general. - The Secretary shall prepare budgets for the

Fund, and estimates and statements of financial condition of the

Fund in accordance with the requirements of section 9103 which

shall be submitted to the President for inclusion in the budget

submitted under section 1105.

(2) Inclusion in annual report. - Statements of the financial

condition of the Fund shall be included in the Secretary's annual

report on the operation of the Mint.

(3) Treatment as wholly owned government corporation for

certain purposes. - Section 9104 shall apply to the Fund to the

same extent such section applies to wholly owned Government

corporations.

(e) Financial Statements, Audits, and Reports. -

(1) Annual financial statement required. - By the end of each

calendar year, the Secretary shall prepare an annual financial

statement of the Fund for the fiscal year which ends during such

calendar year.

(2) Contents of financial statement. - Each statement prepared

pursuant to paragraph (1) shall, at a minimum, contain -

(A) the overall financial position (including assets and

liabilities) of the Fund as of the end of the fiscal year;

(B) the results of the numismatic operations and programs of

the Fund during the fiscal year;

(C) the cash flows or the changes in financial position of

the Fund;

(D) a reconciliation of the financial statement to the budget

reports of the Fund; and

(E) a supplemental schedule detailing -

(i) the costs and expenses for the production, for the

marketing, and for the distribution of each denomination of

circulating coins produced by the Mint during the fiscal year

and the per-unit cost of producing, of marketing, and of

distributing each denomination of such coins; and

(ii) the gross revenue derived from the sales of each such

denomination of coins.

(3) Annual audits. -

(A) In general. - Each annual financial statement prepared

under paragraph (1) shall be audited -

(i) by -

(I) an independent external auditor; or

(II) the Inspector General of the Department of the

Treasury,

as designated by the Secretary; and

(ii) in accordance with the generally accepted Government

auditing standards issued by the Comptroller General of the

United States.

(B) Auditor's report required. - The auditor designated to

audit any financial statement of the Fund pursuant to

subparagraph (A) shall submit a report -

(i) to the Secretary by March 31 of the year beginning

after the end of the fiscal year covered by such financial

statement; and

(ii) containing the 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) Annual report on fund. -

(A) Report required. - By April 30 of each year, the

Secretary shall submit a report on the Fund for the most

recently completed fiscal year to the President, the Congress,

and the Director of the Office of Management and Budget.

(B) Contents of annual report. - The annual report required

under subparagraph (A) for any fiscal year shall include -

(i) the financial statement prepared under paragraph (1)

for such fiscal year;

(ii) the audit report submitted to the Secretary pursuant

to paragraph (3)(B) for such fiscal year;

(iii) a description of activities carried out during such

fiscal year;

(iv) a summary of information relating to numismatic

operations and programs contained in the reports on systems

on internal accounting and administrative controls and

accounting systems submitted to the President and the

Congress under section 3512(c);

(v) a summary of the corrective actions taken with respect

to material weaknesses relating to numismatic operations and

programs identified in the reports prepared under section

3512(c);

(vi) any other information the Secretary considers

appropriate to fully inform the Congress concerning the

financial management of the Fund; and

(vii) a statement of the total amount of excess funds

transferred to the Treasury.

(5) Marketing report. -

(A) Report required for 10 years. - For each fiscal year

beginning before fiscal year 2003, the Secretary shall submit

an annual report on all marketing activities and expenses of

the Fund to the Congress before the end of the 3-month period

beginning at the end of such fiscal year.

(B) Contents of report. - The report submitted pursuant to

subparagraph (A) shall contain a detailed description of -

(i) the sources of income including surcharges; and

(ii) expenses incurred for manufacturing, materials,

overhead, packaging, marketing, and shipping.

(f) Conditions on Payment of Surcharges to Recipient

Organizations. -

(1) Payment of surcharges. - Notwithstanding any other

provision of law, no amount derived from the proceeds of any

surcharge imposed on the sale of any numismatic item shall be

paid from the fund (!2) to any designated recipient organization

unless -

(A) all numismatic operation and program costs allocable to

the program under which such numismatic item is produced and

sold have been recovered; and

(B) the designated recipient organization submits an audited

financial statement that demonstrates to the satisfaction of

the Secretary of the Treasury that, with respect to all

projects or purposes for which the proceeds of such surcharge

may be used, the organization has raised funds from private

sources for such projects and purposes in an amount that is

equal to or greater than the maximum amount the organization

may receive from the proceeds of such surcharge.

(2) Annual audits. -

(A) Annual audits of recipients required. - Each designated

recipient organization that receives any payment from the fund

(!2) of any amount derived from the proceeds of any surcharge

imposed on the sale of any numismatic item shall provide, as a

condition for receiving any such amount, for an annual audit,

in accordance with generally accepted government auditing

standards by an independent public accountant selected by the

organization, of all such payments to the organization

beginning in the first fiscal year of the organization in which

any such amount is received and continuing until all amounts

received by such organization from the fund (!2) with respect

to such surcharges are fully expended or placed in trust.

