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31 U.S.C. § 5115 — United States currency notes
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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Source file: Laws/federal/codes/united-states-code/title-31/section-5115-united-states-currency-notes--63d74c9c38.md
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Source location: Title 31, Chapter 51, § 5115; chapter-051-coins-and-currency.md
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**(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
**(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
Source: Supplied U.S. Code snapshot — release unconfirmed · 31 U.S.C. § 5119
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Federal law — U.S. Code and appendices · legal_authorities
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
Source: Supplied 2024 U.S. Code historical extraction · 31 U.S.C. § 5115
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