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F E D E R A L R E S E R V E BANK O F NEW YORK Fiscal Agent of the United States I Circular No. 40" ^February 11, 19! UNITED STATES GOLD COIN OF RECOGNIZED SPECIAL VALUE TO COLLECTORS OF RARE AND UNUSUAL COIN T o A ll Banks and Trust C om panies in the S econ d F ed eral R e s e r v e D istrict: For your information the follow ing is the text of a letter dated January 29, 1954, received by us from the Acting Secretary of the Treasury: It appears that United States gold c o in s are being delivered to banks by persons who are not informed o f the fa ct they can continue to h old, acquire, transport or s e ll such c o in s if they were o f recog n ized s p e c ia l value to c o lle c to r s of rare and unusual co in on A pril 5, 1933. T h e s e c o in s were not required to be delivered to the United States under the 1933 gold orders. Rare g o ld co in s may only be exported from the United S tates, how ev er, under lice n se issu ed by the D irector of the Mint. Y ou are authorized to inform the banks in your d istrict that prior to a ccep tin g a d ep osit o f United States g old c o in s they may a d vise the d ep ositor to con su lt a recog n ized numismatist for an opinion as to whether the co in s are o f recog n ized s p e c ia l va lu e, as d escrib e d a b ov e. The foregoing supplem ents, but d oes not su p ersed e, the Instructions o f the Secretary of the Treasury, dated January 17, 1934, a co p y o f which is e n c lo s e d . Any gold c o in s , whether or not rare, d e p osited in a bank becom e the property of the United States and must be forwarded, in accord a n ce with these instructions. Further, pursuant to the P roclam ation o f D ecem ber 30, 1933, no bank loca ted in the United States may pay out gold c o in s to any person u n less e x p re ssly authorized by the Treasury Department. A copy o f the instructions o f the Secretary of the Treasury dated January 17, 1934, men tioned in the letter, is printed on the reverse side. Additional co p ie s o f this circular w ill be furnished upon request. A llan S proul, President. (OVER) INSTRUCTIONS SENT B Y THE SECRETARY OF THE TREASURY ON J A N U A R Y 17, 1934 TO THE TREASURER OF THE UNITED STATES, THE UNITED STATES MINTS A N D A S S A Y OFFICES A N D THE FISCAL AGENTS OF THE UNITED STATES, CONCERNING W R O N G FU LLY W ITH H ELD GOLD COIN, GOLD BULLION A N D GOLD CERTIFICATES DELIVERED AFTER J A N U A R Y 17, 1934. T h e O rd er o f the S ecreta ry o f the T reasu ry dated Janu ary 15, 1934, supplem enting the O rd e r o f D ece m b e r 28, 1933, R equ irin g th e D eliv ery o f the G old Coin, G old B ullion and G old C ertificates to the T rea su rer o f the U nited States provides, in part, as fo llo w s : “ * * * I H E N R Y M O R G E N T H A U , JR ., S E C R E T A R Y O F TH E T R E A S U R Y , d o h ere by fix m idn igh t o f W ed n esd a y, J an uary 17, 1934, as the ex p iration o f the p eriod w ith in w h ich any g o ld coin, g o ld bullion, or g o ld certificates m ay be p a id and delivered to th e T reasu rer o f the U nited States in com p lia n ce with th e requirem ents con tain ed in such O rd er o f D e ce m b e r 28, 1933, as am en ded . “ In the event th at any g o ld coin, g o ld bullion o r g o ld certificates w ithheld in n on com p lian ce w ith said O rd er and o f th is O rd er are o ffe re d a fter Janu ary 17, 1934, to the S ecretary o f the T reasu ry, th e T reasu rer o f the U nited States, any U nited States m int or assay office, o r to any fiscal a g en t o f the U nited States, there shall be paid th e r e fo r only such p a rt or none o f th e am oun t otherw ise p a y a b le th e r e fo r as the Sec retary o f the T reasu ry m ay fro m tim e to tim e p rescribe and the w h ole or any balance shall be retain ed and a p p lied to the pen alty p a y a b le f o r failu re to co m p ly w ith the re quirem ents o f such O rd e r and o f this O rder. T h e a ccep ta n ce o f any such coin, bullion, or certificates a fte r January 17, 1934, w h eth er o r n ot a p art or all o f the am ount oth er w ise p a y a b le th e r e fo r is so retain ed, shall be w ith ou t p re ju d ice to the righ t to co lle c t by suit or oth erw ise th e fu ll pen alty p rov id ed in Section 11 (n ) o f th e F ed era l R e serve A ct, as am en ded , less such portion o f the pen alty as m ay have been retain ed as h ere in b e fo re p ro v id e d .” S u b je ct to the righ ts reserved in said O rd e r o f January 15, 1934, su p plem en tin g th e O rder o f D ece m b e r 28, 1933 req u irin g the delivery o f g o ld coin , g o ld bullion and g o ld certificates to th e T reasu rer o f th e U nited States, and w ith ou t p re ju d ice to the righ t to alter or am end these instructions fro m tim e to tim e by n otice to the T reasu rer o f the U nited States, the U nited States Mints and A ssay Offices, and the F ed era l reserve banks, I d o h ereby p rescribe th at in the event th at any g o ld coin, g o ld bu llion or g o ld certificates held in n on com p lia n ce w ith said O rd er o f D e ce m b e r 28, 1933, as am en ded, and said O rd e r o f January 15, 1934, are o ffe re d a fte r Jan uary 17, 1934, to the Secretary o f the T reasu ry, the T reasurer o f the U nited States, any U nited States M int or A ssay O ffice or to any fiscal a g en t o f the U nited States, the S ecretary o f the T reasu ry, the T rea su rer o f the U nited States, an y U nited States M int or A ssay O ffice, and the fiscal agen ts o f th e U nited States shall pay f o r such g o ld coin and g o ld certificates th e d olla r fa c e am ou n t th e re o f, and fo r g o ld bu llion $20.67 an ounce. M em ber bank s o f the F ed era l R e serve System m ay receiv e such g o ld coin, g old bu llion and g o ld certificates f o r accou n t o f the T rea su rer o f the U nited States and fo rth w ith fo r w a r d the same to the S ecretary o f the T rea sury, th e T reasu rer o f the U nited States, any U nited States M int or A ssay O ffice o r any fiscal a g en t o f th e U nited States, w h ich e v e r is nearest. H. M O R G E N T H A U , JR. S ecretary o f the T reasury FEDERAL RESERVE BANK OF NEW Y O R K F ebruary 11, 1954. T o all Banking Institutions in the Second Federal R eserv e D istrict: W e are pleased to announce that the A lden State Bank, Alden, New Y ork , has become a member o f the Federal Reserve System effective F ebruary 11, 1954. A lla n S proul, P resident.
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