31 U.S.C. § 5151 — Conversion of currency of foreign coun-

Page 426 TITLE 31—MONEY AND FINANCE § 5151 (Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 991.) HISTORICAL AND REVISION NOTES Revised Section Source (U.S. Code) Source (Statutes at Large) 5144 ......... 31:174. Dec. 22, 1879, ch. 2, 21 Stat. 59. In the section, before clause (1), the word ‘‘engraved’’ is added before ‘‘portrait’’ because of the restatement. The words ‘‘in the possession’’ are substituted for ‘‘which is now, or may be a part of the engraved stock’’ to eliminate unnecessary words. The words ‘‘An im- pression shall be provided’’ are added because of the re- statement. In clause (1)(A), the words ‘‘member of Con- gress’’ are substituted for ‘‘Senator, Representative, or Delegate in Congress’’ for consistency. In clause (1)(B), the word ‘‘agency’’ is substituted for ‘‘department or bureau’’ because of section 101 of the revised title and for consistency in the revised title. In clause (2), the words ‘‘for a charge and under conditions the Secretary decides are’’ are substituted for ‘‘at such rates and under such conditions as he may deem’’ for consist- ency. SUBCHAPTER V—MISCELLANEOUS § 5151. Conversion of currency of foreign coun- tries (a) In this section— (1) ‘‘buying rate’’ means the buying rate in the market in New York, New York, for cable transfers payable in the currency of a foreign country to be converted. (2) when merchandise is exported on a day that banks are generally closed in New York, the buying rate at noon on the last prior busi- ness day is deemed to be the buying rate at noon on the day the merchandise is exported. (b) The value of coins of a foreign country ex- pressed in United States money is the value of the pure metal of the standard coin of the for- eign country. The Secretary of the Treasury shall estimate the values of standard coins of the country quarterly and publish the values on the first day of January, April, July, and Octo- ber of each year. (c) Except as provided in this section, conver- sion of currency of a foreign country into United States currency for assessment and collection of duties on merchandise imported into the United States shall be made at values published by the Secretary under subsection (b) of this section for the quarter in which the merchandise is ex- ported. (d) If the Secretary has not published a value for the quarter in which the merchandise is ex- ported, or if the value published by the Sec- retary varies by at least 5 percent from a value measured by the buying rate at noon on the day the merchandise is exported, the conversion of the currency of the foreign country shall be made at a value— (1) equal to the buying rate at noon on the day the merchandise is exported; or (2) prescribed by regulation of the Secretary for the currency that is equal to the first buy- ing rate certified for that currency by the Fed- eral Reserve Bank of New York under sub- section (e) of this section in the quarter in which the merchandise is exported, but only if the buying rate at noon on the day the mer- chandise is exported varies less than 5 percent from the buying rate first certified. (e) The Federal Reserve Bank of New York shall decide the buying rate and certify the rate to the Secretary. The Secretary shall publish the rate at times and to the extent the Sec- retary considers necessary. In deciding the buy- ing rate, the Bank may— (1) consider the last ascertainable trans- actions and quotations (direct or through ex- change of other currencies); and (2) if there is no buying rate, calculate the rate from— (A) actual transactions and quotations in demand or time bills of exchange; or (B) the last ascertainable transactions and quotations outside the United States in or for exchange payable in United States cur- rency or foreign currency. (Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 991.) HISTORICAL AND REVISION NOTES Revised Section Source (U.S. Code) Source (Statutes at Large) 5151(a) ..... 31:372(c)(2)(1st sen- tence), (3). June 17, 1930, ch. 497, § 522(c), 46 Stat. 740; restated Aug. 2, 1956, ch. 887, § 3, 70 Stat. 946. 5151(b) ..... 31:372(a). Aug. 27, 1894, ch. 349, § 25, 28 Stat. 552; May 27, 1921, ch. 14, § 403(a), 42 Stat. 17; re- stated June 17, 1930, ch. 497, § 522(a), 46 Stat. 739. 5151(c) ..... 31:372(b). June 17, 1930, ch. 497, § 522(b), 46 Stat. 740. 5151(d) ..... 31:372(c)(1). 5151(e) ..... 31:372(c)(2)(2d, last sentences). In subsection (b), the words ‘‘United States money’’ are substituted for ‘‘money of account’’ for consistency in the chapter. The words ‘‘standard coins of the coun- try’’ are substituted for ‘‘values of standard coins in circulation of the various nations of the world’’ to eliminate unnecessary words. The words ‘‘Secretary of the Treasury’’ are substituted for ‘‘Director of the Mint’’ because of the source provisions restated in sec- tion 321(c) of the revised title. In subsection (c), the words ‘‘on or after June 17, 1930’’ are omitted as executed. In subsection (d)(1), the words ‘‘buying rate at noon on the day the merchandise is exported’’ are sub- stituted for ‘‘such buying rate’’ for clarity. In subsection (d)(2), the words ‘‘that is equal to’’ are substituted for ‘‘at a value measured by’’ because of the restatement. In subsection (e)(2), the words ‘‘buying rate’’ are sub- stituted for ‘‘market buying rate for such cable trans- fers’’ to eliminate unnecessary words. § 5152. Value of United States money holdings in international institutions The Secretary of the Treasury shall maintain the value in terms of gold of the holdings of United States money of the International Bank for Reconstruction and Development, the Inter- American Development Bank, the International Development Association, and the Asian Devel- opment Bank to the extent provided in the arti- cles of agreement of those institutions. Amounts necessary to maintain the value may be appropriated. Amounts appropriated under this section remain available until expended. (Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 992.) HISTORICAL AND REVISION NOTES Revised Section Source (U.S. Code) Source (Statutes at Large) 5152 ......... 31:449a. Mar. 31, 1972, Pub. L. 92–268, § 3, 86 Stat. 117.