Refining Assaying And Valuation Of Bullion
The Secretary of the Treasury shall
melt and refine bullion
as required, assay coins, metal, and bullion
cast gold and silver bullion deposits into bars and
cast alloys into bars for minting coins.
A person owning gold or silver bullion may deposit the bullion with the Secretary to be cast into fine, standard fineness, or unrefined bars weighing at least 5 troy ounces. When practicable, the Secretary shall weigh the bullion in front of the depositor. The Secretary shall give the depositor a receipt for the bullion stating the description and weight of the bullion. When the Secretary has to melt the bullion or remove base metals before the value of the bullion can be determined, the weight is the weight after the melting or removal of the metals. The Secretary may refuse a deposit of gold bullion if the deposit is less than $100 in value or the bullion is so base that it is unsuitable for the operations of the Bureau of the Mint.
When the gold and silver are combined in bullion that is deposited and either the gold or silver is so little that it cannot be separated economically, the Secretary may not pay the depositor for the gold or silver that cannot be separated.
Under conditions prescribed by the Secretary, a person may exchange unrefined bullion for fine bars when
gold and silver are combined in the bullion in proportions that cannot be economically refined or
necessary supplies of acids cannot be procured at reasonable rates.
|37 Stat. 384 .|
What Is An American Silver Eagle Coin
Silver Eagles are the official silver bullion coin of the United States. In a sense, it inherits the legacy of the Peace dollar and the Morgan silver dollarthe last two silver dollar coins issued as circulating money. But unlike these silver dollars, the American Silver Eagle is 99.9% pure silver, also called .999 fine silver.
American Silver Eagle design, Type 1.
The iconic design of the Silver Eagle also has historical connections. The obverse side uses an enlarged and slightly modified version of the image on the Walking Liberty half dollar designed by A.A. Weinman. Lady Liberty is depicted striding toward the rising sun.
The original reverse design of the coin, used from 1986 through the first half of 2021, was created by engraver John Mercanti. It features an heraldic eagle carrying arrows and an olive branch in its talons. There is an inscription for the national motto, “E PLURIBUS UNUM.”
Partway through 2021, the reverse of the Silver Eagle was updated with a new design of an eagle approved by the Citizens Coinage Advisory Committee. It is known as the Type 2 American Silver Eagle.
You can learn more about Silver Eagles by following the link.
As International Reserve Currency
The U.S. dollar is joined by the world’s other major currencies – the euro, pound sterling, Japanese yen and Chinese renminbi – in the currency basket of the special drawing rights of the International Monetary Fund. Central banks worldwide have huge reserves of U.S. dollars in their holdings and are significant buyers of U.S. treasury bills and notes.
Foreign companies, entities, and private individuals hold U.S. dollars in foreign deposit accounts called eurodollars , which are outside the jurisdiction of the Federal Reserve System. Private individuals also hold dollars outside the banking system mostly in the form of US$100 bills, of which 80% of its supply is held overseas.
The United States Department of the Treasury exercises considerable oversight over the SWIFT financial transfers network, and consequently has a huge sway on the global financial transactions systems, with the ability to impose sanctions on foreign entities and individuals.
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Buying And Selling Gold And Silver
With the approval of the President, the Secretary of the Treasury may
buy and sell gold in the way, in amounts, at rates, and on conditions the Secretary considers most advantageous to the public interest and
buy the gold with any direct obligations of the United States Government or United States coins and currency authorized by law, or with amounts in the Treasury not otherwise appropriated.
Amounts received from the purchase of gold are an asset of the general fund of the Treasury. Amounts received from the sale of gold shall be deposited by the Secretary in the general fund of the Treasury and shall be used for the sole purpose of reducing the national debt.
The Secretary shall acquire gold for the coins issued under section 5112 of this title by purchase of gold mined from natural deposits in the United States, or in a territory or possession of the United States, within one year after the month in which the ore from which it is derived was mined. The Secretary shall pay not more than the average world price for the gold. In the absence of available supplies of such gold at the average world price, the Secretary may use gold from reserves held by the United States to mint the coins issued under section 5112 of this title . The Secretary shall issue such regulations as may be necessary to carry out this paragraph.
|81 Stat. 77 .|
References in Text
Statutory Notes and Related Subsidiaries
Effective Date of 1985 Amendments
The History Of The Us Mint
The United States Mint was established by Congress, through the Coinage Act in 1792, as the United States official manufacturer of legal tender and circulating currency. The US government mint was created because the American nation faced the critical need to have its own national unified monetary system. The mints first headquarters was set up in Philadelphia, is the first federal building that was built under the United States Constitutional Law.
