The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
U. S. TREASURY DEPARTMENT OFFICE OF THE SECRETARY GOLD REGULATIONS [Reprinted from FEDERAL REGISTER, August 29, 1952] SEPTEMBER 29, 1952 UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1952 224035— 52 SUBPART F— PURCHASE OF GOLD B Y M IN T S SUBPART A---- GENERAL PROVISIONS Sec. 54.1 54.2 54.3 54.4 54.5 54.6 54.7 54.8 54.9 54.10 54.11 54.35 54.36 Purchase by mints. Gold recovered from natural deposits in the United States or any place subject to the jurisdiction thereof. 54.37 Gold contained in deposits of silver, other than newly mined domestic silver. 54.38 Scrap gold. 54.39 Gold refined from sweeps purchased from a United States mint. 54.40 Imported gold. 54.41 Gold refined from imported goldbearing material. 54.42 Deposits. 54.43 Rejection of gold by mint. 54.44 Purchase price. Authority for regulations. General provisions. Titles and subtitles. Definitions. General provisions affecting applica tions, statements, and reports. General provisions affecting licenses and authorizations. General provisions affecting export licenses. General provisions affecting import licenses. Forms available. Representations by licensees. Civil and criminal penalties. SUBPART G---- SALE OF GOLD B Y M IN T S SUBPART B— CO ND ITIO N S UNDER W H IC H GOLD M A Y BE ACQUIRED AND HELD , TRANSPORTED, MELTED OR TREATED, IMPORTED, EXPORTED, OR 54.51 54.52 EARMARKED 54.12 54.13 54.14 54.15 54.16 54.17 54.18 54.19 54.20 SUBPART H ---- IN STRU CTIO N S ISSUED PU RSU AN T TO T H E REGULATIONS I N T H IS PART Conditions under which gold may be acquired, held, melted, etc. Transportation of gold. Gold situated outside of the United States. Gold situated in the possessions of the United States. Fabricated gold. Metals containing gold. Unmelted scrap gold. Gold in its natural state. Rare coin. 54.60 54.22 54.23 54.24 54.25 54.26 54.27 54.70 Legal effect of amendment of regula tions. A u t h o r i t y : § § 54.1 to 54.70 issued under sec. 5 (b ), 40 Stat. 415, as amended, secs. 3, 8, 9, 11, 48 Stat. 340, 341, 342; 12 U. S. C. 95a, 31 U. S. C. 442, 733, 734, 822b, E. O. 6260, Aug. 28, 1933, E. O. 6359, Oct. 25, 1933; E. O. 9193, July 6, 1942, as amended, 7 F. R. 5205; 3 CFR 1943 Cum. Supp.; E. O. 10289, Sept. 17, 1951, 16 F. R. 9499; 3 CFR 1951 Supp. Thirty-five ounce exemption for proc essors. Licenses required. Issuance of licenses or general au thorizations. Applications. Licenses. Investigations; records; subpoenas. Reports. SUBPART A— GENERAL PR O V ISIO N S § 54.1 Authority for regulations. By virtue of and pursuant to: (a) The authority vested in the Sec retary of the Treasury by the Gold Re serve Act of 1934, approved January 30, 1934 (48 Stat. 337; 31 U. S. C. 440), and the authority with respect to the ap proval of regulations issued thereunder which the President of the United States has delegated to the Secretary of the Treasury in paragraph 2 (d) of Execu tive Order No. 10289 of September 17, 1951 (16 P. R. 9501) and (b) The authority which the President of the United States has delegated to the Secretary of the Treasury by Exec utive Orders Nos. 6260 of August 28, 1933 (31 CFR 1938 ed. Part 50), 6359 of October 25, 1933 and 9193 of July 6,1942, as amended (7 P. R. 5205, 3 CPR 1943 Cum. Supp.),, which delegations were made by the President of the United States by virtue of and pursuant to the authority vested in him by section 5 (b) of the act of October 6, 1917 (40 Stat. SUBPART D---- GOLD FOR T H E PURPOSE OF SETTLING INTERN ATION AL BALANCES, AND FOR OTHER PURPOSES 54.28 Acquisitions by Federal Reserve banks for purposes of settling interna tional balances, etc. 54.29 Dispositions by Federal Reserve banks. 54.30 Provisions limited to Federal Reserve banks. SUBPART E— GOLD FOR OTHER PURPOSES N O T IN CO N SISTEN T W IT H T H E PURPOSES OF T H E GOLD RESERVE ACT OF 1 9 3 4 AND T H E ACT OF OCTOBER 6 , 1 9 1 7 , AS AMENDED 54.31 54.32 Licenses required. Gold imported in gold-bearing mate rials for re-export. 54.33 Gold imported for re-export. 54.34 Licenses for other purposes. Gold exported from Mexico. SUBPART I — TRAN SITO RY PROVISION S SUBPART C---- GOLD FOR INDUSTRIAL, PROFESSIONAL, AND ARTISTIC USE 54.21 Authorization to sell gold. Sale price. ( 2) 3 415), as amended by section 2 of the act of March 9, 1933 (48 Stat. 1), and title III, section 301 of the “ First War Powers Act, 1941” (55 Stat. 839; 12 U. S. C. 95a), and all other authority vested in him, the following regulations, entitled “ Gold Regulations,” deemed in the public in terest and necessary and proper to carry out the purposes of said acts and Exec utive orders, are issued by the Secretary of the Treasury. §54.2 General p r o v i s i o n s — (a) Scope. Sections 54.12 to 54.34 refer par ticularly to section 3 of the Gold Reserve Act of 1934, as amended, and to Execu tive Order No. 6260 of August 28, 1933, sections 4, 5 and 6 of the Executive Or der No. 6359 of October 25, 1933, and Executive Order No. 9193 of July 6, 1942, v as amended; and §§ 54.35 to 54.44 refer particularly to sections 8 and 9 of the Gold Reserve Act of 1934, as amerided. (b) Delivery requirements of 1933 Gold Orders. Executive Order 6102 of April 5, 1933, Executive Order 6260 of August 28, 1933 (31 CFR 1938 ed. Part 50), and the Order of the Secretary of the Treasury of December 28, 1933, as amended and supplemented required that, with certain exceptions, all persons subject to the jurisdiction of the United States deliver to the United States gold coins, gold bullion, and gold certificates situated in the United States and held or owned by such persons on the dates of \ such orders. The regulations in this part Vu do not alter or affect in any way the obligations with respect to the delivery of such gold coins, bullion, and certifi cates existing under said orders, and gold coins, bullion,, and certificates re quired to be delivered pursuant to such orders are still required to be delivered, and may be received in accordance with the Instructions of the Secretary of the Treasury of January 17, 1934 (§ 53.1 of this chapter), subject to the rights re served in such instructions. (c) Effect of authorizations and licen ses. (1) A general authorization con tained in, or a license issued pursuant to the regulations in this part, permitting the acquisition, holding, transporting, melting or treating, importing, exporting or earmarking of gold, constitutes within the limits and subject to the terms and conditions thereof a license issued under and pursuant to Executive Order No. 6260 of August 28, 1933, for such acqui sition, holding, transporting, etc. (2) Any authorization in the regula tions in this part, or in any license issued hereunder to acquire, hold, transport, melt or treat, import or export gold in any form shall not be deemed to author ize, unless it specifically so provides, the acquisition, holding, transporting, melt ing or treating, importing, or exporting of the following: (i) Any gold coin (except rare gold coin as defined in § 54.20) or any gold melted by any person from gold coin sub sequent to April 5, 1933. (ii) Any gold which has been held at any time in noncompliance with the acts, the orders, or any regulations, rulings! instructions or licenses issued there under, including the regulations in this part, or in noncompliance with section 3 of the act of March 9,1933, or any orders, regulations, rulings, or instructions is sued thereunder. (d) Revocation or modification. The provisions of this part may be revoked or modified at any time and any license outstanding at the time of such revoca tion or modification shall be modified thereby to the extent provided in such revocation or modification. § 54.3 Titles and subtitles. The titles in this part are inserted for pur poses of ready reference and are not to be construed as constituting a part of the regulations in this part. § 54.4 Definitions, (a) As used in this part, the terms: (1) “ The acts” means the Gold Re serve Act of 1934, as amended, and sec tion 5 (b) of the act of October 6, 1917, as amended by section 2 of the act of March 9, 1933 and Title III, section 301 of the “ First War Powers Act, 1941” approved December 18, 1941. (2) “ The orders” means Executive Orders Nos. 6260 of August 28, 1933; 6359 of October 25, 1933; and 9193 of July 6, 1942, as amended. (3) “ United States” means the Gov ernment of the United States, or where used to denote a geographical area, means the continental United States and all other places subject to the jurisdic tion of the United States. (4) “ Continental United States” means the States of the United States, the District of Columbia, and the Terri tory