
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document affected by Public Law 106-445 Section 1]
[CITE: 31USC5101]

 
                       TITLE 31--MONEY AND FINANCE
 
                           SUBTITLE IV--MONEY
 
                     CHAPTER 51--COINS AND CURRENCY
 
                      SUBCHAPTER I--MONETARY SYSTEM
 
Sec. 5101. Decimal system

    United States money is expressed in dollars, dimes or tenths, cents 
or hundreths,\1\ and mills or thousandths. A dime is a tenth of a 
dollar, a cent is a hundredth of a dollar, and a mill is a thousandth of 
a dollar.
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    \1\ So in original. Probably should be ``hundredths,''.
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(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 980.)

                                          Historical and Revision Notes
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           Revised Section                   Source (U.S. Code)                
Source (Statutes at Large)
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5101.................................  31:371.                         R.S. Sec
.  3563.
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    The word ``money'' is substituted for ``money of account'' to 
eliminate unnecessary words. As far as can be determined, the phrase 
``money of account'' has not been interpreted by any court or Government 
agency. The phrase was used by Alexander Hamilton in his ``Report on the 
Establishment of the Mint'' (1791). In that Report, Hamilton propounded 
6 questions, including:
              1st. What ought to be the nature of the money unit of the 
        United States?
Thereafter, Hamilton uses the phrases ``money unit of the United 
States'' and ``money of account'' interchangeably and in the sense that 
the phrases are used to denote the monetary system for keeping financial 
accounts. In short, the phrases simply indicate that financial accounts 
are to be based on a decimal money system:
            . . ., and it is certain that nothing can be more simple and 
        convenient than the decimal subdivisions. There is every reason 
        to expect that the method will speedily grow into general use, 
        when it shall be seconded by corresponding coins. On this plan 
        the unit in the money of account will continue to be, as 
        established by that resolution [of August 8, 1786], a dollar, 
        and its multiples, dimes, cents, and mills, or tenths, 
        hundreths, [sic] and thousands.
Thus, the phrase ``money of account'' did not mean, by itself, that 
dollars or fractions of dollars must be equal to something having 
intrinsic or ``substantive'' value. This concept is supported by earlier 
writings of Thomas Jefferson in his ``Notes on the Establishment of a 
Money Unit, and of a Coinage for the United States'' (1784), and the 
1782 report to the President of the Continental Congress on the coinage 
of the United States by the Superintendent of Finances, Robert Morris, 
which was apparently prepared by the Assistant Superintendent, 
Gouverneur Morris. See Paul L. Ford, The Writings of Thomas Jefferson, 
vol. III (G.P. Putnam's Sons, 1894) pp. 446-457; William G. Sumner, The 
Financier and the Finances of the American Revolution, vol. II (Burt 
Franklin, 1891, reprinted 1970) pp. 36-47; and George T. Curtis, History 
of the Constitution, vol. I (Harper and Brothers, 1859) p. 443, n2. The 
words ``or units'' and ``and all accounts in the public offices and all 
proceedings in the courts shall be kept and had in conformity to this 
regulation'' are omitted as surplus.


                      Short Title of 2000 Amendment

    Pub. L. 106-445, Sec. 1, Nov. 6, 2000, 114 Stat. 1931, provided 
that: ``This Act [amending sections 5112, 5132 and 5134 of this title] 
may be cited as the `United States Mint Numismatic Coin Clarification 
Act of 2000'.''


                      Short Title of 1997 Amendment

    Pub. L. 105-124, Sec. 1, Dec. 1, 1997, 111 Stat. 2534, provided 
that: ``This Act [amending section 5112 of this title and enacting 
provisions set out as notes under this section and section 5112 of this 
title] may be cited as the `50 States Commemorative Coin Program Act'.''
    Pub. L. 105-124, Sec. 4(a), Dec. 1, 1997, 111 Stat. 2536, provided 
that: ``This section [amending section 5112 of this title and enacting 
provisions set out as notes under section 5112 of this title] may be 
cited as the `United States $1 Coin Act of 1997'.''


                      Short Title of 1996 Amendment

    Pub. L. 104-329, Sec. 1(a), Oct. 20, 1996, 110 Stat. 4005, provided 
that: ``This Act [amending sections 5131 and 5135 of this title and 
enacting provisions set out as notes under this section, sections 5112 
and 5135 of this title, and section 431 of Title 16, Conservation] may 
be cited as the `United States Commemorative Coin Act of 1996'.''
    Pub. L. 104-329, title III, Sec. 301, Oct. 20, 1996, 110 Stat. 4012, 
provided that: ``This title [amending sections 5131 and 5135 of this 
title and enacting provisions set out as notes under sections 5112 and 
5135 of this title] may be cited as the `50 States Commemorative Coin 
Program Act'.''


                      Short Title of 1992 Amendment

    Pub. L. 102-390, title II, Sec. 201, Oct. 6, 1992, 106 Stat. 1624, 
provided that: ``This title [enacting sections 5134 and 5135 of this 
title, amending sections 304, 5111, 5112, 5119, 5131, and 5132 of this 
title and section 709 of Title 18, Crimes and Criminal Procedure, 
enacting provisions set out as notes under sections 5132 and 5134 of 
this title, amending provisions set out as notes under section 5112 of 
this title, and repealing provisions set out as a note under section 
5112 of this title] may be cited as the `United States Mint 
Reauthorization and Reform Act of 1992'.''


                      Short Title of 1990 Amendment

    Pub. L. 101-585, Sec. 1, Nov. 15, 1990, 104 Stat. 2874, provided 
that: ``This Act [amending section 5132 of this title] may be cited as 
the `Silver Coin Proof Sets Act'.''