(B) Minimum requirements for annual audits. - At a minimum,

each audit of a designated recipient organization pursuant to

subparagraph (A) shall report -

(i) the amount of payments received by the designated

recipient organization from the fund (!2) during the fiscal

year of the organization for which the audit is conducted

that are derived from the proceeds of any surcharge imposed

on the sale of any numismatic item;

(ii) the amount expended by the designated recipient

organization from the proceeds of such surcharges during the

fiscal year of the organization for which the audit is

conducted; and

(iii) whether all expenditures by the designated recipient

organization during the fiscal year of the organization for

which the audit is conducted from the proceeds of such

surcharges were for authorized purposes.

(C) Responsibility of organization to account for

expenditures of surcharges. - Each designated recipient

organization that receives any payment from the fund (!2) of

any amount derived from the proceeds of any surcharge imposed

on the sale of any numismatic item shall take appropriate

steps, as a condition for receiving any such payment, to ensure

that the receipt of the payment and the expenditure of the

proceeds of such surcharge by the organization in each fiscal

year of the organization can be accounted for separately from

all other revenues and expenditures of the organization.

(D) Submission of audit report. - Not later than 90 days

after the end of any fiscal year of a designated recipient

organization for which an audit is required under subparagraph

(A), the organization shall -

(i) submit a copy of the report to the Secretary of the

Treasury; and

(ii) make a copy of the report available to the public.

(E) Use of surcharges for audits. - Any designated recipient

organization that receives any payment from the fund (!2) of

any amount derived from the proceeds of any surcharge imposed

on the sale of any numismatic item may use the amount received

to pay the cost of an audit required under subparagraph (A).

(F) Waiver of paragraph. - The Secretary of the Treasury may

waive the application of any subparagraph of this paragraph to

any designated recipient organization for any fiscal year after

taking into account the amount of surcharges that such

organization received or expended during such year.

(G) Nonapplicability to federal entities. - This paragraph

shall not apply to any Federal agency or department or any

independent establishment in the executive branch that receives

any payment from the fund (!2) of any amount derived from the

proceeds of any surcharge imposed on the sale of any numismatic

item.

(H) Availability of books and records. - An organization that

receives any payment from the fund (!2) of any amount derived

from the proceeds of any surcharge imposed on the sale of any

numismatic item shall provide, as a condition for receiving any

such payment, to the Inspector General of the Department of the

Treasury or the Comptroller General of the United States, upon

the request of such Inspector General or the Comptroller

General, all books, records, and work papers belonging to or

used by the organization, or by any independent public

accountant who audited the organization in accordance with

subparagraph (A), which may relate to the receipt or

expenditure of any such amount by the organization.

(3) Use of agents or attorneys to influence commemorative coin

legislation. - No portion of any payment from the fund (!2) to

any designated recipient organization of any amount derived from

the proceeds of any surcharge imposed on the sale of any

numismatic item may be used, directly or indirectly, by the

organization to compensate any agent or attorney for services

rendered to support or influence in any way legislative action of

the Congress relating to such numismatic item.

(4) Designated recipient organization defined. - For purposes

of this subsection, the term "designated recipient organization"

means any organization designated, under any provision of law, as

the recipient of any surcharge imposed on the sale of any

numismatic item.

(g) Quarterly Financial Reports. -

(1) In general. - Not later than the 30th day of each month

following each calendar quarter through and including the final

period of sales with respect to any commemorative coin program

authorized on or after the date of enactment of the Treasury,

Postal Service, and General Government Appropriations Act, 1997,

the Mint shall submit to the Congress a quarterly financial

report in accordance with this subsection.

(2) Requirements. - Each report submitted under paragraph (1)

shall include, with respect to the calendar quarter at issue -

(A) a detailed financial statement, prepared in accordance

with generally accepted accounting principles, that includes

financial information specific to that quarter, as well as

cumulative financial information relating to the entire

program;

(B) a detailed accounting of -

(i) all costs relating to marketing efforts;

(ii) all funds projected for marketing use;

(iii) all costs for employee travel relating to the

promotion of commemorative coin programs;

(iv) all numismatic items minted, sold, not sold, and

rejected during the production process; and

(v) the costs of melting down all rejected and unsold

products;

(C) adequate market-based research for all commemorative coin

programs; and

(D) a description of the efforts of the Mint in keeping the

sale price of numismatic items as low as practicable.

-SOURCE-

(Added Pub. L. 102-390, title II, Sec. 221(a), Oct. 6, 1992, 106

Stat. 1624; amended Pub. L. 104-208, div. A, title I, Sec. 101(f)

[title V, Sec. 529(b)(1), (2), (c)], Sept. 30, 1996, 110 Stat.

