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31 U.S.C. § 5116 — Buying and selling gold and silver

Federal law — U.S. Code and appendices · legal_authorities

31 U.S.C. § 5116 — Buying and selling gold and silver

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Stable record: federal_law:legal_authorities:record_usc_1ac2ce8f7ff77f922750a344
Source file: Laws/federal/codes/united-states-code/title-31/section-5116-buying-and-selling-gold-and-silver--6c22ac111c.md
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Source location: Title 31, Chapter 51, § 5116; chapter-051-coins-and-currency.md

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**(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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section5112/i&num=0&edition=prelim) 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section5112/i&num=0&edition=prelim). 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section5111/b&num=0&edition=prelim) 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title50-section98&num=0&edition=prelim) et seq.). The Secretary shall obtain the silver for the coins authorized under [section 5112(e) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section5112/e&num=0&edition=prelim) by purchase from stockpiles established under the Strategic and Critical Materials Stock Piling Act ([50 U.S.C. 98](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title50-section98&num=0&edition=prelim) et seq.). At such time as the silver stockpile is depleted, the Secretary shall obtain silver as described in paragraph (1) to mint coins authorized under section 5112(e). If it is not economically feasible to obtain such silver, the Secretary may obtain silver for coins authorized under section 5112(e) from other available sources. The Secretary shall not pay more than the average world price for silver under any circumstances. As used in this paragraph, the term “average world price” means the price determined by a widely recognized commodity exchange at the time the silver is obtained by the Secretary. The Secretary shall sell silver under conditions the Secretary considers appropriate for at least $1.292929292 a fine troy ounce.

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Federal law — U.S. Code and appendices · legal_authorities

44 U.S.C. § 1329 — Mint: reports of Director

There may be printed, in the discretion of the Secretary of the Treasury, for distribution by the Treasury Department, two thousand copies of the annual report of the Director of the Mint on the operations of the mint and assay offices with appendices, and of the annual report of the Director of the Mint on the production of precious metals.

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Federal law — U.S. Code and appendices · legal_authorities

31 U.S.C. § 5112 — Denominations, specifications, and design of coins

**(a)** The Secretary of the Treasury may mint and issue only the following coins: (1) a dollar coin that is 1.043 inches in diameter. (2) a half dollar coin that is 1.205 inches in diameter and weighs 11.34 grams. (3) a quarter dollar coin that is 0.955 inch in diameter and weighs 5.67 grams. (4) a dime coin that is 0.705 inch in diameter and weighs 2.268 grams. (5) a 5-cent coin that is 0.835 inch in diameter and weighs 5 grams. (6) except as provided under subsection (c) of this section, a one-cent coin that is 0.75 inch in diameter and weighs 3.11 grams. (7) A fifty dollar gold coin that is 32.7 millimeters in diameter, weighs 33.931 grams, and contains one troy ounce of fine gold. (8) A twenty-five dollar gold coin that is 27.0 millimeters in diameter, weighs 16.966 grams, and contains one-half troy ounce of fine gold. (9) A ten dollar gold coin that is 22.0 millimeters in diameter, weighs 8.483 grams, and contains one-fourth troy ounce of fine gold. (10) A five dollar gold coin that is 16.5 millimeters in diameter, weighs 3.393 grams, and contains one-tenth troy ounce of fine gold. (11) A $50 gold coin that is of an appropriate size and thickness, as determined by the Secretary, weighs 1 ounce, and contains 99.99 percent pure gold. (12) A $25 coin of an appropriate size and thickness, as determined by the Secretary, that weighs 1 troy ounce and contains .9995 fine palladium. **(b)** The half dollar, quarter dollar, and dime coins are clad coins with 3 layers of metal. The 2 identical outer layers are an alloy of 75 percent copper and 25 percent nickel. The inner layer is copper. The outer layers are metallurgically bonded to the inner layer and weigh at least 30 percent of the weight of the coin. The dollar coin shall be golden in color, have a distin

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50 U.S.C. § 98 — Short title

This subchapter may be cited as the “Strategic and Critical Materials Stock Piling Act”.

