31-U.S.C.-5133

§5133 – Settlement of Accounts

Pathway

Title 31 > Subtitle IV > Chapter 51 > Subchapter III > Section 5133

Details

• Reference: Section 5133
• Legend: §5133 – Settlement of Accounts
• USCode Year: 2013

Provision Content

(a) The Secretary of the Treasury shall—

(1) charge the superintendent of each mint with the amount in weight of standard metal of bullion the superintendent receives from the Secretary;

(2) credit each superintendent with the amount in weight of coins, clippings, and other bullion the superintendent returns to the Secretary; and

(3) charge separately to each superintendent, who shall account for, copper to be used in the alloy of gold and silver bullion.

(b) Settlement of Accounts.—

(1) In general.—At least once each year, the Secretary of the Treasury shall settle the accounts of the superintendents of the mints.

(2) Procedure.—At any settlement under this subsection, the superintendent shall—

(A) return to the Secretary any coin, clipping, or other bullion in the possession of the superintendent; and

(B) present the Secretary with a statement of bullion received and returned since the last settlement (including any bullion returned for settlement).

(3) Audit.—The Secretary shall—

(A) audit the accounts of each superintendent; and

(B) allow each superintendent the waste of precious metals that the Secretary determines is necessary—

(i) for refining and minting (within the limitations which the Secretary shall prescribe); and

(ii) for casting fine gold and silver bars (within the limit prescribed for refining), except that any waste allowance under this clause may not apply to deposit operations.

(c) After settlement, the Secretary shall compare the amount of gold and silver bullion and coins on hand with the total liabilities of the mints. The Secretary also shall make a statement of the ordinary expense account.

(d) The Secretary shall procure for each mint a series of standard weights corresponding to the standard troy pound of the National Institute of Standards and Technology of the Department of Commerce. The series shall include a one pound weight and multiples and subdivisions of one pound from .01 grain to 25 pounds. At least once a year, the Secretary shall test the weights normally used in transactions at the mints against the standard weights.

(Pub. L. 97–258, Sept. 13, 1982, 96 Stat. 989; Pub. L. 100–274, §2(c)(4)–(7), (9), (10), Mar. 31, 1988, 102 Stat. 49; Pub. L. 100–418, title V, §5115(c), Aug. 23, 1988, 102 Stat. 1433.)

In the section, the word Secretary is substituted for superintendent and Director of the Mint in 31:354, 356, 365, and the word Superintendent is substituted for superintendent of coining department in 31:354 and 355 and superintendent of melting and refining, because of the source provisions restated in section 321(c) of the revised title.

In subsection (a), the words superintendent of each mint and the assay office at New York and the officer in charge of the assay office at San Francisco are added because of the source provisions restated in section 5131(b) and (c) of the revised title.

In subsection (b), before clause (1), the words shall settle are substituted for and at such time as the . . . shall appoint, there shall be an accurate and full settlement in 31:354(last sentence) to eliminate unnecessary words. In clause (1), the words The Secretary shall audit are substituted for When all the coins, clippings, and other bullion have been delivered to the superintendent, it shall be his duty to examine in 31:355(1st, 2d sentences) to eliminate unnecessary words. In clause (2), the words the waste of precious metals . . . decides is necessary for refining and minting are substituted for The difference between the amount charged and credited to each officer . . . as necessary wastage, if . . . shall be satisfied that there has been a bona fide waste of the precious metals for consistency in the subsection and to eliminate unnecessary words. In clause (3), the words limitations prescribed for refining are substituted for that provided for the melter and refiner in 31:283(2d, last sentences) for consistency in the subsection. The word bona fide is omitted as being included in necessary.

In subsection (c), the words It shall also be the duty of the superintendent to forward a correct statement of his balance sheet are omitted as superseded by the source provisions restated in section 321(c) of the revised title. The words mints and assay offices are substituted for mint for consistency in the section.

In subsection (d), the words National Bureau of Standards of the Department of Commerce are substituted for Bureau of Standards of the United States because of 15:1511. The words from .01 grain are substituted for from the hundredths part of a grain for consistency. The words under the inspection of the superintendent and assayer are omitted as superseded by the source provisions restated in section 321(c) of the revised title. The words and the accuracy of those used at the mint at Philadelphia shall be tested annually in the presence of the assay commissioners, at the time of the annual examination and test of coins are omitted because the position of assay commissioner was abolished by section 201 of the Act of March 14, 1980 (Pub. L. 96–209, 94 Stat. 98).

Amendments

1988—Subsec. (a)(1). Pub. L. 100–274, §2(c)(4), substituted each mint and superintendent receives for each mint and the assay office at New York and the officer in charge of the assay office at San Francisco and superintendent or officer receives, respectively.

Subsec. (a)(2). Pub. L. 100–274, §2(c)(5), substituted credit each superintendent with the amount and superintendent returns for credit each superintendent and the officer with the amount and superintendent or officer returns, respectively.

Subsec. (a)(3). Pub. L. 100–274, §2(c)(6), substituted superintendent, who for superintendent and the officer, who.

Subsec. (b). Pub. L. 100–274, §2(c)(7), inserted heading and amended subsec. (b) generally. Prior to amendment, subsec. (b) read as follows: At least once a year, the Secretary shall settle the accounts of the superintendents and the officer in charge. At settlement, each superintendent and the officer shall return to the Secretary coins, clippings, and other bullion in their possession with a statement of bullion received and returned since the last settlement (including bullion returned for settlement). The Secretary shall—

(1) audit the accounts and statements of each superintendent and the officer;

(2) allow each superintendent the waste of precious metals, within limitations prescribed by the Secretary, that the Secretary decides is necessary for refining and minting; and

(3) allow the officer the waste, within the limitations prescribed for refining, that the Secretary decides is necessary in casting fine gold and silver bars, except that the waste allowance may not apply to deposit operations.

Subsec. (c). Pub. L. 100–274, §2(c)(9), struck out and assay offices after total liabilities of the mints.

Subsec. (d). Pub. L. 100–418 substituted National Institute of Standards and Technology for National Bureau of Standards.

Pub. L. 100–274, §2(c)(10), struck out and assay office after procure for each mint and and assay offices after transactions at the mints.

U.S. Encyclopedia of Law Coverage

Subchapter III – United States Mint in the Legal Encyclopedia: Money

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