« PreviousContinue »
AUTHORITY: The provisions of this part 100
Subpart A-In General Issued under sec. i, 49 Stat. 938; 31 U.S.C. 773a.
§ 100.3 Lawfully held coins and curren
cies in general. SOURCE: The provisions of this part 100 contained in Department Circular 55, Re The official agencies of the Treasury vised, 31 F.R. 9493, July 13, 1966, unless Department will continue to exchange otherwise noted.
lawfully held coins and currencies of the CROSS REFERENCE: For regulations of the United States, dollar for dollar, for other Federal Reserve system, see 12 CFR Chapter coins or currencies which may be lawII.
fully acquired and are legal tender for $ 100.2 Scope of regulations; transac
public and private debts. Paper curtions effected through Federal Re. rency of the United States (including serve banks and branches; distribu national bank notes and Federal Reserve tion of coin and currencies.
bank notes in process of retirement and
Federal Reserve notes) which has been The regulations in this part govern the
falsely altered and coins altered to renexchange of the coin and paper currency
der them available for use as other deof the United States (including national
nominations will not be redeemed since bank notes and Federal Reserve bank
such currency and coins are subject to notes in process of retirement and Fed
forfeiture under title 18, U.S. Code, seceral Reserve notes). Under authoriza
tion 492. Persons receiving such curtion in the act approved May 29, 1920, 41
rency and coins should notify immediStat. 655 (31 U.S.C. 476), the Secretary
ately the nearest local office of the U.S. of the Treasury transferred to the Fed Secret Service of the Treausry Departeral Reserve banks and branches the ment and hold the same pending advice duties and functions performed by the from that Service. former Assistant Treasurers of the United States in connection with the ex
$ 100.4 Gold coin and gold certificates
in general. change of paper currency and coin of the United States. Except for the duties in
The exchange of gold coin pursuant to this respect to be performed by the the regulations in this part shall be subTreasurer of the United States and the
ject to such limitations or requirements Director of the Mint as may be indicated
as may be applicable under the acts, orfrom time to time by the Secretary of the
ders, regulations, and instructions relatTreasury exchanges of the paper cur
ing to gold. Gold certificates of the type rency and coin of the United States and
issued before January 30, 1934, are ex
changeable, as provided in this part, into the distribution and replacement thereof will, so far as practicable, be effected
other currency or coin which may be through the Federal Reserve banks and
lawfully issued. branches. The Federal Reserve banks Subpart B-Exchange of Mutilated and branches are authorized and directed
Paper Currency to make an equitable and impartial dis
§ 100.5 Mutilated paper currency. tribution of available supplies of currency and coin in all cases directly to Lawfully held paper currency of member banks of the Federal Reserve United States which has been mutilated System and to nonmember commercial
will be exchanged at its face amount if banks. Applications, therefor should be
clearly more than one-half of the origimade to the Federal Reserve bank or
nal whole note remains. Fragments of branch of such bank which serves the
such mutilated currency which are not territory in which the applicant bank is
clearly more than one-half of the origi
nal whole note will be exchanged at located. Deliveries to and from mem
face value only if the Treasurer of the ber banks and to and from nonmember
United States is satisfied that the misscommercial banks shall be made under
ing portions have been totally destroyed. such terms and conditions as may be
His judgment shall be based on such prescribed by the Federal Reserve banks.
evidence of total destruction as he deems Nothing in the authorization set forth
necessary and shall be final. above shall be regarded as requiring Fed
[35 F.R. 17841, Nov. 20, 1970] eral Reserve banks and branches to supply currency and coin to other financial & 100.6 Destroyed paper currency. institutions or to the general public.
No relief will be granted on account (Amdt. 1, 31 F.R. 16226, Dec. 20, 1966)
of lawfully held paper currency of the
United States which has been totally destroyed. (35 F.R. 17841, Nov. 20, 1970) Subpart C—Exchange of Mutilated
Coin SOURCE: The provisions of this Subpart C appear at 34 F.R. 16427, Oct. 16, 1969, unless otherwise noted. 8 100.10 Mutilated coin; in general.”
