§ 303 Page 511 TITLE 31.-MONEY AND FINANCE CLAD COINAGE INEWI settled under the authority of sections 240-243 of sec. this title shall be paid or delivered to or received by 391. Minting nnd Issuance of clad ; denominations mint- on account of services ren- and specifications; limitations on continued any agent or attorney coins. the same ing of silver dered in connection with that claim and 392. Legal tender. shall be unlawful, any contract to the contrary not- 393. Acquisition of production capability for minting withstanding. Any person violating the provisions clad coins; public contracts and procurement. Purchase of newly mined silver. 240-243 of this title shall be deemed 394. of sections 395. Exportation, melting or treating of coins; rules and guilty of a misdemeanor and upon conviction thereof regulations; violations and penalty. shall be fined in any sum not exceeding $1,000. 390. Same; forfeiture. and regulations. § 8, as added Pub. L. 89-185, § 5, 397. Rules (Pub. L. 88-558, 398. Definitions. Sept. 15, 1965, 79 Stat. 791.) CODIFICATION JOINT COMMISSION ON THE COINAGE [NEWl of this title" in the original read "Sections 240-243 § 301. Membership. "this Act" and referred to Pub. I. 88-558. For complete classification of Pub. L. 88-558, see Short Title note for The President is hereby authorized to establish a Employees' Claims Act "Military Personnel and Civilian Joint Commission on the Coinage to be composed of under section 240 of this title. of 1964" the Secretary of the Treasury as Chairman; the See- retary of Commerce; the Director of the Bureau of Chapter 7.-BUREAU OF TIlE MINT, MINTS AND the Director of the Mint; the chairman ASSAY OFFICES the Budget; and ranking minority member of the Senate Bank- § 283. Business of San Francisco assay ollice; wastage. ing and Currency Committee, and four Members of The business of the United States assay office in the Senate, not members of such committee, to be San Francisco shall be in all respects similar to that appointed by the President of the Senate; the chair- of the House of the assay office of New York except that until the man and ranking minority member Currency Committee, and four Mem- Secretary of the Treasury determines that the mints Banking and bers of the House of Representatives, not members of the United States are adequate for the production of such committee, to be appointed by the Speaker; of ample supplies of coins, its facilities may be used and eight public members to be appointed by the for the production of coins. (As amended Pub. L. President, none of whom shall be associated or iden- title II, § 201, July 23, 1965, 79 Stat. 256.) 89-81, tified with or representative of any industry, group, AMENDMENTS business, or association directly interested as such 1985-Pub. L. 89-81 authorized the t.se of the facilities in the composition, characteristics, or production of assay office for the production of of the San Francisco the coinage of the United States. (Pub. L. 89-81, until such time as the Secretary of the Treasury coins 79 Stat. 258.) determined that the mints of the United States were ade- title III, § 301, July 23, 1965, quate for the production of ample supplies of coins, and §302. Termination of membership of public officials eliminated provisions which prohibited refining of gold or silver at the San Francisco office. and Members of Congress; vacancies. No public official or Member of Congress serving as date; limitation on §294. Appropriations; termination a member of the Joint Commission shall continue transfer of funds from Department of amount; to serve as such after he has ceased to hold the the Treasury to Administrator of General Services. office by virtue of which he became a member of the There is hereby authorized to be appropriated, out Joint Commission. Any vacancy on the Joint Com- not otherwise appro- of any money in the Treasury misssion shall be filled by the choosing of a suc- priated, for each fiscal year which begins after June cessor member in the same manner as his pred- 30, 1963, and ends before July 1, 1973, such sums as ecessor. (Pub. L. 89-81, title III, § 302, July 23, may be necessary to carry out sections 291-294 of 1965, 79 Stat. 258.) this title, except that the aggregate of sums appro- § 303. Functions and duties. priated under this section shall not exceed $45,000,- The Joint Commission shall study the progress 000. Sums appropriated to the Department of the of the coinage pro- Treasury for the purposes of sections 291-294 of made in the implementation and shall review from this title may be available for transfer to the Admin- gram established by this Act, as the needs of the econ- istrator of General Services to remain available until time to time such matters tech- expended. (As amended July 23, 1965, Pub. L. 89-81, omy for coins, the standards for the coinage, title II, § 202, 79 Stat. 256.) nological developments in metallurgy and - selector devices, the availability of various metals, AMCNDMENTS silver dollar, the time when 1965-Pub. L. 89-81 increased the limit on the aggregate renewed minting of the of sums appropriated under this section from $30,00.000 and circumstances tinder which the United States to $45,000,000. should cease to maintain the price of silver, and other considerations relevant to the maintenance of Chapter 8.