
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 31USC5121]

 
                       TITLE 31--MONEY AND FINANCE
 
                           SUBTITLE IV--MONEY
 
                     CHAPTER 51--COINS AND CURRENCY
 
                    SUBCHAPTER II--GENERAL AUTHORITY
 
Sec. 5121. Refining, assaying, and valuation of bullion

    (a) The Secretary of the Treasury shall--
        (1) melt and refine bullion;
        (2) as required, assay coins, metal, and bullion;
        (3) cast gold and silver bullion deposits into bars; and
        (4) cast alloys into bars for minting coins.

    (b) A person owning gold or silver bullion may deposit the bullion 
with the Secretary to be cast into fine, standard fineness, or unrefined 
bars weighing at least 5 troy ounces. When practicable, the Secretary 
shall weigh the bullion in front of the depositor. The Secretary shall 
give the depositor a receipt for the bullion stating the description and 
weight of the bullion. When the Secretary has to melt the bullion or 
remove base metals before the value of the bullion can be determined, 
the weight is the weight after the melting or removal of the metals. The 
Secretary may refuse a deposit of gold bullion if the deposit is less 
than $100 in value or the bullion is so base that it is unsuitable for 
the operations of the Bureau of the Mint.
    (c) When the gold and silver are combined in bullion that is 
deposited and either the gold or silver is so little that it cannot be 
separated economically, the Secretary may not pay the depositor for the 
gold or silver that cannot be separated.
    (d)(1) Under conditions prescribed by the Secretary, a person may 
exchange unrefined bullion for fine bars when--
        (A) gold and silver are combined in the bullion in proportions 
    that cannot be economically refined; or
        (B) necessary supplies of acids cannot be procured at reasonable 
    rates.

    (2) The charge for refining in an exchange under this subsection may 
be not more than the charge imposed in an exchange of unrefined bullion 
for refined bullion.
    (e) The Secretary shall prepare bars for payment of deposits. The 
Secretary shall stamp each bar with a designation of the weight and 
fineness of the bar and a symbol the Secretary considers suitable to 
prevent fraudulent imitation of the bar.

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 987.)

                                          Historical and Revision Notes
-------------------------------------------------------------------------------
---------------------------------
           Revised Section                   Source (U.S. Code)                
Source (Statutes at Large)
-------------------------------------------------------------------------------
---------------------------------
5121(a)..............................  31:274.                         R.S. Sec
.  3508; Aug. 23, 1912, ch. 350,
                                                                        Sec.  1
(last par. words before 7th comma
                                                                        under h
eading ``Assay Office at Salt
                                                                        Lake Ci
ty, Utah''), 37 Stat. 384.
                                       31:277.                         R.S. Sec
.  3507.
                                       31:330.                         R.S. Sec
.  3522.
                                       31:343.                         R.S. Sec
.  3530; Aug. 23, 1912, ch. 350,
                                                                        Sec.  1
(last par. words before 7th comma
                                                                        under h
eading ``Assay Office at Salt
                                                                        Lake Ci
ty, Utah''), 37 Stat. 384.
                                       31:344.                         R.S. Sec
.  3531; Aug. 23, 1912, ch. 350,
                                                                        Sec.  1
(last par. words before 7th comma
                                                                        under h
eading ``Assay Office at Salt
                                                                        Lake Ci
ty, Utah''), 37 Stat. 384.
5121(b)..............................  31:325(words before 4th comma   R.S. Sec
.  3518.
                                        and after last comma).
                                       31:327(1st sentence).           R.S. Sec
.  3519.
                                       31:328(1st sentence).           R.S. Sec
.  3520; Mar. 3, 1887, ch. 396,
                                                                        Sec.  3
, 24 Stat. 635.
                                       31:329.                         R.S. Sec
.  3521; Aug. 23, 1912, ch. 350,
                                                                        Sec.  1
(last par. words before 7th comma
                                                                        under h
eading ``Assay Office at Salt
                                                                        Lake Ci
ty, Utah''), 37 Stat. 384.
5121(c)..............................  31:327(last sentence).
                                       31:328(last sentence).
5121(d)..............................  31:360.                         R.S. Sec
.  3546.
                                       31:362.                         June 19,
 1878, ch. 329, Sec.  1(2d
                                                                        sentenc
e words after last semicolon on
                                                                        p. 191)
, 20 Stat. 191.
5121(e)..............................  31:325(words between 4th and
                                        last commas).
                                       31:347.                         R.S. Sec
.  3534; Aug. 23, 1912, ch. 350,
                                                                        Sec.  1
(last par. words before 7th comma
                                                                        under h
eading ``Assay Office at Salt
                                                                        Lake Ci
ty, Utah''), 37 Stat. 384.
-------------------------------------------------------------------------------
---------------------------------

