
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: 31USC5151]

 
                       TITLE 31--MONEY AND FINANCE
 
                           SUBTITLE IV--MONEY
 
                     CHAPTER 51--COINS AND CURRENCY
 
                       SUBCHAPTER V--MISCELLANEOUS
 
Sec. 5151. Conversion of currency of foreign countries

    (a) In this section--
        (1) ``buying rate'' means the buying rate in the market in New 
    York, New York, for cable transfers payable in the currency of a 
    foreign country to be converted.
        (2) when merchandise is exported on a day that banks are 
    generally closed in New York, the buying rate at noon on the last 
    prior business day is deemed to be the buying rate at noon on the 
    day the merchandise is exported.

    (b) The value of coins of a foreign country expressed in United 
States money is the value of the pure metal of the standard coin of the 
foreign country. The Secretary of the Treasury shall estimate the values 
of standard coins of the country quarterly and publish the values on the 
first day of January, April, July, and October of each year.
    (c) Except as provided in this section, conversion of currency of a 
foreign country into United States currency for assessment and 
collection of duties on merchandise imported into the United States 
shall be made at values published by the Secretary under subsection (b) 
of this section for the quarter in which the merchandise is exported.
    (d) If the Secretary has not published a value for the quarter in 
which the merchandise is exported, or if the value published by the 
Secretary varies by at least 5 percent from a value measured by the 
buying rate at noon on the day the merchandise is exported, the 
conversion of the currency of the foreign country shall be made at a 
value--
        (1) equal to the buying rate at noon on the day the merchandise 
    is exported; or
        (2) prescribed by regulation of the Secretary for the currency 
    that is equal to the first buying rate certified for that currency 
    by the Federal Reserve Bank of New York under subsection (e) of this 
    section in the quarter in which the merchandise is exported, but 
    only if the buying rate at noon on the day the merchandise is 
    exported varies less than 5 percent from the buying rate first 
    certified.

    (e) The Federal Reserve Bank of New York shall decide the buying 
rate and certify the rate to the Secretary. The Secretary shall publish 
the rate at times and to the extent the Secretary considers necessary. 
In deciding the buying rate, the Bank may--
        (1) consider the last ascertainable transactions and quotations 
    (direct or through exchange of other currencies); and
        (2) if there is no buying rate, calculate the rate from--
            (A) actual transactions and quotations in demand or time 
        bills of exchange; or
            (B) the last ascertainable transactions and quotations 
        outside the United States in or for exchange payable in United 
        States currency or foreign currency.

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 991.)

                                          Historical and Revision Notes
-------------------------------------------------------------------------------
---------------------------------
           Revised Section                   Source (U.S. Code)                
Source (Statutes at Large)
-------------------------------------------------------------------------------
---------------------------------
5151(a)..............................  31:372(c)(2)(1st sentence),     June 17,
 1930, ch. 497, Sec.  522(c), 46
                                        (3).                            Stat. 7
40; restated Aug. 2, 1956, ch.
                                                                        887, Se
c.  3, 70 Stat. 946.
5151(b)..............................  31:372(a).                      Aug. 27,
 1894, ch. 349, Sec.  25, 28
                                                                        Stat. 5
52; May 27, 1921, ch. 14, Sec.
                                                                        403(a),
 42 Stat. 17; restated June 17,
                                                                        1930, c
h. 497, Sec.  522(a), 46 Stat.
                                                                        739.
5151(c)..............................  31:372(b).                      June 17,
 1930, ch. 497, Sec.  522(b), 46
                                                                        Stat. 7
40.
5151(d)..............................  31:372(c)(1).
5151(e)..............................  31:372(c)(2)(2d, last
                                        sentences).
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---------------------------------

    In subsection (b), the words ``United States money'' are substituted 
for ``money of account'' for consistency in the chapter. The words 
``standard coins of the country'' are substituted for ``values of 
standard coins in circulation of the various nations of the world'' to 
eliminate unnecessary words. The words ``Secretary of the Treasury'' are 
substituted for ``Director of the Mint'' because of the source 
provisions restated in section 321(c) of the revised title.
    In subsection (c), the words ``on or after June 17, 1930'' are 
omitted as executed.
    In subsection (d)(1), the words ``buying rate at noon on the day the 
merchandise is exported'' are substituted for ``such buying rate'' for 
clarity.
    In subsection (d)(2), the words ``that is equal to'' are substituted 
for ``at a value measured by'' because of the restatement.
    In subsection (e)(2), the words ``buying rate'' are substituted for 
``market buying rate for such cable transfers'' to eliminate unnecessary 
words.

                  Section Referred to in Other Sections

    This section is referred to in section 3123 of this title; title 19 
section 1360.