-COINS, COINAGE, AND CURRENCY an adequate and stable coinage system. It shall, JOINT COMMISSION ON THE COINAGE INEW] from time to time, give its advice and recommenda- Sec. tions with respect to these matters to the President, 301. Membership. and the Congress. 302. Termination of membership of public officials and the Secretary of the Treasury, Members of Congre3s; vacancies. (Pub. L. 89-81, title III, § 303, July 23, 1905, 79 Stat. 303. Functions and duties. 258.) 304. Authorization of appropriations. § 317c TITLE 31.-MONEY AND FINANCE Page 512

REFERENCES IN TEXT enactment of the Coinage Act from 900 fine coin "This Act", referred to in text, means Pub. L. 89-81. silver shall be inscribed with the year 1964. All For classification of Pub. L. 89-81, see Short Title note other coins shall be inscribed with the year of the set out under section 391 of this title. coinage or issuance unless the Secretary of the § 304. Authorization of appropriations. Treasury, in order to prevent or alleviate a short- There are authorized to be appropriated to remain age of coins of any denomination, directs that coins available until expended, such amounts as may be of that denomination continue to be inscribed with necessary to carry out the purposes of sections the last preceding year inscribed on coins of that 301-304 of this title. (Pub. L. 89-81, title 1I1, § 304, denomination, except that coins produced under au- July 23, 1965, 79 Stat. 258.) thority of sections 391(a)(1), 391(a)(2), and 391 (a) (3) of this title shall not be dated earlier than COINS AND COINAGE 1965. No may be inscribed on any coins during the five-year period beginning on July 23, §317c. Same; recoinage and sale of worn and un- 1965, except that coins struck at the current coins. as authorized by law prior to such date may con- The Secretary of the Treasury shall cause all worn tinue to be inscribed with that mint mark. (As and uncurrent coin of the United States, heretofore amended July 23, 1965, Pub. L. 89-81, title IT, or hereafter issued, received in the Treasury, to be § 204(a), 78 Stat. 256.) melted down, the resulting metal and material to be used for coinage or sold, which sale is hereby au- AMENDMENTS thorized. Such coin (including any metal and mate- 1965-Pub. L. 89-81 expanded the direction concerning the inscription upon coins of the motto 'In God we rial derived therefrom), and any loss resulting from trust" to include all coins and not merely those denomi- the difference between the nominal or face value of nations on which such motto had been inscribed prior such coin and the amount the same will produce to May 18, 1908, directed the Secretary of the Treasury in new coin, and any loss resulting from the sale to inscribe the year "1964" on silver coins minted after July 23, 1965, directed the inscription of the year of of the metal or other material, shall be accounted coinage or issue upon all other coins but authorized the for by entries in the fund established for the pur- Secretary to continue the use of the same date on any chase of metal for coinage and said fund shall be denomination of coins whenever that denomination was reimbursed out of the special fund denominated the in short supply with the limitation that clad coins could Provided, That the value of any bear no date earlier than 1965, and prohibited the use coinage profit fund: of mint marks except that coins struck at the Denver coin (including any metal and material derived mint as authorized by law prior to July 23, 1065, could therefrom) accounted for as provided herein shall continue to be inscribed with that mark. not be considered for the purpose of determining DESIGNATION OF 1964 COINS TO CONTINUE UNTIL ADEQUATE the statutory limit of the fund established for the SUPPLIES ARE AVAILABLE: DESTRUCTION OF DIES purchase of metal for coinage. The proceeds from Pub. L. 88-580, Sept. 3, 1964, 78 Stat. 908, which had any sale pursuant to this section shall be accounted directed continued use of "1964" on coins rather than for by entries in the fund established for the pur- the year of coinage until the Secretary of the Treasury chase of metal for coinage. (As amended July 23, would determine that adequate supplies of coins were available and which suspended, during the period of 