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December 30,1933.

Instructions from Treasury Department in Connection with Order o f Secre­
tary of Treasury Requiring the Delivery o f Gold Coin, Gold Bullion
and Gold Certificates to the Treasurer o f the United States

To the Member Bank Addressed:

We are advised by the Treasury Department that in order to facilitate imme­
diate payment for gold coin, gold bullion, and gold certificates delivered under the
Secretary of the Treasury’s order of December 28, 1933, member banks are authorized,
if they wish, to advance payment to the persons delivering gold coin and gold cer­
tificates, dollar for dollar, and gold bullion at $20.67 per fine ounce, and Federal
reserve banks may credit such member banks such amounts and debit the account
o f the Treasurer of the United States upon receipt of advice that the gold coin, gold
bullion, and gold certificates are held by the member banks in custody for the United
States and are forthwith being delivered to the Federal Reserve Bank to be held in
custody for the Treasurer of the United States.
Gold coin and gold bullion of doubtful value should be accepted and held in
custody for account of the United States and instructions requested o f the Treasurer
o f the United States as to its disposition and payment therefor. United States gold
coin which is obviously mutilated or below the weight of tolerance allowed by law
should be treated as bullion of uncertain value and confirmation should go direct to
the Treasurer with request for instructions. Member banks will not, however, be
charged on account of any loss for underweight coins on which they advance pay­
ment in good faith. No specific form will be prescribed for confirmation to Treasurer
by member banks. Confirmation will be required only for such deposits as are not
paid for by the bank. Such confirmation should give name and address o f depositor;
also signature if conveniently obtainable, and state definitely that payment has not
been made.
Yours very truly,



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