3009-314, 3009-349, 3009-350, 3009-352; Pub. L. 106-445, Sec. 3,

Nov. 6, 2000, 114 Stat. 1931.)

-REFTEXT-

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 Pub. L. 102-390, which is set out below.

The date of enactment of the Treasury, Postal Service, and

General Government Appropriations Act, 1997, referred to in subsec.

(g)(1), is the date of enactment of section 101(f) of title I of

div. A of Pub. L. 104-208, which was approved Sept. 30, 1996.

-MISC1-

AMENDMENTS

2000 - Subsec. (e)(2). Pub. L. 106-445, Sec. 3(1), substituted

"contain" for "reflect" in introductory provisions.

Subsec. (e)(2)(E). Pub. L. 106-445, Sec. 3(2)-(4), added subpar.

(E).

1996 - Subsec. (c)(2). Pub. L. 104-208, Sec. 101(f) [title V,

Sec. 529(b)(1)], inserted ", including amounts attributable to any

surcharge imposed with respect to the sale of any numismatic item"

before period at end.

Subsec. (f). Pub. L. 104-208, Sec. 101(f) [title V, Sec.

529(b)(2)], added subsec. (f).

Subsec. (g). Pub. L. 104-208, Sec. 101(f) [title V, Sec. 529(c)],

added subsec. (g).

EFFECTIVE DATE OF 1996 AMENDMENT

Section 101(f) [title V, Sec. 529(b)(3)] of Pub. L. 104-208

provided that: "The amendments made by this section [probably

should be this subsection, amending this section] shall apply with

respect to the proceeds of any surcharge imposed on the sale of any

numismatic item that are deposited in the Numismatic Public

Enterprise Fund after the date of the enactment of this Act [Sept.

30, 1996]."

EFFECTIVE DATE

Section applicable with respect to fiscal years beginning after

fiscal year 1992, see section 221(e) of Pub. L. 102-390, set out as

an Effective Date of 1992 Amendment note under section 5132 of this

title.

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 section 5136 of

this title.

INITIAL FUNDING OF FUND FROM EXISTING NUMISMATIC OPERATIONS

Section 221(b) of Pub. L. 102-390 provided that:

"(1) In general. - As soon as practicable after the end of fiscal

year 1992, the Secretary of the Treasury shall transfer to the Fund

-

"(A) from the 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) Excess amounts to be deposited in the general fund. - That

portion of the total amount of numismatic profits for fiscal year

1992 which remains after the transfer to the Fund pursuant to

paragraph (1)(A) is made shall be deposited by the Secretary in the

general fund of the Treasury as soon as practicable after the end

of the fiscal year.

"(3) Definitions. - For purposes of paragraphs (1) and (2) -

"(A) Numismatic profit. - The term 'numismatic profit' means

the amount which is equal to the proceeds (including seigniorage)

from the sale of numismatic items minus the costs of numismatic

operations and programs.

"(B) Numismatic receivable. - The term 'numismatic receivable'

means any account receivable from numismatic operations and

programs, including chargebacks, returned checks, amounts due

from special order sales, and amounts due from consignment sales.

"(C) Other terms. - The terms 'Fund' and 'numismatic item' have

the meaning given to such terms in the amendment made by

subsection (a) [enacting this section]."

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 5112, 5132, 5135, 5136 of

this title.

-FOOTNOTE-

(!1) So in original. Probably should be capitalized.

(!2) So in original. Probably should be capitalized.

-End-

-CITE-

31 USC Sec. 5135 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE IV - MONEY

CHAPTER 51 - COINS AND CURRENCY

SUBCHAPTER III - UNITED STATES MINT

-HEAD-

Sec. 5135. Citizens Commemorative Coin Advisory Committee

-STATUTE-

(a) Establishment Required. -

(1) In general. - The Secretary of the Treasury shall establish

a Citizens Commemorative Coin Advisory Committee (hereafter in

this section referred to as the "Advisory Committee") to advise

the Secretary on the selection of subjects and designs for

commemorative coins.

(2) Oversight of advisory committee. - The Advisory Committee

shall be subject to the direction of the Secretary of the

Treasury.

(3) Membership. -

(A) Voting members. - The Advisory Committee shall consist of

7 members appointed by the Secretary of the Treasury -

(i) 3 of whom shall be appointed from among individuals

specially qualified to serve on the committee by reason of

their education, training, or experience in art, art history,

museum or numismatic collection curation, or numismatics;

(ii) 1 of whom shall be appointed from among officers or

employees of the United States Mint who will represent the

interests of the Mint; and

(iii) 3 of whom shall be appointed from among individuals

who will represent the interest of the general public.

(B) Nonvoting member. - A member of the Commission of Fine

Arts may participate in the proceedings of the Advisory

Committee as a nonvoting member.

(4) Terms. -

(A) In general. - Each individual appointed to the Advisory

Committee under clause (i) or (iii) of paragraph (3)(A) shall

be appointed for a term of 4 years.