1965, Pub. L. 89-81, title II, § 203(a), 79 Stat. 256.) shortage, the requirement that the obverse working dies AMENDMENTS at each mint be destroyed at the end of each calendar 1965-Pub. L. 89-81 expanded the authority of the Sec- year, was repealed by Pub. L. 89-81, title II, I 204(b), retary of the Treasury for melting down worn and uncur- July 23, 1965, 79 Stat. 256. rent coins and using the resulting metal for coinage or §335. IPurchase of bullion for silver coinage silver- sale to include all coins of the United States and not fund. merely minor coins to which such authority had been profit previously limited. In order to procure bullion for coinage or to carry out the purposes of section 394 of this title, the Sec- §320. Repealed. Pub. L. 89-81, title II, § 203(b), July 23, 1965, 79 Stat. 256. retary of the Treasury may purchase silver bullion Section, act Mar. 14, 1900, ch. 41, 1 9, 31 Stat. 48, re- with the bullion fund. The gain arising from the quired the Secretary of the Treasury to recoin all worn coinage of such silver bullion into coin of a nominal and uncurrent silver coins of the United States received value exceeding the cost thereof shall be credited in the Treasury and reimburse the Treasurer of the to a special fund denominating the silver-profit United States for the difference between the nominal or face value of such coins and the amount the same would fund. This fund shall be charged with the cost of produce in new coins. the alloy metal, with the wastage incurred in such coinage, with the recoinage loss on silver coins re- §324. Inscriptions on coins. coined pursuant to section 320 of this title, and Upon one side of all coins of the United States with the cost of distributing silver coins. The bal- there shall be an impression emblematic of liberty, ance remaining to the credit of this fund shall be with an inscription of the word "Liberty", and upon from time to time and at least twice a year, covered the reverse side shall be the figure or representa- into the Treasury of the United States. (As tion of an eagle, with the inscriptions "United States amended July 23, 1965, Pub. L. 89-81, title II, § 205, of America" and "E Pluribus Unum" and a desig- 79 Stat. 256.) nation of the value of the coin; but on the dime, 5-, AMENDMENTS and 1-cent piece, the figure of the eagle shall be 1965-Pub. L. 89-81 authorized the use of the bullion omitted. The motto "In God we trust" shall be fund in making purchases of newly mined silver pursuant inscribed on all coins. Any coins minted after the to section 394 of this title. Page 513 TITLE 31.-MONEY AND FINANCE § 393

§340. Coinage metal fund; coinage profit fund. dollars or 25-cent pieces, and dimes or 10-cent pieces The Secretary of the Treasury may use the coin- in such quantities as he may determine to be neces- age metal fund for the purchase of metal for coin- sary to meet the needs of the public. Any coin age. The gain arising from the coinage of metals minted under authority of this section shall be a purchased out of such fund into coin of a nomi- clad coin the weight of whose cladding is not less nal value exceeding the cost of such metals shall be than 30 per centum of the weight of the entire coin, credited to the coinage profit fund. The coinage and which meets the following additional specifica- profit fund shall be charged with the wastage in- tions: curred in such coinage, with the cost of distributing (1) The half dollar shall have- such coins, and with such sums as shall from time (A) a diameter of 1.205 inches; to time be transferred therefrom to the general fund (B) a cladding of an alloy of 800 parts of of the Treasury. (As amended July 23, 1965, Pub. silver and 200 parts of copper; and L. 89-81, title II, § 206(a), 79 Stat. 256.) (C) a core of an alloy of silver and copper such that the whole coin weighs 11.5 grams and AMENDMENTS 1965-Pub. L. 89-81 redesignated the minor coinage contains 4.6 grams of silver and 6.9 grams of metal fund as the coinage metal fund and authorized its copper. use for the purchase of metal for any coins and removed (2) The quarter dollar shall have- the $3,000,000 ceiling on the size of the fund. (A) a diameter of 0.955 inch; REDESIGNATION OF MINOR COINAGE METAL FUND AS THE (B) a cladding of an alloy of 75 per centum COINAGE METAL FUND Section 206(b) of Pub. L. 89-81 provided that: "The copper and 25 per centum nickel; and effect of the amendment made by subsection (a) of this (C) a core of copper such that the weight of section (to this section) shall be to redesignate the the whole coin is 5.67 grams. minor coinage metal fund established under section 3528 (3) The dime shall have- of the Revised Statutes (this sectionl as the coinage metal fund, and not to authorize the creation of a new (A) a diameter of 0.705 inch; fund." (B) a