The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE BANK OF N EW YORK Fiscal Agent of the United States r Circular N o. 5 4 8 8 L M ay 1, 1964 Treasury Removes Restrictions on United States Gold Certificates Issued Before 1934 To All Banks and Trust Companies in the Second Federal Reserve District: The following statement was made public on April 24 by the Treasury Department: The Secretary of the Treasury today issued regulations removing all restrictions on the acquisition or holding of gold certificates which were issued by the United States Government prior to January 30, 1934. The main effect of this action will be to permit collectors to hold this type of currency. The restrictions which are being eliminated are considered no longer neces sary or desirable. Under the laws enacted in 1934, these pre-1934 gold certificates are not redeemable in gold. They will, of course, continue to be exchangeable at face value for other currency of the United States. The new regulation authorizing the holding of gold certificates applies only to United States gold certificates issued prior to January 30, 1934. The holding of any other type of gold certificates, including any issued by foreigners against gold held on deposit abroad, continues to be prohibited. Also, the status of the special series gold certificates issued by the U. S. Treasury only to the Federal Reserve System for reserve purposes is not affected. Printed on the reverse side of this circular is an excerpt from the Federal Register of April 25, containing a copy of the new regulations. Additional copies of this circular will be furnished upon request. 19 A lfred H ayes, President. ( ovek) 14 FIFTIETH ANNIVERSARY 19 6 4 Title 31— MONEY AND FINANCE: TREASURY § 53.1 Wrongfully withheld gold coin and gold bullion delivered after January 17, 1934. § 54.2 * General provisions. * * * * (b ) D elivery requirements o f 1933 gold orders. Executive Order 6102 o f A p ril 5, The order o f the Secretary o f the Treas 1933, Executive Order 6260 o f August 28, C h a p t e r I— M o n e ta r y O ffic e s , D e p a r t ury dated January 15, 1934, as amended, 1933, (31 C F R 1936 ed. Part 5 0 ), and the m e n t o f th e T re a s u ry supplementing the order o f December 28, order o f the Secretary o f the Treasury o f 1933, requiring the delivery o f gold coin PART 53— INSTRUCTIONS OF THE December 28, 1933, as amended and sup and gold bullion to the Treasurer o f the SECRETARY OF THE TREASURY plemented, required that, with certain ex United States provides, in part, as fo llow s: ceptions, all persons subject to the juris C O N C E R N IN G W R O N G F U L L Y * * * I, Henry Morgenthau, Jr., Secretary diction o f the United States deliver to the WITHHELD GOLD COIN AND GOLD of the Treasury, do hereby fix midnight of United States gold coins, gold bullion and BULLION DELIVERED AFTER JA N U Wednesday, January 17, 1934, as the expira gold certificates situated in the United tion of the period within which any gold coin A R Y 17, 1934 States and held or owned by such persons or gold bullion may be paid and delivered to on the dates o f such orders. Gold coins the Treasurer of the United States in compli P A R T 5 4 — G O L D R E G U L A T IO N S ance with the requirements contained in such having a recognized special value to col R e m o v a l o f D e liv e ry R e q u ire m e n ts fo r Order of December 28, 1933, as amended. lectors o f rare and unusual coin, including In the event that any gold coin or gold G o ld C e r tific a te s a n d G e n e r a l Li all gold coins made prior to A p ril 5, 1933, bullion withheld in noncompliance with said and gold certificates o f the type issued cense to H o ld G o ld C e r tific a te s Order and of this Order are offered after before January 30, 1934, have been ex 1. The Order o f the Secretary o f the January 17, 1934, to the Secretary of the empted from such delivery requirement. Treasury, the Treasurer of the United States, Treasury o f December 2 8 ,1 9 3 3 , as supple The regulations in this part do not alter any United States mint or assay office, or to mented and amended by Orders o f the or affect in any way the requirements any fiscal agent of the United States, there Secretary o f the Treasury o f January 15, under said orders to deliver gold bullion, shall be paid therefor only such part or none 1934, and July 1 4 ,1 9 5 4 , which required the and gold bullion required to be delivered of the amount otherwise payable therefor delivery to the United States o f gold bul pursuant to such orders is still required as the Secretary of the Treasury may from lion, gold certificates and gold coins situ time to time prescribe and the whole or any to be delivered and may be received in ated in the United States, except gold coins balance shall be retained and applied to the accordance with the Instructions o f the made prior to A p ril 5, 1933, is hereby penalty payable for failure to comply with Secretary o f the Treasury o f January 17, amended to exempt gold certificates from the requirements of such Order and of this 1934 ( § 5 3 .1 o f this chapter), subject to Order. The acceptance of any such coin or the provisions o f such Order, as amended. the rights reserved in such instructions. bullion after January 17, 1934, whether or The amendatory order will read as fo llow s: 3. A new subpart I, consisting o f one not a part or all of the amount otherwise D e p a r t m e n t of t h e T r e a s u r y section, § 54.83, is being added to the payable therefor is so retained, shall be with out prejudice to the right to collect by suit Gold Regulations (31 C F R Part 5 4 ). OFFICE OF THE SECRETARY or otherwise the full penalty provided in This