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31 U.S.C. § 5122 — Payment to depositors

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

31 U.S.C. § 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](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.

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Source location: Title 31, Chapter 51, § 5122; chapter-051-coins-and-currency.md

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

31 U.S.C. § 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

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

31 U.S.C. § 5132 — Administrative

**(a)** (1) Except as provided in this chapter, the Secretary of the Treasury shall deposit in the Treasury as miscellaneous receipts amounts the Secretary receives from the operations of the United States Mint. Expenditures made from appropriated funds which are subsequently determined to be properly chargeable to the Numismatic Public Enterprise Fund established by section 5134 shall be reimbursed by such Fund to the appropriation. The Secretary shall annually sell to the public, directly and by mail, sets of uncirculated and proof coins minted under paragraphs (1) through (6) of [section 5112(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section5112/a&num=0&edition=prelim), and shall solicit such sales through the use of the customer list of the United States Mint. Except with respect to amounts deposited in the Numismatic Public Enterprise Fund in accordance with section 5134, the Secretary may not use amounts the Secretary receives from profits on minting coins or from charges on gold or silver bullion under section 5122 to pay officers and employees. (2) (A) In addition to the coins described in paragraph (1), the Secretary shall sell annually to the public directly and by mail, sets of proof coins minted under paragraphs (1) through (6) of section 5112(a). (B) Notwithstanding any other provision of law, for purposes of this paragraph— (i) the coins described in paragraphs (2) through (4) of section 5112(a) shall be made of an alloy of not less than 90 percent silver; and (ii) all coins minted under this paragraph shall have a mint mark indicating the place of manufacture. (C) All coins minted under this paragraph shall be considered to be— (i) numismatic items for purposes of paragraph (1) and sec

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

31 U.S.C. § 5122 — Payment to depositors

Page 412 TITLE 31—MONEY AND FINANCE § 5122 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 re- statement. In subsection (c), the word ‘‘economically’’ is sub- stituted 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 re- vised 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 provi- sions 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 ‘‘refin- ing’’ is substituted for ‘‘refining or parting’’ for con- sistency 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 there- of shall be ascertained and’’ in 31:347 are omitted as un- necessary because of the source provisions restated in section 5121(a) of the revised title. Executive Documents POSSESSION OF GOLD COINS AND BULLION The

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