cladding of an alloy of 75 per centum copper and 25 per centum nickel; and § 355. Allowance for wastage. (C a core of copper such that the weight of When all the coins, clippings, and other bullion the whole coin is 2.268 grams. have been delivered to the superintendent, it shall (b) Half dollars, quarter dollars, and dimes may be his duty to examine the accounts and statements be minted from 900 fine coin silver only until such rendered by the superintendent of coining depart- date as the Secretary of the Treasury determines ment and the superintendent of melting and refin- that adequate supplies of the coins authorized by ing department. The difference between the amount this Act are available, and in no event later than charged and credited to each officer shall be allowed five years after July 23, 965. as necessary wastage, if the superintendent shall be (c) No standard silver dollars may be minted satisfied that there has been a bona fide waste of during the five-year period which begins on July 23, the precious metals, and if the amount shall not 1965. (Pub. L. 89-81, title I, § 101, July 23, 1965, 79 exceed such limitations as the Secretary shall es- Stat. 254.) tablish. All copper used in the alloy of gold and REFERENCES IN TEXT silver bullion shall be separately charged to the "This Act", referred to in subsee. (b), means Pub. L. superintendent of melting and refining cepartment, 89-81, For classification of Pub. L. 89-81, see Short and accounted for by him. (As amended July 23, Title note under this section. 1965, Pub. L. 89-81, title II, § 207, 79 Stat. 257.) SHORT TITLE

AMENDMENTS Section 1 of Pub. L. 89-81 provided: "That this Act 1965-Pub. L. 89-81 removed fixed wastage limitations (which added this section and sections 301-304 and upon melting, refining and coining and directed, instead, 392-398 of this title and section 337 of Title 18, amended the establishment of limitations by the Secretary of the sections 283, 294, 317c, 324, 335, 340, 355 and 405a-I of Treasury. this title and section 485 of Title 18, repealed sections 320, 324 note, 366 and 482 of this title, and enacted pro- § 366. Repealed. Pub. L. 89-81, title II, § 208, July 23, visions set out as notes under this section and section 340 1965, 79 Stat. 257. of this title and section 337 of Title 18) may be cited as the 'Coinage Act of 1965'." Section, R.S. 3550, acts Aug. 23, 1912, ch. 350, i I, 37 Stat. 384; Jan. 3, 1923, ch. 22, 42 Stat. 1103, required § 392. Iegal tender. the destruction of the obverse working dies at each mint at the end of each calendar year. All coins and currencies of the United States (in- COINAGE FOR 1964; TEMPORARY SUSPENSION op DEs'rauc- cluding Federal Reserve notes and circulating notes TION REQUIREMENT of Federal Reserve banks and national banking Pub. L. 88-580, Sept. 3, 1964, 78 Stat. 908, which sus- associations), regardless of when coined or issued, pended the destruction requirement for the obverse work- and private, ing dies at each mint, was repealed by Pub. L. 89-81, shall be legal tender for all debts, public title II, I 204(b), July 23, 1965, 79 Stat. 256. See note public charges, taxes, duties, and dues. (Pub. L. 89- under section 324 of this title. 81, title I, § 102, July 23, 1965, 79 Stat. 255.) CLAD COINAGE NEW § 393. Acquisition of production capability for minting clad coins; public contracts and procurement. § 391. Minting and issuance of clad coins; demonina- tions and specification; limitations on continued (a) In order to acquire equipment, manufactur- minting of silver coins. ing facilities, patents, patent rights, technical (a) The Secretary may coin and issue pursuant knowledge and assistance, metallic strip, and other to this section half dollars or 50-cent pieces, quarter materials necessary to produce rapidly and adequate § 394 TITLE 31.-MONEY AND FINANCE Page 514

supply of the coins authorized by section 391 of (2) The term "clad coin" means a coin com- this title, the Secretary may enter into contracts posed of three layers of metal, the two outer upon such terms and conditions as he may deem layers being of identical composition and metal- appropriate and in the public interest. lurgically bonded to an inner layer. (b) During such period as he may deem neces- (3) The term "cladding" means the outer layers sary, but in no event later than five years after of a clad coin. July 23, 1965, the Secretary may exercise the au- (4) The term "core" means the inner layer of thority conferred by subsection (a) of this section a clad coin. without regard to any other provisions of law gov- (5) A specification given otherwise than as a erning procurement or public contracts. (Pub. L. limit shall be maintained within such reasonable RQ-81, title I, § 103, July 23, 1965, 79 Stat. 255.) manufacturing tolerances as