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31 U.S.C. § 5121 — Refining, assaying, and valuation of bullion
Federal law — U.S. Code and appendices · legal_authorities
**(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
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Stable record: federal_law:legal_authorities:record_usc_5dd698b74f9ce678840d3479
Source file: Laws/federal/codes/united-states-code/title-31/section-5121-refining-assaying-and-valuation-of-bullion--c16f7e12b1.md
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Source location: Title 31, Chapter 51, § 5121; chapter-051-coins-and-currency.md
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**(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.
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** The Secretary of the Treasury shall determine the fineness, weight, and value of each deposit and bar under [section 5121 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section5121&num=0&edition=prelim). The value and the amount of charges under subsection (b) of this section shall be based on the fineness and weight of the bullion. The Secretary shall give the depositor a statement of the charges and the net amount of the deposit to be paid in money or bars of the same species of bullion as that deposited.
**(b)** The Secretary shall impose a charge equal to the average cost of material, labor, waste, and use of machinery of a United States mint or assay office for—
(1) melting and refining bullion;
(2) using copper as an alloy when bullion deposited is above standard;
(3) separating gold and silver combined in the bullion; and
(4) preparing bars.
**(c)** The Secretary shall pay to the depositor or to a person designated by the depositor money or bars equivalent to the bullion deposited as soon as practicable after the value of the deposit is determined. If demanded, the Secretary shall pay depositors in the order in which the bullion is deposited with the Secretary. However, when there is an unavoidable delay in determining the value of a deposit, the Secretary shall pay subsequent depositors. When practicable and convenient, the Secretary shall pay depositors in the denominations requested by the depositor. After the depositor is paid, the bullion is the property of the United States Government.
**(d)** To allow the Secretary to pay depositors with as little delay as possible, the Secretary shall keep in the mints and assay offices, when possible, money and bullion the Secretary decides are convenient and necessary.
Source: Supplied U.S. Code snapshot — release unconfirmed · 31 U.S.C. § 5122
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Federal law — U.S. Code and appendices · legal_authorities
Page 411
TITLE 31—MONEY AND FINANCE
§ 5121
Public Enterprise Fund and both coinage funds to cease
to exist as separate funds as their activities and func-
tions are subsumed under and subject to United States
Mint Public Enterprise Fund, see section 5136 of this
title.
THRESHOLD FOR REQUIRING TAXPAYER IDENTIFICATION
NUMBER
Pub. L. 112–74, div. C, title I, § 117, Dec. 23, 2011, 125
Stat. 891, provided that: ‘‘In the current fiscal year and
each fiscal year hereafter, any person who forwards to
the Bureau of Engraving and Printing a mutilated
paper currency claim equal to or exceeding $10,000 for
redemption will be required to provide the Bureau their
taxpayer identification number.’’
§ 5121. Refining, assaying, and valuation of bul-
lion
(a) The Secretary of the Treasury shall—
(1) melt and refine bullion;
(2) as required, assay coins, metal, and bul-
lion;
(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 prac-
ticable, 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 Sec-
retary 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
Source: Supplied 2024 U.S. Code historical extraction · 31 U.S.C. § 5121
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.