SUBCHAPTER II—GENERAL AUTHORITY

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

(a) The Secretary of the Treasury—

(1) shall mint and issue coins described in 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.).

(Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 980; Pub. L. 100–274, §3, Mar. 31, 1988, 102 Stat. 49; Pub. L. 102–390, title II, §222, Oct. 6, 1992, 106 Stat. 1629.)

Historical and Revision Notes

Revised Section	Source (U.S. Code)	Source (Statutes at Large)
5111(a)(1)	31:272.	R.S. §3503.
	31:275.	R.S. §3509; Aug. 23, 1912, ch. 350, §1(last par. words before 7th comma under heading "Assay Office at Salt Lake City, Utah"), 37 Stat. 384.
	31:322.	R.S. §3516.
	31:342.	June 4, 1897, ch. 2, §1(1st par. under heading "Recoinage, Reissue, and Transportation of Minor Coins"), 30 Stat. 27.
	31:345.	R.S. §3532; Aug. 23, 1912, ch. 350, §1(last par. words before 7th comma under heading "Assay Office at Salt Lake City, Utah"), 37 Stat. 384.
	31:353.	R.S. §3540; Aug. 23, 1912, ch. 350, §1(last par. words before 7th comma under heading "Assay Office at Salt Lake City, Utah"), 37 Stat. 384.
	31:391(a).	July 23, 1965, Pub. L. 89–81, §101(a), 79 Stat. 254; restated Dec. 31, 1970, Pub. L. 91–607, §201, 84 Stat. 1768.
5111(a)(2)	31:368.	R.S. §3551; Aug. 23, 1912, ch. 350, §1(last par. words before 7th comma under heading "Assay Office at Salt Lake City, Utah"), 37 Stat. 384.
5111(a)(3)	31:324h.	Oct. 18, 1973, Pub. L. 93–127, §5, 87 Stat. 456.
5111(a)(4)	31:367.	Jan. 29, 1874, ch. 19, 18 Stat. 6.
5111(b)	31:340.	R.S. §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, §1, 70 Stat. 518; restated July 23, 1965, Pub. L. 89–81, §206(a), 79 Stat. 256.
5111(c)	31:393(a).	July 23, 1965, Pub. L. 89–81, §§103(a), 105, 106, 79 Stat. 255.
5111(d)	31:395, 396.

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.

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, §2, Oct. 22, 1986, 100 Stat. 2095, and is classified generally to Title 26, Internal Revenue Code.

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.

Award of Gold Medal to Father Theodore M. Hesburgh

Pub. L. 106–153, Dec. 9, 1999, 113 Stat. 1733, authorized President to present, on behalf of Congress, a gold medal to Father Theodore M. Hesburgh in recognition of his outstanding and enduring contributions to civil rights, higher education, the Catholic Church, the Nation, and the global community, directed Secretary of the Treasury to strike a gold medal with suitable emblems, devices, and inscriptions, authorized Secretary to have bronze duplicates of the medal coined and sold as prescribed by regulation, and provided that the medals are national medals for purposes of chapter 51 of this title.

Award of Gold Medal to Rosa Parks

Pub. L. 106–26, May 4, 1999, 113 Stat. 50, authorized President to present, on behalf of Congress, a gold medal to Rosa Parks in recognition of her contributions to the Nation, directed Secretary of the Treasury to strike a gold medal with suitable emblems, devices, and inscriptions, authorized Secretary to have bronze duplicates of the medal coined and sold as prescribed by regulation, and provided that the medals are national medals for purposes of chapter 51 of this title.

Award of Gold Medal to Little Rock Nine

Pub. L. 105–277, div. C, title I, §139(a), Oct. 21, 1998, 112 Stat. 2681–597, authorized President to present, on behalf of Congress, gold medals to Jean Brown Trickey, Carlotta Walls LaNier, Melba Patillo Beals, Terrence Roberts, Gloria Ray Karlmark, Thelma Mothershed Wair, Ernest Green, Elizabeth Eckford, and Jefferson Thomas, commonly referred to as the "Little Rock Nine", in recognition of the selfless heroism such individuals exhibited and the pain they suffered in the cause of civil rights by integrating Central High School in Little Rock, Arkansas, directed Secretary of the Treasury to strike a gold medal with suitable emblems, devices, and inscriptions, authorized Secretary to have bronze duplicates of the medal coined and sold as prescribed by regulation, and provided that the medals are national medals for purposes of chapter 51 of this title.

Award of Gold Medal to Gerald R. and Betty Ford

Pub. L. 105–277, div. C, title I, §139(b), Oct. 21, 1998, 112 Stat. 2681–598, authorized President to present, on behalf of Congress, a gold medal to Gerald R. and Betty Ford in recognition of their dedicated public service and outstanding humanitarian contributions to the people of the United States and in commemoration of specific anniversary events in 1988, directed Secretary of the Treasury to strike a gold medal with suitable emblems, devices, and inscriptions, authorized Secretary to have bronze duplicates of the medal coined and sold as prescribed by regulation, and provided that the medals are national medals for purposes of chapter 51 of this title.

Award of Gold Medal to Nelson Mandela

Pub. L. 105–215, July 29, 1998, 112 Stat. 895, authorized President to present, on behalf of Congress, a gold medal to Nelson Rolihlahla Mandela in recognition of his lifelong dedication to abolition of apartheid and promotion of reconciliation among the people of the Republic of South Africa, directed Secretary of the Treasury to strike a gold medal with suitable emblems, devices, and inscriptions, authorized Secretary to have bronze duplicates of the medal coined and sold as prescribed by regulation, and provided that the medals are national medals for purposes of chapter 51 of this title.

Award of Gold Medal to Ecumenical Patriarch Bartholomew

Pub. L. 105–51, Oct. 6, 1997, 111 Stat. 1170, authorized President to present, on behalf of Congress, a gold medal to Ecumenical Patriarch Bartholomew in recognition of his outstanding and enduring contributions to religious understanding and peace, directed Secretary of the Treasury to strike a gold medal with suitable emblems, devices, and inscriptions, authorized Secretary to have bronze duplicates of the medal coined and sold as prescribed by regulation, and provided that the medals are national medals for purposes of chapter 51 of this title.

Award of Gold Medal to Mother Teresa of Calcutta

Pub. L. 105–16, June 2, 1997, 111 Stat. 35, authorized President to present, on behalf of Congress, a gold medal to Mother Teresa of Calcutta in recognition of her outstanding and enduring contributions through humanitarian and charitable activities, directed Secretary of the Treasury to strike a gold medal with suitable emblems, devices, and inscriptions, authorized Secretary to have bronze duplicates of the medal coined and sold as prescribed by regulation, and provided that the medals are national medals for purposes of chapter 51 of this title.

Award of Gold Medal to Frank Sinatra

Pub. L. 105–14, May 14, 1997, 111 Stat. 32, authorized President to present, on behalf of Congress, a gold medal to Frank Sinatra in recognition of his contributions through his entertainment career and humanitarian activities, directed Secretary of the Treasury to strike a gold medal with suitable emblems, devices, and inscriptions, authorized Secretary to have bronze duplicates of the medal coined and sold as prescribed by regulation, and provided that the medals are national medals for purposes of chapter 51 of this title.

Congressional Medals for Civilian Participants in Defense of Pearl Harbor

Pub. L. 104–201, div. A, title X, §1066, Sept. 23, 1996, 110 Stat. 2654, authorized Speaker of the House and President pro tempore of the Senate, retroactive to Nov. 5, 1990, to present to civilians who defended Pearl Harbor, a bronze medal, previously authorized under Pub. L. 101–510, §1492 [see note below] only for military participants, commemorating their service to their country, and provided for appropriations, certification of eligibility by the Secretary of Defense, application of section 1492(d)(2), (f) of Pub. L. 101–510 in the administration of this award, and striking of additional medals.

Award of Gold Medal to Billy and Ruth Graham

Pub. L. 104–111, Feb. 13, 1996, 110 Stat. 772, authorized design and striking of gold medal for presentation by Congress to Billy and Ruth Graham, in recognition of their outstanding and enduring contributions toward faith, morality, and charity, authorized Secretary of the Treasury to accept gifts or donations to finance such medal in lieu of congressional appropriation and to strike and sell bronze duplicates of gold medal as prescribed by regulation, and provided that gold and bronze medals are national medals for purposes of this chapter and numismatic items for purposes of section 5134 of this title.