(a) Mutilated coins of 90 percent silver are not accepted at their face amount but at their bullion or metal value, calculated at the price fixed by the Director of the Mint in accordance with $ 100.14. Mutilated coins which were minted under authority of Public Law 89-81 are accepted at the value at which coins of 90 percent silver of the equivalent denomination would be accepted in similar condition, in accordance with such comparative measurement as is feasible. Mutilated coins which are so defaced or fused together as not to be readily and clearly identifiable as to genuiness and denomination will be accepted at their bullion or metal value. Mutilated minor coins are accepted at their bullion or metal value.
(b) Coins are mutilated when punched, clipped, plugged, fused together, or when so defaced as to be not readily and clearly identifiable as to genuineness and denomination. Coins containing lead, solder, or other substances which will render them unsuitable for coinage metal will not be accepted. Coins that are bent or twisted out of shape, but are readily and clearly identifiable as to genuineness, and coins that have been reduced in weight by natural abrasion only, are not regarded as mutilated, and will be received at face amount. $ 100.12 Where mutilated coins should
be transmitted. Multilated coins shall not be transmitted to the Federal Reserve bank or branches or to the Treasurer of the United States but should be forwarded to the New York Assay Office. [35 F.R. 11020, July 9, 1970) $ 100.13 Criminal penalties.
Criminal penalties connected with the defacement or mutilation of U.S. coins
are provided in United States Code, title 18, section 331. $ 100.14 Standard silver dollars, subsid
iary silver coins, and coins minted
under authority of Public Law 89-81. (a) Mutilated coins will be purchased at the New York Assay Office. They should be transmitted to the Assay Office at the expense and risk of the owner (charges prepaid). Mutilated coins of 90 percent silver will be purchased at the price fixed from time to time by the Director of the Mint, which is approximately the market price of silver bullion on the date purchased, or the monetary value of silver contained in the coins, whichever is lower. Multilated silver coins shall not be commingled with other types of coins in the shipment.
(b) Mutilated clad coins minted under the authority of Public Law 89–81 will be paid for in accordance with the provisions of $ 100.10. [34 F.R. 16427, Oct. 16, 1969, as amended at 35 F.R. 11020, July 9, 1970] $ 100.15 Minor coins.
Mutilated minor coins (1-сent bronze and 5-cent nickel) will be purchased in lots of not less than 5 pounds of each kind, at a price (the approximate value as metal) fixed from time to time by the Director of the Mint, and should be transmitted at the expense and risk of the owner (charges prepaid). One-cent and 5-cent coins in the same shipment shall be segregated by denomination.
Subpart D-Other Information $ 100.16 Shipments of coins.
Coins unfit for further circulation, forwarded for redemption at face value, must be shipped at the expense and risk of the owner. Shipments of subsidiary or minor coins for redemption at face value should be sorted by denomination into packages in sums of multiples of $20. Not more than $1,000 in any silver or clad coin, $200 in 5-cent pieces, or $50 in 1-cent pieces, should be shipped in ono bag or package. $ 100.17 Exchange of paper and coin to
be handled through Federal Reserve
banks and branches. By taking advantage of the facilities provided at the Federal Reserve banks and branches for the exchange of paper currency and coin, applicants are enabled to have such transactions effected within a shorter time and at a lower cost for
1 Silver coins which have been melted or treated in violation of Part 82 of this chapter, or any metal resulting from such melting or treating, are subject to forfeiture as provided in section 106 of the Coinage Act of 1965 (79 Stat. 255; 31 U.S.C. 396).