of Alaska. (5) “ Person” means any individual, partnership, association, or corporation, including the Board of Governors of the Federal Reserve System, Federal Reserve banks, and Federal Reserve agents. (6) “ Mint” means a United States mint or assay office, and wherever au thority is conferred upon a “mint” such authority is conferred upon the person locally in charge of the respective 4 United States mint or assay office act ing in accordance with the instructions of the Director of the Mint or the Secre tary of the Treasury. (7) “ Mint district” means one of the following areas: (i) The mint district of Philadelphia, which for the purposes of this part con sists of the States of Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Ken tucky, Louisiana, Maryland, Mississippi, Missouri, North Carolina, Ohio, Penn sylvania, South Carolina, Tennessee, Virginia, and West Virginia, and the Dis trict of Columbia. (ii) The mint district of New York, which for the purposes of this part con sists of the States of Connecticut, Dela ware, Maine, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Rhode Island, Vermont, and Wisconsin, and Puerto Rico, the Virgin Islands of the United States, and the Panama Canal Zone. (iii) The mint district of Denver, which for the purposes of this part con sists of the States of Colorado, Iowa, Kansas, Minnesota, Nebraska, New Mex ico, North Dakota, Oklahoma, South Dakota, Texas, Utah, and Wyoming. (iv) The mint district of San Fran cisco, which for the purposes of this part consists of the States of Arizona, Cali fornia, and Nevada, and the Territories and possessions of the United States not specifically included in other mint dis tricts. (v) The mint district of Seattle, which for the purposes of this part consists of the States of Idaho, Montana, Oregon, and Washington, and the Territory of Alaska. (8) “ Gold coin” means any coin con taining gold as a major element, includ ing gold coin of a foreign country. (9) “ Gold bullion” means any gold which has been put through a process of smelting or refining, and which is in such state or condition that its value depends primarily upon the gold content and not upon its form; the term “ gold bullion” includes, but not by way of limitation, semi-processed gold and scrap gold, but it does not include fabricated gold as de fined in this section, metals containing less than 5 troy ounces of fine gold per short ton, or unmelted gold coin. (10) Fabricated and semi-processed gold: (i) “Fabricated gold” means processed or manufactured gold in any form (other than gold coin or scrap gold) which: (a) Has a gold content the value of which dees not exceed 80 percent of the total domestic value of such processed or manufactured gold; and (b) Has, in good faith, and not for the purpose of evading or enabling others to evade the provisions of the acts, the orders, or the regulations in this part, been processed or manufactured for some one or more specific and customary in dustrial, professional or artistic uses. (ii) “ Semi-processed gold” m e a n s processed or manufactured gold in any form (other than gold coin or scrap gold) which: (a) Has a gold content the value of which exceeds 80 percent of the total domestic value of such processed or man ufactured gold; and (b) Has, in good faith, and not for the purpose of evading or enabling others to evade the provisions of the acts, the orders, or the regulations in this part, been processed or manufactured for some one or more specific and customary in dustrial, professional or artistic uses. (iii) The value of the gold content of an article shall be computed for the pur poses of this subparagraph at $35 per troy ounce of fine gold content. (iv) For the purpose of this subpara graph, the total domestic value of proc essed or manufactured gold shall be based on the cost to the owner and not the selling price. The allowable elements of such value are: (a) In the case of a manufacturer or processor, only the cost of material in the article, labor performed on the ar ticle, and processing losses and overhead applicable to the manufacture or proc essing of such article; and (b) In the case of a dealer or other person who holds or disposes of gold without further processing, only the net purchase price paid by such person, in cluding transportation costs, if any, in curred in obtaining delivery of such article to his usual place of business. (11) “ Scrap gold” means gold filings, clippings, polishings, sweepings and the like and any other melted or unmelted scrap gold, semi-processed gold or fabri cated gold, the value of which depends primarily upon its gold content and not upon its form, which is no longer held for the use for which it was processed or manufactured. (12) “ Gold in its natural state” means gold recovered from natural sources which has not been melted, smelted, or refined, or otherwise treated by heating or by a chemical or electrical process. (13) “ Hold” , when used with reference to gold includes actual or constructive possession of or the retention of any in 5 terest, legal or equitable, in such gold, and includes, but not by way of limita tion, acts of agency with respect thereto although the principal be unknown. (b) Wherever reference is made in this part to equivalents as between dol lars or currency of the United States and gold, $1 or $1 face amount of any cur rency of the United States equals fifteen and five twenty-firsts (15%i) grains of gold, nine-tenths fine. (c) Wherever reference is made in this part to “ sections” , the reference is, unless otherwise indicated, to the desig nated sections of this part. § 54.5 General provisions affecting applications, statements, and reports. Every application, statement, and report required to be made under this part shall be made upon the appropriate form pre scribed by the Secretary of the Treasury. Action upon any application or state ment may be withheld pending the fur nishing of any or all of the information required in such forms or of such addi tional information as may be deemed necessary by the Secretary of the Treas ury, or the agency authorized or directed to act under this part. There shall be attached to the applications, statements, or reports such instruments as may be required by the terms thereof and such further instruments as may be required by the Secretary of the Treasury, or by such agency. § 54.6 General provisions affecting li censes and authorizations, (a) Licenses issued pursuant to the regulations in this part shall be upon the appropriate form prescribed by the Secretary of the Treas ury. Licenses shall be nontransferable and shall entitle the licensee to acquire, hold, transport, melt or treat, import, export, or earmark gold only in such form and to the extent permitted by, and subject to the conditions prescribed in, the regulations in this part and such licenses. (b) Revocation or modification of li censes. Licenses may be modified or revoked at any time in the discretion of the Director of the Mint. In the event that a license is modified or revoked (other than by a modification or revoca tion of the regulations in this p a rt), the Director of the Mint shall advise the licensee by letter, mailed to the last address of the licensee on file in the Bureau of the Mint. The licensee, upon receipt of such advice, shall forthwith surrender his license as directed in such advice. If the license has been modified but not revoked, the Director of the Mint shall thereupon issue or cause to be issued a modified license. (c) Exclusions. The Director of the Mint may exclude particular persons or classes thereof from the operation of any section of the regulations in this part (except §§ 54.28 to 54.30, inclusive) or licenses issued thereunder or from the privileges therein conferred. Such ac tion shall be binding upon all persons receiving actual notice or constructive notice thereof. Any violation of the pro visions of the regulations in this part or any license issued hereunder, shall con stitute, but not by way of limitation, grounds for such exclusion. (d) Requests for reconsideration. A written request for reconsideration of a denial of an application for a license, of a revocation, suspension, or modification of an existing license, or of an exclusion from the authorizations of privileges conferred in any section of the regula tions in this part setting forth in detail the reasons for such request, may be addressed to the Director of the Mint, Treasury Department, Washington 25, D. C. In addition, upon written request, the Director will schedule a hearing in the matter at which time there may be brought to the attention of the Bureau of the Mint