SECTION 5119
(a) Except to the extent authorized in regulations the Secretary
of the Treasury prescribes with the approval of the President, the
Secretary may not redeem United States currency (including Federal
reserve notes and circulating notes of Federal reserve banks and national
banks) in gold. However, the Secretary shall redeem gold certificates
owned by the Federal reserve banks at times and in amounts the Secretary
decides are necessary to maintain the equal purchasing power of each
kind of United States currency. When redemption in gold is authorized,
the redemption may be made only in gold bullion bearing the stamp
of a United States mint or assay office in an amount equal at the
time of redemption to the currency presented for redemption.
(b) (1) Except as provided in subsection
(c)(1) of this section, the following are public debts bearing no
interest:
(A) gold certificates issued before
January 30, 1934.
(B) silver certificates.
(C) notes
issued under the Act of July 14, 1890 (ch. 708, 26 Stat. 289).
(D) Federal Reserve
notes for which payment was made under section 4 of the Old Series
Currency Adjustment Act.
(E) United States currency notes, including
those issued under section 1 of the Act of February 25, 1862 (ch.
33, 12 Stat. 345), the Act of July 11, 1862 (ch. 142, 12 Stat. 532),
the resolution of January 17, 1863 (P.R. 9; 12 Stat. 822), section
2 of the Act of March 3, 1863 (ch. 73, 12 Stat. 710), or section 5115
of this title.
(2) The Secretary shall redeem from the
general fund of the Treasury and cancel and destroy currency referred to in
paragraph (1) of this subsection when the currency is presented to
the Secretary. The Secretary shall not be required to reissue United
States currency notes upon redemption.
(c) (1) The Secretary may determine
the amount of the following United States currency that will not be
presented for redemption because the currency has been destroyed or
irretrievably lost:
(A) circulating notes of Federal reserve
banks and national banks issued before July 1, 1929, for which the
United States Government has assumed liability.
(B) outstanding currency referred to
in subsection (b)(1) of this section.
(2) When the Secretary makes a determination
under this subsection, the Secretary shall reduce the amount of that
currency outstanding by the amount the Secretary determines will not
be redeemed and credit the appropriate receipt account.
(d) To provide a historical collection of United States
currency, the Secretary may withhold from cancellation and destruction
and transfer to a special account one piece of each design, issue,
or series of each denomination of each kind of currency (including
circulating notes of Federal reserve banks and national banks) after
redemption. The Secretary may make appropriate entries in Treasury
accounts because of the transfers.
[31 USC 5119. Previously
31 USC 408a, 444, 822b, 405a-3, 911, 915(a) and (b),
404, 420, 914, 916, 915(c), 405a-2, and 917. Restated and recodified
by act of Sept. 13, 1982 (96 Stat. 985). Amended by act of Sept. 23,
1994 (108 Stat. 2294).]