transportation charges, as a general rule, PART 102-INSTRUCTIONS RELATING than would be possible through the TO REPORTS OF CURRENCY TRANSTreasurer of the United States at Wash
ACTIONS ington. So far as practicable, therefore, such transactions should be handled
Sec. through the Federal Reserve banks and
102.1 Reports of currency transactions re
102.2 Filing of reports. $ 100.18 Location of Federal Reserve 102.3 Identification required. banks and branches.
102.4 Definitions. The Federal Reserve banks and
AUTHORITY: The provisions of this part 102
issued under R.S. 251, sec. 5(b), 40 Stat. 415, branches are located in Boston, Mass.;
as amended; 31 U.S.C. 427, 12 U.S.C. 95a and New York, N.Y.; Buffalo, N.Y.; Philadel
note, E.O. 8389, as amended by E.O.S 8405, phia, Pa.; Cleveland, Ohio; Cincinnati,
8446, 8484, 8493, 8565, 8701, 8711, 8721, 8746, Ohio; Pittsburgh, Pa.; Richmond, Va.; 8785, 8832, 8963, 8998, 9760; 3 CFR, 1943 Cum. Baltimore, Md.; Charlotte, N.C.; Atlanta, Supp., 3 CFR, 1943-1948 Comp., E.O. 9193, as Ga.; New Orleans, La.; Jacksonville, amended by E.O.S 9567, 9788; 3 CFR, 1943 Fla.; Birmingham, Ala.; Nashville,
Cum. Supp., 3 CFR, 1943–1948 Comp. Tenn.; Chicago, Ill.; Detroit, Mich.; SOURCE: The provisions of this Part 102 St. Louis, Mo.; Louisville, Ky.; Memphis, appear at 24 F.R. 6242, Aug. 4, 1959; 24 F.R. Tenn.; Little Rock, Ark.; Minneapolis, 6390, Aug. 8, 1959, unless otherwise noted. Minn.; Helena, Mont.; Kansas City, Mo.; § 102.1 Reports of currency transactions Omaha, Nebr.; Denver, Colo.; Oklahoma
required. City, Okla.; Dallas, Tex.; El Paso, Tex.;
Commencing with transactions occurHouston, Tex.; San Antonio, Tex.; San
ring in the month of August 1959, every Francisco, Calif.; Los Angeles, Calif.;
financial institution in the United States Portland, Oreg.; Salt Lake City, Utah;
shall file monthly reports on Form TCRand Seattle, Wash.
1 concerning each deposit or withdrawal, 8 100.19 Counterfeit notes to be marked; or other payment or transfer, effected by,
“redemption" of notes wrongfully so through, or to such financial institution, marked.
which involves transactions in United The act of June 30, 1876 (19 Stat. 64;
States currency as follows: 31 U.S.C. 424), provides that all U.S.
(a) Transactions involving $2,500 or officers charged with the receipt or dis
more of United States currency in debursement of public moneys, and all
nominations of $100 or higher;
(b) Transactions involving $10,000 or officers of national banks, shall stamp
more of United States currency in any or write in plain letters the word “coun
denominations, and terfeit,” “altered,” or “worthless" upon
(c) Transactions involving any amount all fraudulent notes issued in the form
in any denominations, of, and intended to circulate as money, which shall be presented at their places
which in the judgment of the financial of business; and if such officers shall
institution exceed those commensurate
with the customary conduct of the busiwrongfully stamp any genuine note of
ness, industry or profession of the perthe United States, or of the national
son or organization concerned. banks, they shall, upon presentation, "redeem” such notes at the face amount
§ 102.2 Filing of reports. thereof.
Reports on Form TCR-1 shall be filed
on or before the 15th day of the month § 100.20 Disposition of counterfeit notes
following that in which the reported and coins.
transactions occur, with the Federal ReAll counterfeit notes and coins found serve Bank of the district in which the in remittances are canceled and deliy reporting financial institution is located. ered to the U.S. Secret Service of the All information called for in such form Treasury Department or to the nearest
shall be furnished. A supply of Form local office of that Service, a receipt for
TRC-1 may be obtained upon request the same being forwarded to the sender.
directed to any Federal Reserve Bank. Communications with respect thereto $ 102.3 Identification required. should be addressed to the Director, U.S. No financial institution shall effect Secret Service, Treasury Department, any transaction with respect to which a Washington, D.C. 20226.
report is required unless the person or
organizations with whom such transaction is to be effected has been satisfactorily identified. § 102.4 Definitions.