Award of Gold Medal to Rabbi Menachem Mendel Schneerson

Pub. L. 103–457, Nov. 2, 1994, 108 Stat. 4799, authorized President to present, on behalf of Congress, a gold medal to the Lubavitcher rebbe, Rabbi Menachem Mendel Schneerson, in recognition of his outstanding and enduring contributions toward world education, morality, and acts of charity, directed Secretary of the Treasury to strike a gold medal with suitable emblems, devices, and inscriptions, provided that gifts or donations but not appropriations were to be used for this purpose, authorized Secretary to have bronze duplicates of the medals coined and sold as prescribed by regulation, and provided that the medals are national medals for purposes of chapter 51 of this title.

Thomas Jefferson Medals

Pub. L. 102–479, Oct. 23, 1992, 106 Stat. 2308, authorized President to present, on behalf of Congress, to a representative of the American Philosophical Society a gold Thomas Jefferson Medal to commemorate the 250th anniversary of the founding of the American Philosophical Society and of the birth of Thomas Jefferson, directed Secretary of the Treasury to strike the gold medal and 50 bronze duplicate medals to be presented by the American Philosophical Society to persons of scholarly achievement, provided for payment for the medals and general waiver of procurement regulations, and provided that the medals are national medals for purposes of chapter 51 of this title.

Benjamin Franklin National Memorial Commemorative Medal and Fire Service Bill of Rights

Pub. L. 102–406, Oct. 12, 1992, 106 Stat. 1986, set forth a fire service bill of rights, directed Secretary of the Treasury to issue not more than 1,500,000 medals commemorating Benjamin Franklin's contributions to the American Fire Service, provided for the design, sale, and marketing of the medals, sources of bullion therefor, termination of authority to mint these medals after June 30, 1994, general waiver of procurement regulations, distribution of surcharges, audits by Comptroller General, and financial assurances, and provided that the medals are national medals for purposes of chapter 51 of this title.

Silver Congressional Commemorative Medal for Veterans of Persian Gulf Conflict

Pub. L. 102–281, title III, May 13, 1992, 106 Stat. 137, as amended by Pub. L. 103–328, title II, §203, Sept. 29, 1994, 108 Stat. 2369, directed Secretary of the Treasury to design and strike a silver medal for presentation to eligible members of the United States Armed Forces who served in a combat zone in connection with the Persian Gulf conflict, directed Secretary of Defense to develop a list of eligible individuals and to distribute the medals, provided that Secretary of the Treasury could have bronze duplicates of the medals coined and sold as prescribed by regulation, authorized the general waiver of procurement regulations, provided for financial assurances, and provided that the silver and bronze medals are national medals for purposes of chapter 51 of this title.

Award of Gold Medal to General Colin L. Powell

Pub. L. 102–33, Apr. 23, 1991, 105 Stat. 177, authorized President to present, on behalf of Congress, a gold medal to General Colin L. Powell in recognition of his exemplary performance as a military leader and adviser to the President in planning and coordinating the military response of the United States to the Iraqi invasion of Kuwait and the ultimate retreat and defeat of Iraqi forces and Iraqi acceptance of all United Nations Resolutions relating to Kuwait, directed Secretary of the Treasury to strike a gold medal with suitable emblems, devices, and inscriptions, provided that Secretary could have bronze duplicates of the medals coined and sold as prescribed by regulation, provided that the gold and bronze medals are national medals for purposes of chapter 51 of this title, authorized appropriations, and provided for disposition of proceeds of sales.

Award of Gold Medal to General H. Norman Schwarzkopf

Pub. L. 102–32, Apr. 23, 1991, 105 Stat. 175, authorized President to present, on behalf of Congress, a gold medal to General H. Norman Schwarzkopf in recognition of his exemplary performance as a military leader in coordinating the planning, strategy, and execution of the United States combat action and his invaluable contributions to the United States and to the liberation of Kuwait as Commander-in-Chief, United States Central Command, directed Secretary of the Treasury to strike a gold medal with suitable emblems, devices, and inscriptions, provided that Secretary could have bronze duplicates of the medals coined and sold as prescribed by regulation, provided that the gold and bronze medals are national medals for purposes of chapter 51 of this title, authorized appropriations, and provided for disposition of proceeds of sales.

Award of Gold Medal to General Matthew B. Ridgway

Pub. L. 101–510, div. A, title XIV, §1491, Nov. 5, 1990, 104 Stat. 1720, authorized President to present, on behalf of Congress, to General Matthew B. Ridgway, a gold medal in recognition of his distinguished service to the Nation, directed Secretary of the Treasury to strike the gold medal with suitable emblems, devices, and inscriptions, and authorized the Secretary to have bronze duplicates of the gold medal coined and sold as prescribed by regulation.

Congressional Medals for Veterans of Attack on Pearl Harbor

Pub. L. 101–510, div. A, title XIV, §1492, Nov. 5, 1990, 104 Stat. 1721, authorized Speaker of the House and President pro tempore of the Senate to jointly present, on behalf of Congress, to eligible persons who were members of the Armed Forces of the United States, who were present in Hawaii on Dec. 7, 1941, and who participated in combat operations that day against Japanese military forces attacking Hawaii, bronze medals commemorating the service of those persons to the United States, provided that medals could be accepted by next-of-kin of eligible persons killed in action during that attack or who have since died, and directed Secretary of the Treasury to strike the medals with suitable emblems, devices, and inscriptions.

Yosemite National Park Centennial Medals

Pub. L. 101–510, div. A, title XIV, §1493, Nov. 5, 1990, 104 Stat. 1722, directed Secretary of the Treasury to issue medals commemorating the centennial of Yosemite National Park, and provided for specification, design, pricing, and sale of medals, payment of surcharges from sales to a permanent endowment fund for the benefit of Yosemite National Park, and audits by Comptroller General.

Designation of Medals Issued Under Sections 1491 to 1493 of Pub. L. 101–510 as National Medals

Pub. L. 101–510, div. A, title XIV, §1494, Nov. 5, 1990, 104 Stat. 1722, provided that: "The medals authorized by sections 1491, 1492, and 1493 [Pub. L. 101–510, set out above] are national medals for purposes of chapter 51 of title 31, United States Code."

Award of Gold Medal to Laurance Spelman Rockefeller

Pub. L. 101–296, May 17, 1990, 104 Stat. 197, authorized President to present, on behalf of Congress, a gold medal to Laurance Spelman Rockefeller in recognition of his leadership on behalf of natural resource conservation and historic preservation, directed Secretary of the Treasury to strike a gold medal with suitable emblems, devices, and inscriptions for purposes of presentation by President, provided that Secretary could have bronze duplicates of the medal coined and sold as prescribed by regulation, and provided that the gold and bronze medals are national medals for purposes of chapter 51 of this title.

United States Coast Guard Bicentennial Medals

Pub. L. 101–260, Mar. 30, 1990, 104 Stat. 122, known as the "United States Coast Guard Bicentennial Medal Act", directed Secretary of the Treasury to design, strike, and sell a medal in commemoration of the bicentennial of the United States Coast Guard in 1990, provided that the medals be sold at a price sufficient to cover the cost of such medals including labor, materials, dies, use of machinery and overhead expenses, directed that the design of the medal be selected by Secretary of the Treasury after consultation with Secretary of Transportation and Commission of Fine Arts, and provided that the medals are national medals for purposes of chapter 51 of this title.

Award of Gold Medal to Andrew Wyeth

Pub. L. 100–639, Nov. 9, 1988, 102 Stat. 3331, authorized President to present, on behalf of Congress, a gold medal to Andrew Wyeth in recognition of his outstanding and invaluable contributions to American art and culture, directed Secretary of the Treasury to strike a gold medal with suitable emblems, devices, and inscriptions for purposes of presentation by President, provided that Secretary could have bronze duplicates of the medals coined and sold as prescribed by regulation, and provided that the gold and bronze medals are national medals for purposes of chapter 51 of this title.

Award of Gold Medal to Mrs. Jesse Owens

Pub. L. 100–437, §§1–3, Sept. 20, 1988, 102 Stat. 1717, authorized President to present, on behalf of Congress, to Mrs. Jesse Owens a gold medal in recognition of the late Jesse Owens' athletic achievements and humanitarian contributions to public service, civil rights, and international goodwill, directed Secretary of the Treasury to strike a gold medal with suitable emblems, devices, and inscriptions for purposes of presentation by President, provided that Secretary could have bronze duplicates of the medal coined and sold as prescribed by regulation, and provided that the gold and bronze medals were national medals for purposes of chapter 51 of this title.

Award of Special Gold Medal to Mary Lasker

Pub. L. 100–210, §§1, 2, Dec. 24, 1987, 101 Stat. 1441, authorized President to present a gold medal to Mary Lasker in recognition of her humanitarian contributions to medical research and education, urban beautification, and the fine arts, directed Secretary of the Treasury to coin a gold medal with suitable emblems, devices, and inscriptions for purposes of presentation by President, provided that Secretary could have bronze duplicates of the medal coined and sold as prescribed by regulation, and provided that the gold and bronze medals were national medals for purposes of chapter 51 of this title.