any information bearing thereon. (e) No license issued hereunder shall exempt the licensee from the duty of complying with the legal requirements of any State or Territory or local authority. (f) No license shall be issued to any person doing business under a name which in the opinion of the Secretary of the Treasury or the designated agency issuing the license, is designed or is likely to induce the belief that gold is pur chased, treated, or sold on behalf of the United States or for the purpose of carrying out any policy of the United States. § 54.7 General provisions affecting export licenses.1 At the time any license to export gold is issued, the mint issuing the same shall transmit a copy thereof to the collector of customs at the port of export designated in the license. No1 1The regulations in this part shall not be construed as relieving any person from the obligation of compliance with the regula tions of the Office of International Trade, (15 CFR Parts 360 to 399), the Bureau of Customs (19 CFR Chapter I ), or other laws or regulations relating to the importation or exportation of merchandise, where applica ble to imports or exports of gold, or articles containing gold. collector of customs shall permit the export or transportation from the con tinental United States of gold in any form except upon surrender of a license to export, a copy of which has been received by him from the mint issuing such license: Provided, however, That the export or transportation from the continental United States of fabricated gold may be permitted pursuant to § 54.25 and the export or transportation from the continental United States of gold imported for re-export may be per mitted pursuant to § 54.33: And provided further, That gold held by the Federal Reserve banks under §§ 54.28 to 54.30, in clusive, may be exported for the purposes of such sections without a license. The collector of customs to whom a license to export is surrendered shall cancel such license and return it to the Federal Re serve bank or mint which issued the same. In the event that the shipment is to be made by mail, a copy of the export license shall be sent to the post master of the post office designated in the application, who will act under the instructions of the Postmaster General in regard thereto. § 54 8 General provisions affecting import licenses, (a) No gold in any form imported into the United States shall be permitted to enter until the person importing such gold shall have satisfied the collector of customs at the port of entry that he holds a license authoriz ing him to import such gold or that such gold may be imported without a license under the provisions of §§ 54.12 to 54.21, inclusive, or §§ 54.28 to 54.3Ô, inclusive. Postmasters receiving packages contain ing gold will deliver such gold subject to the instructions of the Postmaster Gen eral. (b) Certificates with respect to im ported gold. Collectors of customs shall, upon receipt of instructions2issued from time to time by the Secretary of the Treasury with the approval of the Presi dent, refuse entry into the continental United States of gold in the form and condition described in such instructions, which is exported from the country or countries specified in such instructions, unless there is filed with the collector of customs at the port of entry a certificate duly certified by an officer of the country from which the gold is exported to the effect that such gold was or may be law fully exported from such country. 2 See Subpart H of this part for instruc tions issued pursuant to § 54.8 ( b ) . § 54.9 Forms available. Any form, the use of which is prescribed in this part, may be obtained at, or on written request to, any United States mint or assay office, or the Director of the Mint, Treasury Department, Washington 25, D. C. § 54.10 Representations by licensees. ¡Licensees may include in public and private representations or statements the clause “ licensed on form T G L _____ (here inserting the number of the form of license held by the licensee) pursuant to the regulations issued by the Secre tary of the Treasury,” but any represen tation or statement which might induce the belief that the licensee is acting or is especially privileged to act on behalf of or for the United States, or is purchas ing, treating, or selling gold for the United States, or in any way dealing in gold for the purpose of carrying out any policy of the United States, shall be a violation of the conditions of the license. (a) Business names and representa tions generally. No person doing busi ness under a name which is designed or is likely to induce the belief that gold is being purchased, treated, or sold on be half of the United States, or any agency thereof, or for the purpose of carrying out any policy of the United States, or making representations or statements which might induce the belief that such person is acting or is especially privi leged to act on behalf of or for the United States, or is purchasing, treating, or sell ing gold for the United States, or in any way dealing in gold for the purpose of carrying out any policy of the United States, may acquire, hold, transport, melt, or treat, import, export or earmark any gold under authority of §§ 54.12 to 54.20 inclusive, or §§ 54.21 to 54.27, in clusive. § 54.11 Civil and criminal penalties— (a) Civil penalties. Attention is di rected to section 4 of the Gold Reserve Act of 1934, which provides: Any gold withheld, acquired, transported, melted or treated, imported, exported, or earmarked or held in custody, in violation of this Act or of any regulations issued here under, or licenses issued pursuant thereto, shall be forfeited to the United States, and may be seized and condemned by like pro ceedings as those provided by law for the forfeiture, seizure, and condemnation of property imported into the United States contrary to law; and in addition any person failing to comply with the provisions of this Act or of any such regulations or licenses, shall be subject to a penalty equal to twice the value of the gold in respect to which such failure occurred. (31 U. S. C. 443) 7 (b) Criminal punishment. Attention is also directed to (1) section 5 Ob) of the act of October 6,1917, as amended, which provides in part: Whoever wilfully violates any of the pro visions of this subdivision or of any license, order, rule or regulation issued thereunder, shall, upon conviction, be fined not more than $10,000 or, if a natural person, may be imprisoned for not more than ten years, or both; and any officer, director, or agent of any corporation who knowingly participates in such violation may be punished by a like fine, imprisonment, or both. As used in this subdivision the term “ person” means an individual, partnership, association, or corporation. (12 U. S. C. 95a (3 )) This section of the act of October 6, 1917, as amended, is applicable to viola tions of any provisions of this part and to violations of the provisions of any license, ruling, regulation, order, direc tion, or instruction issued by or pursuant to the direction or authorization of the Secretary of the Treasury pursuant to the regulations in this part or otherwise under section 5 (b) of the act of October 6, 1917, as amended. (2) Section 1001 of the United States Criminal Code, which provides: Whoever, in any matter within the juris diction of any department or agency of the United States knowingly and wilfully falsi fies, conceals or covers up by any trick, scheme, or device a material fact, or makes any false, fictitious or fraudulent statements or representations, or makes or uses any false writing or docum ent knowing the same to contain any false, fictitious or fraudulent statement or entry, shall be fined not more than $10,000 or imprisoned not more than five years, or both. (18 U. S. C. 1001.) SUBPART B— CO N DITIO N S UNDER W H IC H GOLD M A Y BE ACQUIRED AND HELD, TRAN S PORTED, MELTED OR TREATED, IM PO RTED, EXPORTED OR EARMARKED § 54.12 Conditions under which gold may be acquired, held, melted, etc. Gold in any form may be acquired, held, transported, melted or treated, imported, exported, or earmarked only to the ex tent permitted by and subject to the conditions prescribed in, the regulations in this part or licenses issued thereunder. § 54.13 Transportation of gold. Gold may be transported by carriers for per sons who are licensed to hold and trans port such gold or who are permitted by the regulations in this part to hold and transport gold without a license. § 54.14 Gold situated outside of the United States. Gold in any form situ ated outside of the United States may be acquired, transported, melted or