new subpart, the text o f which is set Delivery of Gold Coin, Gold Bullion and Gold Section 11 (n) of the Federal Reserve Act, as forth below, grants in § 54.83 a general Certificates to the Treasurer of the United amended, less such portion of the penalty as license to all persons subject to the juris States may have been retained as hereinbefore diction o f the United States to acquire, Change in Requirements provided. hold, dispose of, export and import United The Order of the Secretary of the Treasury Subject to the rights reserved in said States gold certificates issued before Janu of December 28, 1933, as supplemented and Order o f January 1 5 ,1 9 3 4 , supplementing ary 30, 1934, which are situated inside or amended by the Orders of the Secretary of the order o f December 28, 1933, requiring outside the United States. Subpart I will the Treasury of January 15, 1934, and July the delivery o f gold coin and gold bullion read as follow s: 14, 1954 (19 F.R. 4331), required the de to the Treasurer o f the United States and livery to the United States of gold certifi S u b p a rt I— G e n e r a l License To H o ld without prejudice to the right to alter or cates and gold coin situated in the United G o ld C e r tific a te s States, except gold coins made prior to amend these instructions from time to time April 5, 1933. by notice to the Treasurer o f the United § 54.83— General license; gold certifi In my judgment the delivery requirements States, the United States mints and assay cates. with respect to gold certificates are no longer offices, and the Federal Reserve banks, I necessary to protect the currency system of do hereby prescribe that in the event that A general license is hereby granted li the United States. any gold coin or gold bullion held in noncensing all persons subject to the juris Accordingly, by virtue of the authority compliance with said order o f December diction o f the United States, as defined in vested in me by section 11 (n) of the Federal 28, 1933, as amended, and said order o f § 5 4 .4 ( 1 3 ) , to acquire, hold, dispose of, Reserve Act, as amended (12 U.S.C. 248 (n) ), January 15, 1934, are offered after Janu I hereby amend effective upon publication export and import United States gold in the F e d eral R e g is te r , the Order of the ary 17, 1934, to the Secretary o f the certificates issued before January 30, Secretary of the Treasury of December 28, Treasury, the Treasurer o f the United 1934. This general license applies to any 1933, as supplemented and amended by the States, any United States mint or assay such gold certificates whether situated in Orders of the Secretary of the Treasury of office or to any fiscal agent o f the United side or outside o f the United States. Such January 15, 1934, and July 14, 1954, by de States, the Secretary o f the Treasury, the certificates shall not be redeemable in gold, leting ‘ ‘ gold certificates ’ ’ wherever the same Treasurer o f the United States, any but may be exchanged at the dollar face appears therein. United States mint or assay office, and the amount thereof in other coins and cur Gold certificates will continue to be ex fiscal agents o f the United States shall pay rencies o f the United States which may changeable in other lawful coin or currency for such gold coin the dollar face amount as provided in 31 U.S.C. 773(a). be lawfully acquired and are legal tender thereof, and for gold bullion $20.67 an for public and private debts. In view o f the foregoing amendment to ounce. Member banks o f the Federal The foregoing amendment o f § 5 4 .2 (b ) the order o f the Secretary o f the Treasury Reserve System may receive such gold and new subpart I are effective upon pub o f December 28, 1933, as supplemented coin and gold bullion for account o f the lication in the F e d e r a l R e g is t e r . They and amended, exempting gold certificates Treasurer o f the United States and forth are added to the Gold Regulations without from the provisions thereof, the Instruc with forward the same to the Secretary notice and public procedure thereon as tions o f the Secretary o f the Treasury o f the Treasury, the Treasurer o f the such proceedings are deemed to be un Concerning W ron gfu lly Withheld Gold United States, any United States mint or necessary. Coin, Gold Bullion and Gold Certificates assay office or any fiscal agent o f the (Sec. 54.83 issued under sec. 5 (b ), 40 Stat. Delivered after January 1 7 ,1 9 3 4 (31 C F R United States, whichever is nearest. 415, as amended, sec. 3, 48 Stat. 2; 12 U.S.C. 53.1) are hereby amended by deleting (Sec. 3, 48 Stat. 2 ; 12 U.S.C. 248(n )) 95a, 12 U.S.C. 248(n) ; E.O. 6260, August 28 therefrom “ gold certificates” wherever the 1933, as amended by E.O. 10896, November 2. Section 5 4 .2 (b ) D elivery require same appears therein. 29, 1960, E.O. 10905, January 14, 1961, and This amendment is effective upon pub ments o f 1933 gold orders o f the Gold E.O. 11037, July 20, 1962; E.O. 9193, as Regulations (31 C F R Part 54) is being lication in the F e d e r a l R e g is t e r and is amended, 7 F.R. 5205; 3 CFR 1943 Cum amended in order to reflect the removal made without notice and public procedure Supp.) of the delivery requirements for gold cer thereon as such proceedings are deemed Ts e a l I D o u g las D il l o n , tificates in § 53.1 o f this chapter and the to be unnecessary. Secretary o f the. Treasuri/. addition o f § 54.83, licensing the holding The heading o f Part 53 is changed to o f gold certificates. Section 5 4 .2 (b ) as read as set forth above, and § 53.1 is [F.R. Doc. 64-4150; Filed, Apr. 24, 1964amended, will read as fo llow s: amended to read as fo llo w s : 8:5 2 a.m.]
@FedFRASER