Award of Gold Medal to Aaron Copland

Pub. L. 99–418, Sept. 23, 1986, 100 Stat. 952, authorized President to present a gold medal to Aaron Copland in recognition of his contributions to American musical composition, directed Secretary of the Treasury to coin a gold medal with suitable emblems, devices, and inscriptions for purposes of presentation by President, provided that Secretary could have bronze duplicates of the medal coined and sold as prescribed by regulation, and provided that the gold and bronze medals were national medals for purposes of 31 U.S.C. 5111.

Award of Gold Medal to Family of Harry Chapin

Pub. L. 99–311, May 20, 1986, 100 Stat. 464, authorized President to present a gold medal to the family of Harry Chapin in recognition of his efforts to address issues of world hunger, directed Secretary of the Treasury to strike a gold medal with suitable emblems, devices, and inscriptions for purposes of presentation by President, provided that Secretary could have bronze duplicates of the medal coined and sold as prescribed by regulation, and provided that the gold and bronze medals were national medals for purposes of 31 U.S.C. 5111.

Award of Gold Medals to Natan (Anatoly) and Avital Shcharansky

Pub. L. 99–298, May 13, 1986, 100 Stat. 432, requested President to present Congressional gold medals to Natan (Anatoly) and Avital Shcharansky in recognition of their dedication and commitment to individual human rights and freedoms, directed Secretary of the Treasury to strike two gold medals with suitable emblems, devices, and inscriptions for purposes of presentation by President, provided that Secretary could have bronze duplicates of the medals coined and sold as prescribed by regulation, and provided that the gold and bronze medals be considered to be national medals for purposes of 31 U.S.C. 5111.

Young Astronaut Program Medals

Pub. L. 99–295, May 12, 1986, 100 Stat. 427, as amended by Pub. L. 100–210, §3, Dec. 24, 1987, 101 Stat. 1441; Pub. L. 100–437, §4, Sept. 20, 1988, 102 Stat. 1717, known as the "Young Astronaut Program Medal Act", directed Secretary of the Treasury to prepare 750,000 gold, silver, and bronze medals, at 10 percent above cost, for disposition at a premium by Young Astronaut Council, provided that the medals are national medals for purposes of chapter 51 of this title, empowered Comptroller General of the United States to examine all records of the Young Astronaut Council related to the medals, and prohibited Secretary of the Treasury from striking medals after Dec. 31, 1989.

American Arts Gold Medallions

Pub. L. 95–630, title IV, §§401–407, Nov. 10, 1978, 92 Stat. 3679, 3680, directed Secretary of the Treasury, during each of the first five calendar years beginning after Nov. 10, 1978, to strike and sell to the general public gold medallions, aggregating not less than one million troy ounces of fine gold and commemorating outstanding individuals in the American arts, provided for the size, content, design and inscriptions of the medallions, provided that the medallions were deemed to be a coin of a denomination of higher than 5 cents for the purposes of section 485 of Title 18, Crimes and Criminal Procedure, and provided for the pricing and sale of the medallions by Secretary and Administrator of General Services.

Section Referred to in Other Sections

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

¹ See References in Text note below.

§5112. Denominations, specifications, and design of coins

(a) The Secretary of the Treasury may mint and issue only the following coins:

(1) a dollar coin that is 1.043 inches in diameter.

(2) a half dollar coin that is 1.205 inches in diameter and weighs 11.34 grams.

(3) a quarter dollar coin that is 0.955 inch in diameter and weighs 5.67 grams.

(4) a dime coin that is 0.705 inch in diameter and weighs 2.268 grams.

(5) a 5-cent coin that is 0.835 inch in diameter and weighs 5 grams.

(6) except as provided under subsection (c) of this section, a one-cent coin that is 0.75 inch in diameter and weighs 3.11 grams.

(7) A fifty dollar gold coin that is 32.7 millimeters in diameter, weighs 33.931 grams, and contains one troy ounce of fine gold.

(8) A twenty-five dollar gold coin that is 27.0 millimeters in diameter, weighs 16.966 grams, and contains one-half troy ounce of fine gold.

(9) A ten dollar gold coin that is 22.0 millimeters in diameter, weighs 8.483 grams, and contains one-fourth troy ounce of fine gold.

(10) A five dollar gold coin that is 16.5 millimeters in diameter, weighs 3.393 grams, and contains one-tenth troy ounce of fine gold.

(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 bullion 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.

(Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 981; Pub. L. 97–452, §1(20), Jan. 12, 1983, 96 Stat. 2477; Pub. L. 99–61, title II, §202, July 9, 1985, 99 Stat. 115; Pub. L. 99–185, §2(a), (b), Dec. 17, 1985, 99 Stat. 1177; Pub. L. 100–274, §§4(a), 6, Mar. 31, 1988, 102 Stat. 50; Pub. L. 102–390, title II, §§226(a), 227, 228, Oct. 6, 1992, 106 Stat. 1630; Pub. L. 103–272, §4(f)(1)(R), July 5, 1994, 108 Stat. 1362; Pub. L. 104–208, div. A, title I, §101(f) [title V, §§523, 524, 529(a)], Sept. 30, 1996, 110 Stat. 3009–314, 3009-347 to 3009-349; Pub. L. 105–124, §§3, 4(b)–(d), Dec. 1, 1997, 111 Stat. 2534, 2536; Pub. L. 105–176, May 29, 1998, 112 Stat. 104.)

Historical and Revision Notes
1982 Act

Revised Section	Source (U.S. Code)	Source (Statutes at Large)
5112(a)	31:317(a)(1st, last sentences).	R.S. §3515(a); Sept. 26, 1890, ch. 945, §1, 26 Stat. 485; Sept. 5, 1962, Pub. L. 87–643, §1, 76 Stat. 440; Oct. 11, 1974, Pub. L. 93–441, §1, 88 Stat. 1261.
	31:391(c).	July 23, 1965, Pub. L. 89–81, §101(c), 79 Stat. 255; restated Dec. 31, 1970, Pub. L. 91–607, §201, 84 Stat. 1768; Oct. 10, 1978, Pub. L. 95–447, §2, 92 Stat. 1072.
5112(b)	31:317(a)(2d, 3d sentences).
	31:346.	R.S. §3533; June 14, 1947, ch. 104, §1, 61 Stat. 132.
	31:391(b).	July 23, 1965, Pub. L. 89–81, §101(b), (d), 79 Stat. 254; restated Dec. 31, 1970, Pub. L. 91–607, §201, 84 Stat. 1768.
	31:398(1)–(4), (6).	July 23, 1965, Pub. L. 89–81, §108(1)–(4), (6), 79 Stat. 255.
5112(c)	31:317(b).	R.S. §3515(b); added Oct. 11, 1974, Pub. L. 93–441, §1, 88 Stat. 1261.
5112(d)(1)	31:324.	R.S. §3517; Mar. 3, 1887, ch. 396, §3, 24 Stat. 635; Sept. 26, 1890, ch. 945, §1, 26 Stat. 485; May 18, 1908, ch. 173, 35 Stat. 164; restated July 23, 1965, Pub. L. 89–81, §204(a), 79 Stat. 256; Dec. 31, 1970, Pub. L. 91–607, §206, 84 Stat. 1769.
	31:324b–1.	Oct. 10, 1978, Pub. L. 95–447, §3, 92 Stat. 1072.
5112(d)(2)	31:276.	R.S. §3510; restated Sept. 26, 1890, ch. 944, 26 Stat. 484.
5112(e)	31:324b.	Dec. 31, 1970, Pub. L. 91–607, §203, 84 Stat. 1769; Oct. 10, 1978, Pub. L. 95–447, §4, 92 Stat. 1072.
	31:324c.	Dec. 31, 1970, Pub. L. 91–607, §209, 84 Stat. 1769.
	31:391(d).
	31:398(3), (4).
5112(f)	31:321.	R.S. §3514; Jan. 30, 1934, ch. 6, §5, 48 Stat. 340.
	31:399.	July 23, 1965, Pub. L. 89–81, 79 Stat. 254, §109; added Dec. 23, 1981, Pub. L. 97–104, §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.

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, §2, July 30, 1979, 93 Stat. 319, which is classified generally to subchapter III (§98 et seq.) of chapter 5 of Title 50, War and National Defense. For complete classification of this Act to the Code, see section 98 of Title 50 and Tables.

Amendments

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

1997—Subsec. (a)(1). Pub. L. 105–124, §4(b), struck out "and weighs 8.1 grams" after "diameter".

Subsec. (b). Pub. L. 105–124, §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, §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, §3, added subsec. (l).