treated, or earmarked or held in custody for for eign or domestic account without the necessity of holding a license. § 54.15 Gold situated in the posses sions of the United States. Gold in any form (other than United States gold coin) situated in places subject to the jurisdiction of the United States beyond the limits of the continental United States may be acquired, transported, melted or treated, imported, exported, or earmarked or held in custody for the account of persons other than residents of the continental United States, by per sons not domiciled in the continental United States: Provided, however, That gold may be transported from the con tinental United States to the possessions of the United States only as authorized by §§ 54.25, 54.32, 54.33 or 54.34, or li censes issued pursuant thereto. § 54.16 Fabricated gold. Fabricated gold as defined in § 54.4 may be acquired, held, transported within the United States or imported without the neces sity of holding a license therefor. Fab ricated gold may be exported only as authorized in § 54.25 or in a license issued pursuant to that section. § 54.17 Metals containing gold. Met als containing not more than 5 troy ounces of fine gold per short ton may be acquired, held, transported within the United States, or imported without the necessity of holding a license therefor. Such metals may be melted or treated, and exported only to the extent per mitted by and subject to the conditions prescribed in or pursuant to §§ 54.21 to 54.27, inclusive. § 54.18 Unmelted scrap gold. Un melted scrap gold may be acquired, held, transported within the United States, or imported, in amounts not exceeding at any one time 35 fine troy ounces of gold content without the necessity of holding a license therefor. Persons holding li censes issued pursuant to paragraph (a) of § 54 25, or acquiring, transporting, importing or holding gold pursuant to § 54.21, may not acquire, transport, im port or hold any gold under authority of this section. § 54.19 Gold in its natural state, (a) Gold in its natural state as defined in § 54.4 may be acquired, transported within the United States, imported, or held in custody for domestic account only, without the necessity of holding a license therefor. Ob) Gold amalgam which results from the addition of mercury to gold in its 8 natural state recovered from natural deposits in the United States or a place subject to the jurisdiction thereof, may be heated to a temperature sufficient to separate the mercury from the gold (but not to the melting temperature of gold) without a license by the person who re covered the gold from such deposits, or his duly authorized agent or employee. The retort sponge resulting from such heating of such gold amalgam may be held and transported by such person without a license: Provided, however, That no such person may hold at any one time an amount of such retort sponge which exceeds in fine gold content 200 troy ounces. Such retort sponge may be acquired from such persons: (1) By the United States; (2) By persons holding licenses issued pursuant to paragraph (a) of § 54.25; (3) By other persons provided that the aggregate amount of such retort sponge acquired and held by such other persons does not exceed at any one time 35 fine troy ounces of gold content. (c) Persons acquiring retort sponge under paragraph (b) (3) of this section are authorized to dispose of such retort sponge only to the United States and to persons holding licenses issued pursuant to paragraph (a) of § 54.25. (d) Except as provided in §§ 54 12 to 54.20 inclusive, and in § 54.33, gold in its natural state may be melted or treated or exported only to the extent permitted by, and subject to the condi tions prescribed in, or pursuant to, §§ 54.21 to 54.27, inclusive. § 54.20 Rare coin, (a) Gold coin of recognized special value to collectors of rare and unusual coin may be acquired and held, transported within the United States, or imported without the neces sity of holding a license therefor. (b) Such coin may be exported only in accordance with the provisions of § 54 25. (c) Gold coin of foreign issue made subsequent to April 5, 1933, is presumed not to be of recognized special value to collectors of rare and unusual coin. SUBPART C— GOLD FOR IN D U STR IAL, PROFES SIO N A L, AND ARTISTIC USE § 54.21 Thirty-five-ounce exemption for processors, (a) Subject to the con ditions in paragraph (b) of this section, any person regularly engaged in an in dustry, profession, or art, who requires gold for legitimate, customary, and or dinary use therein, may, without the necessity of obtaining a Treasury gold license: (1) Import unmelted scrap gold or acquire gold in any form from any per son authorized to hold and dispose of gold in such form and amount under the regulations in this part or a license issued pursuant hereto; (2) Hold, transport, melt, and treat such gold; (3) Furnish unmelted scrap gold to the United States, to persons operating pursuant to §§ 54.18 or 54.21, or to the holder of a license issued pursuant to paragraph (a) of § 54.25; and (4) Furnish melted scrap gold to the United States, to other persons operat ing pursuant to § 54.21, or to the holder of a license issued pursuant to paragraph (a) of § 54.25, which authorizes the ac quisition of such melted scrap gold. (b) The privileges of paragraph (a) of this section are granted subject to the following conditions: (1) That the aggregate amount of such gold acquired, held, transported, melted and treated, and imported, does not exceed at any one time 35 fine troy ounces of gold content (not including gold which may be acquired, held, etc., without a license under any other section o f this part, except § 54.18); (2) That such gold is acquired and held only for processing into fabricated gold, as defined in § 54.4, by such person in the industry, profession, or art in which he is engaged; and (3) That full and exact records are kept and furnished in compliance with § 54.26. (c) Persons acquiring, holding, trans porting, melting and treating, and im porting, gold under authority of this section are not authorized: (1) To consign gold bullion, including semi-processed gold, to other persons for processing; (2) To furnish melted scrap gold to persons operating pursuant to the provi sions of § 54.18; or (3) To dispose of gold held under au thority of this section otherwise than in the form of fabricated gold or scrap gold. (d) Persons holding licenses issued pursuant to paragraph (a) of § 54.25 or acquiring, holding, transporting, or im porting, gold pursuant to § 54.18 may not acquire, hold, transport, melt or treat, or import, any gold under authority of this section. § 54.22 Licenses required. Except as permitted in §§ 54.12 to 54.20, inclusive, and § 54.21, gold may be acquired and held, transported, melted or treated, im ported, exported or earmarked for indus 9 trial, professional, or artistic use only to the extent permitted by licenses issued under § 54.25. § 54.23 Issuance of licenses or general authorizations. The Director of the Mint may issue or cause to be issued licenses or other authorizations permit ting the acquisition and holding, trans portation, melting and treating, import ing and exporting of gold which the Director is satisfied is required for legiti mate and customary use in industry, pro fession, or art, by persons regularly en gaged in the business of furnishing or. processing gold for industry, profession, or art, or for sale to the United States. § 54.24 Applications. Every applica tion for a license under paragraph (a) -of § 54.25 shall be made on Form TG-12 (except that applications for export shall be made on Form TG-15) and shall be filed in duplicate with the United States mint for the mint district in which is located the applicant’s principal place of business. No person shall make ap plication to more than one mint; and in the event any one person is through mis representation issued a license under this subpart by more than one mint, all licenses issued to such person shall be void from the date of the issuance to such person of a license by a second mint. Every applicant for a license under paragraph (a) of § 54.25 shall state in his application whether or not any applications have been filed by or licenses issued to any partnership, as sociation, or corporation in which the applicant has a substantial interest or if the applicant is a partnership, asso ciation, or corporation, by or to a person having a substantial interest in such partnership, association, or corporation. No mint shall issue any license to any person if in its judgment more than one license for the same purpose will be