31 U.S.C. § 5120 Obsolete, Mutilated, and Worn Coins and Currency

• Library: United States Statutes
• Edition: 2023
• Currency: Current through P.L. 118-34 (published on www.congress.gov on 12/26/2023), except for [P. L. 118-31]
• Year: 2023
• Citation: 31 U.S.C. § 5120

(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(1) The Secretary of the Treasury shall melt obsolete and worn United States coins withdrawn from circulation.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.

(b) The Secretary shall-

(1) cancel and destroy (by a secure process) obsolete, mutilated, and worn United States currency withdrawn from circulation; and

(2) dispose of the residue of the currency and notes.

(c) The Comptroller General shall audit the cancellation and destruction of United States currency and the accounting of the cancellation and destruction. Records the Comptroller General considers necessary to make an effective audit easier shall be made available to the Comptroller General.

Cite as 31 U.S.C. § 5120

Source: Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 986.

current through 8/1/2023

<TABLE> <TR><TD colspan="3">HISTORICAL AND REVISION NOTES</TD> </TR> <TR> <TD>Revised Section</TD> <TD>Source (U.S. Code)</TD> <TD>Source (Statutes at Large)</TD> </TR> <TR> <TD>5120(a)</TD> <TD>31:317c.</TD> <TD>Dec. 18, 1942, ch. 767, §3, 56 Stat. 1065; July 23, 1965, <actcitation href="" statecd="US" actaltid="89-81">Pub. L. <actid>89-81</actid></actcitation> §203(a), 79 Stat. 256.</TD> </TR> <TR> <TD>5120(b)</TD> <TD>31:421.</TD> <TD>R.S. §3581.</TD> </TR> <TR> <TD> </TD> <TD>31:422.</TD> <TD>June 23, 1874, ch. 455, §1(3d par. under heading "National Currency"), 18 Stat. 206.</TD> </TR> <TR> <TD>5120(c)</TD> <TD>31:49a.</TD> <TD>May 20, 1966, Pub. L. 89-427, §5, 80 Stat. 161.</TD> </TR> </TABLE>

In subsection (a)(1), before clause (A), the word "obsolete" is substituted for "uncurrent" as being more precise. The words "withdrawn from circulation" are substituted for "received in the Treasury" for clarity. The words "heretofore or hereafter issued" are omitted as surplus. The words "metal from melting the coins" are substituted for "the resulting metal" because of the restatement. The word "reminting" is substituted for "coinage" for consistency in the revised title. The word "material" is omitted as being included in "metal". The words "The Secretary shall account" are substituted for "shall be accounted for by entries" because of the source provisions restated in section 321 of the revised title. In clause (D), the word "face" is substituted for "nominal or face" to eliminate unnecessary words. The words "coins minted from the metal" are substituted for "the amount the same will produce in new coin" for clarity.