1996—Subsec. (i)(4)(C). Pub. L. 104–208, §101(f) [title V, §523], added subpar. (C).

Subsec. (k). Pub. L. 104–208, §101(f) [title V, §524], added subsec. (k).

Subsec. (m). Pub. L. 104–208, §101(f) [title V, §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, §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, §228, added par. (4).

Subsec. (j). Pub. L. 102–390, §227, added subsec. (j).

1988—Subsec. (b). Pub. L. 100–274, §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, §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, §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, §2(b), added subsec. (i).

1983—Subsec. (f)(1). Pub. L. 97–452, §1(20)(A), inserted a comma after "10,000,000)" in introductory text.

Subsec. (f)(1)(C). Pub. L. 97–452, §1(20)(B), substituted "250th" for "two hundred and fiftieth".

Effective Date of 1996 Amendment

Section 101(f) [title V, §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'."

Findings

Pub. L. 105–124, §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, §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, §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, §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, §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, §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, §101(f) [title V, §529(b)(4)], Sept. 30, 1996, 110 Stat. 3009–314, 3009-352; Pub. L. 104–316, title I, §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 Banking and 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, §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."

Leif Ericson Millennium Commemorative Coins

Pub. L. 106–126, title I, Dec. 6, 1999, 113 Stat. 1643, directed Secretary of the Treasury to issue not more than 500,000 one dollar coins commemorating the millennium of the discovery of the New World by Leif Ericson, and provided for coin specifications, sources of bullion, design and issuance of coins, distribution of surcharges, and general waiver of procurement regulations.

United States Capitol Visitor Center Commemorative Coins

Pub. L. 106–126, title II, Dec. 6, 1999, 113 Stat. 1644, directed Secretary of the Treasury to issue not more than 200,000 ten dollar bimetallic gold and platinum coins, or not more than 100,000 five dollar coins, and to issue not more than 500,000 one dollar coins and 750,000 half dollar clad coins commemorating the bicentennial of the first convening of the Congress in the Capitol building, and provided for coin specifications, sources of bullion, design, issuance, and sale of coins, and distribution of surcharges.

Lewis and Clark Expedition Bicentennial Commemorative Coins

Pub. L. 106–126, title III, Dec. 6, 1999, 113 Stat. 1647, directed Secretary of the Treasury to issue not more than 500,000 one dollar coins commemorating the bicentennial of the Lewis and Clark Expedition, and provided for coin specifications, sources of bullion, design, issuance, and sale of coins, distribution of surcharges, and financial assurances.

Thomas Alva Edison Commemorative Coins

Pub. L. 105–331, Oct. 31, 1998, 112 Stat. 3073, directed Secretary of the Treasury to issue not more than 500,000 one dollar silver coins commemorating the 125th anniversary of the invention of the light bulb by Thomas A. Edison, and provided for coin specifications, sources of bullion, design and issuance of coins, and surcharges.

Library of Congress Bicentennial Commemorative Coins

Pub. L. 105–268, Oct. 19, 1998, 112 Stat. 2378, directed Secretary of the Treasury to issue not more than 100,000 five dollar gold coins or not more than 200,000 ten dollar bimetallic coins and not more than 500,000 one dollar silver coins commemorating the bicentennial of the Library of Congress, and provided for coin specifications, sources of bullion, design, issuance and sale of coins, and distribution of surcharges.

First Flight Commemorative Coins

Pub. L. 105–124, §6, Dec. 1, 1997, 111 Stat. 2537, directed Secretary of the Treasury to mint ten dollar gold coins, silver dollar coins, and half-dollar clad coins commemorating the first flight by Orville and Wilbur Wright at Kitty Hawk, North Carolina, and provided for treatment as legal tender, sources of bullion, design and sale of coins, period for issuance of coins, general waiver of procurement regulations, treatment as numismatic items, distribution of surcharges, and financial assurances.

Establishment of Programs Pursuant to Recommendations of Citizens Commemorative Coin Advisory Committee; Definitions

Pub. L. 104–329, §2, title I, §§101–108, Oct. 20, 1996, 110 Stat. 4005–4011, directed Secretary of the Treasury, pursuant to recommendations of Citizens Commemorative Coin Advisory Committee, to mint and issue commemorative coins in honor of Dolley Madison, George Washington, Black Revolutionary War Patriots, Franklin Delano Roosevelt, Yellowstone National Park, National Law Enforcement Officers Memorial, and Jackie Robinson, and provided for definitions, for specification and design, legal tender status, sources of bullion for coins for quality, issuance and sale of, coins, together with establishment and distribution of surcharges, and financial assurances respecting payment for such coins at no net cost to the Government, and for general waiver of procurement regulations. See, also, Pub. L. 105–277, div. C, title I, §139(c), Oct. 21, 1998, 112 Stat. 2681–599.

Smithsonian Institution Sesquicentennial Commemorative Coins

Pub. L. 104–96, Jan. 10, 1996, 109 Stat. 981, directed Secretary of the Treasury to issue not more than 100,000 five dollar gold or platinum coins, and not more than 650,000 one dollar silver coins commemorating the sesquicentennial of the founding of the Smithsonian Institution, and provided for coin specifications, sources of bullion, design, issuance and sale of coins, general waiver of procurement regulations, distribution of surcharges, audits by Comptroller General, and financial assurances.

Commemoration of 1995 Special Olympic World Games

Pub. L. 103–328, title II, §204, Sept. 29, 1994, 108 Stat. 2369, directed Secretary of the Treasury to issue not more than 800,000 one dollar silver coins commemorating the 1995 Special Olympic World Games, and provided for specification and design of coins, sources of bullion, issuance and sale of coins, waiver of procurement regulations, distribution of surcharges, audits by Comptroller General, and financial assurances.

National Community Service Commemorative Coins

Pub. L. 103–328, title II, §205, Sept. 29, 1994, 108 Stat. 2371, directed Secretary of the Treasury to issue not more than 500,000 one dollar silver coins commemorating students who volunteer to perform community service, and provided for specification and design of coins, sources of bullion, issuance and sale of coins, waiver of procurement regulations, distribution of surcharges, audits by Comptroller General, and financial assurances.

Robert F. Kennedy Memorial Commemorative Coins

Pub. L. 103–328, title II, §206, Sept. 29, 1994, 108 Stat. 2373, directed Secretary of the Treasury to issue not more than 500,000 one dollar silver coins commemorating the life and work of Robert F. Kennedy, and provided for specification and design of coins, sources of bullion, issuance and sale of coins, waiver of procurement regulations, distribution of surcharges, audits by Comptroller General, and financial assurances.

United States Military Academy Bicentennial Commemorative Coins

Pub. L. 103–328, title II, §207, Sept. 29, 1994, 108 Stat. 2375, directed Secretary of the Treasury to issue not more than 500,000 one dollar silver coins commemorating the bicentennial of the United States Military Academy, and provided for specification and design of coins, sources of bullion, issuance and sale of coins, waiver of procurement regulations, distribution of surcharges, audits by Comptroller General, application of Numismatic Public Enterprise Fund requirements, and financial assurances.

United States Botanic Garden Commemorative Coins

Pub. L. 103–328, title II, §208, Sept. 29, 1994, 108 Stat. 2377, directed Secretary of the Treasury to issue not more than 500,000 one dollar silver coins commemorating the United States Botanic Garden, and provided for specification and design of coins, sources of bullion, issuance and sale of coins, waiver of procurement regulations, distribution of surcharges, audits by Comptroller General, and financial assurances.

Thomas Jefferson Commemorative Coins

Pub. L. 103–186, title I, Dec. 14, 1993, 107 Stat. 2245, directed Secretary of the Treasury to issue not more than 600,000 one dollar silver coins commemorating the 250th anniversary of the birth of Thomas Jefferson, and provided for coin specifications, sources of bullion, selection of design, issuance and sale of coins, general waiver of procurement regulations, distribution of surcharges, audits by Comptroller General, and financial assurances.

United States Veterans Commemorative Coins

Pub. L. 103–186, title II, Dec. 14, 1993, 107 Stat. 2247, directed Secretary of the Treasury to issue not more than 500,000 one dollar silver coins each of 3 designs commemorating American prisoners of war, the 10th anniversary of the Vietnam Veterans Memorial, and the Women in Military Service for America Memorial, and provided for coin specifications, sources of bullion, selection of design, issuance and sale of coins, general waiver of procurement regulations, distribution of surcharges, establishment of the Andersonville Prisoner-of-War Museum Endowment Fund, audits by Comptroller General, and financial assurances.