In 1799, the official headquarters of the mint became a sovereign agency. The mints which existed until the unified currency was established, sustained their activity for the sole purpose of converting into legal tender all regional gold coins. During the Civil War, these mints were also seized to manufacture Confederate currency and closed right after the war ended. The U.S. mint also produced official gold Congressional Medals and used to produce all of the precious metals military decorations of the United States Army. The mint became a part of Americas Department of the Treasury only through the new Coinage Act adopted in 1873. In 1981, the US Mint was established under the US Treasurers direct providence. Today, the US Government Mint positions itself as the connector of American national founding principles and the makings of the US economy.
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Conversion Of Currency Of Foreign Countries
In this section
“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.
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.
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.
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 of this section for the quarter in which the merchandise is exported.
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
equal to the buying rate at noon on the day the merchandise is exported or
American Silver Eagle Coins
First issued in 1986, the American Silver Eagle coin series is produced from .999 fine silver and features only one weight option: 1 troy ounce. Still, the US Mint strikes this stunning coin in three versions: proof, uncirculated and burnished. The coin carries a $1 USD denomination and its weight and purity are assured by the US Government. Over the last decade, the mint issued about 40 million one-dollar American Silver Eagles during each year of the program. For this reason, these superb coins are highly sought-after and are regarded as a must-have addition to any collection.
These coins carry a unique design. On the obverse is showcased the image of Walking Liberty, first created by Adolph A. Weinman in 1916 for the Walking Liberty Half Dollar, which was minted from 1916 to 1947. The image portrays Lady Liberty confidently walking towards the rising sun with her figure enveloped in the folds of the American flag while her left arm clutches oak and laurel branches.
On the reverse side of the coin is the heraldic bald eagle with its wings outstretched, clutching arrows and an olive branch in its talons. This magnificent image was designed in 1986 by John Mercanti, the Chief Engraver of the US Mint at that time.
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United States Mint Silver Coins
Silver coins hold tremendous significance among collectors, and are often a component of a diversified portfolio. United States Mint Silver coins are coveted for their beauty, design, and historical value. Many countries have silver coins, but coins issued and minted by the United States are among the most popular with collectors. In addition to minting currency for circulation for everyday transactions, the U.S. Mint has created many series of beautiful numismatic silver coins. Popular series include American Silver Eagles which are considered by many collectors to be among the most beautiful of minted silver coins. There are also America the Beautiful, Modern Silver Commemoratives that honor historic U.S. anniversaries, and the Silver Peace Dollars which were minted to honor the end of World War I.
Today’s American silver coins are currently struck at four U.S. Branch mints, each identified by their individual mintmarks: Philadelphia , Denver , San Francisco , and West Point . Older coins may also feature “CC” or “O” mintmarks – identifying them as products from the Carson City and New Orleans mints, respectively – both of which ceased production around the turn of the 20th Century.
United States Mint Branches
Today, the US Mint boasts of four operational minting facilities and an excellent, secure storage facility. The branches are all located in Philadelphia, Denver, San Francisco, and West Point . Furthermore, the world-famous bullion depository, Fort Knox in Kentucky, is under the authority of the United States Mint as well. When the Mint of United States got instituted in 1792, it was a part of the State Department. However, it was given independent agency status in 1799.
Although one of the primary functions involves the striking of legal coinage for circulation, it is responsible for other areas like producing national commemorative medals, Congressional gold medals, and special coinage. Furthermore, it also disburses gold and silver for specific authorized purposes, safeguards and controls the movement of bullion in the United States, and distributes coins from its various facilities to Federal Reserve Banks.
The Philadelphia Mint was the first facility and remained the sole producer of official proof coinage until the year 1968. Moreover, the famed P mintmark got added to coins only after 1980 coins struck at Philadelphia before 1980 did not bear the P mintmark .
Denver & San Francisco Mint
West Point Mint
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The Daily Journal Of The United States Government
This site displays a prototype of a Web 2.0 version of the daily Federal Register. It is not an official legal edition of the Federal Register, and does not replace the official print version or the official electronic version on GPOs govinfo.gov.