held for the principal use or benefit of the same persons or interests. Any person licensed under this subpart acquiring a principal interest in any partnership, association, or corporation, holding a license under this subpart for this pur pose shall immediately so inform the mints which issued the licenses. § 54.25 Licenses— (a) Licenses for the acquisition and holding, transportation, melting and treating, importing and dis position of gold. (1) Upon receipt of the application and after obtaining such additional information as may be deemed advisable, the Director of the Mint, shall, if satisfied that gold is necessary for the legitimate and customary require ments of the applicant’s industry, pro fession, art, or business, and that the applicant is qualified in all respects to conduct gold operations in full compli ance with the provisions of this part and the provisions of a Treasury gold license, issue or cause to be issued to the appli cant a Treasury gold license on the ap proved form for the kind of industry, profession', art, or business, in which the applicant is engaged. (2) Licenses issued under this section may authorize the licensee to acquire and hold not to exceed a maximum amount specified therein, which amount shall not, except in justified cases, be greater than the estimated requirements of the licensee for a period of 3 m onths; to transport such gold, melt or treat it to the extent necessary to meet the re quirements of the industry, profession, art or business for which it was acquired and held or otherwise to carry out the purposes for which it is held under license; and to import gold so long as the aggregate amount of all gold held after such importation does not exceed the maximum amount authorized by the license to be held. (3) Licenses issued under this para graph do not permit the exportation or transportation from the continental United States of gold in any form. Such exportation or transportation is permit ted only to the extent authorized in paragraph (b) of this section or in a separate license issued pursuant to such paragraph. (b) Licenses and authorizations for the exporting of gold— (1) Semi-processed gold. Semi-processed gold as de fined in § 54.4 may be exported or trans ported from the continental United States only pursuant to a separate export license issued by the mint in the district in which the applicant has its principal place of business. Such licenses shall be issued only with the approval of the Director of the Mint and upon applica tion made on Form TG-15 establishing to the satisfaction of the Director that the gold to be exported is semi-processed gold and that the export or transport from the continental United States is fo r a specific and customary industrial, pro fessional, or artistic use and not for the purpose of using or holding or disposing of such semi-processed gold beyond the limits of the continental United States as, or in lieu of money, or for the value of its gold content. (2) Fabricated gold. Fabricated gold as defined in § 54.4 may be exported or transported from the continental United 10 States without the necessity of obtain ing a Treasury gold license: Provided, however, That the words “ Fabricated Gold” shall be plainly marked on the outside of the package or container, the shipper’s export declaration shall con tain a statement that such gold is fabri cated gold as defined in § 54.4 and is being exported pursuant to the author ization contained in this subparagraph, and such additional documentation shall be furnished as may be required by the Bureau of Customs or any other government agency charged with the enforcement of laws relating to the exportation of merchandise from the United States. (3) Rare coin. Rare gold coin as de fined in § 54.20 may be exported or trans ported from the continental United States only under license on Form TG L11 issued by the Director of the Mint. Application for such a license shall be executed on Form TG-11 and filed with the Director of the Mint, Treasury Department, Washington 25, D. C. (4) Other exports of gold. Export li censes may also be issued upon applica tion made on Form TG-15 in the same manner as prescribed in subparagraph (1) of this paragraph, authorizing the exportation of gold in any form for re fining or processing subject to the con dition that the refined or processed gold (or the equivalent in refined or processed gold) be returned to the United States, or subject to such other conditions as the Director may prescribe. § 54.26 Investigations; records; sub poenas. (a) The Director of the Mint is authorized to make or cause to be made such studies and investigations, to con duct such hearings, and to obtain such information as the Director deems nec essary or proper to assist in the consid eration of any applications for licenses, or in the administration and enforce ment of the acts, the orders, and the regulations in this part. (b) Every person holding a license issued under paragraph (a) of § 54.25, or acquiring, holding or disposing of gold pursuant to the authorizations in §§ 54.18 and 54.21, shall keep full and accurate records of all his operations and transactions with respect to gold, and such records shall be available for ex amination by a representative of the Treasury Department until the end of the third calendar year (or if such per son’s accounts are kept on a fiscal year basis, until the end of the third fiscal year) following such operations or trans actions. The records required to be kept by this section shall include the qame, address, and Treasury gold license num ber of each person from whom gold is acquired or to whom gold is delivered, and the amount, date, description and purchase or sales price of each such ac quisition and delivery, and any other records or papers required to be kept by the terms of a Treasury Department gold license. If the person from whom gold is acquired, or to whom gold is delivered, does not have a Treasury gold license such records shall show, in lieu of the license number of such person, the section of the regulations in this part pursuant to which such gold was held or acquired by such person. Such records shall also show all costs and ex penses entering into the computation of the total domestic value of articles of fabricated or semi-processed gold as defined in § 54.4. (c) The Director of the Mint (or the officers and employees of the Bureau of the Mint specifically designated by the Director) or any department or agency charged with the enforcement of the acts, the orders, or the regulations in this part, may require any person to permit the inspection and copying of records and other documents and the inspection of inventories of gold and to furnish, under oath or affirmation or otherwise, complete information rela tive to any transaction referred to in the acts, the orders, or the regulations in this part involving gold or articles manufactured from gold. The records which may be required to be furnished shall include any records required to be kept by this section and, to the extent that the production of such information is necessary and appropriate to the en forcement of the provisions of the acts, the orders, and the regulations in this part, or licenses issued thereunder, any other records, documents, reports, books, accounts, invoices, sales lists, sales slips, orders, vouchers, contracts, receipts, bills of lading, correspondence, memoranda, papers and drafts, and copies thereof, either before or after the completion of the transaction to which such records refer. (d) The Director of the Mint may ad minister oaths and affirmations and may, whenever necessary, require any person holding a license under § 54.25 or ac quiring, holding or disposing of gold pursuant to the authorizations of §§ 54.18 or 54.21, or any officer, director, or employee of such person, to appear and testify or to appear and produce any of the records specified in paragraph (c) 11 of this section or both, at any designated place. § 54.27 Reports. Every person hold ing a license issued pursuant to para graph (a) of § 54.25 shall make quar terly reports on the appropriate report form specified in such license for the quarterly periods ending on the last days of March, June, September, and De cember, respectively, and shall file such reports with the Director of the Mint, Treasury Department, Washington 25, D. C. Reports shall be filed within a certain number of days after the termi nation of the quarterly period for which such reports are made, as specified in the report form. SUBPART D---- GOLD FOR TH E PURPOSE OF SETTLING INTERNATION AL BALANCES AND FOR OTHER PURPOSES § 54.28 