Page:United States Statutes at Large Volume 96 Part 1.djvu/1028

 96 STAT. 986

PUBLIC LAW 97-258—SEPT. 13, 1982 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) gold certificates issued before January 30, 1934.

31 USC 913.

(C) notes issued under the Act of July 14, 1890 (ch. 708, 26 Stat. 289). (D) Federal Reserve notes for which payment was made under section 4 of the Old Series Currency Adjustment Act. (E) United States currency notes, including those issued under section 1 of the Act of February 25, 1862 (ch. 33, 12 Stat. 345), the Act of July 11, 1862 (ch. 142, 12 Stat. 532), the resolution of January 17, 1863 (P.R. 9; 12 Stat. 822), section 2 of the Act of March 3, 1863 (ch. 73, 12 Stat. 710), or section 5115 of this title. (2) 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. (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) circulating notes of Federal reserve banks and national banks issued before July 1, 1929, 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. § 5120. Obsolete, mutilated, and worn coins and currency (a)(1) The Secretary of the Treasury shall melt obsolete and worn United States coins withdrawn from circulation. The Secretary may use the metal from melting the coins for reminting or may sell the metal. The Secretary shall account for the following in the coinage metal fund under section 5111(b) of this title: (A) obsolete and worn coins and the metal from melting the coins. (B) proceeds from the sale of the metal. (C) losses incurred in the sale of the metal. (D) losses incurred because of the difference between the face value of the coins melted and the coins minted from the metal. (2) The Secretary shall reimburse the coinage metal fund for losses under paragraph (1)(C) and (D) of this subsection out of amounts in the coinage profit fund under section 5111(b) of this title.

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