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31 U.S.C. § 5119 — Redemption and cancellation of currency
Federal law — U.S. Code and appendices · legal_authorities
**(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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section5115&num=0&edition=prelim).
(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 Secre
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Source location: Title 31, Chapter 51, § 5119; chapter-051-coins-and-currency.md
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**(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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section5115&num=0&edition=prelim).
(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.
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Federal law — U.S. Code and appendices · legal_authorities
**(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.
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Federal law — U.S. Code and appendices · legal_authorities
United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues. Foreign gold or silver coins are not legal tender for debts.
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Federal law — U.S. Code and appendices · legal_authorities
Page 408
TITLE 31—MONEY AND FINANCE
§ 5119
(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 ex-
pended 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 sub-
stituted for 31:773d(words after semicolon) for consist-
ency 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 ‘‘
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