(B) Interim appointments. - Any member appointed to fill a

vacancy occurring before the expiration of the term for which

such member's predecessor was appointed shall be appointed only

for the remainder of such term.

(C) Continuation of service. - Each member appointed under

clause (i) or (iii) of paragraph (3)(A) may continue to serve

after the expiration of the term to which such member was

appointed until a successor has been appointed and qualified.

(5) Compensation; travel expenses. -

(A) No compensation. - Members of the Advisory Committee

shall serve without pay.

(B) Travel expenses. - Members of the Advisory Committee

shall be entitled to receive travel or transportation expenses,

or a per diem allowance in lieu of expenses, while away from

such member's home or place of business in connection with such

member's service on the Advisory Committee.

(6) Funding. - The expenses of the Advisory Committee which the

Secretary of the Treasury determines are reasonable and

appropriate shall be paid by the Secretary in the manner provided

in section 5134.

(7) Chairperson. -

(A) In general. - Subject to subparagraph (B), the

Chairperson of the Advisory Committee shall be elected by the

members of the Advisory Committee from among such members.

(B) Exception. - The member appointed pursuant to paragraph

(3)(A)(ii) (or the alternate to that member) may not serve as

the Chairperson of the Advisory Committee, beginning on June 1,

1999.

(b) Duties. -

(1) Preparation of proposals for commemorative coins for 5-year

period. - The Advisory Committee shall -

(A) designate annually 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 such designation is made;

(B) make recommendations with respect to the mintage level

for any commemorative coin recommended under subparagraph (A);

and

(C) submit a report to the Congress containing a description

of the events, persons, or places which the Committee

recommends be commemorated by a coin, the mintage level

recommended for any such commemorative coin, and the

committee's reasons for such recommendations.

(2) Design selection. - The Advisory Committee shall review

proposed designs for commemorative coins and provide

recommendations to the Secretary of the Treasury with respect to

such proposals.

(c) Federal Advisory Committee Act Not Applicable. - The Federal

Advisory Committee Act shall not apply to the Advisory Committee.

-SOURCE-

(Added Pub. L. 102-390, title II, Sec. 229(a), Oct. 6, 1992, 106

Stat. 1631; amended Pub. L. 104-208, div. A, title I, Sec. 101(f)

[title V, Sec. 529(d)], Sept. 30, 1996, 110 Stat. 3009-314,

3009-352; Pub. L. 104-329, title III, Sec. 303(a), Oct. 20, 1996,

110 Stat. 4014.)

-REFTEXT-

REFERENCES IN TEXT

The Federal Advisory Committee Act, referred to in subsec. (c),

is Pub. L. 92-463, Oct. 6, 1972, 86 Stat. 770, as amended, which is

set out in the Appendix to Title 5, Government Organization and

Employees.

-MISC1-

AMENDMENTS

1996 - Subsec. (a)(4). Pub. L. 104-329 reenacted heading without

change and amended text generally. Prior to amendment, text read as

follows: "Each member appointed under clause (i) or (iii) of

paragraph (3)(A) shall be appointed for a term of 4 years."

Pub. L. 104-208, Sec. 101(f) [title V, Sec. 529(d)(1)], reenacted

heading without change and amended text generally. Prior to

amendment, text read as follows: "No individual shall be appointed

to serve as a member of the Advisory Committee for a term in excess

of 5 years."

Subsec. (a)(7). Pub. L. 104-208, Sec. 101(f) [title V, Sec.

529(d)(2)], added par. (7).

STAGGERED TERMS FOR MEMBERS OF CITIZENS COMMEMORATIVE COIN ADVISORY

COMMITTEE

Section 303(b) of Pub. L. 104-329 provided that: "Of the members

appointed to the Citizens Commemorative Coin Advisory Committee

under clause (i) or (iii) of section 5135(a)(3)(A) of title 31,

United States Code, who are serving on the Advisory Committee as of

the date of the enactment of this Act [Oct. 20, 1996] -

"(1) 1 member appointed under clause (i) and 1 member appointed

under clause (iii), as designated by the Secretary, shall be

deemed to have been appointed to a term which ends on December

31, 1997;

"(2) 1 member appointed under clause (i) and 1 member appointed

under clause (iii), as designated by the Secretary, shall be

deemed to have been appointed to a term which ends on December

31, 1998; and

"(3) 1 member appointed under clause (i) and 1 member appointed

under clause (iii), as designated by the Secretary, shall be

deemed to have been appointed to a term which ends on December

31, 1999."

STATUS OF MEMBERS OF CITIZENS COMMEMORATIVE COIN ADVISORY COMMITTEE

Section 303(c) of Pub. L. 104-329 provided that: "The members

appointed to the Citizens Commemorative Coin Advisory Committee

under clause (i) or (iii) of section 5135(a)(3)(A) of title 31,

United States Code, shall not be treated as special Government

employees."