Bicentennial of the United States Capitol Commemorative Coins

Pub. L. 103–186, title IV, Dec. 14, 1993, 107 Stat. 2252, directed Secretary of the Treasury to issue not more than 500,000 one dollar silver coins commemorating the bicentennial of the United States Capitol, and provided for specifications of coins, sources of bullion, design of coins, issuance and sale of coins, financial assurances, use of surcharges, and general waiver of procurement regulations.

World War II 50th Anniversary Commemorative Coins

Pub. L. 102–414, Oct. 14, 1992, 106 Stat. 2106, directed Secretary of the Treasury to mint and issue not more than 300,000 five dollar gold coins, not more than 1 million one dollar silver coins, and not more than 2 million half dollar clad coins commemorating the 50th anniversary of the involvement of the United States in World War II and provided for specification, design, and sale of the coins, sources of bullion therefor, financial assurances, use of surcharges, general waiver of procurement regulations, deposit in the coinage profit fund, and report to Congress.

1996 Olympic Games Commemorative Coins

Pub. L. 102–390, title I, Oct. 6, 1992, 106 Stat. 1620, as amended by Pub. L. 104–74, Dec. 26, 1995, 109 Stat. 784, directed Secretary of the Treasury to issue 2 five dollar gold coins of different designs in 1995 in quantities not to exceed 175,000 of each design, 2 five dollar gold coins of different designs in 1996 in quantities not to exceed 100,000 of the first design and not to exceed 150,000 of the second design, 4 one dollar silver coins of different designs in 1995 in quantities not to exceed 750,000 of each design, 4 one dollar silver coins of different designs in 1996 in quantities not to exceed 350,000 of each of the first 2 designs and not to exceed 500,000 of each of the remaining 2 designs, and not more than 8,000,000 half dollar clad coins of 4 designs selected in such quantities as the Secretary determines to be appropriate and which shall contain an inscription of the year "1995" or "1996", as the Secretary determines to be appropriate, to support the 1996 Atlanta Centennial Olympic Games and the programs of the United States Olympic Committee, and provided for sources of bullion, design, issuance and sale of coins, waiver of procurement regulations, distribution of surcharges, audit by Comptroller General, financial assurances, reciprocity of coin sales, and reports to Congress.

Civil War Battlefield Commemorative Coins

Pub. L. 102–379, Oct. 5, 1992, 106 Stat. 1362, directed Secretary of the Treasury to issue not more than 300,000 five dollar coins, 1 million one dollar coins, and 2 million half dollar coins commemorating the 100th anniversary of the beginning of the protection of Civil War battlefields, and provided for specification and design and sale of the coins, sources of bullion therefor, termination of authority to mint these coins after Dec. 31, 1995, establishment of a coinage profit fund, distribution and use of surcharges, general waiver of procurement regulations, financial assurances, and quarterly reports to Congress.

1992 White House Commemorative Coins

Pub. L. 102–281, title I, May 13, 1992, 106 Stat. 133, as amended by Pub. L. 102–390, title II, §221(c)(2)(G), Oct. 6, 1992, 106 Stat. 1628, directed Secretary of the Treasury to issue not more than 500,000 one dollar silver coins commemorating the 200th anniversary of the White House and provided for specifications, sources of bullion, design, sale, and issuance of coins, waiver of procurement regulations, distribution of surcharges, audit by Comptroller General, and financial assurances.

World Cup USA 1994 Commemorative Coins

Pub. L. 102–281, title II, May 13, 1992, 106 Stat. 135, as amended by Pub. L. 102–390, title II, §221(c)(2)(H), Oct. 6, 1992, 106 Stat. 1628; Pub. L. 104–66, title I, §1132(a), Dec. 21, 1995, 109 Stat. 725, directed Secretary of the Treasury to issue not more than 750,000 five dollar gold coins, 5 million one dollar silver coins, and 5 million half dollar clad coins, commemorating the 1994 World Cup games and provided for specifications, sources of bullion, design and design competition, sale, and issuance of coins, waiver of procurement regulations, distribution of surcharges, audits by Comptroller General, and financial assurances.

Christopher Columbus Quincentenary Coins

Pub. L. 102–281, title IV, §§401–411, May 13, 1992, 106 Stat. 139–141, as amended by Pub. L. 102–390, title II, §221(c)(2)(I), Oct. 6, 1992, 106 Stat. 1628, directed Secretary of the Treasury to issue not more than 500,000 five dollar gold coins, 4 million one dollar silver coins, and 6 million half dollar clad coins, commemorating the Christopher Columbus Quincentenary and provided for specifications, sources of bullion, design, issuance, and sale of coins, financial assurances, use of surcharges, waiver of procurement regulations, and reports to Congress.

James Madison—Bill of Rights Commemorative Coins

Pub. L. 102–281, title V, May 13, 1992, 106 Stat. 145, as amended by Pub. L. 104–66, title I, §1132(c), Dec. 21, 1995, 109 Stat. 725, directed Secretary of the Treasury to issue not more than 300,000 five dollar gold coins, 900,000 one dollar silver coins, and 1 million half dollar silver coins, commemorating James Madison and the Bill of Rights and provided for specifications, sources of bullion, issuance and sale of coins, financial assurances, distribution of surcharges, audits by Comptroller General, and waiver of procurement regulations.

Korean War Veterans Memorial Thirty-Eighth Anniversary Commemorative Coins

Pub. L. 101–495, Oct. 31, 1990, 104 Stat. 1187, as amended by Pub. L. 102–390, title II, §221(c)(2)(F), Oct. 6, 1992, 106 Stat. 1628, directed Secretary of the Treasury to issue not more than 1 million one dollar silver coins commemorating the thirty-eighth anniversary of the ending of the Korean War and provided for sources of bullion, design, issuance and sale of coins, financial assurances, use of surcharges, audit by Comptroller General, and waiver of procurement regulations.

1992 Olympic Commemorative Coins

Pub. L. 101–406, Oct. 3, 1990, 104 Stat. 879, as amended by Pub. L. 102–390, title II, §221(c)(2)(E), Oct. 6, 1992, 106 Stat. 1628, directed Secretary of the Treasury to issue not more than 500,000 five dollar gold coins, 4 million one dollar silver coins, and 6 million half dollar clad coins to support the training of American athletes participating in the 1992 Olympic Games and provided for sources of bullion, specification, design, issuance, and sale of coins, waiver of procurement regulations, distribution of surcharges, audit by Comptroller General, and financial assurances.

United Services Organization 50th Anniversary Commemorative Coins

Pub. L. 101–404, Oct. 2, 1990, 104 Stat. 875, as amended by Pub. L. 102–390, title II, §221(c)(2)(D), Oct. 6, 1992, 106 Stat. 1628, directed Secretary of the Treasury to issue not more than 1 million one dollar silver coins commemorating the 50th anniversary of the United Services Organization and provided for sources of bullion, design, issuance, and sale of coins, financial assurances, use of surcharges, audit by Comptroller General, report to Congress, and waiver of procurement regulations.

Mount Rushmore Commemorative Coins

Pub. L. 101–332, July 16, 1990, 104 Stat. 313, as amended by Pub. L. 102–390, title II, §221(c)(2)(C), Oct. 6, 1992, 106 Stat. 1628; Pub. L. 103–328, title II, §209, Sept. 29, 1994, 108 Stat. 2378, directed Secretary of the Treasury to issue not more than 500,000 five dollar gold coins, 2.5 million one dollar silver coins, and 2.5 million half dollar clad coins commemorating the golden anniversary of the Mount Rushmore National Memorial and provided for sources of bullion, specification, design, issuance, and sale of coins, waiver of procurement regulations, distribution of surcharges, audit by Comptroller General, and financial assurances.

Bicentennial of the United States Congress Commemorative Coins

Pub. L. 100–673, Nov. 17, 1988, 102 Stat. 3992, as amended by Pub. L. 101–302, title III, §312(c), May 25, 1990, 104 Stat. 245; Pub. L. 103–186, title IV, §408(b), Dec. 14, 1993, 107 Stat. 2253, directed Secretary of the Treasury to issue not more than one million five dollar coins, three million one dollar coins, and four million half dollar coins commemorating the bicentennial of the United States Congress, and provided for specification and design and sale of coins, sources of bullion therefor, financial assurances, use of surcharges, inapplicability of other provisions governing procurement of goods and services, and compliance with provisions relating to equal employment opportunity.

Similar provisions were contained in Pub. L. 100–378, Aug. 1, 1988, 102 Stat. 887, and were repealed on enactment by section 11 of Pub. L. 100–378.

Pub. L. 101–36, June 9, 1989, 103 Stat. 69, authorized a first strike ceremony at the United States Capitol for the Bicentennial of the Congress Commemorative Coin.