Acquisitions by Federal R e serve banks for purposes of settling in ternational balances, etc. The Federal Reserve banks may from time to time acquire from the United States by re demption of gold certificates in accord ance with section 6 of the Gold Reserve Act of 1934, such amounts of gold bullion as, in the judgment of the Secretary of the Treasury, are necessary to settle in ternational balances or to maintain the equal purchasing power of every kind of currency of the United States. Such banks may also acquire gold (other than United States gold coin) abroad or from private sources within the United States. § 54.29 Dispositions by Federal R e serve banks. The gold acquired under § 54.28 may be held, transported, im ported, exported, or earmarked for the purposes of settling international bal ances or maintaining the equal purchas ing power of every kind of currency of the United States : Provided, That if the gold is not used for such purposes within 6 months from the date of acquisition, it shall (unless the Secretary of the Treasury shall have extended the period within which such gold may be so held) be paid and delivered to the Treasurer of the United States against payment therefor by credits in equivalent amounts in dollars in the accounts authorized under the sixteenth paragraph of section 16 of the Federal Reserve Act, as amended (48 Stat. 339; 12 U. S. C. 467). § 54.30 Provisions limited to Federal Reserve banks. The provisions of this subpart shall not be construed to permit any person subject to the jurisdiction of the United States, other than a Fed eral Réserve bank, to acquire gold for the purposes specified in this subpart or to permit any person to acquire gold from a Federal Reserve bank except to the extent that his license issued under this part specifically so provides. SU BPART E— GOLD FO R O TH ER PU RP O SES N O T IN C O N S IS T E N T W I T H TH E PU RPO SES O F TH E GOLD RESERVE ACT O F 1 9 3 4 AND TH E ACT O F OCTOBER 6 , 1 9 1 7 , AS AM ENDED § 54.31 Licenses required. Gold may be acquired and held, transported, melted or treated, imported, exported, or earmarked for purposes other than those specified in §§ 54.21 to 54.30, inclusive, not inconsistent with the purposes of the Acts only to the extent permitted in §§54.12 to 54.20 inclusive, or under a license issued under §§ 54.32, 54.33 or 54.34. § 54.32 Gold imported in gold-bear ing materials for re-export. The United States assay office at New York or the United States mint at San Francisco, with the approval of the Director of the Mint, shall issue licenses on Form TGL-16 authorizing the exportation of gold refined (or the equivalent to gold refined) from gold-bearing materials imported into the United States for re fining and re-export to the foreign ex porter, or pursuant to his order, subject to the following provisions: (a) The Director and such assay o f fice or mint are satisfied th at: (1) The imported gold-bearing mate rial either (i) was imported into the United States from a foreign resident or a foreign organization, or (ii) was mined by a branch or other office of a United States organization and imported into the United States from such branch or office; (2) The importer has no right, title, or interest in the gold refined from the imported gold-bearing material other than through its branch or office which is the foreign exporter as provided in subparagraph (1) (ii) of this paragraph, and the importer will not participate in the sale of such refined gold or receive any commission in connection with the sale of such refined gold ; (3) The refined gold is to be re exported to the foreign exporter or, pur suant to his order, to a foreign resident or foreign organization; and (4) The exportation of the gold-bear ing material from the country of origin and the importation of the refined gold into the country or countries of importa tion are authorized under the applicable laws and regulations of such countries; 12 (b) Such gold is imported, acquired, .and held, transported, melted and treated as permitted in §§ 54.12 to 54.20, inclusive, or in accordance with a license issued under § 54.32 and subject to the following provisions: (1) Notation upon entry. Upon the formal entry into the United States of any gold-bearing materials, the importer shall declare to the collector of customs at the port where the material is for mally entered that the importation is made with the intention of exporting the gold refined therefrom to the foreign ex porter, or pursuant to his order. The collector shall make on the entry a nota tion to this effect and forward a copy of the entry to the United States assay office at New York or to the United States mint at San Francisco, whichever is des ignated by the importer. (2) Sampling and assaying. Promptly upon the receipt of each importation of gold-bearing material at the plant where it is first to be treated, it shall be weighed, sampled, and assayed for the . gold content. A reserve commercial sample shall be retained by such plant for at least 1 year from the date of im portation, unless the assay is sooner veri fied by the Bureau of the Mint. (3) Plant records. The importer shall cause an exact record, covering each importation, to be kept at the plant of first treatment. The records shall show the gross wet weight of the im portation, the weight of containers, if any, the net wet weight, the percentage and weight of moisture, the net dry weight, and the gold content shown by the settlement assay. An attested copy of such record shall be filed promptly with the assay office at New York or the mint at San Francisco, whichever has been designated to receive a copy o f the entry. The plant records herein re quired to be kept shall be available for examination by a representative of the Treasury Department for at least 1 year after the date of the disposition of such gold. (4) Application for export license. Not later than 3 months from the date of entry the importer shall file with the New York assay office or the mint at San Francisco, whichever has been designated to receive a copy of the en try, an application on Form TG-16 for a permit to export refined gold not in ex cess of the amount shown by the settle ment sheet covering the importation. The application shall be accompanied by two duly attested copies of the set tlement sheet. (5) Issuance of export license. If the application indicates that the refined gold is to be exported forthwith upon issuance of a license, the assay office or mint, if satisfied that the data shown on such application is accurate and that the provisions of this section have been otherwise complied with, shall, with the approval of the Director of the Mint, issue to the importer an export license or licenses on Form TGD-16 to export refined gold in a total amount not ex ceeding the amount specified in the settlement sheet. (6) Issuance of serial numbered cer tificates. Upon request of the applicant, or in any case where the application in dicates that the refined gold is not to be exported forthwith, the assay office or mint shall issue to the importer a dated serial numbered certificate which shall show the amount of gold specified in the application and the amount specified in the settlement sheet. Upon delivery of the dated serial numbered certificate to the assay office at New York or to the mint at San Francisco, whichever issued the certificate, not later than 120 days from the date of issuance, the assay office or mint shall issue to the importer an export license or licenses in the same manner as prescribed in subparagraph (5) of this paragraph. (7) Exportation prior to receipt of settlement sheet. Upon a showing in the application that an exportation with respect to any gold-bearing materials imported into the United States for re fining is necessary prior to the time the settlement sheet can be procured, the assay office at New York or the mint at San Francisco, whichever was designated by the importer, may receive the appli cation with duplicate certified copies of the report of the applicant’s actual test assay. If prior reports of such appli cant have been approximately substanti ated by the settlement sheets, a license or licenses may be granted to export up to 90 per cent of the amount of gold which, such report estimates will be realized from such gold-bearing materials. (8) Number of licenses to be issued. No more than three licenses will be is sued in connection with each importa tion of gold-bearing material. § 54.33 Gold imported for r e-ex p o r t3— (a) Exportation promptly with out license. Gold may be imported and transported for prompt export, and ex 3Attention