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22 U.S.C. § 286 — Repealed. Aug. 26, 1954, ch. 937, title V, § 544(b), 68 Stat. 862

### Statutory Notes Section, act Sept. 3, 1949, ch. 532, § 1, 63 Stat. 685, related to contract authorizations.

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Federal law — U.S. Code and appendices · legal_authorities

31 U.S.C. § 5136 — United States Mint Public Enterprise Fund

There shall be established in the Treasury of the United States, a United States Mint Public Enterprise Fund (the “Fund”) for fiscal year 1996 and hereafter: Provided, That all receipts from Mint operations and programs, including the production and sale of numismatic items, the production and sale of circulating coinage, the protection of Government assets, and gifts and bequests of property, real or personal shall be deposited into the Fund and shall be available without fiscal year limitations: Provided further, That all expenses incurred by the Secretary of the Treasury for operations and programs of the United States Mint that the Secretary of the Treasury determines, in the Secretary’s sole discretion, to be ordinary and reasonable incidents of Mint operations and programs, and any expense incurred pursuant to any obligation or other commitment of Mint operations and programs that was entered into before the establishment of the Fund, shall be paid out of the Fund: Provided further, That not to exceed 6.2415 percent of the nominal value of the coins minted, shall be paid out of the Fund for the circulating coin operations and programs in fiscal year 1996 for those operations and programs previously provided for by appropriation: Provided further, That the Secretary of the Treasury may borrow such funds from the General Fund as may be necessary to meet existing liabilities and obligations incurred prior to the receipt of revenues into the Fund: Provided further, That the General Fund shall be reimbursed for such funds by the Fund within one year of the date of the loan: Provided further, That the Fund may retain receipts from the Federal Reserve System from the sale of circulating coins at face value for deposit into the Fund (retention of receipts is for the circu

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Federal law — U.S. Code and appendices · legal_authorities

31 U.S.C. § 5101 — Decimal system

United States money is expressed in dollars, dimes or tenths, cents or hundreths,11 So in original. Probably should be “hundredths,”. and mills or thousandths. A dime is a tenth of a dollar, a cent is a hundredth of a dollar, and a mill is a thousandth of a dollar.

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Federal law — U.S. Code and appendices · legal_authorities

31 U.S.C. § 5116 — Buying and selling gold and silver

Page 405 TITLE 31—MONEY AND FINANCE § 5116 tive paper outside of the United States or its posses- sions. This subsection shall not apply if the Secretary of the Treasury determines that no domestic manufac- turer 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 de- termination.’’ 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 pre- scribes. (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 clar- ity 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 cir- culation’’ are subs

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Federal law — U.S. Code and appendices · legal_authorities

50 U.S.C. § 98 — Short title

Page 28 TITLE 50—WAR AND NATIONAL DEFENSE § 98 SUBCHAPTER III—ACQUISITION AND DE- VELOPMENT OF STRATEGIC RAW MATE- RIALS § 98. Short title This subchapter may be cited as the ‘‘Stra- tegic and Critical Materials Stock Piling Act’’. (June 7, 1939, ch. 190, § 1, as added Pub. L. 96–41, § 2(a), July 30, 1979, 93 Stat. 319.) Editorial Notes PRIOR PROVISIONS A prior section 98, acts June 7, 1939, ch. 190, § 1, 53 Stat. 811; July 23, 1946, ch. 590, 60 Stat. 596, related to declaration of Congressional policy in enacting this subchapter, prior to repeal by section 2(a) of Pub. L. 96–41. Statutory Notes and Related Subsidiaries SHORT TITLE OF 1987 AMENDMENT Pub. L. 100–180, div. C, title II, § 3201, Dec. 4, 1987, 101 Stat. 1245, provided that: ‘‘This title [enacting section 98h–5 of this title, amending sections 98a, 98b, 98d, 98e–1, 98h, 98h–2, and 98h–4 of this title, enacting provisions set out as a note under section 98e–1 of this title, and repealing provisions set out as a note under this sec- tion] may be cited as the ‘National Defense Stockpile Amendments of 1987’.’’ SHORT TITLE OF 1979 AMENDMENT Pub. L. 96–41, § 1, July 30, 1979, 93 Stat. 319, provided: ‘‘That this Act [enacting this section and sections 98a to 98h–3 of this title, redesignating former section 98h–1 of this title as 98h–4 of this title, amending section 4533 of this title, sections 1743 and 1745 of Title 7, Agri- culture, section 741b of Title 15, Commerce and Trade, and section 485 of former Title 40, Public Buildings, Property, and Works, enacting a provision set out as a note under this section, and repealing a provision set out as a note under this section] may be cited as the ‘Strategic and Critical Materials Stock Piling Revision Act of 1979’.’’ SHORT TITLE Act Ju

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