31 U.S.C. § 5103 — Legal tender

Page 374 TITLE 31—MONEY AND FINANCE § 5102 set out as notes under sections 5132 and 5134 of this title, amending provisions set out as notes under sec- tion 5112 of this title, and repealing provisions set out as a note under section 5112 of this title] may be cited as the ‘United States Mint Reauthorization and Reform Act of 1992’.’’ SHORT TITLE OF 1990 AMENDMENT Pub. L. 101–585, § 1, Nov. 15, 1990, 104 Stat. 2874, pro- vided that: ‘‘This Act [amending section 5132 of this title] may be cited as the ‘Silver Coin Proof Sets Act’.’’ § 5102. Standard weight The standard troy pound of the National Insti- tute of Standards and Technology of the Depart- ment of Commerce shall be the standard used to ensure that the weight of United States coins conforms to specifications in section 5112 of this title. (Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 980; Pub. L. 100–418, title V, § 5115(c), Aug. 23, 1988, 102 Stat. 1433.) HISTORICAL AND REVISION NOTES Revised Section Source (U.S. Code) Source (Statutes at Large) 5102 ......... 31:364. R.S. § 3548; restated Mar. 4, 1911, ch. 268, § 1, 36 Stat. 1354. The words ‘‘National Bureau of Standards of the De- partment of Commerce’’ are substituted for ‘‘Bureau of Standards of the United States’’ because of 15:1511. The words ‘‘troy pound of the mint of the United States, conformably to which the coinage thereof shall be reg- ulated’’ are omitted as unnecessary because of the re- statement. The word ‘‘ensure’’ is substituted for ‘‘se- curing’’ as being more precise. The words ‘‘specifica- tions in section 5112 of this title’’ are substituted for ‘‘the provisions of the laws relating to coinage’’ be- cause of the restatement. Editorial Notes AMENDMENTS 1988—Pub. L. 100–418 substituted ‘‘National Institute of Standards and Technology’’ for ‘‘National Bureau of Standards’’. § 5103. Legal tender 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. (Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 980; Pub. L. 97–452, § 1(19), Jan. 12, 1983, 96 Stat. 2477.) HISTORICAL AND REVISION NOTES 1982 ACT Revised Section Source (U.S. Code) Source (Statutes at Large) 5103 ......... 31:392. July 23, 1965, Pub. L. 89–81, § 102, 79 Stat. 255. 31:456. R.S. § 3584. The words ‘‘All . . . regardless of when coined or issued’’ are omitted as unnecessary because of the re- statement. The word ‘‘debts’’ is substituted for ‘‘debts, public and private’’ to eliminate unnecessary words. The words ‘‘public charges, taxes, duties, and dues’’ are omitted as included in ‘‘debts’’. 1983 ACT This restores to 31:5103 the reference to public charges, taxes, and dues because they are not consid- ered to be debts. See, Hagar v. Reclamation District No. 108, 111 U.S. 701, 706 (1884). Editorial Notes AMENDMENTS 1983—Pub. L. 97–452 inserted ‘‘, public charges, taxes, and dues’’ after ‘‘all debts’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 1983 AMENDMENT Amendment effective Sept. 13, 1982, see section 2(i) of Pub. L. 97–452, set out as a note under section 3331 of this title. SUBCHAPTER II—GENERAL AUTHORITY § 5111. Minting and issuing coins, medals, and numismatic items (a) The Secretary of the Treasury— (1) shall mint and issue coins described in section 5112 of this title in amounts the Sec- retary decides are necessary to meet the needs of the United States; (2) may prepare national medal dies and strike national and other medals if it does not interfere with regular minting operations but may not prepare private medal dies; (3) may prepare and distribute numismatic items; and (4) may mint coins for a foreign country if the minting does not interfere with regular minting operations, and shall prescribe a charge for minting the foreign coins equal to the cost of the minting (including labor, mate- rials, and the use of machinery). (b) The Department of the Treasury has a coinage metal fund and a coinage profit fund. The Secretary may use the coinage metal fund to buy metal to mint coins. The Secretary shall credit the coinage profit fund with the amount by which the nominal value of the coins minted from the metal exceeds the cost of the metal. The Secretary shall charge the coinage profit fund with waste incurred in minting coins and the cost of distributing the coins, including the cost of coin bags and pallets. The Secretary shall deposit in the Treasury as miscellaneous receipts excess amounts in the coinage profit fund. (c) PROCUREMENTS RELATING TO COIN PRODUC- TION.— (1) IN GENERAL.—The Secretary may make contracts, on conditions the Secretary decides are appropriate and are in the public interest, to acquire articles, materials, supplies, and services (including equipment, manufacturing facilities, patents, patent rights, technical knowledge, and assistance) necessary to produce the coins referred to in this title. (2) DOMESTIC CONTROL OF COINAGE.—(A) Sub- ject to subparagraph (B), in order to protect the national security through domestic con- trol of the coinage process, the Secretary shall acquire only such articles, materials, supplies, and services (including equipment, manufac- turing facilities, patents, patent rights, tech-