the Secretary may specify. §391. Purchase of newly mined silver. (6) Specifications given for an alloy are by The Secretary shall purchase at a price of $1.25 weight. per fine troy ounce any silver mined after July 23, (Pub. L, 89-81, title I, § 108, July 23, 1965, 79 Stat. 1965, from natural deposits in the United States or 255.) any place subject to the jurisdiction thereof and CURRENCY tendered to a United States snint or assay office within one year after the month in which the ore §{405a-l. Silver reserves against outstanding silver certificates; sale of excess silver to Government from which it is derived was mined. (Pub. L. 89-81, agencies or use for coinage of silver dollars and title I, § 104, July 23, 1965, 79 Stat. 255.) subsidiary silver coins; silver certificates ex- § 395. Exportation, melting or treating of coins; rules changeable for silver dollars or silver bullion. and regulations; violations and penalty. The Secretary of the Treasury shall maintain the ownership and the possession or control within the (a) Whenever in the judgment of the Secretary such action is necessary to protect the coinage of the United States of an amount of silver of a monetary United States, he is authorized under such rules and value equal to the face amount of all outstanding silver certificates. The Secretary of the Treasury regu.ations as he may prescribe to prohibit, curtail, is authorized to use for coinage, or to sell on such or regulate the exportation, melting, or treating of any coin of the United States. terms and conditions as he may deem appropriate, (b) Whoever knowingly violates any order, rule, at a price not less than the monetary value of regulation, or license issued pursuant to subsection $1.292929292 per fine troy ounce, any silver of the (a) of this section shall be fined not more than United States in excess of that required to be held $10,000, or imprisoned not more than five years, or as reserves against outstanding silver certificates. both. (Pub. L. 89-81, title I, § 105, July 23, 1965, Silver certificates shall be exchangeable on demand 79 Stat. 255.) at the Treasury of the United States for silver dol- lars or, at the option of the Secretary of the Treas- §396. Same; forfeiture. ury, at such places as he may designate, for silver (a) There shall be forfeited to the United States bullion of a monetary value equal to the face amount any coins exported, melted, or treated in violation of the certificates. (As amended Pub. L. 89-81, of any order, rule, regulation, or license issued under section 395(a) of this title, and any metal resulting title II, § 209, July 23, 1965, 79 Stat. 257.) from such melting or treating. AMENDMENTS (b) The powers of the Secretary and his delegates, 1965-Pub. L. 89-81 removed the Exemption formerly and the judicial and other remedies available to the allowed for sales of silver to other departments of the United States, for the enforcement of forfeitures of government from the minimum price provisions, estab- property subect to forfeiture pursuant to subsection lished an express reference for the monetary value of silver at $1.22929292 per flne troy ounce and granted (a) of this section shall be the same as those pro- authority to the Secretary, in selling silver not required vided in part II of subchapter C of chapter 75 of to be held as reserves against outstanding silver certili- Title 26 for the enforcement of foreitures of prop- cates, to sell at prices not less than that figure. erty subject to forfeiture under any provision of Title 26. (Pub. L. 89-81, title I, § 106, July 23, 1965, Chapter 9.-LEGAL TENI)ER 79 Stat. 255.) § 462. Repealed. Pub. L. 89-81, title II, § 210, July 23, § 397. Rules and regulations. 1965, 79 Stat. 257. The Secretary may issue such rules and regula- Section, acts May 12, 1933, ch. 25, ti.ie III, § 43(b) (1). 48 Stat. 52; June 5, 1933, cit. 48, § 2, 48 Stat. 113, provided tions as he may deem necessary to carry out the that all coins and currencies of the United States be legal provisions of this Act. (Pub. L. 89-81, title I, § 107, tender for all debts, public and private. For present pro- July 23, 1965, 79 Stat. 255.) visions making all coins and currencies legal tender, see REFERENCES IN TEXT section 392 of this title. "This Act", referred to in text, means Pub. L. 89-81. For classification of Pub. L. 89-81, see Short Title note set Chapter l.-TiLE iPUllLIC MONEYS out under section 391 of this title. Sec. § 398. D)efinitions. 529J. Same; disbursements to armed forces of friendly foreign nations; executive agreements; reim- For the purposes of sections 391-398 of this title- bursements; reciprocity lNew). (1) The term "Secretary" means the Secretary 553. Special account for grants of Department of of the Treasury. Health, Education, and Welfare; reports (New].