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 5134 of this title.

-End-

-CITE-

31 USC Sec. 5136 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE IV - MONEY

CHAPTER 51 - COINS AND CURRENCY

SUBCHAPTER III - UNITED STATES MINT

-HEAD-

Sec. 5136. United States Mint Public Enterprise Fund

-STATUTE-

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 5134(c)(4), (c)(5)(B), and (d) and (e) 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.

-SOURCE-

(Added Pub. L. 104-52, title V, Sec. 522, Nov. 19, 1995, 109 Stat.

494.)

-COD-

CODIFICATION

Section 522 of Pub. L. 104-52, which directed the amendment of

subchapter III of chapter 51 of this title by adding at the end

thereof a new section, but had the ending quotation marks following

the section catchline, was executed by adding this section as set

out above, to reflect the probable intent of Congress.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 5112 of this title.

-FOOTNOTE-

(!1) So in original. Probably should be "activities".

-End-

-CITE-

31 USC SUBCHAPTER IV - BUREAU OF ENGRAVING AND PRINTING 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE IV - MONEY

CHAPTER 51 - COINS AND CURRENCY

SUBCHAPTER IV - BUREAU OF ENGRAVING AND PRINTING

-HEAD-

SUBCHAPTER IV - BUREAU OF ENGRAVING AND PRINTING

-End-

-CITE-

31 USC Sec. 5141 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE IV - MONEY

CHAPTER 51 - COINS AND CURRENCY

SUBCHAPTER IV - BUREAU OF ENGRAVING AND PRINTING

-HEAD-

Sec. 5141. Operation of the Bureau

-STATUTE-

(a) The Secretary of the Treasury shall prepare and submit to the

President an annual business-type budget for the Bureau of

Engraving and Printing.

(b)(1) The Secretary shall maintain in the Bureau an integrated

accounting system with internal controls that -

(A) ensures adequate control over assets and liabilities of the

Bureau of Engraving and Printing Fund described in section 5142

of this title;

(B) develops accurate production costs to enable the Bureau to

recover those costs on the basis of the work requisitioned;

(C) provides for replacement of capitalized equipment and other

fixed assets by maintaining adequate depreciation reserves based

on original cost or appraised values;

(D) discloses the financial condition and operations of the

Fund on an accrual basis of accounting; and

(E) provides information for the prior fiscal year on the

annual budget of the Bureau.

(2) The accounting system shall conform to principles and

standards prescribed by the Comptroller General to carry out this

subsection. The Comptroller General may review the system to ensure

conformity to the principles and standards and its effectiveness of

operation.

(c) An officer or employee in the clerical-mechanical service of

the Bureau assigned to an established shift or tour of duty at

least half of which occurs between 6 p.m. and 6 a.m. is entitled to

pay for the regular 40-hour week (except when on leave) at a rate

of pay 15 percent higher than the day rate for the same work.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 990.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

5141(a) 31:181b. Aug. 4, 1950, ch. 558, Secs.

4, 5, 64 Stat. 409.

5141(b) 31:181c.

5141(c) 31:180. July 1, 1944, ch. 357, 58

Stat. 648.

--------------------------------------------------------------------

In subsection (a), the word "budget" is substituted for "budget

program" to eliminate unnecessary words. The words "to the

President" are added because of chapter 11 of the revised title.

In subsection (b)(1), before clause (A), the words "Secretary

shall maintain" are substituted for "There shall be installed and

maintained" because of sections 301 and 303 of the revised title

and to eliminate executed words. The words "internal controls" are

substituted for "including proper features of internal control" to

eliminate unnecessary words. In clause (B), the word "costs" is

substituted for "direct and indirect costs" to eliminate

unnecessary words. In clause (D), the word "basis" is substituted

for "method" for clarity. In clause (E), the words "provides

information" are substituted for "supply on the basis of accounting

results the data" to eliminate unnecessary words. The word "prior"

is substituted for "last completed" for consistency in the revised

title.

In subsection (c), the words "An officer or employee" are

substituted for "employees" for consistency in the revised title

and with other titles of the United States Code. The words

"assigned to an established shift or tour of duty at least half of

which occurs between the hours of 6 p.m. and 6 a.m." are

substituted for "assigned to perform their work at night" and

31:180(proviso) to eliminate unnecessary words.

AUTHORITY OF SPECIAL POLICE OFFICERS

Pub. L. 104-208, div. A, title I, Sec. 101(f) [title V, Sec.

