31 U.S.C. § 5119 | Redemption and cancellation of currency

(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)

January 30, 1934 gold certificates issued before .

(B)

silver certificates.

(C)

July 14, 189026 Stat. 289 notes issued under the Act of (ch. 708, ).

(D)

Federal Reserve notes for which payment was made under section 4 of the Old Series Currency Adjustment Act.

(E)

section 1 of the Act of February 25, 1862 12 Stat. 345July 11, 186212 Stat. 532January 17, 186312 Stat. 822 section 2 of the Act of March 3, 1863 12 Stat. 710 section 5115 of this title United States currency notes, including those issued under (ch. 33, ), the Act of (ch. 142, ), the resolution of (P.R. 9; ), (ch. 73, ), or .

(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 Secretary; and

(B)

cancel and destroy such currency upon redemption.

The Secretary shall not be required to reissue United States currency notes upon redemption.

(c)

(1)

The Secretary may determine the amount of the following United States currency that will not be presented for redemption because the currency has been destroyed or irretrievably lost:

(A)

July 1, 1929 circulating notes of Federal reserve banks and national banks issued before , for which the United States Government has assumed liability.

(B)

outstanding currency referred to in subsection (b)(1) of this section.

(2)

When the Secretary makes a determination under this subsection, the Secretary shall reduce the amount of that currency outstanding by the amount the Secretary determines will not be redeemed and credit the appropriate receipt account.

(d)

To provide a historical collection of United States currency, the Secretary may withhold from cancellation and destruction and transfer to a special account one piece of each design, issue, or series of each denomination of each kind of currency (including circulating notes of Federal reserve banks and national banks) after redemption. The Secretary may make appropriate entries in Treasury accounts because of the transfers.

Pub. L. 97–258Sept. 13, 198296 Stat. 985 Pub. L. 102–390, title II, § 226(b)Oct. 6, 1992106 Stat. 1630 Pub. L. 103–325, title VI, § 602(g)(14)Sept. 23, 1994108 Stat. 2294(, , ; , , ; , , .)

Historical and Revision Notes
Revised Section	Source (U.S. Code)	Source (Statutes at Large)
5119(a)	31:408a(less last proviso).	Jan. 30, 1934, ch. 6, §§ 6(less last proviso), 11, 15(1st sentence words between 2d and 3d semicolons), 48 Stat. 340, 342, 344.
	31:444(1st sentence words between 2d and 3d semicolons).
	31:822b.
5119(b)(1)	31:405a–3.	June 24, 1967, Pub. L. 90–29, §§ 1, 2, 81 Stat. 77.
	31:911.	June 30, 1961, Pub. L. 87–66, §§ 2, 5, 6, 9, 10, 75 Stat. 146, 147.
	31:915(a), (b).
5119(b)(2)	31:404.	May 31, 1878, ch. 146, 20 Stat. 87; June 30, 1961, Pub. L. 87–66, § 7, 75 Stat. 147.
	31:420.	R.S. § 3580.
	31:914.
	31:916.
5119(c)(1)	31:915(c)(words before last comma).
5119(c)(2)	31:405a–2.
	31:915(c)(words after last comma).
5119(d)	31:917.

section 5103 of this titleIn subsection (a), the words “Secretary may not redeem” are substituted for “no . . . shall be redeemed” in 31:408a(less last proviso) because of the source provisions restated in section 321 of the revised title. The words “United States currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks)” are substituted for “currency of the United States” and the text of 31:444(1st sentence words between 2d and 3d semicolons) for consistency with and to eliminate unnecessary words.

section 912 of this titleIn subsection (b)(1), before clause (A), the words “upon completion of the transfers and credits authorized and directed by ” in 31:915 and “and the amount of the payment credited as a public debt receipt in accordance with such section” are omitted as executed. In clause (B), the text of 31:405a–3(last sentence) and 31:915(a)(4) is consolidated. The text of 31:405a–3(1st sentence) is omitted as executed. In clauses (C) and (E), the citations in parentheses are included only for information purposes.

section 912 of this title section 913 of this titleMay 31, 187820 Stat. 87In subsection (b)(2), the words “cancel and destroy” are substituted for “retired” in 31:914 for consistency in the revised section. The words “paragraph (1) of this subsection” are substituted for “Any currency the funds for the redemption or security of which have been transferred pursuant to the provisions of , and any Federal Reserve notes as to which payment has been made under ” because of the restatement. The words “presented to the Secretary” are substituted for “presentation at the Treasury” because of the source provisions restated in section 321(c) of the revised title. The text of 31:916 is omitted as unnecessary because of the restatement. The text of 31:404 and 31:420 is omitted as superseded by the source provisions restated in this subsection and subsection (c). The words “All acts and parts of acts in conflict herewith are hereby repealed” in the Act of (ch. 146, ), are omitted as executed.

In subsection (c)(2), the words “When the Secretary makes a determination under this subsection” are added because of the restatement. The words “on the books of the Treasury” are omitted as surplus. The text of 31:405(e)(2)(1st sentence) is omitted as superseded by the source provisions restated in subsection (b).

In subsection (d), the word “paper” is omitted as surplus. The words “(including circulating notes of Federal Reserve banks and national banks)” are substituted for “including bank notes” for consistency in the section. The words “heretofore or hereafter issued” are omitted as surplus.

Editorial Notes

References in Text

Act of July 14, 1890, ch. 708 26 Stat. 289July 14, 1890Pub. L. 97–258, § 5(b)Sept. 13, 198296 Stat. 1069, , referred to in subsec. (b)(1)(C), which was known as the Sherman Purchase of Silver Act of , was classified to sections 408, 410, 412, and 453 of former Title 31, and sections 122 and 145 of Title 12, Banks and Banking, and was repealed by , , .

section 4 of Pub. L. 87–66June 30, 196175 Stat. 146 Pub. L. 97–258, § 5(b)Sept. 13, 198296 Stat. 1079Section 4 of the Old Series Currency Adjustment Act, referred to in subsec. (b)(1)(D), is , , , which was classified to section 913 of former Title 31, and was repealed by , , .

February 25, 1862July 11, 1862March 3, 1863January 17, 1863Feb. 25, 1862, ch. 33 12 Stat. 345 July 11, 1862, ch. 142 12 Stat. 532 Mar. 3, 1863, ch. 73 12 Stat. 709Jan. 17, 186312 Stat. 822Acts , , and , and resolution , referred to in subsec. (b)(1)(E), are acts , , , , and , , and resolution , , respectively, which are not classified to the Code.

Amendments

Pub. L. 103–3251994—Subsec. (b)(2). inserted concluding provisions.

Pub. L. 102–3901992—Subsec. (b)(2). amended par. (2) generally. Prior to amendment, par. (2) read as follows: “The Secretary shall redeem from the general fund of the Treasury and cancel and destroy currency referred to in paragraph (1) of this subsection when the currency is presented to the Secretary.”