Dwight David Eisenhower Commemorative Coins

Pub. L. 100–467, Oct. 3, 1988, 102 Stat. 2275, as amended by Pub. L. 102–390, title II, §221(c)(2)(B), Oct. 6, 1992, 106 Stat. 1628, directed Secretary of the Treasury to issue not more than four million one dollar coins commemorating the one hundredth anniversary of the birth of Dwight David Eisenhower, and provided for specification, design and sale of coins, sources of bullion therefor, financial assurances, inapplicability of other provisions governing procurement of goods and services, and compliance with provisions relating to equal employment opportunity.

1988 Olympic Commemorative Coins

Pub. L. 100–141, Oct. 28, 1987, 101 Stat. 832, directed Secretary of the Treasury to issue not more than one million five dollar coins and ten million one dollar coins commemorating the 1988 Olympics and provided for coin specifications, sources of bullion, design, sale, and issuance of coins, waiver of procurement regulations, distribution of surcharges, audit by the Comptroller General, establishment of a coinage profit fund, and financial assurances.

Bicentennial of United States Constitution Commemorative Coins

Pub. L. 99–582, Oct. 29, 1986, 100 Stat. 3315, directed Secretary of the Treasury to issue not more than one million five dollar coins and ten million one dollar coins commemorating the bicentennial of the United States Constitution, and provided for specification, design and sale of coins, sources of bullion therefor, financial assurances, use of revenue from sales for reduction of national debt, inapplicability of other provisions governing procurement of goods and services, and compliance with provisions relating to equal employment opportunity.

Statue of Liberty-Ellis Island Commemorative Coins

Pub. L. 99–61, title I, July 9, 1985, 99 Stat. 113, directed Secretary of the Treasury to issue not more than 500,000 five dollar coins, ten million one dollar coins, and twenty-five million half dollar coins commemorating the Statue of Liberty and Ellis Island, and provided for coin specifications, sources of bullion, design of coins, requirements for issuance, waiver of procurement regulations, distribution of surcharges, audit by the Comptroller General, establishment of a coinage profit fund, and financial assurances.

1984 Olympic Commemorative Coins

Pub. L. 97–220, July 22, 1982, 96 Stat. 222, directed Secretary of the Treasury to issue not more than fifty million one-dollar coins and two million ten-dollar coins commemorating the 1984 summer Olympic games and provided for national and international sales, distribution of proceeds, establishment of a coinage profit fund, audits by the Comptroller General, financial assurances, and reports to Congress.

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.

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.

§5113. Tolerances and testing of coins

(a) The Secretary of the Treasury may prescribe reasonable manufacturing tolerances for specifications in section 5112 of this title (except for specifications that are limits) for the dollar, half dollar, quarter dollar, and dime coins. The weight of the 5-cent coin may vary not more than 0.194 gram. The weight of the one-cent coin may vary not more than 0.13 gram. Any gold coin issued under section 5112 of this title shall contain the full weight of gold stated on the coin.

(b) The Secretary shall keep a record of the kind, number, and weight of each group of coins minted and test a number of the coins separately to determine if the coins conform to the weight specified in section 5112(a) of this title. If the coins tested do not conform, the Secretary—

(1) shall weigh each coin of the group separately and deface the coins that do not conform and cast them into bars for reminting; or

(2) may remelt the group of coins.

(Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 983; Pub. L. 100–274, §4(b), Mar. 31, 1988, 102 Stat. 50.)

Historical and Revision Notes

Revised Section	Source (U.S. Code)	Source (Statutes at Large)
5113(a)	31:350.	R.S. §3537; Sept. 26, 1890, ch. 945, §1, 26 Stat. 485.
	31:398(5).	July 23, 1965, Pub. L. 89–81, §108(5), 79 Stat. 255.
5113(b)	31:351.	R.S. §3538; Aug. 23, 1912, ch. 350, §1(last par. words before 7th comma under heading "Assay Office at Salt Lake City, Utah"), 37 Stat. 384.

In subsection (a), the words "for the dollar, half dollar, quarter dollar, and dime coins" are added because of the restatement. The words "0.194 gram" are substituted for "three grains", and the words "0.13 gram" are substituted for "two grains", for consistency in the revised chapter.

In subsection (b), before clause (1), the words "Secretary shall keep a record of the kind, number, and weight of each group of coins minted" are substituted for 31:351(1st sentence) because of the source provisions restated in section 321(c) of the revised title. In clause (1), the words "deface the coins that do not conform and cast them into bars for reminting" are substituted for "shall be defaced and delivered to the superintendent of melting and refining department as standard bullion, to be again formed into ingots and recoined" for consistency in the revised chapter and to eliminate unnecessary words. In clause (2), the words "if more convenient" are omitted as surplus.

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."

§5114. Engraving and printing currency and security documents

(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.

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

Historical and Revision Notes

Revised Section	Source (U.S. Code)	Source (Statutes at Large)
5114(a)	31:177.	Aug. 24, 1912, ch. 355, §1(4th par. under heading "Engraving and Printing"), 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. §3577.
5114(b)	31:324a.	July 11, 1955, ch. 303, 69 Stat. 290.
	31:413.	R.S. §3576.
	31:414.	Mar. 2, 1889, ch. 411, §1(5th proviso under heading "Engraving and Printing"), 25 Stat. 945.
5114(c)	31:418.	July 1, 1916, ch. 209, §1(2d par. on p. 277), 39 Stat. 277; Oct. 31, 1951, ch. 654, §2(19), 65 Stat. 707.
	31:418a.	Aug. 11, 1951, ch. 301, §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, §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, §101(m) [title VI, §622(a)], Dec. 22, 1987, 101 Stat. 1329–390, 1329-428.

§5115. United States currency notes

(a) The Secretary of the Treasury may issue United States currency notes. The notes—

(1) are payable to bearer; and

(2) shall be in a form and in denominations of at least one dollar that the Secretary prescribes.

(b) The amount of United States currency notes outstanding and in circulation—

(1) may not be more than $300,000,000; and

(2) may not be held or used for a reserve.

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

Historical and Revision Notes

Revised Section	Source (U.S. Code)	Source (Statutes at Large)
5115(a)	31:401.	R.S. §3571.
5115(b)	31:402.	June 20, 1874, ch. 343, §6, 18 Stat. 124; Jan. 14, 1875, ch. 15, §3, 18 Stat. 296.

In the section, the words "United States currency notes" are substituted for "United States notes" for clarity and consistency in the revised title.

In subsection (a), the first sentence is added for clarity and because of the restatement. The words "shall not bear interest" are omitted because of the source provisions restated in section 5118 of the revised title.

In subsection (b), before clause (1), the words "in circulation" are substituted for "to be used as a part of the circulation medium" to eliminate unnecessary words. In clause (1), the words "the sum of" are omitted as surplus. The words "which said sum shall appear in each monthly statement of the public debt" are omitted because of the source provisions restated in section 5118 of the revised title. In clause (2), the words "and no part thereof shall" are omitted because of the restatement. The text of section 3(less 2d sentence) of the Act of January 14, 1875 (ch. 15, 18 Stat. 296), is omitted as executed.

Section Referred to in Other Sections

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

§5116. Buying and selling gold and silver

(a)(1) With the approval of the President, the Secretary of the Treasury may—

(A) buy and sell gold in the way, in amounts, at rates, and on conditions the Secretary considers most advantageous to the public interest; and

(B) buy the gold with any direct obligations of the United States Government or United States coins and currency authorized by law, or with amounts in the Treasury not otherwise appropriated.

(2) Amounts received from the purchase of gold are an asset of the general fund of the Treasury. Amounts received from the sale of gold shall be deposited by the Secretary in the general fund of the Treasury and shall be used for the sole purpose of reducing the national debt.

(3) The Secretary shall acquire gold for the coins issued under 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.). The Secretary shall sell silver under conditions the Secretary considers appropriate for at least $1.292929292 a fine troy ounce.

(Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 984; Pub. L. 99–61, title II, §203, July 9, 1985, 99 Stat. 116; Pub. L. 99–185, §2(c), Dec. 17, 1985, 99 Stat. 1178; Pub. L. 100–274, §5, Mar. 31, 1988, 102 Stat. 50.)

Historical and Revision Notes

Revised Section	Source (U.S. Code)	Source (Statutes at Large)
5116(a)	31:733(words after semicolon).	R.S. §3699(words after semicolon); restated Jan. 30, 1934, ch. 6, §9, 48 Stat. 341.
	31:734.	R.S. §3700; restated Jan. 30, 1934, ch. 6, §8, 48 Stat. 341.
5116(b)(1)	31:335.	R.S. §3526; restated May 10, 1950, ch. 173, 64 Stat. 157; July 9, 1956, ch. 535, §2, 70 Stat. 518; July 23, 1965, Pub. L. 89–81, §205, 79 Stat. 256.
	31:394.	July 23, 1965, Pub. L. 89–81, §104, 79 Stat. 255.
5116(b)(2)	31:405a–1.	June 4, 1963, Pub. L. 88–36, §2, 77 Stat. 54; July 23, 1965, Pub. L. 89–81, §209, 79 Stat. 257; restated June 24, 1967, Pub. L. 90–29, §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.