The documents posted on this site are XML renditions of published Federal Register documents. Each document posted on the site includes a link to the corresponding official PDF file on govinfo.gov. This prototype edition of the daily Federal Register on FederalRegister.gov will remain an unofficial informational resource until the Administrative Committee of the Federal Register issues a regulation granting it official legal status. For complete information about, and access to, our official publications and services, go to About the Federal Register on NARA’s archives.gov.
The 2019 Uncirculated American Eagle Silver Dollar
Early IssueMS70one full ounce of 99.9% silverguaranteed by the U.S. governmentdifficult to findvery small numberEarly Issue statusrare chanceexceptionally high quality
- Be certified and authenticated by PCGS, protected in an official, sonically sealed holder with a label attesting to its exclusive status.
- Bear the important Early Issue designation, guaranteeing that it was released within the first 20 business days of the U.S. Mints initial issue.
- Be one of the highest-quality coins produced by the U.S. Mint, its MS70 condition representing the flawless uncirculated 70 grade.
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World War Ii 2 Pc Proof Set
Honoring the 100th anniversary of the dedication of the Statue of Liberty
- A truly American coin & the most popular commemorative edition of all time
- 90% Silver dollar and clad half dollar gorgeously housed in OGP
The Statue of Liberty series is among the most important and popular commemorative coins released by the United States Mint. The Silver Dollar features the Statue of Liberty’s torch designed by the famous John Mercanti, while the half dollar features an immigrant family entering America through Ellis Island. A cherished collectible, this 2 piece set has become an heirloom for American families!
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A Nickel Is Worth More Than A Dime
The transition away from using gold and silver in US coins has led to some strange dilemmas. For example, today the US Mint spends more to produce 5-cent nickels than to make 10-cent dimes. Prior the 1965, the dime contained 90% silver. That precious metals content made the dime more costly to produce than the nickel.
Nowadays, the dime is made primarily of copper, while the 5-cent coin continues to be made from nickel. The value of the metal content was recently estimated at 11.18 cents as opposed to a cost of just 5.65 cents for the smaller dime. The Mint absorbs a loss on every nickel it strikes and it is likely only a matter of time before the Mint starts using a lower cost base metal, or abandons that coin altogether.
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America The Beautiful Silver Coins
Another popular US silver coin design is the America The Beautiful coin, which depicts various American National Parks and famous sites. The series was released by the mint after the incredible popularity of its state quarters, minted from 1999 to 2008, and features on the reverse a different national park, landmark, or national forest from each of the 50 states. Following this successful coin program, in 2010, the mint introduced the 5 oz. America the Beautiful .999 fine silver bullion quarters, which also honor national forests, parks, and monuments of the Nation.
Each year, the mint releases five coins, each representing a particular jurisdiction within the country through its reverse design. The series will continue until 2021, producing a total of 56 quarter dollars. The coins feature the same obverse design, the left-profile portrait of President George Washington, as seen on circulation quarters and created in 1932 by John Flanagan. Below you will find a table with the scheduled reverse designs.
Bullion Exchanges offers a wide selection of US silver coins including, but not limited to, the American Silver Eagle, and the America The Beautiful Quarters Series. If you have questions, please do not hesitate to contact us at 800.852.6884. You can also connect with our customer service team via our live chat feature or by submitting your inquiries by email at .
US Mint Silver Coins
Gold Standard 20th Century
Though the dollar came under the gold standardde jure only after 1900, the bimetallic era was ended de facto when the Coinage Act of 1873 suspended the minting of the standard silver dollar of 412.5 grains, the only fully legal tender coin that individuals can convert bullion into in unlimited quantities, and right at the onset of the silver rush from the Comstock Lode in the 1870s. This was the so-called “Crime of ’73”.
The Gold Standard Act of 1900 repealed the U.S. dollar’s historic link to silver and defined it solely as 23.22 grains of fine gold . In 1933, gold coins were confiscated by Executive Order 6102 under Franklin D. Roosevelt, and in 1934 the standard was changed to $35 per troy ounce fine gold, or 13.71 grains per dollar.
After 1968 a series of revisions to the gold peg was implemented, culminating in the Nixon Shock of August 15, 1971, which suddenly ended the convertibility of dollars to gold. The U.S. dollar has since floated freely on the foreign exchange markets.
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