As used in this part "payment or transfer" shall include exchange of currency; and "financial institutions” shall mean banks, trust companies, savings banks, private bankers, investment bankers, building and loan associations, securities and commodities brokers, and currency exchanges and other persons or organizations engaged primarily in cashing checks and exchanging currency.
PART 120-PROCLAMATIONS AND
EXECUTIVE ORDERS CONCERNING
BANKING Sec. 120.1 Proclamaton 2039 of March 6, 1933,
declaring a bank holiday. 120.2 Proclamation 2040 of March 9, 1933,
continuing in force the bank holi
day. 120.3 Executive Order 6073 of March 10,
1933, concerning the operation of
banks. 120.4 Executive Order 6080 of March 18,
1933, concerning the appointment of conservators for State banks, members of the Federal Reserve Sys
tem. 120.5 Proclamation 2070 of December 30,
1933, concerning banking institutions not members of the Federal
Reserve System. 120.6 Executive Order 6559 of January 15,
1934, amending provisions concern
ing the operation of banks. 120.7 Proclamation 2725 of April 7, 1947, ex
cluding Federal Reserve banks from
scope of $ $ 120.1-120.3. $ 120.1 Proclamation 2039 of March 6,
1933, declaring a bank holiday. I, Franklin D. Roosevelt, President of the United States of America, in view of * * * national emergency and by virtue of the authority vested in me by said act (October 6, 1917, 40 Stat. 411) and in order to prevent the export, hoarding, or earmarking of gold or silver coin or bullion or currency, do hereby proclaim, order, direct and declare that from Monday, the sixth day of March, to Thursday, the ninth day of March, nineteen hundred and thirty-three, both dates inclusive, there shall be maintained and observed by all banking institutions and all branches thereof located in the United States of America, including the territories and insular possessions, & bank holiday, and that during said period
all banking transactions shall be suspended. During such holiday, excepting as hereinafter provided, no such banking institution or branch shall pay out, export, earmark, or permit the withdrawal or transfer in any manner or by any device whatsoever, of any gold or silver coin or bullion or currency or take any other action which might facilitate the hoarding thereof nor shall any such banking institution or branch pay out deposits, make loans or discounts, deal in foreign exchange, transfer credits from the United States to any place abroad, or transact any other banking business whatsoever.
During such holiday, the Secretary of the Treasury, with the approval of the President and under such regulations as he may prescribe, is authorized and empowered (a) to permit any or all of such banking institutions to perform any or all of the usual banking functions, (b) to direct, require or permit the issuance of clearing house certificates or other evidences of claims against assets of banking institutions, and (c) to authorize and direct the creation in such banking institutions of special trust accounts for the receipt of new deposits which shall be subject to withdrawal on demand without any restriction or limitation and shall be kept separately in cash or on deposit in Federal Reserve banks or invested in obligations of the United States.
As used in this section the term “banking institutions" shall include all Federal Reserve banks, national banking associations, banks, trust companies, savings banks, building and loan associations, credit unions, or other corporations, partnerships, associations or persons, engaged in the business of receiving deposits, making loans, discounting business papers, or transacting any other form of banking business. (Sec. 5(b), 40 Stat. 415, as amended, sec. 1, 48 Stat. 1; 12 U.S.C. 95a, 95b) (Proc. 2039, Mar. 6, 1933)
NOTE: $ 120.7 excludes from the scope of § 120.1 member banks of the Federal Reserve System. $ 120.2 Proclamation 2040 of March 9,
1933, continuing in force the bank
holiday. I, Franklin D. Roosevelt, President of the United States of America, in view of * * * continuing national emergency and by virtue of the authority vested in me by section 5(b) of the act of October 6, 1917 (40 Stat. 415; 12 U.S.C.