is directed to Order No. 4 of the Foreign Trade Zones Board (4 F. R. 541; 15 CFR 400.803a) which is applicable to gold. 13 ported without the necessity of holding a license, provided the gold is, in fact exported promptly and remains under customs custody throughout the period during which it is within the customs limits of the United States. Upon the arrival in the United States of gold im ported for re-export pursuant to the provisions of this section, the importer shall declare to the collector of customs at the port of entry that it will be re exported promptly. The collector of customs shall make a notation of this declaration upon the entry and forward a copy of the entry to the Director of the Mint. (b) Exportation pursuant to license. In the event that the export of any gold imported pursuant to this section is delayed due to the unavailability of facilities for the onward transportation of such gold, the Director of the Mint may, subject to the following provisions, issue licenses on form TGL-17 authoriz ing the importation, holding, transpor tation, and exportation of gold which the Director is satisfied is, in fact, im ported for re-export promptly upon the completion of necessary arrangements for the transportation of such gold. (1) Every application for a license under this section shall be made on form TG-17 and shall be filed with the Direc tor of the Mint. (2) Upon receipt of the application and after making such investigation of the case as may be deemed advisable, the Director of the Mint, if satisfied that the gold was, in fact, imported for re export promptly upon the completion of necessary arrangements for the transportation of such gold, shall issue to the applicant a license on form TGL-17. § 54.34 Licenses for other purposes. The Secretary of the Treasury, with the approval of the President, shall issue licenses authorizing the acquisition, transportation, melting or treating, im porting, exporting, or earmarking of gold, for purposes other than those specified in §§ 54.21 to 54.30, inclusive, 54.32 and 54.33, which, in the judgment of the Secretary of the Treasury, are not inconsistent with the purposes of the acts, subject to the following provisions: (a) Applications. Every application for a license under this section shall be made on form TG—18 and shall be filed in duplicate with the Federal Reserve bank for the district in which the appli cant resides or has his principal place of business. Upon receipt of the appli cation and after making such investiga tion of the case as it may deem advisa ble, the Federal Reserve bank shall transmit to the Secretary of the Treas ury the original of the application, to gether with any supplemental informa tion it may deem appropriate. Th& Federal Reserve bank shall retain the duplicate of the application for its records. (b) Licenses. If the issuance of a li cense is approved, the Federal Reserve bank which received and transmitted the application will be advised by the Sec retary of the Treasury and directed to issue a license on form TGL-18. If a license is denied, the Federal Reserve bank will be so advised and shall imme diately notify the applicant. The deci sion of the Secretary of the Treasury with respect to the granting or denying of a license shall be final. If a license is granted, the Federal Reserve bank shall thereupon note upon the duplicate of the application therefor, the date of approval and issuance and the amount of gold specified in such license. (c) Reports. Within 7 business days of the date of disposition of the gold acquired or held under a license issued under this section, or within 7 business days of the date of export, if such ex portation is authorized, the licensee shall file a report in duplicate on form T G R 18 with the Federal Reserve bank through which the license was issued. Upon receipt of such report, the Federal Reserve bank shall transmit the original thereof to the Secretary of the Treasury, and retain the duplicate for its records. SUBPART F— PURCHASE OF GOLD B Y M IN T S § 54.35 Purchase by mints. The mints, subject to the conditions specified in the regulations in this part, particu larly § 54.36 to § 54.43, and the general regulations governing the mints, are au thorized to purchase : (a) Gold recovered from natural de posits in the United States or any place subject to the jurisdiction thereof, which shall not have entered into monetary or industrial, professional, or artistic use, including gold contained in deposits o f newly mined domestic silver; (b) Gold contained in deposits of silver eligible for deposit at a mint for return in bar form; (c) Scrap gold as defined in § 54.4; (d) Gold refined from sweeps pur chased from a United States mint; (e) Gold (other than United States gold coin) imported into the United States after January 30, 1934; 14 (f ) Gold refined (or the equivalent to gold refined) from imported gold-bear ing material; and (g) Such other gold (other than United States gold coin or gold derived therefrom) as may be authorized from time to time by rulings of the Secretary of-the Treasury. Provided, however, That no gold shall be purchased by any mint under the pro visions of this subpart which, in the opinion of the mint, has been held at any time in noncompliance with the acts, the orders, or any regulations, rulings, instructions, or licenses issued there under, including the regulations in this part, or in noncompliance with section 3 of the act of March 9,1933, or any orders, regulations, rulings, or instructions issued thereunder.4 § 54.36 Gold recovered from natural deposits in the United States or any place subject to the jurisdiction thereof, in cluding gold contained in deposits of newly mined domestic silver, (a) The mints may purchase gold under § 54.35 (a) only if the deposit of such gold is accompanied by a properly executed statement as follows : (1) A statement on form TG-19 shall be filed with each delivery of gold by persons who have recovered such gold by mining or panning in the United States or any place subject to the juris diction thereof. (2) A statement on form TG-20 shall be filed with each delivery of gold by persons who have recovered such gold from gold-bearing materials in the reg ular course of their business of operat ing a custom mill, smelter, or refinery. (3) A statement on form TG-21 to gether with a statement giving the names of the persons from whom gold was purchased, the amount and descrip tion of each lot of gold purchased, the location of the mine or placer deposit from which each lot was taken, and the period within which such gold was taken from the mine or placer deposit, shall be filed with each such delivery of gold by persons who have purchased such gold directly from the persons who have mined or panned such gold. 4 Gold which has been so held in noncom pliance with section 3 of the act of March 9, 1933 or the Order of the Secretary of the Treasury of December 28, 1933 may, however, be purchased in accordance with the Instruc tions of the Secretary of the Treasury of January 17, 1934 (31 CFR 53.1) subject to the rights reserved in such Instructions and at the price stated therein. (b) In addition, the depositors shall show that the gold was acquired, held, melted and treated, and transported by them in accordance with a license issued pursuant to § 54.25 or that such acqui sition, holding, melting and treating, and transportation is permitted under §§54.12 to 54.20, inclusive, without the necessity of holding a license. § 54.37 Gold contained in deposits of silver. Gold contained in deposits of silver, eligible at a mint for return in bar form, may be purchased by the mints: Provided, That such silver con tains not less than 600 parts of silver in 1,000 and not more than 10 parts of gold in 1,000: Provided, further, That the gold was not mixed with such silver for the purposes of selling gold to the United States which was not eligible for purchase by the United States under paragraphs (a), (c), (d ), (e), or (f) of § 54.35. § 54.38 Scrap gold. Deposits of scrap gold must be accompanied by a state ment executed on form TG-22. In ad dition the depositors of such gold shall establish to the satisfaction of the mint that the gold was acquired, held, and transported by them in accordance with the regulations in this part or a license issued pursuant thereto. § 54.39 Gold refined from sweeps pur chased from a United States mint. Gold refined from sweeps purchased from a United States mint shall be purchased only if the deposit of such gold is accom panied by a statement executed on form TG^28. § 54.40 Imported gold. Except foi gold which may be purchased in accord ance