    In the section, the word ``Secretary'' is substituted for 
``superintendent'', ``superintendent of melting and refining 
department'', ``assayer'', ``Director of the Mint'', and ``Director of 
the Mint, with the approval of the Secretary of the Treasury'' because 
of the source provisions restated in section 321(c) of the revised 
title.
    In subsection (a), clause (1) is added to provide a complete list of 
the duties and powers of the Secretary and for consistency with section 
5131 of the revised title. In clause (2), the words ``as required'' are 
substituted for ``required by the operations of the Bureau of the Mint'' 
and ``whenever required by the superintendent'' in 31:277 to eliminate 
unnecessary words. The text of 31:330 is omitted as superseded by the 
source provisions restated in section 321(c) of the revised title. In 
clause (3), the word ``bars'' is substituted for ``bars conformable in 
all respects to the law'' in 31:274 to eliminate unnecessary words. In 
clause (4), the word ``alloys'' is substituted for ``standard silver or 
gold, and alloys for minor'' in 31:274, and the text of 31:343(last 
sentence) is omitted, because coins issued by the Secretary under this 
chapter are composed of alloys. The words ``minting coins'' are 
substituted for ``coinage'' for consistency in the revised chapter. The 
words ``suitable for the superintendent of coining department, from the 
metals legally delivered to him for that purpose'' in 31:274 and the 
text of 31:274(last sentence) and 31:343(1st, 2d sentences) are omitted 
as superseded by the source provisions restated in section 321(c) of the 
revised title. The text of 31:344(last sentence) is omitted as 
unnecessary because of the restatement of the source provisions in 
sections 5112 and 5113 of the revised title.
    In subsections (b) and (d), the word ``unrefined'' is substituted 
for ``unparted'' for consistency in the revised chapter.
    In subsection (b), the words ``At the option of the owner'' and ``as 
he may prefer'' in 31:325 and ``for his benefit'' in 31:327 are omitted 
as unnecessary because of the restatement. The words ``weighing at 
least'' are substituted for ``and no such bars shall be issued of a less 
weight than'' in 31:325 to eliminate unnecessary words. The word 
``troy'' is added for clarity. The words ``into coin'' in section 3519 
of the Revised Statutes are omitted because the coinage of gold was 
discontinued by 31:315b. The text of 31:329(last sentence) is omitted 
because of the source provisions restated in section 321(c) of the 
revised title. The words ``and no deposit of silver for other coinage 
shall be received'' in 31:328(1st sentence) are omitted as unnecessary 
because of the restatement.
    In subsection (c), the word ``economically'' is substituted for 
``advantageously'' in 31:327(last sentence) for consistency in the 
section. The text of 31:328(last sentence) is omitted as unnecessary 
because of the source provisions restated in section 5121(a) of the 
revised title.
    In subsection (d)(1), before clause (A), the words ``at any of the 
mints'' in 31:360(1st sentence) are omitted as superseded by the source 
provisions restated in section 321(c) of the revised title. The text of 
31:360(2d sentence) is omitted as unnecessary because of the source 
provisions restated in section 5121(a) of the revised title.
    In subsection (d)(2), the words ``in an exchange under this 
subsection'' are added for clarity. The word ``refining'' is substituted 
for ``refining or parting'' for consistency in the revised chapter.
    In subsection (e), the word ``suitable'' is substituted for 
``expedient'' in 31:325(words between 4th and last commas) for clarity. 
The words ``but the fineness thereof shall be ascertained and'' in 
31:347 are omitted as unnecessary because of the source provisions 
restated in section 5121(a) of the revised title.


                  Possession of Gold Coins and Bullion

    The possession of gold coins and bullion was prohibited except under 
Government license by Ex. Ord. No. 6260, eff. Aug. 28, 1933. That 
prohibition was revoked by Ex. Ord. No. 11825, Dec. 31, 1974, 40 F.R. 
1003, eff. Dec. 31, 1974. See notes set out under section 95a of Title 
12, Banks and Banking.

                  Section Referred to in Other Sections

    This section is referred to in section 5122 of this title.