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, §2, July 30, 1979, 93 Stat. 319, which is classified generally to subchapter III (§98 et seq.) of chapter 5 of Title 50, War and National Defense. For complete classification of this Act to the Code, see section 98 of Title 50 and Tables.

Amendments

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, §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, §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.

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.

§5117. Transferring gold and gold certificates

(a) All right, title, and interest, and every claim of the Board of Governors of the Federal Reserve System, a Federal reserve bank, and a Federal reserve agent, in and to gold is transferred to and vests in the United States Government to be held in the Treasury. Payment for the transferred gold is made by crediting equivalent amounts in dollars in accounts established in the Treasury under the 15th paragraph of section 16 of the Federal Reserve Act (12 U.S.C. 467). Gold not in the possession of the Government shall be held in custody for the Government and delivered on the order of the Secretary of the Treasury. The Board of Governors, Federal reserve banks, and Federal reserve agents shall give instructions and take action necessary to ensure that the gold is so held and delivered.

(b) The Secretary shall issue gold certificates against gold transferred under subsection (a) of this section. The Secretary may issue gold certificates against other gold held in the Treasury. The Secretary may prescribe the form and denominations of the certificates. The amount of outstanding certificates may be not more than the value (for the purpose of issuing those certificates, of 42 and two-ninths dollars a fine troy ounce) of the gold held against gold certificates. The Secretary shall hold gold in the Treasury equal to the required dollar amount as security for gold certificates issued after January 29, 1934.

(c) With the approval of the President, the Secretary may prescribe regulations the Secretary considers necessary to carry out this section.

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

Historical and Revision Notes

Revised Section	Source (U.S. Code)	Source (Statutes at Large)
5117(a)	31:441(1st, last sentences).	Jan. 30, 1934, ch. 6, §§2(a), 11, 48 Stat. 337, 342.
5117(b)	31:405b.	Jan. 30, 1934, ch. 6, §14(c), 48 Stat. 344; Mar. 18, 1968, Pub. L. 90–269, §12, 82 Stat. 51; restated Oct. 19, 1976, Pub. L. 94–564, §8, 90 Stat. 2661.
	31:408a(last proviso).	Jan. 30, 1934, ch. 6, §6(last proviso), 48 Stat. 340; Mar. 18, 1968, Pub. L. 90–269, §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.

§5118. Gold clauses and consent to sue

(a) In this section—

(1) "gold clause" means a provision in or related to an obligation alleging to give the obligee a right to require payment in—

(A) gold;

(B) a particular United States coin or currency; or

(C) United States money measured in gold or a particular United States coin or currency.

(2) "public debt obligation" means a domestic obligation issued or guaranteed by the United States Government to repay money or interest.

(b) The United States Government may not pay out any gold coin. A person lawfully holding United States coins and currency may present the coins and currency to the Secretary of the Treasury for exchange (dollar for dollar) for other United States coins and currency (other than gold and silver coins) that may be lawfully held. The Secretary shall make the exchange under regulations prescribed by the Secretary.

(c)(1) The Government withdraws its consent given to anyone to assert against the Government, its agencies, or its officers, employees, or agents, a claim—

(A) on a gold clause public debt obligation or interest on the obligation;

(B) for United States coins or currency; or

(C) arising out of the surrender, requisition, seizure, or acquisition of United States coins or currency, gold, or silver involving the effect or validity of a change in the metallic content of the dollar or in a regulation about the value of money.

(2) Paragraph (1) of this subsection does not apply to a proceeding in which no claim is made for payment or credit in an amount greater than the face or nominal value in dollars of public debt obligations or United States coins or currency involved in the proceeding.

(3) Except when consent is not withdrawn under this subsection, an amount appropriated for payment on public debt obligations and for United States coins and currency may be expended only dollar for dollar.

(d)(1) In this subsection, "obligation" means any obligation (except United States currency) payable in United States money.

(2) An obligation issued containing a gold clause or governed by a gold clause is discharged on payment (dollar for dollar) in United States coin or currency that is legal tender at the time of payment. This paragraph does not apply to an obligation issued after October 27, 1977.

(Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 985; Pub. L. 99–185, §2(d), Dec. 17, 1985, 99 Stat. 1178; Pub. L. 104–208, div. A, title II, §2609, Sept. 30, 1996, 110 Stat. 3009–475; Pub. L. 105–61, title VI, §641, Oct. 10, 1997, 111 Stat. 1318.)

Historical and Revision Notes

Revised Section	Source (U.S. Code)	Source (Statutes at Large)
5118(a)	31:773d.	Aug. 27, 1935, ch. 780, 49 Stat. 938.
5118(b)	31:315b.	Jan. 30, 1934, ch. 6, §5, 48 Stat. 340.
	31:773a.
5118(c)(1), (2)	31:773b.
5118(c)(3)	31:773c.
5118(d)	31:463.	June 5, 1933, ch. 48, §1, 48 Stat. 113.
	31:463(note).	Oct. 28, 1977, Pub. L. 95–147, §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.

§5119. Redemption and cancellation of currency

(a) Except to the extent authorized in regulations the Secretary of the Treasury prescribes with the approval of the President, the Secretary may not redeem United States currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) in gold. However, the Secretary shall redeem gold certificates owned by the Federal reserve banks at times and in amounts the Secretary decides are necessary to maintain the equal purchasing power of each kind of United States currency. When redemption in gold is authorized, the redemption may be made only in gold bullion bearing the stamp of a United States mint or assay office in an amount equal at the time of redemption to the currency presented for redemption.

(b)(1) Except as provided in subsection (c)(1) of this section, the following are public debts bearing no interest:

(A) gold certificates issued before January 30, 1934.

(B) silver certificates.

(C) notes issued under the Act of July 14, 1890 (ch. 708, 26 Stat. 289).

(D) Federal Reserve notes for which payment was made under section 4 of the Old Series Currency Adjustment Act.

(E) United States currency notes, including those issued under section 1 of the Act of February 25, 1862 (ch. 33, 12 Stat. 345), the Act of July 11, 1862 (ch. 142, 12 Stat. 532), the resolution of January 17, 1863 (P.R. 9; 12 Stat. 822), section 2 of the Act of March 3, 1863 (ch. 73, 12 Stat. 710), or section 5115 of this title.

(2) Redemption, cancellation, and destruction of currency.—The Secretary shall—

(A) redeem any currency described in paragraph (1) from the general fund of the Treasury upon presentment to the Secretary; and

(B) cancel and destroy such currency upon redemption.

The Secretary shall not be required to reissue United States currency notes upon redemption.

(c)(1) The Secretary may determine the amount of the following United States currency that will not be presented for redemption because the currency has been destroyed or irretrievably lost:

(A) circulating notes of Federal reserve banks and national banks issued before July 1, 1929, for which the United States Government has assumed liability.

(B) outstanding currency referred to in subsection (b)(1) of this section.

(2) When the Secretary makes a determination under this subsection, the Secretary shall reduce the amount of that currency outstanding by the amount the Secretary determines will not be redeemed and credit the appropriate receipt account.

(d) To provide a historical collection of United States currency, the Secretary may withhold from cancellation and destruction and transfer to a special account one piece of each design, issue, or series of each denomination of each kind of currency (including circulating notes of Federal reserve banks and national banks) after redemption. The Secretary may make appropriate entries in Treasury accounts because of the transfers.

(Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 985; Pub. L. 102–390, title II, §226(b), Oct. 6, 1992, 106 Stat. 1630; Pub. L. 103–325, title VI, §602(g)(14), Sept. 23, 1994, 108 Stat. 2294.)

Historical and Revision Notes

Revised Section	Source (U.S. Code)	Source (Statutes at Large)
5119(a)	31:408a(less last proviso).	Jan. 30, 1934, ch. 6, §§6(less last proviso), 11, 15(1st sentence words between 2d and 3d semicolons), 48 Stat. 340, 342, 344.
	31:444(1st sentence words between 2d and 3d semicolons).
	31:822b.
5119(b)(1)	31:405a–3.	June 24, 1967, Pub. L. 90–29, §§1, 2, 81 Stat. 77.
	31:911.	June 30, 1961, Pub. L. 87–66, §§2, 5, 6, 9, 10, 75 Stat. 146, 147.
	31:915(a), (b).
5119(b)(2)	31:404.	May 31, 1878, ch. 146, 20 Stat. 87; June 30, 1961, Pub. L. 87–66, §7, 75 Stat. 147.
	31:420.	R.S. §3580.
	31:914.
	31:916.
5119(c)(1)	31:915(c)(words before last comma).
5119(c)(2)	31:405a–2.
	31:915(c)(words after last comma).
5119(d)	31:917.

