
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 31USC5122]

 
                       TITLE 31--MONEY AND FINANCE
 
                           SUBTITLE IV--MONEY
 
                     CHAPTER 51--COINS AND CURRENCY
 
                    SUBCHAPTER II--GENERAL AUTHORITY
 
Sec. 5122. Payment to depositors

    (a) The Secretary of the Treasury shall determine the fineness, 
weight, and value of each deposit and bar under section 5121 of this 
title. The value and the amount of charges under subsection (b) of this 
section shall be based on the fineness and weight of the bullion. The 
Secretary shall give the depositor a statement of the charges and the 
net amount of the deposit to be paid in money or bars of the same 
species of bullion as that deposited.
    (b) The Secretary shall impose a charge equal to the average cost of 
material, labor, waste, and use of machinery of a United States mint or 
assay office for--
        (1) melting and refining bullion;
        (2) using copper as an alloy when bullion deposited is above 
    standard;
        (3) separating gold and silver combined in the bullion; and
        (4) preparing bars.

    (c) The Secretary shall pay to the depositor or to a person 
designated by the depositor money or bars equivalent to the bullion 
deposited as soon as practicable after the value of the deposit is 
determined. If demanded, the Secretary shall pay depositors in the order 
in which the bullion is deposited with the Secretary. However, when 
there is an unavoidable delay in determining the value of a deposit, the 
Secretary shall pay subsequent depositors. When practicable and 
convenient, the Secretary shall pay depositors in the denominations 
requested by the depositor. After the depositor is paid, the bullion is 
the property of the United States Government.
    (d) To allow the Secretary to pay depositors with as little delay as 
possible, the Secretary shall keep in the mints and assay offices, when 
possible, money and bullion the Secretary decides are convenient and 
necessary.

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

                                          Historical and Revision Notes
-------------------------------------------------------------------------------
---------------------------------
           Revised Section                   Source (U.S. Code)                
Source (Statutes at Large)
-------------------------------------------------------------------------------
---------------------------------
5122(a)..............................  31:273(last sentence).          R.S. Sec
.  3506(last sentence).
                                       31:331.                         R.S. Sec
.  3523.
                                       31:334.                         R.S. Sec
.  3525.
5122(b)..............................  31:332.                         R.S. Sec
.  3524; Jan. 14, 1875, ch. 15,
                                                                        Sec.  2
(words before comma), 18 Stat.
                                                                        296; Ma
r. 1, 1881, ch. 95, 21 Stat. 374;
                                                                        Mar. 3,
 1887, ch. 396, Sec.  3, 24 Stat.
                                                                        635.
5122(c)..............................  31:357.                         R.S. Sec
.  3544.
                                       31:358(2d sentence).            R.S. Sec
.  3545; June 19, 1878, ch. 329,
                                                                        Sec.  1
(last par. 1st sentence words
                                                                        before 
1st semicolon under heading
                                                                        ``Mint 
at Denver, Colorado''), 20 Stat.
                                                                        191.
5122(d)..............................  31:358(1st, last sentences).
-------------------------------------------------------------------------------
---------------------------------

    In subsection (a), the words ``Secretary of the Treasury'' are 
substituted for ``he'' in 31:273(last sentence) because of the source 
provisions restated in section 321 of the revised title. The words 
``fineness, weight, and value of each deposit and bar'' and ``The value 
and the amount of charges . . . shall be based on the fineness and 
weight of the bullion'' are substituted for ``From the report of the 
assayer and the weight of the bullion'' for clarity and because of the 
restatement. The words ``or deductions, if any'' are omitted as being 
included in ``charges''. The word ``money'' is substituted for ``in 
coins'' for clarity. The text of 31:331 and 334 is omitted as 
unnecessary because of the restatement. The text of 31:273(last sentence 
words after 7th comma) is omitted because of the source provisions 
restated in section 321 of the revised title.
    In subsection (b), the words ``Secretary shall impose a charge'' are 
substituted for ``shall be fixed, from time to time, by the director, 
with the concurrence of the Secretary of the Treasury'' because of the 
source provisions restated in section 321(c) of the revised title. The 
words ``for toughening when metals are contained in it which render it 
unfit for coinage'' are omitted as obsolete because the Secretary of the 
Treasury has authority to mint coins containing silver only under 
section 5112(e) of the revised title and the Secretary holds sufficient 
silver to mint those coins. See Sen. Rept. No. 91-1084 (1970).
    In subsection (c), the words ``person designated by the depositor'' 
are substituted for ``his order'' for clarity. The words ``an 
unavoidable delay in determining the value of a deposit'' are 
substituted for ``delay in manipulating a refractory deposit, or for any 
other unavoidable cause'' in 31:357 for clarity.
    In subsection (d), the words ``the Secretary to pay depositors'' are 
substituted for ``the several mints and assay offices of the United 
States to make returns to depositors'' because of the source provisions 
restated in section 321(c) of the revised title. The words ``when the 
state of the Treasury will admit thereof'' are omitted as surplus. The 
words ``under such rules and regulations as may be prescribed by the 
said Secretary'' are omitted as unnecessary because of section 321(b) of 
the revised title. The text of 31:358(last sentence) is omitted as 
surplus.

                  Section Referred to in Other Sections

    This section is referred to in section 5132 of this title.