95a), as amended by the Act of March including any banking institution, shall 9, 1933 (48 Stat. 1; 12 U.S.C.), do hereby export or otherwise remove or permit to proclaim, order, direct and declare that be withdrawn from the United States or all the terms and provisions of the Proc any place subject to the jurisdiction lamation of March 6, 1933 ($ 120.1), and thereof any gold coin, gold bullion, or the regulations and orders issued there- gold certificates, except in accordance under are hereby continued in full force with regulations prescribed by or under and effect until further proclamation by license issued by the Secretary of the the President.
Treasury. (Sec. 5(b), 40 Stat. 415, as amended, sec. 13,
No permission to any banking institu48 Stat. 343; 12 U.S.C. 95a, 213; Proc. 2039, tion to perform any banking functions Mar. 6, 1933) (Proc. 2040, Mar. 9, 1933) shall authorize such institution to pay NOTE: $ 120.7 excludes from the scope of
out any gold coin, gold bullion or gold $ 120.2 member banks of the Federal Reserve
certificates except as authorized by the System.
Secretary of the Treasury, nor to allow § 120.3 Executive Order 6073 of March
withdrawal of any currency for hoarding. 10, 1933, concerning the operation
(Sec. 5 (b), 40 Stat. 415, as amended, secs. 4, of banks.
13, 48 Stat. 2, 343; 12 U.S.C. 95a, 213;
Proc. 2039, Mar. 6, 1933; Proc. 2040, Mar. 9, The Secretary of the Treasury is au 1933) [E.O. 6073, Mar. 10, 1933, as amended thorized and empowered under such reg by sec. 1, E.O. 6559, Jan. 15, 1934] ulations as he may prescribe to permit NOTE: $ 120.7 excludes from the scope of any member bank of the Federal Reserve $ 120.3 member banks of the Federal Reserve System and any other banking institu System. tion organized under the laws of the
$ 120.4 Executive Order 6080 of March United States, to perform any or all of 18, 1933, concerning the appointtheir usual banking functions, except as ment of conservators for State banks, otherwise prohibited.
members of the Federal Reserve The appropriate authority having im
System. mediate supervision of banking institu
Whenever the appropriate authority tions in each State or any place subject
having immediate supervision of any to the jurisdiction of the United States
banking institution located in any State is authorized and empowered under such regulations as such authority may pre
or place subject to the jurisdiction of the
United States, which is a member of the scribe to permit any banking institution in such State or place, other than bank
Federal Reserve System and which has ing institutions covered by the foregoing
not been licensed by the Secretary of the paragraph, to perform any or all of their
Treasury to resume its usual banking usual banking functions, except as other
functions, shall deem it necessary or adwise prohibited.
visable in order to conserve the assets of All banks which are members of the such banking institution for the benefit Federal Reserve System, desiring to re- of the depositors or other creditors, such open for the performance of all usual authority may, in accordance with the and normal banking functions, except as provisions of the applicable laws of such otherwise prohibited, shall apply for a State or place, appoint such appropriate license therefor to the Secretary of the official as may be authorized under such Treasury. Such application shall be laws to conserve the assets of such bankfiled immediately through the Federal ing institution pending further dispos Reserve banks. The Federal Reserve
tion of its business as provided by such bank shall then transmit such applica
laws. tions to the Secretary of the Treasury.
This order shall not authorize any such Licenses will be issued by the Federal
member bank to reopen for the performReserve bank upon approval of the Sec
ance of usual and normal functions until retary of the Treasury. The Federal Reserve banks are hereby designated as
it shall have received a license from the agents of the Secretary of the Treasury
Secretary of the Treasury as provided in for the receiving of application and the
Executive Order of March 10, 1933 issuance of licenses in his behalf and ($ 120.3). upon his instructions.
(Sec. 5 (b), 40 Stat. 416, as amended, secs. Until further order. no individual. 4, 13, 48 Stat. 2, 343; 12 U.S.C. 95a, 95, 213) partnership, association, or corporation, [E.O. 6080, Mar. 18, 1933]