In subsection (a), the words "Secretary may not redeem" are substituted for "no . . . shall be redeemed" in 31:408a(less last proviso) because of the source provisions restated in section 321 of the revised title. The words "United States currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks)" are substituted for "currency of the United States" and the text of 31:444(1st sentence words between 2d and 3d semicolons) for consistency with 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.

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, §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, §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.

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."

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

(a)(1) The Secretary of the Treasury shall melt obsolete and worn United States coins withdrawn from circulation. The Secretary may use the metal from melting the coins for reminting or may sell the metal. The Secretary shall account for the following in the coinage metal fund under section 5111(b) of this title:

(A) obsolete and worn coins and the metal from melting the coins.

(B) proceeds from the sale of the metal.

(C) losses incurred in the sale of the metal.

(D) losses incurred because of the difference between the face value of the coins melted and the coins minted from the metal.

(2) The Secretary shall reimburse the coinage metal fund for losses under paragraph (1)(C) and (D) of this subsection out of amounts in the coinage profit fund under section 5111(b) of this title.

(b) The Secretary shall—

(1) cancel and destroy (by a secure process) obsolete, mutilated, and worn United States currency withdrawn from circulation; and

(2) dispose of the residue of the currency and notes.

(c) The Comptroller General shall audit the cancellation and destruction of United States currency and the accounting of the cancellation and destruction. Records the Comptroller General considers necessary to make an effective audit easier shall be made available to the Comptroller General.

(Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 986.)

Historical and Revision Notes

Revised Section	Source (U.S. Code)	Source (Statutes at Large)
5120(a)	31:317c.	Dec. 18, 1942, ch. 767, §3, 56 Stat. 1065; July 23, 1965, Pub. L. 89–81, §203(a), 79 Stat. 256.
5120(b)	31:421.	R.S. §3581.
	31:422.	June 23, 1874, ch. 455, §1(3d par. under heading "National Currency"), 18 Stat. 206.
5120(c)	31:49a.	May 20, 1966, Pub. L. 89–427, §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.

§5121. Refining, assaying, and valuation of bullion

(a) The Secretary of the Treasury shall—

(1) melt and refine bullion;

(2) as required, assay coins, metal, and bullion;

(3) cast gold and silver bullion deposits into bars; and

(4) cast alloys into bars for minting coins.

(b) A person owning gold or silver bullion may deposit the bullion with the Secretary to be cast into fine, standard fineness, or unrefined bars weighing at least 5 troy ounces. When practicable, the Secretary shall weigh the bullion in front of the depositor. The Secretary shall give the depositor a receipt for the bullion stating the description and weight of the bullion. When the Secretary has to melt the bullion or remove base metals before the value of the bullion can be determined, the weight is the weight after the melting or removal of the metals. The Secretary may refuse a deposit of gold bullion if the deposit is less than $100 in value or the bullion is so base that it is unsuitable for the operations of the Bureau of the Mint.

(c) When the gold and silver are combined in bullion that is deposited and either the gold or silver is so little that it cannot be separated economically, the Secretary may not pay the depositor for the gold or silver that cannot be separated.

(d)(1) Under conditions prescribed by the Secretary, a person may exchange unrefined bullion for fine bars when—

(A) gold and silver are combined in the bullion in proportions that cannot be economically refined; or

(B) necessary supplies of acids cannot be procured at reasonable rates.

(2) The charge for refining in an exchange under this subsection may be not more than the charge imposed in an exchange of unrefined bullion for refined bullion.

(e) The Secretary shall prepare bars for payment of deposits. The Secretary shall stamp each bar with a designation of the weight and fineness of the bar and a symbol the Secretary considers suitable to prevent fraudulent imitation of the bar.

(Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 987.)

Historical and Revision Notes

Revised Section	Source (U.S. Code)	Source (Statutes at Large)
5121(a)	31:274.	R.S. §3508; Aug. 23, 1912, ch. 350, §1(last par. words before 7th comma under heading "Assay Office at Salt Lake City, Utah"), 37 Stat. 384.
	31:277.	R.S. §3507.
	31:330.	R.S. §3522.
	31:343.	R.S. §3530; Aug. 23, 1912, ch. 350, §1(last par. words before 7th comma under heading "Assay Office at Salt Lake City, Utah"), 37 Stat. 384.
	31:344.	R.S. §3531; Aug. 23, 1912, ch. 350, §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 4th comma and after last comma).	R.S. §3518.
	31:327(1st sentence).	R.S. §3519.
	31:328(1st sentence).	R.S. §3520; Mar. 3, 1887, ch. 396, §3, 24 Stat. 635.
	31:329.	R.S. §3521; Aug. 23, 1912, ch. 350, §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. §3546.
	31:362.	June 19, 1878, ch. 329, §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. §3534; Aug. 23, 1912, ch. 350, §1(last par. words before 7th comma under heading "Assay Office at Salt Lake City, Utah"), 37 Stat. 384.

In 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.

Section Referred to in Other Sections

This section is referred to in section 5122 of this title.

§5122. Payment to depositors

(a) The Secretary of the Treasury shall determine the fineness, weight, and value of each deposit and bar under section 5121 of this title. The value and the amount of charges under subsection (b) of this section shall be based on the fineness and weight of the bullion. The Secretary shall give the depositor a statement of the charges and the net amount of the deposit to be paid in money or bars of the same species of bullion as that deposited.

(b) The Secretary shall impose a charge equal to the average cost of material, labor, waste, and use of machinery of a United States mint or assay office for—

(1) melting and refining bullion;

(2) using copper as an alloy when bullion deposited is above standard;

(3) separating gold and silver combined in the bullion; and

(4) preparing bars.

(c) The Secretary shall pay to the depositor or to a person designated by the depositor money or bars equivalent to the bullion deposited as soon as practicable after the value of the deposit is determined. If demanded, the Secretary shall pay depositors in the order in which the bullion is deposited with the Secretary. However, when there is an unavoidable delay in determining the value of a deposit, the Secretary shall pay subsequent depositors. When practicable and convenient, the Secretary shall pay depositors in the denominations requested by the depositor. After the depositor is paid, the bullion is the property of the United States Government.

(d) To allow the Secretary to pay depositors with as little delay as possible, the Secretary shall keep in the mints and assay offices, when possible, money and bullion the Secretary decides are convenient and necessary.

(Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 987.)

Historical and Revision Notes

Revised Section	Source (U.S. Code)	Source (Statutes at Large)
5122(a)	31:273(last sentence).	R.S. §3506(last sentence).
	31:331.	R.S. §3523.
	31:334.	R.S. §3525.
5122(b)	31:332.	R.S. §3524; Jan. 14, 1875, ch. 15, §2(words before comma), 18 Stat. 296; Mar. 1, 1881, ch. 95, 21 Stat. 374; Mar. 3, 1887, ch. 396, §3, 24 Stat. 635.
5122(c)	31:357.	R.S. §3544.
	31:358(2d sentence).	R.S. §3545; June 19, 1878, ch. 329, §1(last par. 1st sentence words before 1st semicolon under heading "Mint at Denver, Colorado"), 20 Stat. 191.
5122(d)	31:358(1st, last sentences).

In subsection (a), the words "Secretary of the Treasury" are substituted for "he" in 31:273(last sentence) because of the source provisions restated in section 321 of the revised title. The words "fineness, weight, and value of each deposit and bar" and "The value and the amount of charges . . . shall be based on the fineness and weight of the bullion" are substituted for "From the report of the assayer and the weight of the bullion" for clarity and because of the restatement. The words "or deductions, if any" are omitted as being included in "charges". The word "money" is substituted for "in coins" for clarity. The text of 31:331 and 334 is omitted as unnecessary because of the restatement. The text of 31:273(last sentence words after 7th comma) is omitted because of the source provisions restated in section 321 of the revised title.

In subsection (b), the words "Secretary shall impose a charge" are substituted for "shall be fixed, from time to time, by the director, with the concurrence of the Secretary of the Treasury" because of the source provisions restated in section 321(c) of the revised title. The words "for toughening when metals are contained in it which render it unfit for coinage" are omitted as obsolete because the Secretary of the Treasury has authority to mint coins containing silver only under section 5112(e) of the revised title and the Secretary holds sufficient silver to mint those coins. See Sen. Rept. No. 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.

Section Referred to in Other Sections

This section is referred to in section 5132 of this title.