31 U.S.C. § 5152 — Value of United States money holdings in

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. Page 427 TITLE 31—MONEY AND FINANCE § 5155 The word ‘‘money’’ is substituted for ‘‘dollars’’ for consistency in the revised title. The words ‘‘the Inter- national Monetary Fund’’ are omitted as obsolete be- cause of section 9 of the Act of October 19, 1976 (Pub. L. 94–564, 90 Stat. 2661). § 5153. Counterfeit currency Disbursing officials of the United States Gov- ernment and officers of national banks shall stamp or mark the word ‘‘counterfeit’’, ‘‘al- tered’’, or ‘‘worthless’’ on counterfeit notes in- tended to circulate as currency that are pre- sented to them. An official or officer wrongfully stamping or marking an item of genuine United States currency (including a Federal reserve note or a circulating note of Federal reserve banks and national banks) shall redeem the cur- rency at face value when presented. (Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 992.) HISTORICAL AND REVISION NOTES Revised Section Source (U.S. Code) Source (Statutes at Large) 5153 ......... 31:424. June 30, 1876, ch. 156, § 5, 19 Stat. 64. The words ‘‘Disbursing officials’’ are substituted for ‘‘officers charged with the receipt or disbursement of public moneys’’ for consistency in the revised title and other titles of the United States Code. The word ‘‘mark’’ is substituted for ‘‘write in plain letters’’ to eliminate unnecessary words. The words ‘‘counterfeit notes intended to circulate as currency’’ are sub- stituted for ‘‘all fraudulent notes issued in the form of, and intended to circulate as money’’ for consistency in the revised title and with other titles of the Code. The last sentence is substituted for the words following the semicolon in 31:424 for clarity and to reflect the legisla- tive history of the derivative source. See 4 Cong. Rec. 2225–2228, 3148. In that sentence, the words ‘‘United States currency (including a Federal reserve note or a circulating note of Federal reserve banks and national banks)’’ are substituted for ‘‘any genuine note of the United States, or of the national banks’’ for consist- ency with section 5103 of the revised title. § 5154. State taxation A State or a territory or possession of the United States may tax United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) as money on hand or on deposit in the same way and at the same rate that the State, territory, or possession taxes other forms of money. This section does not affect a law tax- ing national banks. (Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 992; Pub. L. 97–452, § 1(22), Jan. 12, 1983, 96 Stat. 2477.) HISTORICAL AND REVISION NOTES 1982 ACT Revised Section Source (U.S. Code) Source (Statutes at Large) 5154 ......... 31:425, 426. Aug. 13, 1894, ch. 281, 28 Stat. 278. The words ‘‘United States coins and currency (includ- ing Federal reserve notes and circulating notes of Fed- eral reserve banks and national banks)’’ are substituted for ‘‘Circulating notes of national banking associations and United States legal tender notes and other notes and certificates of the United States payable on de- mand and circulating or intended to circulate as cur- rency and gold, silver, or other coin’’ in 31:425 to elimi- nate unnecessary words and for consistency with sec- tion 5103 of the revised title. 1983 ACT This restates 31:5154 to clarify the intent of the sec- tion. See 26 Cong. Rec. 7152, 7170 (1894). Editorial Notes AMENDMENTS 1983—Pub. L. 97–452 substituted ‘‘other forms of money’’ for ‘‘United States coins and currency circu- lating within its jurisdiction’’. 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. § 5155. Providing engraved plates of portraits of deceased members of Congress On conditions the Secretary of the Treasury decides, the Secretary may send an engraved plate of a portrait of a deceased Senator or Rep- resentative to an heir or legal representative of such a Senator or Representative. (Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 993.) HISTORICAL AND REVISION NOTES Revised Section Source (U.S. Code) Source (Statutes at Large) 5155 ......... 31:175. July 1, 1916, ch. 209, § 1(3d par. on p. 275), 39 Stat. 275. The words ‘‘terms and’’ are omitted as being included in ‘‘conditions’’. The words ‘‘that have been or may be made’’ are omitted as unnecessary. CHAPTER 53—MONETARY TRANSACTIONS SUBCHAPTER I—CREDIT AND MONETARY EXPANSION Sec. 5301. Buying obligations of the United States Gov- ernment. 5302. Stabilizing exchange rates and arrangements. 5303. Reserved coins and currencies of foreign countries. 5304. Regulations. SUBCHAPTER II—RECORDS AND REPORTS ON MONETARY INSTRUMENTS TRANSACTIONS 5311. Declaration of purpose. 5312. Definitions and application. 5313. Reports on domestic coins and currency transactions. 5314. Records and reports on foreign financial agency transactions. 5315. Reports on foreign currency transactions. 5316. Reports on exporting and importing mone- tary instruments. 5317. Search and forfeiture of monetary instru- ments. 5318. Compliance, exemptions, and summons au- thority. 5318A. Special measures for jurisdictions, financial institutions, international transactions, or types of accounts of primary money laun- dering concern. 5319. Availability of reports. 5320. Injunctions. 5321. Civil penalties. 5322. Criminal penalties.