517], Sept. 30, 1996, 110 Stat. 3009-314, 3009-346, provided that:

"Notwithstanding any other provision of law or regulation during

the fiscal year ending September 30, 1997, and thereafter:

"(1) The authority of the special police officers of the Bureau

of Engraving and Printing, in the Washington, DC Metropolitan

area, extends to buildings and land under the custody and control

of the Bureau; to buildings and land acquired by or for the

Bureau through lease, unless otherwise provided by the

acquisition agency; to the streets, sidewalks and open areas

immediately adjacent to the Bureau along Wallenberg Place (15th

Street) and 14th Street between Independence and Maine Avenues

and C and D Streets between 12th and 14th Streets; to areas which

include surrounding parking facilities used by Bureau employees,

including the lots at 12th and C Streets, SW, Maine Avenue and

Water Streets, SW, Maiden Lane, the Tidal Basin and East Potomac

Park; to the protection in transit of United States securities,

plates and dies used in the production of United States

securities, or other products or implements of the Bureau of

Engraving and Printing which the Director of that agency so

designates.

"(2) The authority of the special police officers of the United

States Mint extends to the buildings and land under the custody

and control of the Mint; to the streets, sidewalks and open areas

in the vicinity to such facilities; to surrounding parking

facilities used by Mint employees; and to the protection in

transit of bullion, coins, dies, and other property and assets

of, or in the custody of, the Mint.

"(3) The exercise of police authority by Bureau or Mint

officers, with the exception of the exercise of authority upon

property under the custody and control of the Bureau or the Mint,

respectively, shall be deemed supplementary to the Federal police

force with primary jurisdictional responsibility. This authority

shall be in addition to any other law enforcement authority which

has been provided to these officers under other provisions of law

or regulations."

Similar provisions were contained in the following prior

appropriation acts:

Pub. L. 104-52, title V, Sec. 520, Nov. 19, 1995, 109 Stat. 494.

Pub. L. 103-329, title V, Sec. 535, Sept. 30, 1994, 108 Stat.

2414.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in title 5 sections 5349, 5545.

-End-

-CITE-

31 USC Sec. 5142 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE IV - MONEY

CHAPTER 51 - COINS AND CURRENCY

SUBCHAPTER IV - BUREAU OF ENGRAVING AND PRINTING

-HEAD-

Sec. 5142. Bureau of Engraving and Printing Fund

-STATUTE-

(a) The Department of the Treasury has a Bureau of Engraving and

Printing Fund. Amounts -

(1) in the Fund are available to operate the Bureau of

Engraving and Printing;

(2) in the Fund remain available until expended; and

(3) may be appropriated to the Fund.

(b) The Fund consists of -

(1) property and physical assets (except buildings and land)

acquired by the Bureau;

(2) all amounts received by the Bureau; and

(3) proceeds from the disposition of property and assets

acquired by the Fund.

(c) The capital of the Fund consists of -

(1) amounts appropriated to the Fund;

(2) physical assets of the Bureau (except buildings and land)

as of the close of business June 30, 1951; and

(3) all payments made after June 30, 1974, under section 5143

of this title at prices adjusted to permit buying capital

equipment and to provide future working capital.

(d) The Secretary shall deposit each fiscal year, in the Treasury

as miscellaneous receipts, amounts accruing to the Fund in the

prior fiscal year that the Secretary decides are in excess of the

needs of the Fund. However, the Secretary may use the excess

amounts to restore capital of the Fund reduced by the difference

between the charges for services of the Bureau and the cost of

providing those services.

(e) The Secretary shall maintain a special deposit account in the

Treasury for the Fund. The Secretary shall credit the account with

amounts appropriated to the Fund and receipts of the Bureau without

depositing the receipts in the Treasury as miscellaneous receipts.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 990.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

5142(a) 31:181a(a)(1st Aug. 4, 1950, ch. 558, Sec. 2,

sentence), (d). 64 Stat. 409.

5142(b) 31:181a(c).

5142(c) 31:181a(a)(last

sentence), (b).

31:181(note). July 31, 1977, Pub. L. 95-81,

Sec. 100(par. under heading

"Bureau of Engraving and

Printing"), 91 Stat. 342.

5142(d) 31:181a(e).

5142(e) 31:181a(f).

--------------------------------------------------------------------

In subsection (a), before clause (1), the words "as of July 1,

1951" are omitted as executed. In clause (1), the words "subsequent

to June 30, 1951" are omitted as executed. In clause (2), the words

"remain available until expended" are substituted for "shall be

available without fiscal year limitation" for consistency in the

revised title and with other titles of the United States Code.

In subsection (b)(2), the words "amounts received by the Bureau"

are substituted for "all amounts recoverable as provided in section

181 of this title for the costs of work and services performed by

the Bureau, and all other amounts receivable by the Bureau from

whatever sources derived" to eliminate unnecessary words.

In subsection (c)(1), the words "amounts appropriated to the

Fund" are substituted for "an initial appropriation by the Congress

to the fund of not to exceed $5,000,000 and such additional amounts

as from time to time may be appropriated for the purposes of the

fund" to eliminate unnecessary words.