with the provisions of § 54.41, the mints are authorized to purchase only such gold imported into the United States as has been in customs custody through out the period in which it shall have been situated within the customs limits of the continental United States, and then only subject to the following provisions: (a) Notation upon entry. Upon formal entry into the United States of any gold intended for sale to a mint under this subpart, the importer shall declare to the collector of customs at the port of entry where the gold is formally entered that the gold is entered for such sale. The collector shall make a notation of this declaration upon the entry and for ward a copy to the mint designated by the importer. (b) Statement by importer. Upon the deposit of the gold with the mint desig 15 nated by the importer, the importer shall file a statement executed in duplicate on form TG-23. § 54.41 Gold refined from imported gold-bearing material. The mints are authorized to purchase gold refined (or the equivalent to gold refined) from gold-bearing material which has been either imported into the United States pursuant to a license issued under para graph (a) of § 54.25 for sale of the gold derived therefrom to a designated mint, or imported into the United States under § 54.32 (notwithstanding the declaration made by the importer upon the entry into the United States of such goldbearing material as required by § 54.32 ( b ) ), whether or not such gold or goldbearing material has been in customs custody throughout the period it has been in the customs limits of the con tinental United States, subject to the following provisions: (a) In the case of gold-bearing mate rial imported pursuant to license issued under paragraph (a) of § 54.25, the im porter shall declare to the collector of customs at the port of entry that the gold-bearing material is being imported for sale of the gold refined therefrom to a designated mint; the collector shall make on the entry a notation to this effect and forward a copy thereof to the mint designated by the importer. (b) In the case of gold-bearing mate rial imported under § 54.32, if the gold refined therefrom is offered to a mint other than the mint at San Francisco or the assay office at New York, the importer shall have caused the copy of the entry described in § 54.32 (b) to be forwarded to the mint to which he is offering the gold for sale. (c) Before any gold may be purchased under this section, the requirements of § 54.32 (b) (2) and (3) must be shown to have been complied with: Provided, however, That any person importing gold-bearing materials for sale of the gold refined therefrom to a mint other than the mint at San Francisco or the assay office at New York shall have caused the attested copy of the record described in § 54.32 (b) (3) to be for warded to the mint to which he is offer ing the gold for sale. (d) Upon presentation of the gold to a mint or assay office for purchase, the importer shall file a statement executed in duplicate on form TG-26, together with two duly attested copies of the set tlement sheet covering the gold-bearing material imported. (e) No gold shall be accepted for pur chase under authority of this paragraph unless it is delivered to the mint and all of the terms hereof complied with within seven months from the date of the formal entry into the United States of the gold-bearing material from which it was extracted. § 54.42 Deposits. Deposits of gold described in § 54.35 and rulings issued thereunder will be received in amounts of not less than 1 troy ounce of fine gold when deposited in the following forms: Nuggets, grains, and dust which are in their native state free from earth and stone, or nearly so, retort sponge, lumps, coins, bars, kings, buttons, and scrap gold as defined in § 54.4. Deposits of gold shall not contain less than 200 parts of gold in 1,000 by assay. In the case of gold forwarded to a mint by mail or ex press, a letter of transmittal shall be sent with each package. When there is a material discrepancy between the actual and invoice weights of a deposit, further action in regard to it will be deferred pending communication with the depositor. § 54.43 R ejection of gold by mint. Deposits of gold which do not conform to the requirements of §§ 54.35 to 54.42, inclusive, or which otherwise are unsuit able for mint treatment shall be rejected and returned to the person delivering the same at his risk and expense. The mints shall not purchase gold under the provisions of this subpart from any per son who has failed to comply with the regulations in this part or the terms o f a Treasury gold license. Any deposit of gold which has been held in noncompli ance with the acts, the orders, or any regulations, rulings, instructions or li censes issued thereunder, including the regulations in this part, or in noncompli ance with section 3 of the act of March 9, 1933, or any orders, regulations, rul ings, or instructions issued thereunder, may be held subject to the penalties provided in § 54.11 or section 3 of the act of March 9, 1933. 16 § 54.44 Purchase price. The mints " shall pay for all gold purchased by them in. accordance with this subpart $35.00 (less one fourth bf 1 percent) per troy ounce of fine gold, but shall retain from such purchase price an amount equal to all mint charges. This price may be changed by the Secretary of the Treas ury without notice other than by notice of such change mailed or telegraphed to the mints. SUBPART G-----SALE O F GOLD B Y M IN T S § 54.51 Authorization to sell gold. Each mint is authorized to sell sold to persons holding licenses issued pursuant to § 54.25, or to persons authorized under § 54.21 to acquire such gold for use in industry, profession, or art: Provided, however, That except in justified cases, no mint may sell gold to any person in an amount which, in the opinion of such mint, exceeds the amount actually re quired by such person for a period of 3 months. Prior to the sale of any gold under this subpart, the mint shall re quire the purchaser to execute and file in duplicate a statement on form TG-24, or, if such purchaser is in the business o f furnishing gold for use in industries, professions, and arts, on form TG-25. The mints are authorized to refuse to sell gold in amounts less than 25 ounces, and shall not sell gold under the provi sions of this subpart to any person who has failed to comply with the regulations in this part or the terms of his license. § 54.52 Sale price. The mints shall charge for all gold sold under this article $35.00 (plus one fourth of 1 percent) per troy ounce of fine gold plus the regu lar mint charges. This price may be changed by the Secretary of the Treas ury without notice other than by notice o f such change mailed or telegraphed to the mints. SUBPART H — IN STR U C TIO N S ISSU ED P U R S U ANT TO § 5 4 .8 ( b ) OF THE REGULATIONS I N T H IS PART § 54.60 Gold exported from Mexico_ To Collectors of Customs in the Continental United States: Pursuant to the provisions of § 54.8 (a) [now § 54.8 (b) ] of the regulations issued under the Gold Reserve Act of 1934, you are hereby instructed, effective immediately, and regardless of whether said regulations are otherwise complied with, to refuse entry into the continental United States of gold in any form (including gold in its natural state) exported from Mexico, unless* there is filed with you a certificate, duly certified by an officer of the Mexican Government, to the effect that such gold was or may be lawfully exported from Mexico. However, these in structions do not apply to (1) “ Fabricated gold” as defined in said regulations. (2) Any substance, including gold in its natural state, which you are satisfied, after the filing of an appropriate affidavit by the importer, does not contain more than 5 troy ounces of fine gold per short ton. Henry M orgenthau , Jr., Secretary of the Treasury. Approved: F r a k l in D. R oosevelt, The White House, March 11, 1937. SUBPART I— TRANSITORY PROVISION S § 54.70 Legal effect of amendment o f regulations. This amendment of the Gold Regulations shall not affect any act done or any right accruing or accrued or any suit or proceeding had or commenced in any civil or criminal cause prior to the effective date of this amendment but all such liabilities shall continue and may be enforced as if said amendment had not been made. [ seal ] J ohn S. G raham , Acting Secretary of the Treasury. [F. R. Doc. 52-9472; Filed, Aug. 28, 1952; 8:45 a. m.] V. S. GOVERNMENT PRINTING OFFICE: 1952 For sale by the Superintendent of Documents, United States Government Printing Office Washington 25, D. C. - Price 5 cents