In subsection (c)(2), the words "such inventories and other

physical assets to be capitalized at fair and reasonable values to

be determined by the Secretary" are omitted as executed. The words

"receivables and the inventories" are omitted as covered by

"physical assets". The words "unexpended balances of

appropriations" are omitted as unnecessary because of clause (1).

In subsection (c)(3), the words "$5,000,000, to remain available

until expended" are omitted as unnecessary because of the source

provision restated in subsection (a)(2) of this section. The text

of 31:181a(a)(3) and (b) is omitted as executed.

In subsection (d), the words "each fiscal year" are substituted

for "ensuing fiscal year", and the words "prior fiscal year" are

added, because of the restatement. The word "Secretary" is added

because of sections 301 and 303 of the revised title. The words

"decides are in excess of the needs of the Fund" are substituted

for "surplus" for consistency in the chapter. The words "may use"

are substituted for "may be applied first" to eliminate unnecessary

words. The word "reduced" is substituted for "impairment" for

clarity.

In subsection (e), the words "Secretary shall maintain" are

substituted for "shall be established" because of sections 301 and

303 of the revised title and to eliminate executed words. The words

"in the Treasury" are substituted for "with the Treasurer of the

United States" because of Department of the Treasury Order 229 of

January 14, 1974 (39 F.R. 2280). The text of 31:181a(f)(last

sentence) is omitted as unnecessary because of the source

provisions restated in section 3325 of the revised title.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 5141 of this title.

-End-

-CITE-

31 USC Sec. 5143 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE IV - MONEY

CHAPTER 51 - COINS AND CURRENCY

SUBCHAPTER IV - BUREAU OF ENGRAVING AND PRINTING

-HEAD-

Sec. 5143. Payment for services

-STATUTE-

The Secretary of the Treasury shall impose charges for Bureau of

Engraving and Printing services the Secretary provides to an

agency. The charges shall be in amounts the Secretary considers

adequate to cover the costs of the services (including

administrative costs related to providing the services). The agency

shall pay promptly bills submitted by the Secretary.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 991.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

5143 31:181. Aug. 4, 1950, ch. 558, Sec. 1,

64 Stat. 408.

--------------------------------------------------------------------

The word "costs" is substituted for "direct and indirect costs"

to eliminate unnecessary words. The words "shall make payment

therefor" are omitted as unnecessary because of the restatement.

The words "from funds available to it for such purposes" are

omitted as surplus.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 5142 of this title.

-End-

-CITE-

31 USC Sec. 5144 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE IV - MONEY

CHAPTER 51 - COINS AND CURRENCY

SUBCHAPTER IV - BUREAU OF ENGRAVING AND PRINTING

-HEAD-

Sec. 5144. Providing impressions of portraits and vignettes

-STATUTE-

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.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 991.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

5144 31:174. Dec. 22, 1879, ch. 2, 21 Stat.

59.

--------------------------------------------------------------------

In the section, before clause (1), the word "engraved" is added

before "portrait" because of the restatement. The words "in the

possession" are substituted for "which is now, or may be a part of

the engraved stock" to eliminate unnecessary words. The words "An

impression shall be provided" are added because of the restatement.

In clause (1)(A), the words "member of Congress" are substituted

for "Senator, Representative, or Delegate in Congress" for

consistency. In clause (1)(B), the word "agency" is substituted for

"department or bureau" because of section 101 of the revised title

and for consistency in the revised title. In clause (2), the words

"for a charge and under conditions the Secretary decides are" are

substituted for "at such rates and under such conditions as he may

deem" for consistency.

-End-

-CITE-

31 USC SUBCHAPTER V - MISCELLANEOUS 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE IV - MONEY

CHAPTER 51 - COINS AND CURRENCY

SUBCHAPTER V - MISCELLANEOUS

-HEAD-

SUBCHAPTER V - MISCELLANEOUS

-End-

-CITE-

31 USC Sec. 5151 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE IV - MONEY

CHAPTER 51 - COINS AND CURRENCY

SUBCHAPTER V - MISCELLANEOUS

-HEAD-

Sec. 5151. Conversion of currency of foreign countries

-STATUTE-

(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.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 991.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

5151(a) 31:372(c)(2)(1st June 17, 1930, ch. 497, Sec.

sentence), (3). 522(c), 46 Stat. 740; restated

Aug. 2, 1956, ch. 887, Sec. 3,

70 Stat. 946.

5151(b) 31:372(a). Aug. 27, 1894, ch. 349, Sec.

25, 28 Stat. 552; May 27,

1921, ch. 14, Sec. 403(a), 42

Stat. 17; restated June 17,

1930, ch. 497, Sec. 522(a), 46

Stat. 739.

5151(c) 31:372(b). June 17, 1930, ch. 497, Sec.

522(b), 46 Stat. 740.

5151(d) 31:372(c)(1).

5151(e) 31:372(c)(2)(2d,

last sentences).

--------------------------------------------------------------------

In subsection (b), the words "United States money" are

substituted for "money of account" for consistency in the chapter.

The words "standard coins of the country" are substituted for

"values of standard coins in circulation of the various nations of

the world" to eliminate unnecessary words. The words "Secretary of

the Treasury" are substituted for "Director of the Mint" because of

the source provisions restated in section 321(c) of the revised

title.

In subsection (c), the words "on or after June 17, 1930" are

omitted as executed.

In subsection (d)(1), the words "buying rate at noon on the day

the merchandise is exported" are substituted for "such buying rate"

for clarity.

In subsection (d)(2), the words "that is equal to" are

substituted for "at a value measured by" because of the

restatement.

In subsection (e)(2), the words "buying rate" are substituted for

"market buying rate for such cable transfers" to eliminate

unnecessary words.

-SECREF-

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in section 3123 of this title; title

19 section 1360.

-End-

-CITE-

31 USC Sec. 5152 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE IV - MONEY

CHAPTER 51 - COINS AND CURRENCY

SUBCHAPTER V - MISCELLANEOUS

-HEAD-

Sec. 5152. Value of United States money holdings in international

institutions

-STATUTE-

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.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 992.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

5152 31:449a. Mar. 31, 1972, Pub. L. 92-268,

Sec. 3, 86 Stat. 117.

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The word "money" is substituted for "dollars" for consistency in

the revised title. The words "the International Monetary Fund" are

omitted as obsolete because of section 9 of the Act of October 19,

1976 (Pub. L. 94-564, 90 Stat. 2661).

-End-

-CITE-

31 USC Sec. 5153 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE IV - MONEY

CHAPTER 51 - COINS AND CURRENCY

SUBCHAPTER V - MISCELLANEOUS

-HEAD-

Sec. 5153. Counterfeit currency

-STATUTE-

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.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 992.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

5153 31:424. June 30, 1876, ch. 156, Sec.

5, 19 Stat. 64.

--------------------------------------------------------------------

The words "Disbursing officials" are substituted for "officers

charged with the receipt or disbursement of public moneys" for

consistency in the revised title and other titles of the United

States Code. The word "mark" is substituted for "write in plain

letters" to eliminate unnecessary words. The words "counterfeit

notes intended to circulate as currency" are substituted for "all

fraudulent notes issued in the form of, and intended to circulate

as money" for consistency in the revised title and with other

titles of the Code. The last sentence is substituted for the words

following the semicolon in 31:424 for clarity and to reflect the

legislative history of the derivative source. See 4 Cong. Rec.

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.

-End-

-CITE-

31 USC Sec. 5154 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE IV - MONEY

CHAPTER 51 - COINS AND CURRENCY

SUBCHAPTER V - MISCELLANEOUS

-HEAD-

Sec. 5154. State taxation

-STATUTE-

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.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 992; Pub. L. 97-452, Sec.

1(22), Jan. 12, 1983, 96 Stat. 2477.)

-MISC1-

HISTORICAL AND REVISION NOTES

1982 ACT

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

5154 31:425, 426. Aug. 13, 1894, ch. 281, 28

Stat. 278.

--------------------------------------------------------------------

The words "United States coins and currency (including Federal

reserve notes and circulating notes of Federal reserve banks and

national banks)" are substituted for "Circulating notes of national

banking associations and United States legal tender notes and other

notes and certificates of the United States payable on demand and

circulating or intended to circulate as currency and gold, silver,

or other coin" in 31:425 to eliminate unnecessary words and for

consistency with section 5103 of the revised title.

1983 ACT

This restates 31:5154 to clarify the intent of the section. See

26 Cong. Rec. 7152, 7170 (1894).

AMENDMENTS

1983 - Pub. L. 97-452 substituted "other forms of money" for

"United States coins and currency circulating within its

jurisdiction".

EFFECTIVE DATE OF 1983 AMENDMENT

Amendment effective Sept. 13, 1982, see section 2(i) of Pub. L.

97-452, set out as a note under section 3331 of this title.

-End-

-CITE-

31 USC Sec. 5155 01/06/03

-EXPCITE-

TITLE 31 - MONEY AND FINANCE

SUBTITLE IV - MONEY

CHAPTER 51 - COINS AND CURRENCY

SUBCHAPTER V - MISCELLANEOUS

-HEAD-

Sec. 5155. Providing engraved plates of portraits of deceased

members of Congress

-STATUTE-

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.

-SOURCE-

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 993.)

-MISC1-

HISTORICAL AND REVISION NOTES

--------------------------------------------------------------------

Revised Source (U.S. Code) Source (Statutes at Large)

Section

--------------------------------------------------------------------

5155 31:175. July 1, 1916, ch. 209, Sec.

1(3d par. on p. 275), 39 Stat.

275.

--------------------------------------------------------------------

The words "terms and" are omitted as being included in

"conditions". The words "that have been or may be made" are omitted

as unnecessary.

-End-